Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 21, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  919 to 933
(NC) Summ. 882 to 904
River Elevators:
(Jan) MISS: 931 to 977 ; AR & White 916 to 930
(NC) Summ. 882 to 914
Ark. Processor Bids: (Jan) 925 to 936  (NC) 891 to 892
Memphis:  (Jan) 968 to 969 (NC)  914 to 916
Riceland Foods:  (Jan) Stuttgart 936 ; Pendleton 933 ; West Memphis 977

Chicago Futures: Mar up 4 at  954
  May  up  4 1/4  at  961
  July up at  966
  Sept up 4 3/4  at  946 1/4
  Nov up 5 1/2  at  934
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans turned a bit higher today, but March failed to challenge resistance at the top of yesterday’s chart gap at $9.62 ½. Last week’s report added pressure to the market and a big improvement in the dollar has simply kept everything in a negative mode. Funds have assessed their strategies and many have abandoned their positions. March futures have no chart support above the summer/fall low at $8.88 now. New crop November held trendline support at $9.22, but could be pushed to the September low of $8.78 if the dollar continues to strengthen.

Wheat
Cash bid for January at Memphis  439 1/2 to 469 1/2;
Bids to farmers at Local Elevators 465-477;
River Elevators 467-500;

Chicago Futures: Mar up  at  499 1/2 
  May up 1 3/4  at  513 
  July up  1 1/4  at  525 
  Sept up  3/4  at  539 3/4 
  Dec up  at  565 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  664 to - - -;
Bids to farmers at River Elevators 523-598;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   370 to 371;
  New crop at Memphis   329 to 387;
Bids to farmers at River Elevators  345 to 366

Chicago Futures: Mar up  at  372 
  May up  at  382 3/4 
  Sept up  3 1/4  at  399 
  Dec up  2 3/4  at  405 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures also attempted to rebound a bit today, but buying interest was limited. We planted the smallest winter wheat crop in nearly 100 years, but demand is so poor, the market didn’t need any more wheat. Inability to hold this level could see a move toward the July contract low of $4.83 ¾ .

Corn was higher today as the market attempts to correct from oversold territory. However, talk about plantings reaching 90 million acres will keep pressure on the market. There is a little over 6 million acres less wheat this year and much of that could end up in corn with new crop futures holding near $4.



Cotton & Rice  Date: January 21, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 105 at  6785
  Greenwood up  105 at 6785

New York Futures: Mar up  105  at  7185 
  May up  105  at  7306 
 July up  94  at  7410 
 Oct up  78  at  7349 
 Dec up  79  at  7355 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton also recovered a bit. March violated trendline support at 72 cents earlier this week. This suggests a possible move to downside objectives near 70 and then 68 cents. Prospects of increased 2010 plantings are pushing new crop December lower. December could possibly test support at 71.5 cents.

Rice
Long Grain Cash Bid for  Jan/Feb 1288/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  39  at  1388 
 May up  40 1/2  at  1418 
 July up  39  at  1442 1/2 
 Sept down  8 1/2  at  1354 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice recovered most of yesterday’s big losses. The market is oversold and due a correction. The next chart support is near $13.50. New crop September held above $13.60. 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 21, 2010

Cattle
As reported by Federal-State Market News, receipts were 3159 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $5 higher, heifers firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 115 to - - -
  500 to 550 lbs. 107.25 to - - -
  600 to 650 lbs. 101.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 105.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 92.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 87.75 to

Slaughter Cows, Boners 40   to   46
Light Weight 30 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60
Midwest Steers   were   at   84   to   85
Panhandle Steers   were   at   85   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 109 to 114.50
  550 to 600 lbs. 103.50 to 112.50
Heifers 500 to 550 lbs. 96 to 100
  550 to 600 lbs. 92.50 to 98

Chicago Futures:
Live Cattle: Feb down 60 at 8685
  April down 62 at 9050
Feeders: Mar down 50 at 9937
  May down 25 at 10082

Cattle Comment
Cattle futures turned lower. A surge in the value of the dollar was seen as an obstacle for meat exports. Losses in hogs also carried over. Nearby February has resistance just above $88.

Hogs
Peoria: were $1.5 lower to $2     higher   at   39   to   41

Chicago Futures: Feb up 35 at 7080
  April down 72 at 7265

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

Hogs Comment
Hogs were mostly lower again today. The market was technically oversold and is trading approximately $3.50 premium to cash prices, so a short-term correction was expected. A strong move in the dollar was seen as negative for pork exports.



Poultry  Date: January 21, 2010

Eggs
New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110;
Chicago:  Ex. Lg. 115-123; Lg. 113-121; Med. 80-88;

Eastern Region Turkeys
Hens: 8-16 lbs. 76
Toms: 16-24 lbs. 76
 

Delmarva Broilers
U.S. Grade A
The market tone was steady. Demand approaching the weekend was fair to moderate. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.