Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 22, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  917 to 931
(NC) Summ. 881 to 903
River Elevators:
(Jan) MISS: 928 to 975 ; AR & White 913 to 927
(NC) Summ. 883 to 913
Ark. Processor Bids: (Jan) 923 to 934  (NC) 890 to 891
Memphis:  (Jan) 962 1/2 to 965 1/2 (NC)  915 1/4 to - - -
Riceland Foods:  (Jan/Feb) Stuttgart 934 ; Pendleton 931 ; West Memphis 975

Chicago Futures: Mar down 2 1/2 at  951 1/2
  May  down  1 3/4  at  959 1/4
  July down 1 1/4  at  964 3/4
  Sept down 1 3/4  at  944 1/2
  Nov down 3/4  at  933 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended lower again today. Last week’s report continues to loom over 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  438 1/2 to 468 1/2;
Bids to farmers at Local Elevators 464-476;
River Elevators 466-499;

Chicago Futures: Mar down  at  498 1/2 
  May down 3/4  at  512 1/4 
  July down  at  524 
  Sept down  1/2  at  539 1/4 
  Dec down  1/2  at  565 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  651 to - - -;
Bids to farmers at River Elevators 511-586;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   362 3/4 to - - -;
  New crop at Memphis   321 3/4 to 379 3/4;
Bids to farmers at River Elevators  338 to 359

Chicago Futures: Mar down  7 1/4  at  364 3/4 
  May down  7 1/4  at  375 1/2 
  Sept down  7 1/4  at  391 3/4 
  Dec down  8 1/4  at  397 1/4 
  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 lower again today. The production report continues to be the focus of this market, and the higher dollar was also a factor today. 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 22, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 78 at  6707
  Greenwood down  78 at 6707

New York Futures: Mar down  78  at  7107 
  May down  75  at  7231 
 July down  70  at  7340 
 Oct down  77  at  7272 
 Dec down  63  at  7292 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Weakness continued today in cotton. 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 1317/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  29  at  1417 
 May up  28 1/2  at  1446 1/2 
 July up  29  at  1471 1/2 
 Sept up  15  at  1369 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was the exception, charting a powerful recovery today. Recent losses were potentially overdone thanks to carryover weakness from other commodities. Upside potential could be limited though 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 22, 2010

Cattle
As reported by Federal-State Market News, receipts were 12,466 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady, heifers $3 to $8 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 116 to - - -
  500 to 550 lbs. 104.50 to - - -
  600 to 650 lbs. 95.50 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 106.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 93.25 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 92.75 to - - -

Slaughter Cows, Boners 43   to   49
Light Weight 28 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60
Midwest Steers   were steady to $1 lower   at   85   to   - - -
Panhandle Steers   were $1 higher   at   86   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 103 to 116.50
  550 to 600 lbs. 100 to 114.50
Heifers 500 to 550 lbs. 90 to 103.50
  550 to 600 lbs. 90 to 99.75

Chicago Futures:
Live Cattle: Feb down 22 at 8662
  April up 5 at 9055
Feeders: Mar up 22 at 9960
  May up 37 at 10120

Cattle Comment
Cattle futures were mostly a bit higher. A surge in the value of the dollar was seen as an obstacle for meat exports and kept a lid on prices. Nearby February has resistance just above $88.

Hogs
Peoria: were     steady   at   39   to   41

Chicago Futures: Feb down 95 at 6985
  April down 67 at 7197

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

Hogs Comment
Hogs were mostly lower again today. The market was technically overbought 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 22, 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 entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.