Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 07, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  989 to 1003
(NC) Summ. 915 to 960
River Elevators:
(Jan) MISS: 1009 to 1045 ; AR & White 992 to 1008
(NC) Summ. 942 to 973
Ark. Processor Bids: (Jan) 997 to 1006  (NC) 940 to 953
Memphis:  (Jan) 1045 to - - - (NC)  979 3/4 to - - -
Riceland Foods:  (Jan) Stuttgart 1006 ; Pendleton 1003 ; West Memphis 1036

Chicago Futures: Mar down 33 at  1026
  May  down  32  at  1031
  July down 31 1/4  at  1035 1/2
  Sept down 26  at  115
  Nov down 25  at  999 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans mad a sharp pullback after Chinese interest rate hikes prompted strength in the dollar. March futures moved near key support around $10.25, while November closed right on $10. Further declines could be bearish for the market. However, funds and outside market movement will remain a major factor.

Wheat
Cash bid for January at Memphis  497 3/4 to 527 3/4;
Bids to farmers at Local Elevators 518-522;
River Elevators 517-545;

Chicago Futures: Mar down  9 1/2  at  557 3/4 
  May down 9 3/4  at  570 
  July down  9 1/2  at  580 
  Sept down  at  593 3/4 
  Dec down  9 1/4  at  615 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  746 to - - -;
Bids to farmers at River Elevators 604-679;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   407 1/2 to - - -;
  New crop at Memphis   370 to 425;
Bids to farmers at River Elevators  381 to 403

Chicago Futures: Mar down  4 1/4  at  417 1/2 
  May down  at  428 
  Sept down  4 3/4  at  440 
  Dec down  5 1/4  at  443 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended higher today supported by fund buying. U.S. wheat remains overpriced relative to competition and long term will need to decline in order to get export business.

Corn declined slightly today, but remained firm relative to soybeans. March again failed to move above $4.25 but held fairly close to that level at day’s end. The extreme weather conditions are a positive for corn since it means more livestock feed will be consumed.



Cotton & Rice  Date: January 07, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 66 at  6889
  Greenwood down  66 at 6889

New York Futures: Mar down  66  at  7289 
  May down  66  at  7407 
 July down  63  at  7462 
 Oct down  52  at  7425 
 Dec down  34  at  7452 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed lower and at the lowest point in almost 2 months. Higher Chinese interest rates could slow recovery and impact their textile industry. That in turn will impact their import demand. The question is whether the current price ratio corn to cotton or soybeans to cotton will allow for additional U.S. acreage in 2010.

Rice
Long Grain Cash Bid for  Jan/Feb 1371/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  8 1/2  at  1501 
 May down  8 1/2  at  1527 
 July down  at  1550 1/2 
 Sept down  4 1/2  at  1395 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice, like other grains and soybeans, were pressured by outside factors. Small across the board declines were registered in today’s trading. There was little fresh news to give the market direction. 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 07, 2010

Cattle
As reported by Federal-State Market News, receipts were 762 head at sales in Charlotte.  Compared with last week, feeder steers information is unavailable .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 102.75 to - - -
  550 to 600 lbs. 90 to - - -
  600 to 650 lbs. 94.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 86 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 74.50 to - - -

Slaughter Cows, Boners 41   to   45
Light Weight - - - to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52.50   to   56
Midwest Steers   were $1 higher   at   84   to   - - -
Panhandle Steers   were $1 higher   at   84   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 100 to 103
  550 to 600 lbs. 99 to 104
Heifers 500 to 550 lbs. 90.50 to 94.75
  550 to 600 lbs. 90 to 93

Chicago Futures:
Live Cattle: Feb down 2 at 8592
  April down 20 at 8945
Feeders: Mar up 7 at 9682
  May up 10 at 9877

Cattle Comment
Cattle futures ended mixed. February failed near resistance at $86.80 before closing lower. A lack of cash trade added to the negative undertone. A close below $85.35 would open the market to further losses.

Hogs
Peoria: were     steady   at   40   to   42

Chicago Futures: Feb up 52 at 6710
  April up 15 at 7090

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

Hogs Comment
February hogs set a new high for the upmove before closing near the bottom of the day’s trading range. Technical buying, strength in cutout values and weather concerns all added support.



Poultry  Date: January 07, 2010

Eggs
New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 87-91;
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 fully steady to firm. Retail and food service demand was moderate to good approaching the weekend. Supplies of all sizes were adequate to close balance to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.