Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 4, 2011

Please note Turkey prices are now a USDA National quote. The regional quotation is discontinued.

Soybeans

Local Elevators:
(Jan) EAST AR:  1339 to 1375
(NC) Summ. 1238 to 1268
River Elevators:
(Jan) MISS: 1376 to 1380 ; AR & White 1343 to 1359
(NC) Summ. 1249 to 1285
Ark. Processor Bids: (Jan) 1355 to 1355  (NC) 1268 to 1271
Memphis:  (Jan) 1381 1/2 to 1385 1/2 (NC)  1283 1/2 to 1289 1/2
Riceland Foods:  (Jan) Stuttgart 1355 ; Pendleton 1375 ; West Memphis 1380

Chicago Futures: Mar down 9 1/2 at  1369 1/2
  May  down  10  at  1377
  July down 10 1/2  at  1379 3/4
  Nov down 16 3/4  at  1277 1/2
  Jan '12 down 16 1/2  at  1281 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans extended yesterday’s declines as funds continue to balance accounts. Fundamentals, particularly in Argentina, bear watching. Some dry areas are forecast to see rain this week, while temperatures moderate. A private market analyst has cut his projected Argentine soybean crop to just 45 million metric tons. That is down from the 2010 crop of 54 million metric tons. March futures fell near support at $13.55, the November report high, before retracing a portion of today’s decline. Below that is trendline support around $13 to $13.25. November tested support just below $12.75, dropping below that level before firming late in the session. The next major support is just above $12.

Wheat
Cash bid for January at Memphis  774 1/4 to 784 1/4;
Bids to farmers at Local Elevators 769-774;
River Elevators 767-805;

Chicago Futures: Mar down  16 1/4  at  789 1/4 
  May down 14 1/4  at  816 1/4 
  July down  13  at  827 1/4 
  Sept down  11 3/4  at  841 1/4 
  Dec '12 down  9 3/4  at  855 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1051 to 1069;
Bids to farmers at River Elevators 984-1045;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   602 1/2 to 603 1/2;
  New Crop at Memphis   561 to - - -;
Bids to farmers at River Elevators  585 to 604

Chicago Futures: May down  12  at  608 1/2 
  Mar down  11 3/4  at  616 3/4 
  Sept down  at  576 
  Dec '11 down  at  543 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted double digit losses today. Nevertheless, tight stocks of food grade wheat are expected to keep the market firm in the new year.

March corn fell through support at the old November high of $6.17 ¼ and closed technically weak. The next support is around $5.98. Fundamentally, the outlook for the Argentina crop appears to be more troublesome than soybeans, since much of the crop is near pollination. Fund selling could push the market lower, if it continues.



Cotton & Rice  Date: January 4, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 158 at  137.28
  Greenwood up  158 at 137.28

New York Futures: Mar up  158  at  14378 
  May up  159  at  13789 
 July up  65  at  12949 
 Oct up  135  at  11195 
 Dec '11 down  68  at  9951 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with new crop contracts lower. Given the overall weakness in grains, the positive close by old crop cotton was fairly strong. Continued strong export demand and a very tight stocks situation should limit downside movement in the near term.

Rice
Long Grain Cash Bid for  Jan 1174/cwt  to  - - -
  April/May 1218/cwt  to  - - -

Chicago Futures: Mar down  34  at  1414 1/2 
 May down  34 1/2  at  1443 
 July down  32 1/2  at  1470 1/2 
 Sept down  17  at  1477 
 Nov down  22 1/2  at  1497 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice failed to follow-through after closing above trendline resistance yesterday. Fund balancing and general weakness in other grains contributed to the strong downturn. Last week’s turn around point, $13.35, should offer good support; if not there, then the previous low of $13.25.



Cattle & Hogs  Date: January 4, 2011

Cattle
As reported by Federal-State Market News, receipts were 975 head at sales in Ash Flat and Springdale.  Compared with last week, feeder steers have no trend, sales closed for holidays .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 137.50 to - - -
  500 to 550 lbs. 126.50 to - - -
  600 to 650 lbs. 120.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 123.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 112.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 108.75 to - - -

Slaughter Cows, Boners 57.00   to   61.00
Light Weight 36.00 to 44.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   66.00   to   74.00
Midwest Steers   were   at   105.50   to   - - -
Panhandle Steers   were   at   106.50   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 134.75 to 145.00
  550 to 600 lbs. 126.00 to 136.50
Heifers 450 to 500 lbs. 118.00 to 126.00
  550 to 600 lbs. 114.00 to 118.00

Chicago Futures:
Live Cattle: Feb down 80 at 10617
  April down 67 at 11027
Feeders: April down 37 at 12340
  Aug down 65 at 12445

Cattle Comment
Cattle futures were lower today on a wave of speculative selling that hit most commodities today. A stronger dollar was also a factor.

Hogs
Peoria: were $3 lower to $1     higher   at   46.00   to   48.00

Chicago Futures: Feb down 67 at 7730
  April down 67 at 8187

Sheep
St. Paul NA   at   - - -   to   - - -

Hogs Comment
Hog futures were lower on speculative selling and a downturn in cash hog prices. A 10 percent increase in pork exports is projected by USDA and should limit downside pressure in early 2011.



Poultry  Date: January 4, 2011

Eggs
New York:  Ex. Lg. 126-130; Lg. 124-128; Med. 92-96;
Chicago:  Ex. Lg. 123-131; Lg. 121-129; Med. 82-90;

National Turkeys
Hens: 8-16 lbs 87.00
Toms: 16-24 lbs 87.00
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryers prices continue to trend steady. Offerings are moderate with trading usually limited to regular commitments. Demand is light to moderate to satisfy current trade needs. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.