(Jan) EAST AR: 886 to 898
(NC) Summ. 863 to 885
(Jan) MISS: 904 to 942 ; AR & White 889 to 899
(NC) Summ. 863 to 895
Ark. Processor Bids: (Jan) 899 to 901 (NC) 872 to 873
Memphis: (Jan) 944 to 946 (NC) 897 1/4 to - - -
Riceland Foods: (Jan/Feb) Stuttgart 901 ; Pendleton 898 ; West Memphis 942
|Chicago Futures:||Mar||down||18 1/2||at||929|
|May||down||18 1/2||at||938 1/2|
|July||down||18 1/2||at||945 1/2|
|Sept||down||14 3/4||at||924 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans were sharply lower as potential banking reforms could weigh on liquidity in the futures market. There are also rumors that China may have rejected a couple of loads of soybeans – this concern has been building as the potential for the South American crop continued to grow. Early harvest yields are good and that may be enough confirmation for the market. March closed below support just above $9.40 while November fell below uptrend support around $9.20. Both suggest further declines are probable, with the next support for November at $8.88.
Cash bid for January at Memphis 423 3/4 to 453 3/4;
|Bids to farmers at Local Elevators||450-462;|
|Chicago Futures:||Mar||down||10 1/4||at||483 3/4|
|July||down||10 1/4||at||509 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for January at Memphis 640 to - - -;
|Bids to farmers at River Elevators||498-573;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||January at Memphis 358 1/4 to - - -;|
|New crop at Memphis 315 1/4 to 373 1/4;|
|Bids to farmers at River Elevators||331 to 352|
|Chicago Futures:||Mar||down||4||at||358 1/4|
|Sept||down||4 1/4||at||385 1/4|
|Dec||down||3 3/4||at||391 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat ended lower. 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. Recent weakness in the Euro makes wheat from the Black Sea region tough to compete with in the global marketplace. March could retest support around $4.60.
Corn declined with both March and September testing key support. March closed just below $3.60 while September fell to $3.85. Failure to hold here could see further declines of as much as 40 cents.
Cotton & Rice Date: January 27, 2010
|Spot Price, Grade 41 Staple 34:||Memphis down 59 at 6523|
|Greenwood down 59 at 6523|
|New York Futures:||Mar||down||59||at||6923|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton trended lower today with March holding above 69 cents and December closing near 71 cents. Losses of another penny or more could be seen. The market is very nervous about world economic conditions and the Chinese government tightening of available credit. As long as that situation persists, it will be difficult to move cotton substantially higher. The market sees little need to bid cotton higher with the current declines being seen in corn and soybeans.
|Long Grain Cash Bid for||Jan/Feb||1300/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||Mar||down||10 1/2||at||1400 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice closed about 10 cents lower despite indication USDA will be making purchases for Haiti. In addition, Iraq has floated a tender for 120,000 metric tonnes or more for March/April delivery. That would be another good shot in the arm if the U.S. can secure that tender. Otherwise, the international market is steady and fairly quiet. An offer of Thai intervention stocks has been virtually ignored as price offered was well above other Asian offerings. Recent futures movement should have established the low end of the trading range for the time being.
Cattle & Hogs Date: January 27, 2010
As reported by Federal-State Market News, receipts were 1060 head at sales in Conway and Pocahontas. Compared with last week, feeder steers sold steady to firm .
|Medium & Large Frame 1||400||to||450 lbs.||113.25||to||- - -|
|500||to||550 lbs.||104.25||to||- - -|
|600||to||650 lbs.||97||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||95||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||90||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||87.75||to||- - -|
Slaughter Cows, Boners 43 to 47.50
Light Weight 27 to 32
Bulls, Yield Grade 1 1400 to 2300 lbs. 55 to 61.50
Midwest Steers were steady at 84 to - - -
Panhandle Steers were at 84 to - - -
|Oklahoma City Feeders
Cattle futures couldn’t sustain early gains and turned lower before the close. Last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing.
Peoria: were steady at 39 to 41
St. Paul n/a at - - - to - - -
The long-term uptrend in hog futures remains intact, but the market is looking toppy. Support for February is near $65.25 in the form of an up trendline drawn off the August low.
Poultry Date: January 27, 2010
|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
U.S. Grade A
The market tone was steady. Demand was fair to moderate with limited features to aid interest. Supplies of all sizes were mostly sufficient to handle trade needs. In production areas live supplies were moderate at mostly desirable weights.