Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 5, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1363 to 1399
(NC) Summ. 1256 to 1286
River Elevators:
(Jan) MISS: 1400 to 1404 ; AR & White 1367 to 1383
(NC) Summ. 1267 to 1303
Ark. Processor Bids: (Jan) 1379 to 1379  (NC) 1286 to 1289
Memphis:  (Jan) 1406 1/2 to 1409 1/2 (NC)  1301 1/2 to 1307 1/2
Riceland Foods:  (Jan) Stuttgart 1379 ; Pendleton 1399 ; West Memphis 1404

Chicago Futures: Mar up 24 at  1393 1/2
  May  up  23 1/2  at  1400 1/2
  July up 22 1/2  at  1402 1/4
  Nov up 18  at  1295 1/2
  Jan '12 up 17 1/2  at  1299
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans retraced most of the new year’s decline as markets remain volatile. There are no fresh fundamentals to drive the market. In fact, rain and cooler temperatures in Argentina are the only new fundamentals. Obviously, the question is whether the market has accounted for tightening stocks. Next week’s report could help answer that question. Outside markets were mixed with crude oil, equities and the dollar all stronger.

Wheat
Cash bid for January at Memphis  793 1/4 to 803 1/4;
Bids to farmers at Local Elevators 788-793;
River Elevators 786-824;

Chicago Futures: Mar up  19  at  808 1/4 
  May up 18 3/4  at  835 
  July up  19  at  846 1/4 
  Sept up  20 3/4  at  862 
  Dec '11 up  21  at  876 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1070 to 1088;
Bids to farmers at River Elevators 1002-1063;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   613 1/4 to 614 1/4;
  New Crop at Memphis   572 1/2 to - - -;
Bids to farmers at River Elevators  593 to 614

Chicago Futures: Mar up  10 3/4  at  619 1/4 
  May up  10 3/4  at  627 1/2 
  Sept up  11 1/2  at  587 1/2 
  Dec '11 up  14 3/4  at  558 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat gapped higher and regained all of yesterday’s losses. The western wheat exchanges are stronger than Chicago. The protective layer of snow covering wheat fields in the southern plains has now melted and left the crop vulnerable to winter kill if temperatures drop. Flooding in Australia has damaged the crop there, adding to worldwide supply-side concerns. July is trading just below the recent high of $8.56 ½.

Corn closed higher, reversing yesterday’s decline. However, the market is still below the end of year close. Looking ahead, the market may still need to pull acres to corn or vice versa. That will be a fundamental question over the next several months. March resistance stands at last week’s high of $6.34. December 2011 has resistance at the early November high near $5.66.



Cotton & Rice  Date: January 5, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 142 at  13870
  Greenwood up  142 at 13870

New York Futures: Mar up  142  at  14520 
  May up  222  at  14011 
 July up  167  at  13116 
 Oct up  at  11200 
 Dec '11 up  51  at  10002 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton firmed with across the board gains. Old crop March remains under resistance at $1.48, while new crop December remains just under the recent high near $1.02. 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 1168/cwt  to  - - -
  April/May 1218/cwt  to  - - -

Chicago Futures: Mar down  6 1/2  at  1408 
 May down  6 1/2  at  1436 1/2 
 July down  at  1462 1/2 
 Sept down  6 1/2  at  1470 1/2 
 Nov down  6 1/2  at  1491 
Today's Arkansas LDP rate for long grain rice is  0
medium grain rice is  0
Rice Comment
Rice was slightly lower at the end of the session, but did retrace a portion of earlier declines. The international market remains a little subdued with prices slightly softer. U.S. offerings remain $100 to $125 above Asian offerings. 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 5, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,111 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers have no trend, sales closed last week for holidays .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 138.50 to - - -
  500 to 550 lbs. 125.50 to - - -
  600 to 650 lbs. 115.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 120.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 109.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 104.50 to - - -

Slaughter Cows, Boners 55.00   to   62.00
Light Weight 39.00 to 44.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   66.00   to   73.50
Midwest Steers   were $1.50 lower   at   104.00   to   - - -
Panhandle Steers   - - -   at   - - -   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 up 45 at 10662
  April up 27 at 11055
Feeders: April down 10 at 12330
  Aug up 20 at 12465

Cattle Comment
Cattle futures recovered a bit from yesterday’s losses. February has found support at $106 for the time being. A drop below that level would signal a drop back near $103 is possible.

Hogs
Peoria: were $3 lower to $1     higher   at   45.00   to   47.00

Chicago Futures: Feb up 72 at 7802
  April up 30 at 8217

Hogs Comment
Hog futures turned higher as well today. Speculative buying and a more optimistic employment report gave meat futures some support. February has established some support just above $77 for the time being.



Poultry  Date: January 5, 2011

Eggs
New York:  Ex. Lg. 116-120; Lg. 114-118; 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
Prices continue to trend steady for whole broiler/fryers. Offerings are moderate with trading usually limited to regular commitments. Retail and food service demand is light to moderate for mid-week business. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.