Grain & Soybean Date: January 23, 2013
Soybeans
Local Elevators:
(Jan) EAST AR: 1430 to 1469
(NC) Summ. 1265 to 1300
River Elevators:
(Jan) MISS: 1495 to 1500 ; AR & White 1424
to 1465
(NC) Summ. 1274 to 1320
Ark. Processor Bids: (Jan) 1457 to 1467
(NC) 1290 to 1297
Memphis:
(Jan) 1495 to 1497 (NC)
1319 1/2 to 1323 1/2
Riceland Foods:
(Jan) Stuttgart 1457 ; Pendleton
1469
(NC) Stuttgart 1290 ; Pendleton
1300
| Chicago Futures: |
March |
down |
14 3/4 |
at |
1437 |
| |
May |
down |
12 1/2 |
at |
1426 3/4 |
| |
July |
down |
11 |
at |
1419 3/4 |
| |
Aug |
down |
10 1/4 |
at |
1394 1/2 |
| |
Sept |
down |
8 |
at |
1347 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans were pressured by profit taking following recent gains. After a brief move above $14.50, the lead month of March retraced a portion of recent gains. A break in the dry weather pattern in Argentina and weaker Midwest basis levels added to the downside pressure. However, most farmers remain reluctant sellers at least for the time being. Crop prospects in South America remain excellent and export demand in the U.S. is expected to decline as purchasers move their business south. March will need to close above yesterday’s high of $14.60 to extend this upturn.
Wheat
Cash bid for January at Memphis 801 3/4 to 804 3/4;
| Bids to farmers at Local Elevators |
749-759; |
| River Elevators |
745-779; |
| Chicago Futures: |
March |
down |
4 1/2 |
at |
774 3/4 |
| |
May |
down |
4 3/4 |
at |
783 3/4 |
| |
July |
down |
4 1/2 |
at |
788 3/4 |
| |
Sept |
down |
3 1/2 |
at |
800 |
| |
Dec |
down |
3 1/2 |
at |
814 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for January at Memphis 1216 to - - -;
| Bids to farmers at River Elevators |
1108-1198; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
January at Memphis
735 3/4 to 736 3/4; |
| |
New Crop at Memphis
577 to 592; |
| Bids to farmers at River Elevators |
727 to 741 |
| Chicago Futures: |
March |
down |
7 3/4 |
at |
720 3/4 |
| |
May |
down |
7 1/2 |
at |
722 3/4 |
| |
July |
down |
5 1/4 |
at |
717 |
| |
Sept |
down |
3/4 |
at |
612 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures were lower again today, but losses were limited by drought concerns. In Australia, wheat prices continue to climb in reaction to ongoing drought. US prices at the Gulf are now some of the lowest in the world, making wheat a more viable option for feeding.
Corn declined, but March remained in a narrow trading range just below the recent high of $7.35. Weak demand from Midwest ethanol plants contributed to a weaker undertone in the corn market. Producers will be making last minute decisions on what to plant and for most corn continues to hold an edge on soybeans. Of course, rotation decisions may alter decisions, but for most corn still holds an advantage. The release of USDA planting intentions data is just over 2 months away.
Cotton & Rice Date: January 23, 2013
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis - - - at
- - - |
| |
Greenwood
- - - at - - - |
| New York Futures: |
March |
up |
55 |
at |
8048 |
| |
May |
up |
59 |
at |
8067 |
| | July |
up |
24 |
at |
8044 |
| | Oct |
down |
16 |
at |
7979 |
| | Dec |
down |
15 |
at |
7977 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton was mixed with front end contracts continuing to firm after March closed above the Mid-October high of 79.19 cents. Good export demand has extended recent gains moving trading above the long term range that had contain the market for some time. For now Chinese mills see U.S. supplies as a better deal than stocks in their own country. That could change at any time. The next upside objective is the 38% retracement level of 80.66 cents. New Crop December continues to hold just under 80 cents.
Rice
| Long Grain Cash Bid for |
Jan |
1406/cwt |
to |
- - - |
| |
NC |
1455/cwt |
to |
- - - |
| Chicago Futures: |
March |
down |
9 1/2 |
at |
1530 1/2 |
| | May |
down |
8 1/2 |
at |
1562 1/2 |
| | July |
down |
7 |
at |
1589 |
| | Sept |
down |
7 |
at |
1555 |
| | Nov |
down |
7 |
at |
1556 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures retracing a portion of yesterday’s gains, as the market failed to follow through today. Big world supplies remain an obstacle, although there seems to be little overlap with the Asian markets at this time. The U.S. is looking at potentially more sales to Iran, and Iraq is expected to tender at any time. The Memorandum of Understanding between Haiti and Vietnam remains a possible setback, and could limit upside potential.
Cattle & Hogs Date: January 23, 2013
Cattle
As reported by Federal-State Market News, receipts were 437 head
at sales in Conway.
Compared with last week, feeder steers - - - .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
178.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
162.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
145.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
161.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
142.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
135.00 |
to |
- - - |
Slaughter Cows, Boners 72.00 to 81.00
Light Weight 58.00 to 64.00
Bulls, Yield Grade 1
1000 to 2000 lbs. 82.50
to 90.00
Midwest Steers were at 122.00
to - - -
Panhandle Steers were at 122.00
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
180.00 |
to |
190.00 |
| |
500 |
to |
550 lbs. |
170.00 |
to |
184.00 |
| Heifers |
450 |
to |
500 lbs. |
153.00 |
to |
164.50 |
| |
500 |
to |
550 lbs. |
150.00 |
to |
157.25 |
Chicago Futures:
| Live Cattle: |
Feb |
up |
5 |
at |
12577 |
| |
Apr |
down |
2 |
at |
13045 |
| Feeders: |
Jan |
down |
20 |
at |
14420 |
| |
March |
up |
17 |
at |
14715 |
Cattle Comment
Cattle futures were mixed. February was lower, but holding above support at Friday’s low of $124.80. Even after recent weakness, the market is still trading at a premium to cash prices, so the upside will likely be limited.
Hogs
Peoria: were steady
at 55.00 to 57.00
| Chicago Futures: |
Feb |
up |
27 |
at |
8597 |
| |
April |
down |
27 |
at |
8800 |
Hogs Comment
Hog futures were under pressure today after the release of the cold storage report. Ham stocks were down 16% from the previous report, but up 47% from a year ago, raising questions about pork demand. Already negative packer margins have fallen further into the red, which will limit the upside.
Poultry Date: January 23, 2013
Eggs
| New York: |
Ex. Lg. 138-142; Lg. 136-140; Med. 111-115; |
| Chicago: |
Ex. Lg. 119-127; Lg. 117-125; Med. 95-103; |
National Turkeys
| Hens: |
8-16 lbs |
98.00 |
| Toms: |
16-24 lbs |
95.50 |
| |
|
|
Delmarva Broilers
U.S. Grade AN/A