Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 28, 2010

Soybeans

Local Elevators:
(Jan) EAST AR:  889 to 901
(NC) Summ. 870 to 892
River Elevators:
(Jan) MISS: 897 to 945 ; AR & White 882 to 892
(NC) Summ. 870 to 902
Ark. Processor Bids: (Jan) 902 to 904  (NC) 879 to 880
Memphis:  (Jan) 948 3/4 to 949 3/4 (NC)  904 1/4 to - - -
Riceland Foods:  (Jan/Feb) Stuttgart 904 ; Pendleton 901 ; West Memphis 945

Chicago Futures: Mar up 2 3/4 at  931 3/4
  May  up  at  941 1/2
  July up at  948 1/2
  Sept up 4 1/2  at  929 1/4
  Nov up at  922 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were steady to firm through the session and rallied slightly in the close. A big monthly crush and another strong export report provided good underlying support. However, even strong farmer holding has not been sufficient to put the market in a rebound mode. November managed to move back above the downtrend that was broken yesterday. The market will need a positive Friday close to get the trade thinking rebound.

Wheat
Cash bid for January at Memphis  427 to 457;
Bids to farmers at Local Elevators 453-465;
River Elevators 457-488;

Chicago Futures: Mar up  3 1/4  at  487 
  May up 3 1/4  at  501 
  July up  3 1/4  at  512 3/4 
  Sept up  at  528 
  Dec up  2 1/4  at  554 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  646 to - - -;
Bids to farmers at River Elevators 505-580;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   361 3/4 to - - -;
  New crop at Memphis   318 1/2 to 376 1/2;
Bids to farmers at River Elevators  335 to 356

Chicago Futures: Mar up  3 1/2  at  361 3/4 
  May up  3 1/2  at  372 3/4 
  Sept up  3 1/2  at  388 1/2 
  Dec up  3 1/2  at  395 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures followed corn and beans and inched higher. Upside potential remain limited despite six million aces less wheat being planted in the U.S. Large world stocks will keep the market competitive.

Corn, both old and new crop, rallied off support to close higher for the day. This is key support which if broken would signal further nearterm weakness. A good export report was a positive market influence.



Cotton & Rice  Date: January 28, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 9 at  6514
  Greenwood down  9 at 6514

New York Futures: Mar down  at  6914 
  May up  10  at  7071 
 July down  at  7163 
 Oct down  21  at  7065 
 Dec down  24  at  7075 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mostly lower again 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.

Rice
Long Grain Cash Bid for  Jan/Feb 1290/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  10 1/2  at  1390 
 May down  9 1/2  at  1419 1/2 
 July down  11  at  1442 
 Sept unchanged  at  1358 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was lower again today as the market continues to look for fresh fundamentals. Indicated U.S. purchases for Haiti and an Iraq tender for 120,000 metric tonnes or more for March/April delivery have not boosted the market. However, it would be a boost 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 28, 2010

Cattle
As reported by Federal-State Market News, receipts were 2069 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold steady to $3 lower, heifers steady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 115.50 to - - -
  500 to 550 lbs. 105.25 to - - -
  600 to 650 lbs. 98.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 103.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 92.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 90 to - - -

Slaughter Cows, Boners 40   to   47
Light Weight 32 to 37
Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   58.50
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 106 to 116
  550 to 600 lbs. 100 to 109
Heifers 500 to 550 lbs. 98 to 101.50
  550 to 600 lbs. 93 to 99

Chicago Futures:
Live Cattle: Feb up 27 at 8565
  April up 22 at 8920
Feeders: Mar down 5 at 9847
  May up 42 at 10100

Cattle Comment
After 3 down days, live cattle finally had a positive move. However, last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing.

Hogs
Peoria: were     steady   at   39   to   41

Chicago Futures: Feb up 20 at 6677
  April up 45 at 6940

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

Hogs Comment
Hogs inched higher again today after testing uptrend support. That 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 28, 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 about steady to steady. Demand approaching the weekend was fair to moderate, best where features were planned or in progress. Supplies of all sizes were at least adequate to handle trade needs. In production areas live supplies were moderate at mostly desirable weights.