(Jan) EAST AR: 943 to 957
(NC) Summ. 880 to 930
(Jan) MISS: 946 to 1001 ; AR & White 946 to 960
(NC) Summ. 910 to 940
Ark. Processor Bids: (Jan) 949 to 960 (NC) 905 to 922
Memphis: (Jan) 998 to - - - (NC) 945 to - - -
Riceland Foods: (Jan/Feb) Stuttgart 960 ; Pendleton 957 ; West Memphis 1001
|Chicago Futures:||Mar||down||32 1/2||at||978|
|May||down||31 1/2||at||985 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybean futures plunged lower as the USDA revised their yield estimate up to 44 bushels. 2009 production is now estimated to be 3.361 billion bushels. The carryover estimate dropped 10 million bushels thanks to an increase in both the export and domestic usage estimates. The trade was expecting a 20 million bushel cut, though, so that ended up being bearish for prices. The Brazilian crop estimate was increased to 65 million metric tons, a record by a long shot, and sure to cut into U.S. exports in the second half of the marketing year. March has support at $9.60.
Cash bid for January at Memphis 475 3/4 to 504 3/4;
|Bids to farmers at Local Elevators||499-506;|
|Chicago Futures:||Mar||down||36 3/4||at||535 3/4|
|July||down||35 1/4||at||559 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for January at Memphis 701 to - - -;
|Bids to farmers at River Elevators||- - -;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||January at Memphis 387 1/2 to 388 1/2;|
|New crop at Memphis 345 to 405;|
|Bids to farmers at River Elevators||373 to - - -|
|Chicago Futures:||Mar||down||30||at||392 1/2|
|Dec||down||29 1/4||at||417 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Corn futures were limit-down in reaction to the annual production report. Even though approximately a half a billion bushels of corn remain in the field, USDA raised their harvested acreage estimate 300,000 acres and their yield estimate to 165.2 bushels per acre—the net result being an increase of 230 million bushels in the production estimate. USDA did say that revisions to the estimates could come in March, despite the fact that this is the annual report. March has support just below $3.80.
Despite the smallest winter wheat seedings in nearly 100 years, wheat futures were sharply lower as well. Why? Because demand for wheat is terrible. USDA increased the carryover estimate to 976 million bushels despite a larger than expected cut in production. July had support at the chart gap between $5.16 and $5.29.
Cotton & Rice Date: January 12, 2010
|Spot Price, Grade 41 Staple 34:||Memphis down 145 at 6879|
|Greenwood down 145 at 6879|
|New York Futures:||Mar||down||145||at||7279|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton futures posted losses in light of a mostly neutral USDA report. Production was cut slightly to 12.401 million bales. Only slight changes were seen in both US and world supply/demand numbers as well. Strength in the value of the dollar and carryover weakness from other commodities provided pressure. March has support at the recent low of 72.43 cents.
|Long Grain Cash Bid for||Jan/Feb||1305/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Sept||down||25 1/2||at||1372 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice posted sharp losses as well. USDA raised their production estimate 1 percent to 220 million cwt. Average yield, at 7,085 lbs. per acre, was up 47 lbs. from the previous estimate and 239 lbs. from 2008. Probably impacting the market more, though, was the quarterly stocks report. Rough rice stocks were up 13 percent from a year ago and milled rice stocks were up 8 %. March has support around $14.
Cattle & Hogs Date: January 12, 2010
As reported by Federal-State Market News, receipts were 395 head at sales in Heber Springs. Compared with last week, feeder steers - - - .
|Medium & Large Frame 1||400||to||450 lbs.||109.75||to||- - -|
|500||to||550 lbs.||103.25||to||- - -|
|600||to||650 lbs.||94||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||91.25||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||87.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||83||to||- - -|
Slaughter Cows, Boners 44 to 49
Light Weight 28 to 33
Bulls, Yield Grade 1 1000 to 2100 lbs. 55 to 58
Midwest Steers were $1.50 lower to $2.50 higher at 85 to 85.50
Panhandle Steers were steady to 50¢ lower at 85 to - - -
|Oklahoma City Feeders
Cattle futures were mostly higher. Early losses in live cattle futures were attributed to the increase in the corn production estimate, but pressure was tempered by the end of the day. Key support for February is near $84.
Peoria: were steady at 40 to 42
St. Paul n/a at - - - to - - -
Hog futures were also lower. The larger corn crop estimate has the market concerned that lower feed costs will encourage farmers to raise more hogs.
Poultry Date: January 12, 2010
|New York:||Ex. Lg. 118-122; Lg. 116-120; Med. 87-91;|
|Chicago:||Ex. Lg. 108-116; Lg. 106-114; Med. 71-79;|
Eastern Region Turkeys
U.S. Grade A
The market tone was steady to fully steady. Retail and food service demand was moderate to fairly good. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.