Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 05, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  1024 to 1038
(NC) Summ. 938 to 978
River Elevators:
(Jan) MISS: 1042 to 1071 ; AR & White 1027 to 1041
(NC) Summ. 960 to 988
Ark. Processor Bids: (Jan) 1017 to 1041  (NC) 963 to 970
Memphis:  (Jan) 1066 to 1071 (NC)  993 to 1008
Riceland Foods:  (Jan) Stuttgart 1041 ; Pendleton 1043 ; West Memphis 1066

Chicago Futures: Mar up 3 at  1061
  May  up  2 1/4  at  1064 3/4
  July up 1 1/2  at  1068 1/2
  Sept up at  1041
  Nov up at  1023
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed the day with small gains as the market traded to both sides of yesterday’s close. This was positive considering outside markets were generally negative. The dollar bounced back from early weakness which should have pressured the market. Fundamentals are basically unchanged with a good South American crop in the making.

Wheat
Cash bid for January at Memphis  493 to 523;
Bids to farmers at Local Elevators 514-518;
River Elevators 507-541;

Chicago Futures: Mar down  4 3/4  at  553 
  May down 5 1/4  at  565 1/2 
  July down  6 1/4  at  575 1/2 
  Sept down  6 1/4  at  589 
  Dec down  6 1/2  at  611 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  751 to - - -;
Bids to farmers at River Elevators 607-682;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   398 3/4 to - - -;
  New crop at Memphis   371 3/4 to 419 3/4;
Bids to farmers at River Elevators  372 to 394

Chicago Futures: Mar up  1/4  at  418 3/4 
  May up  1/4  at  429 
  Sept up  3/4  at  441 3/4 
  Dec unchanged  at  445 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Corn was slightly higher as there was little fresh news to give the market direction. Unharvested corn remains a factor, but it will be a while before actual losses are determined. A March close above $4.25 and/or September close above $4.47 would be positive.

Wheat ended lower. U.S. wheat remains overpriced relative to competition and long term will need to decline in order to get export business.



Cotton & Rice  Date: January 05, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 288 at  6912
  Greenwood down  288 at 6912

New York Futures: Mar down  288  at  7312 
  May down  283  at  7430 
 July down  258  at  7494 
 Oct down  200  at  7445 
 Dec down  189  at  7461 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton plunged today, dropping almost the 300 point limit in nearby contracts. Futures responded to big holiday gains in the Chinese market yesterday and just as quickly gave it back. The downturn puts both old and new crop contracts near support at the bottom current consolidation patterns. December could move to the initial retracement objective around 73 cents. For old crop March, support starts around 71.7 cents.

Rice
Long Grain Cash Bid for  Jan/Feb 1379/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  at  1509 1/2 
 May down  4 1/2  at  1534 1/2 
 July down  at  1558 
 Sept unchanged  at  1412 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was a little lower as the market failed to follow through on yesterday’s big gains. Current resistance is just under $15. Fundamentals are unchanged with the Philippines having offered several big tenders to cover projected needs of over 2.2 million metric tonnes. India may still need to import rice, but it will be later and a lot more subtle than what we’ve seen from the Philippines.



Cattle & Hogs  Date: January 05, 2010

Cattle
As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 102.50 to 113.50
  550 to 600 lbs. 97 to 108.35
Heifers 500 to 550 lbs. 92.25 to 95.50
  550 to 600 lbs. 88 to 94.10

Chicago Futures:
Live Cattle: Feb up 95 at 8632
  April up 67 at 8975
Feeders: March up 60 at 9692
  May up 40 at 9875

Cattle Comment
Cattle futures didn’t follow through on yesterday’s key reversal, but yesterday’s high near $87 could prove to be key resistance. A close below the low of $85.35 would open the market to further losses.

Hogs
Peoria: were     steady   at   38   to   40

Chicago Futures: Feb up 175 at 6760
  April up 82 at 7127

Sheep
St. Paul n/a   at   - - -   to   - - -

Hogs Comment
Hogs posted sharp gains today, with February in position to test resistance at the recent high of $68.05.



Poultry  Date: January 05, 2010

Eggs
New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 91-95;
Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 74-82;

Eastern Region Turkeys
Hens: 8-16 lbs. 78.38
Toms: 16-24 lbs. 78.38
 

Delmarva Broilers
U.S. Grade A
The market tone was firm. Demand was fair to fairly good with limited trading. Supplies of all sizes were close balanced to tight to satisfy trade needs. In production areas live supplies were moderate at mostly desirable weights.