Grain & Soybean Date: January 28, 2013
Soybeans
Local Elevators:
(Jan) EAST AR: 1441 to 1480
(NC) Summ. 1270 to 1305
River Elevators:
(Jan) MISS: 1511 to 1521 ; AR & White 1435
to 1481
(NC) Summ. 1279 to 1333
Ark. Processor Bids: (Jan) 1468 to 1478
(NC) 1295 to 1305
Memphis:
(Jan) 1515 3/4 to 1517 3/4 (NC)
1335 to - - -
Riceland Foods:
(Jan) Stuttgart 1468 ; Pendleton
1480
(NC) Stuttgart 1295 ; Pendleton
1305
| Chicago Futures: |
March |
up |
6 3/4 |
at |
1447 3/4 |
| |
May |
up |
7 1/2 |
at |
1433 1/2 |
| |
July |
up |
5 |
at |
1422 3/4 |
| |
Aug |
up |
4 3/4 |
at |
1395 3/4 |
| |
Sept |
up |
4 3/4 |
at |
1347 1/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans firmed late in the session despite mixed outside markets and a weaker undertone in Midwest basis levels. Farmers appear to be tight holders despite prospects of a big South American crop. Over the last month to six weeks the market has gradually begun to move toward soybeans versus corns. For a long time the price ratio of November 13 beans/December 13 corn remained near 2.0 which strongly favor corn. Today that ratio is 2.22 which is beginning to favor beans and could move some corn on corn rotations toward beans. Technically, March beans will need to close above last week’s high of $14.60 to extend the current upturn toward resistance at $15. November has resistance at $13.14, $13.21, and $13.40.
Wheat
Cash bid for January at Memphis 814 1/4 to 815 1/4;
| Bids to farmers at Local Elevators |
753-763; |
| River Elevators |
749-784; |
| Chicago Futures: |
March |
up |
2 3/4 |
at |
779 1/4 |
| |
May |
up |
3 1/4 |
at |
788 |
| |
July |
up |
4 |
at |
792 1/2 |
| |
Sept |
up |
3 3/4 |
at |
801 |
| |
Dec |
up |
3 1/4 |
at |
814 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for January at Memphis 1231 to - - -;
| Bids to farmers at River Elevators |
1124-1213; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
January at Memphis
747 1/4 to - - -; |
| |
New Crop at Memphis
578 1/2 to 593 1/2; |
| Bids to farmers at River Elevators |
735 to 749 |
| Chicago Futures: |
March |
up |
8 1/2 |
at |
729 1/4 |
| |
May |
up |
7 3/4 |
at |
729 1/4 |
| |
July |
up |
7 3/4 |
at |
720 1/2 |
| |
Sept |
up |
6 1/4 |
at |
613 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures began the week on a positive note. Russia is now importing wheat after large exports earlier in the crop year. It now appears that USDA’s export estimate is within reach with foreign supplies dwindling and U.S. prices more competitive. A Reuters’ survey of analysts shows expectations for wheat prices to be down 13% in 2013.
Corn closed firm with March needing to close above last week’s high of $7.35 to extend the move to retracement objectives of $7.44, and then $7.64. Large speculators appear to be establishing positions on the long side for both corn and soybeans. While will below their peak last summer, numbers increased at a strong rate in recent weeks. Upside potential will likely be limited by the approaching harvest in South America and weak demand. Ethanol use and exports continue to run behind expectations.
Cotton & Rice Date: January 28, 2013
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 53 at
7705 |
| |
Greenwood up
53 at 7705 |
| New York Futures: |
March |
up |
53 |
at |
8105 |
| |
May |
up |
53 |
at |
8101 |
| | July |
up |
57 |
at |
8097 |
| | Oct |
up |
31 |
at |
8003 |
| | Dec |
up |
29 |
at |
7999 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton futures firmed but March only retraced a portion of Friday’s downturn. The Thursday high of 84 cents now becomes resistance. Obviously, what China decides to do with their 50% of world stocks will impact price potential. Projected stocks in China exceed projected use and there is no indication Chinese acreage will be cut significantly.
Rice
| Long Grain Cash Bid for |
Jan |
1425/cwt |
to |
- - - |
| |
NC |
1458/cwt |
to |
- - - |
| Chicago Futures: |
March |
down |
13 |
at |
1535 |
| | May |
down |
12 |
at |
1567 |
| | July |
down |
11 1/2 |
at |
1593 1/2 |
| | Sept |
down |
8 1/2 |
at |
1557 1/2 |
| | Nov |
down |
8 1/2 |
at |
1558 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice failed to sustain last Friday’s upturn in a light trade. Big world stocks, particularly in Thailand continue to hand over the market. Huge intervention stocks are growing as Thailand continues to take in new crop production. Upside potential in the U.S. market could be limited, unless new sales are seen. March futures now have resistance at last week’s high of $15.50.
Cattle & Hogs Date: January 28, 2013
Cattle
As reported by Federal-State Market News, receipts were 2039 head
at sales in Springdale & Ola.
Compared with last week, feeder steers sold mostly $4 to $8 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
189.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
168.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
146.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
177.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
147.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
147.00 |
to |
- - - |
Slaughter Cows, Boners 71.00 to 79.00
Light Weight 60.00 to 68.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 90.00
to 97.00
Midwest Steers were at 122.00
to 123.50
Panhandle Steers were at 122.00
to 122.00
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
181.00 |
to |
196.00 |
| |
550 |
to |
600 lbs. |
166.50 |
to |
170.50 |
| Heifers |
450 |
to |
500 lbs. |
157.00 |
to |
163.50 |
| |
550 |
to |
600 lbs. |
140.00 |
to |
147.00 |
Chicago Futures:
| Live Cattle: |
Feb |
up |
265 |
at |
12895 |
| |
Apr |
up |
265 |
at |
13340 |
| Feeders: |
Jan |
up |
110 |
at |
14580 |
| |
March |
up |
195 |
at |
14990 |
Cattle Comment
Cattle futures were higher across the board. The monthly cattle on feed report revealed a drop in the on-feed inventory of 6% from a year ago. That was 2 points smaller than the average trade expectations, and the result was across the board strength. April gapped higher and found support near $133 on a mid-day pullback.
Hogs
Peoria: were steady
at 56.00 to 58.00
| Chicago Futures: |
Feb |
up |
35 |
at |
8717 |
| |
April |
up |
12 |
at |
8905 |
Hogs Comment
Hog futures were supported today by carryover strength from cattle. Demand concerns and negative packer margins are keeping a lid on the upside potential of the market. April should have good support at $88 on further weakness.
Poultry Date: January 28, 2013
Eggs
| New York: |
Ex. Lg. 146-150; Lg. 144-148; Med. 118-122; |
| Chicago: |
Ex. Lg. 135-143; Lg. 133-141; Med. 105-113; |
National Turkeys
| Hens: |
8-16 lbs |
95.50 |
| Toms: |
16-24 lbs |
95.50 |
| |
|
|
Delmarva Broilers
U.S. Grade AN/A