Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 13, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  958 to 972
(NC) Summ. 890 to 940
River Elevators:
(Jan) MISS: 972 to 1016 ; AR & White 957 to 971
(NC) Summ. 922 to 950
Ark. Processor Bids: (Jan) 964 to 975  (NC) 915 to 932
Memphis:  (Jan) 1007 1/2 to 1010 1/2 (NC)  954 1/2 to - - -
Riceland Foods:  (Jan) Stuttgart 975 ; Pendleton 972 ; West Memphis 1016

Chicago Futures: Mar up 14 1/2 at  992 1/2
  May  up  14  at  999 3/4
  July up 13 1/4  at  1006
  Sept up 10  at  986 1/2
  Nov up 9 1/2  at  974 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybean futures retraced a big portion of yesterday’s losses, but couldn’t come close to closing the big gap left on the charts. USDA increased their yield estimate to a record-setting 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.

Wheat
Cash bid for January at Memphis  477 to 507;
Bids to farmers at Local Elevators 501-508;
River Elevators 500-531;

Chicago Futures: Mar up  1 1/4  at  537 
  May up 1 1/4  at  550 
  July up  1 3/4  at  561 
  Sept up  2 1/2  at  575 3/4 
  Dec up  2 1/2  at  599 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  686 to - - -;
Bids to farmers at River Elevators 545-620;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   380 to - - -;
  New crop at Memphis   342 to 397;
Bids to farmers at River Elevators  354 to 375

Chicago Futures: Mar down  8 1/2  at  384 
  May down  at  395 
  Sept down  at  412 
  Dec up  1 1/4  at  418 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures recovered from early losses to close about a penny higher. The gap left yesterday between $5.90 ¾ and $5.60 ¼ could prove to be tough resistance though, despite the smallest winter wheat seedings in nearly 100 years. 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 around $5.30.

The sell-off continued today in corn futures. March gapped lower for a second day in a row, but did close near the top of the day’s trading range. March looks to have found support at the chart gap to $3.67 and $3.62 left in October. 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.



Cotton & Rice  Date: January 13, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 64 at  6943
  Greenwood up  64 at 6943

New York Futures: Mar up  64  at  7343 
  May up  66  at  7462 
 July up  64  at  7556 
 Oct up  35  at  7466 
 Dec up  at  7460 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures recovered a good portion of yesterday’s losses, which were probably overdone because of carryover weakness from other commodities. Production was cut slightly to 12.401 million bales. Only slight changes were seen in both US and world supply/demand numbers as well. March has support at the recent low of 72.43 cents.

Rice
Long Grain Cash Bid for  Jan/Feb 1266/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  38 1/2  at  1396 1/2 
 May down  36 1/2  at  1423 1/2 
 July down  34  at  1448 
 Sept up  1 1/2  at  1374 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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 %. The majority of the increase is in medium grain, however, so losses in Chicago are probably overdone. March took out support at $14 today, and now has support between $13.90 and $13.50.



Cattle & Hogs  Date: January 13, 2010

Cattle
As reported by Federal-State Market News, receipts were 1333 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold mostly $3 to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 110 to - - -
  500 to 550 lbs. 100 to - - -
  600 to 650 lbs. 91.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 96.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 85 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - -

Slaughter Cows, Boners 43   to   49
Light Weight 25 to 33
Bulls, Yield Grade   1   1400   to   2300 lbs.   56   to   65
Midwest Steers   were steady to 50¢ higher   at   85   to   - - -
Panhandle Steers   were 50¢ higher   at   85.50   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 105.50 to 114.25
  550 to 600 lbs. 99 to 111.25
Heifers 500 to 550 lbs. 93 to 96.85
  550 to 600 lbs. 90 to 98.50

Chicago Futures:
Live Cattle: Feb up 25 at 8570
  April up 47 at 8970
Feeders: Mar down 72 at 9757
  May down 60 at 9937

Cattle Comment
Cattle futures were mostly lower. Lower corn prices have sparked ideas that cattle production will increase. Ideas that the beef market is topping were also a negative. Key support for February is near $84.

Hogs
Peoria: were steady to $1.50     higher   at   41.50   to   42

Chicago Futures: Feb up 257 at 6897
  April up 230 at 7332

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

Hogs Comment
Hog futures posted big gains buoyed by strong pork exports and stronger-than-expected cash prices. February hogs gapped to new highs for the move.



Poultry  Date: January 13, 2010

Eggs
New York:  Ex. Lg. 120-124; Lg. 118-122; Med. 87-91;
Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 71-79;

Eastern Region Turkeys
Hens: 8-16 lbs. 77.30
Toms: 16-24 lbs. 77.30
 

Delmarva Broilers
U.S. Grade A
The market tone was 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.