(Jan) EAST AR: 929 to 943
(NC) Summ. 887 to 909
(Jan) MISS: 940 to 987 ; AR & White 925 to 939
(NC) Summ. 887 to 919
Ark. Processor Bids: (Jan) 935 to 946 (NC) 896 to 897
Memphis: (Jan) 978 1/2 to - - - (NC) 919 1/4 to - - -
Riceland Foods: (Jan/Feb) Stuttgart 946 ; Pendleton 943 ; West Memphis 987
|Chicago Futures:||Mar||down||10 1/2||at||963 1/2|
|July||down||9 1/4||at||975 1/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans closed lower despite another announced sale to China. A stronger dollar contributed to the continuing weak undertone. Old crop March closed near the low for the day and near key support between $9.55 and $9.60. Concern about possible cancellation of sales as the South American crop becomes available is pressuring the market. The major unknown is whether funds will step in and be buyers at some point. Smaller wheat plantings suggest some 5 or 6 million acres will be available for corn, full season soybeans, or perhaps cotton and rice.
Cash bid for January at Memphis 440 1/2 to 470 1/2;
|Bids to farmers at Local Elevators||467-474;|
|Chicago Futures:||Mar||down||9 1/2||at||500 1/2|
|May||down||9 1/4||at||514 1/4|
|July||down||8 1/4||at||526 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for January at Memphis 659 to - - -;
|Bids to farmers at River Elevators||518-593;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||January at Memphis 367 1/4 to 368 1/4;|
|New crop at Memphis 327 to 385;|
|Bids to farmers at River Elevators||342 to 363|
|Chicago Futures:||Mar||down||2 1/4||at||369 1/4|
|May||down||2 1/4||at||380 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures gapped lower, again today, with July violating support at $5.30. We planted the smallest winter wheat crop in nearly 100 years, but demand is so poor, the market didn’t need any more wheat. Wheat fell through support near $5.40 and closed near the next level at $5.25. Inability to hold this level could see a move toward the July contract low of $4.83 ¾ . A competitive export market and bigger U.S. and world stocks were a strong counter to a significant decrease in U.S. plantings. Even 5 or 6 million acres less wheat was not enticing to traders.
Corn ended the session lower after a brief move to the positive side at midday. Recent declines have increased corn and have softened selling pressures. March is testing key support between $3.70 and $3.60. New crop contracts are showing consolidation signs near $4.00.
Cotton & Rice Date: January 19, 2010
|Spot Price, Grade 41 Staple 34:||Memphis down 44 at 6764|
|Greenwood down 44 at 6764|
|New York Futures:||Mar||down||44||at||7164|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton continued under pressure with March breaking key trendline support near 72 cents. This suggests a possible move to downside objectives near 70 and then 68 cents. Prospects of increased 2010 plantings is pushing new crop December lower. Today’s move through trendline support suggests further weakness with possible test of support at 73 cents and then 71.5 cents.
|Long Grain Cash Bid for||Jan/Feb||1262/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||Mar||down||5 1/2||at||1392|
|July||down||3 1/2||at||1446 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice retraced a portion of early declines but still ended the day lower. The next chart support is located between $13.60 and $13.50. New crop September held steady at $13.70. Upside potential will be limited until U.S. export sales increase. Last week’s report added a little rice to the production number but ending stocks were virtually unchanged as a result of increased export projections.
Cattle & Hogs Date: January 19, 2010
As reported by Federal-State Market News, receipts were 3743 head at sales in Ash Flat, Springdale and Heber Springs. Compared with last week, feeder steers sold $2 to $7 higher .
|Medium & Large Frame 1||400||to||450 lbs.||117||to||- - -|
|500||to||550 lbs.||105||to||- - -|
|600||to||650 lbs.||96||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||104||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||90||to||- - -|
|Medium & Large Frame 2||550||to||600 lbs.||87||to||- - -|
Slaughter Cows, Boners 42 to 47
Light Weight 28 to 37
Bulls, Yield Grade 1 1000 to 2100 lbs. 54 to 58
Midwest Steers were at 83 to 86.50
Panhandle Steers were at 84.50 to 85.50
|Oklahoma City Feeders
Cattle futures posted gains on improving product values. Recent big gains in hog futures were also supportive. Nearby February has resistance just above $88.
Peoria: were steady at 39 to 41
St. Paul n/a at - - - to - - -
February hogs moved higher again today. However, the market is technically oversold and is trading approximately $3.50 premium to cash prices, so a short-term correction could come at any time.
Poultry Date: January 19, 2010
|New York:||Ex. Lg. 128-132; Lg. 126-130; Med. 96-100;|
|Chicago:||Ex. Lg. 115-123; Lg. 113-121; Med. 80-88;|
Eastern Region Turkeys
U.S. Grade A
The market tone was steady. Demand following the weekend was moderate. Supplies of all sizes were adequate to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.