Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 08, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  985 to 999
(NC) Summ. 914 to 959
River Elevators:
(Jan) MISS: 1005 to 1041 ; AR & White 988 to 1004
(NC) Summ. 941 to 972
Ark. Processor Bids: (Jan) 993 to 1002  (NC) 939 to 952
Memphis:  (Jan) 1042 to 1043 (NC)  979 to - - -
Riceland Foods:  (Jan) Stuttgart 1002 ; Pendleton 999 ; West Memphis 1032

Chicago Futures: March down 4 at  1022
  May  down  3 1/4  at  1027 3/4
  July down 3 1/4  at  1032 1/4
  Sept down 2 1/2  at  1012 1/2
  Nov down 3/4  at  999
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans retraced a portion of early declines but still ended the session a little lower. While everyone anticipates increased export projections in next week’s report, there is growing concern that China will switch to South America soybeans and likely cancel some purchases from the U.S. A very good crop is developing in South America and most analysts expect the production estimate to be raised in the January 12 report. March futures bounced off trendline support around $10.13. Inability to hold this level would be bearish.

Wheat
Cash bid for January at Memphis  508 1/2 to 538 1/2;
Bids to farmers at Local Elevators 529-533;
River Elevators 527-556;

Chicago Futures: Mar up  10 3/4  at  568 1/2 
  May up 10 3/4  at  580 3/4 
  July up  1 1/2  at  590 1/2 
  Sept up  10 3/4  at  604 1/2 
  Dec up  11 3/4  at  627 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  755 to - - -;
Bids to farmers at River Elevators 614-689;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   419 to - - -;
  New crop at Memphis   375 3/4 to 435 3/4;
Bids to farmers at River Elevators  387 to 409

Chicago Futures: Mar up  5 1/2  at  423 
  May up  5 1/4  at  433 1/4 
  Sept up  5 3/4  at  445 3/4 
  Dec up  5 1/2  at  449 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted strong gains today. A decline in winter wheat seedings is expected in Tuesday’s report, but it has been expected for some time and should be about factored into prices at this point. U.S. wheat remains overpriced relative to competition and long term will need to decline in order to get export business.

Corn finished on a strong note with gains of 4 to 6 cents . March closed near the high of the day and just under key resistance. A close above $4.25 would be positive. Little consensus has developed with regard to USDA’s production estimate next week. Potential losses from unharvested corn range as high as 100 million bushels.



Cotton & Rice  Date: January 08, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 45 at  6844
  Greenwood down  45 at 6844

New York Futures: Mar down  45  at  7244 
  May down  46  at  7361 
 July down  35  at  7427 
 Oct down  28  at  7397 
 Dec down  38  at  7414 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  1.02 cents
Cotton Comment
Cotton was lower again today as concerns about Chinese demand increased. The market was not responsive to a weaker dollar after China raised interest rates earlier in the week. Long term bigger U.S. plantings will be needed as stocks worldwide continue to tighten. March futures could work toward support at 71.7 cents or perhaps even 70.2 cents.

Rice
Long Grain Cash Bid for  Jan/Feb 1365/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  5 1/2  at  1495 1/2 
 May down  6 1/2  at  1520 1/2 
 July down  at  1543 1/2 
 Sept down  1/2  at  1394 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continues in a consolidation pattern with March support around $14.50. There has been little fresh news to give the market direction. Any adjustments in the U.S. supply demand report should be minor.



Cattle & Hogs  Date: January 08, 2010

Cattle
As reported by Federal-State Market News, receipts were 2,515 head at sales in Arkansas this week.  Compared with last week, feeder steers have no recent comparison .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 101.50 to - - -
  500 to 550 lbs. 91.50 to - - -
  600 to 650 lbs. 86.75 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 84 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 80 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 75 to - - -

Slaughter Cows, Boners 42   to   48
Light Weight 26 to 31
Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   57
Midwest Steers   were $1 higher   at   85   to   - - -
Panhandle Steers   were 50¢ to $1 lower   at   83   to   83.50

Oklahoma City Feeders
Steers 500 to 550 lbs. 99 to 113.50
  550 to 600 lbs. 94.50 to 109
Heifers 500 to 550 lbs. 83 to 96
  550 to 600 lbs. 81.5 to 96.50

Chicago Futures:
Live Cattle: Feb down 10 at 8582
  April up 35 at 8980
Feeders: Mar down 17 at 9665
  May down 17 at 9860

Cattle Comment
Cattle futures ended mostly lower. A lack of cash trade added to the negative undertone. A close below $85.35 would open the market to further losses. Resistance is at the recent high of $86.80.

Hogs
Peoria: were     steady   at   40   to   42

Chicago Futures: Feb up 15 at 6725
  April up 52 at 7142

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

Hogs Comment
February hogs posted losses today. Yesterday’s high just above $68 could prove to be tough resistance. Recent weather woes will bring a backload of hogs to market next week, and that is adding pressure.



Poultry  Date: January 08, 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. Demand was moderate to good entering the weekend. Supplies of all sizes were adequate to closely balanced. In production areas live supplies were moderate at mostly desirable weights.