Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 25, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  906 to 920
(NC) Summ. 874 to 896
River Elevators:
(Jan) MISS: 915 to 964 ; AR & White 900 to 910
(NC) Summ. 873 to 906
Ark. Processor Bids: (Jan) 911 to 923  (NC) 883 to 884
Memphis:  (Jan) 951 1/2 to 954 1/2 (NC)  907 1/2 to - - -
Riceland Foods:  (Jan) Stuttgart 923 ; Pendleton 920 ; West Memphis 964

Chicago Futures: Mar down 11 at  940 1/2
  May  down  9 3/4  at  949 1/2
  July down 8 1/2  at  956 1/4
  Sept down 9 1/2  at  935
  Nov down 7 3/4  at  925 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were pushed lower again today as excellent weather conditions in South America have increased some estimates of that crop. Reports indicate good early yields in Brazil despite increased Asian rust. Some estimates suggest production of 68 million metric tonnes. This compares with the recent USDA estimate of 65. The previous record in 2008 was 61 mmt. Nevertheless, the crop will be a big one and could send the market even lower. Today’s close below last week’s low is technically negative and brings the summer low at $8.88 into play. New crop November could be driven to $8.78 and then possibly $8.40. Informa has 2010 U.S. soybean plantings at 79.9 million acres.

Wheat
Cash bid for January at Memphis  438 1/4 to 468 1/4;
Bids to farmers at Local Elevators 464-476;
River Elevators 465-499;

Chicago Futures: Mar down  1/4  at  498 1/4 
  May down 1/4  at  512 
  July down  1/2  at  523 1/2 
  Sept down  at  538 1/4 
  Dec down  at  564 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  657 to - - -;
Bids to farmers at River Elevators 516-591;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   365 3/4 to - - -;
  New crop at Memphis   324 1/2 to 382 1/2;
Bids to farmers at River Elevators  341 to 362

Chicago Futures: Mar up  at  367 3/4 
  May up  3 1/4  at  378 3/4 
  Sept up  2 3/4  at  394 1/2 
  Dec up  2 1/2  at  399 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended the session slightly lower, after trimming early gains. Technically, wheat is oversold and due a rebound, but poor demand probably points to further declines. Any rebound will be limited and short lived, unless last week’s export sales become the norm instead of the exception.

Corn managed small gains as the market consolidates just above last week’s low of $3.62 ¼ . A close below that level brings the March contract low of $3.15 ½ back into the mix. Informa projects U.S. 2010 plantings of 89.65 million acres up 3.2 million from last year. Coupled with big projected ending stocks, it limits upside potential.



Cotton & Rice  Date: January 25, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 111 at  6596
  Greenwood down  111 at 6596

New York Futures: Mar down  111  at  6996 
  May down  108  at  7123 
 July down  107  at  7233 
 Oct down  93  at  7179 
 Dec down  91  at  7201 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued a downturn which carried old crop March below 70 cents and pushed December near the 71.5 cents level. Overall, world economic conditions remain a factor in a market that appears to have upside potential, particularly from current price levels. The current sell off could push March to 68 cents before we see a rebound, while December could drop as low as 70 cents.

Rice
Long Grain Cash Bid for  Jan/Feb 1311/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  at  1411 
 May down  6 1/2  at  1440 
 July down  8 1/2  at  1463 
 Sept down  1/2  at  1368 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were lower as the market failed to continue the upturn of the last two sessions last week. Those two days of gains took the market out of the oversold condition technically and leaves the trade looking at fundamentals. Longer term, the market will need to see more export sales and continued demand to hold current levels and provide an opportunity for the market to work higher.



Cattle & Hogs  Date: January 25, 2010

Cattle
As reported by Federal-State Market News, receipts were 3331 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold mostly weak to $3 lower, heifers staeady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 113 to - - -
  500 to 550 lbs. 105 to - - -
  600 to 650 lbs. 97.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 105.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 91.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - -

Slaughter Cows, Boners 41   to   47
Light Weight 32 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60
Midwest Steers   were $1 lower to $1.50 higher   at   84   to   86.50
Panhandle Steers   were steady   at   86   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 109 to 114
  550 to 600 lbs. 104.75 to 111.75
Heifers 500 to 550 lbs. 95.25 to 103
  550 to 600 lbs. 94 to 97

Chicago Futures:
Live Cattle: Feb down 42 at 8620
  April down 37 at 9017
Feeders: Mar down 82 at 9877
  May down 65 at 10055

Cattle Comment
Cattle futures declined despite remaining in a short term uptrend. Last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing. Wholesale beef appears to be retracing gains that carried to a seven month high.

Hogs
Peoria: were     steady   at   39   to   41

Chicago Futures: Feb down 147 at 6837
  April down 147 at 7050

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

Hogs Comment
Hog futures were weak and closed lower. Cash markets were down as much as a dollar as most plants had immediate needs covered.



Poultry  Date: January 25, 2010

Eggs
New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110;
Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106;

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 following 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.