(Jan) EAST AR: 958 to 972
(NC) Summ. 890 to 940
(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|
|Nov||up||9 1/2||at||974 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for January at Memphis 477 to 507;
|Bids to farmers at Local Elevators||501-508;|
|Chicago Futures:||Mar||up||1 1/4||at||537|
|Sept||up||2 1/2||at||575 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for January at Memphis 686 to - - -;
|Bids to farmers at River Elevators||545-620;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|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|
|Dec||up||1 1/4||at||418 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis up 64 at 6943|
|Greenwood up 64 at 6943|
|New York Futures:||Mar||up||64||at||7343|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|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|
|- - -||- - -||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 %. 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
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 .
|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||- - -|
|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
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.
Peoria: were steady to $1.50 higher at 41.50 to 42
St. Paul n/a at - - - to - - -
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
|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
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.