02/12/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 12, 2010 Soybeans Local Elevators: (Feb) EAST AR:  8.91 to 9.10 (NC) Summ. 8.70 to 8.92 River Elevators: (Feb) MISS: 9.07 to 9.55 ; AR & White 8.92 to 9.02 (NC) Summ. 8.67 to 9.02 Ark. Processor Bids: (Feb) 9.00 to 9.11  (NC) 8.77 to 8.80 Memphis:  (Feb) 9.35 to 9.64 (NC)  9.00 to 9.07 Riceland Foods:  (Feb) Stuttgart  ; Pendleton  ; West Memphis Chicago Futures: Mar up 2-0 at  945-0   May  up  2-0  at  954-0   July up 2-0  at  960-6   Sept up 1-2  at  937-4   Nov unchanged 0-0  at  922-0   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices closed the day mixed. News the Chinese are again tightening money supplies added more bearish news on a commodity that is already plagued by a huge South American crop. Old crop March futures have retracement objectives of $9.72 and $9.92 but have to close above resistance around $9.60 first. November has resistance at $9.30 and $9.50. Wheat Cash bid for February at Memphis  4.265 to 4.645; Bids to farmers at Local Elevators 4.58 - 4.66; River Elevators 4.58 - 4.89; Chicago Futures: Mar down  7-0  at  486-4    May down 7-2  at  501-2    July down  7-2  at  514-0    Sept down  7-4  at  529-4    Dec down  7-2  at  554-4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  6.46 to 6.46; Bids to farmers at River Elevators 5.03 - 5.78; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   3.665 to 3.685;   New crop at Memphis   3.2125 to 3.7625; Bids to farmers at River Elevators  3.35 to 3.63 Chicago Futures: Mar down  1-6  at  361-4    May down  1-6  at  373-2    Sept down  1-2  at  391-2    Dec down  1-2  at  397-2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn prices closed the day down slightly. Last month USDA report continues to suppress corn prices due to large ending stocks. Next month’s resurvey could add some much needed bullish new if surveys show less bushels available. Talk is already starting on the 2010 crop and some groups estimate next year’s crop could be as high as 90 million acres, compared to 86.5 million acres in 2009. This would further depress prices as demand would not keep pace with supply. Wheat was under pressure today from carryover weakness in outside markets. Prices continue to be pressured by the large stocks both here in the U.S. and around the World. Wheat prices will depend on outside markets to provide support. Support for July is now the contract low of $4.86. Cotton & Rice  Date: February 12, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 159 at  70.41   Greenwood   149 at 70.41 New York Futures: Mar up  1.47  at  74.39    May up  1.10  at  74.91    July up  0.86  at  45.51    Oct up  0.72  at  73.71    Dec up  0.32  at  73.02  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices continue their run this week closing the day higher for the 5th straight day. This week’s increases have erased almost all of the loses experienced since the first of the year. For cotton prices to continue their run next week they will have to test resistance at around 75 cents. Tight stocks and strengthening exports continue to support prices. Rice Long Grain Cash Bid for  Feb  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  10.5  at  1426.0    May down  10.5  at  1459.0    July down  10.0  at  1484.0    Sept down  5.0  at  1365.0    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices fell slightly today but continue to trade in a very narrow range. Prices continue to try and move higher but are unable to sustain gains throughout the day. With 2010 production expected to increase producers should consider pricing some of next years crops. Resistance for the September contract starts at $13.95 and then $14.10. Cattle & Hogs  Date: Cattle As reported by Federal-State Market News, receipts were 4,385 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.25 to - - -   500 to 550 lbs. 109.75 to - - -   600 to 650 lbs. 104 to - - -  Medium & Large Frame 2   450 to 500 lbs. 106.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 95.25 to - - -  Medium & Large Frame 2   450 to 500 lbs. 93 to - - - Slaughter Cows, Boners 49   to   55 Light Weight 37 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65 Midwest Steers   were $3 to $4 higher   at   89   to   - - - Panhandle Steers   were $3 to $4.50 higher   at   89   to   89.50 Oklahoma City Feeders Steers to lbs. to   to lbs. to Heifers to lbs. to   to lbs. to Chicago Futures: Live Cattle: April down 0.600 at 90.950   June down 0.450 at 88.675 Feeders: Mar down 0.575 at 99.925   May down 0.575 at 100.950 Cattle Comment Cattle futures ended lower today. The market reacted to sharply lower stock markets and a stronger dollar. Hogs Peoria: were $1 lower to $3     higher   at   42   to   44 Chicago Futures: April 0.525 at 68.200   June 0.775 at 78.050 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended mixed. Pork demand is the key to this market, and there are concerns right now that harsh conditions in the Eastern US are hampering meat demand. Poultry  Date: February 12, 2010 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 95-99; Chicago:  Ex. Lg. 115-123; Lg. 113-121; Med. 96-104; Eastern Region Turkeys Hens: 8-16 lbs. 77.10 Toms: 16-24 lbs. 80   Delmarva Broilers U.S. Grade A The market tone was fully steady to firm. Demand entering the weekend was fair to moderate with limited trading. Supplies of all sizes were light to moderate to satisfy current trade needs. Processing schedules were normal to reduced with some plants down due to winter storms. In production areas live supplies were moderate at mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use