REMINDER: The January Market Update Webinar is tomorrow, Wednesday, Jan. 12 at 8:30 a.m. Contact Sandy Reeves 501-228-1300 or sandra.reeves@arfb.com to register. Space is limited. Arkansas Livestock sales unavailable due to weather.
Soybeans
Local Elevators:
(Jan) EAST AR: 1326 to 1362
(NC) Summ. 1233 to 1263
River Elevators:
(Jan) MISS: 1357 to 1372 ; AR & White 1326
to 1342
(NC) Summ. 1244 to 1280
Ark. Processor Bids: (Jan) 1342 to 1342
(NC) 1263 to 1266
Memphis:
(Jan) 1355 to 1367 (NC)
1279 to 1283
Riceland Foods:
(Jan) Stuttgart 1342 ; Pendleton
1362 ; West Memphis 1372
| Chicago Futures: | Mar | down | 23 1/2 | at | 1357 |
| May | down | 22 3/4 | at | 1365 3/4 | |
| July | down | 21 1/4 | at | 1370 1/2 | |
| Nov | down | 14 3/4 | at | 1273 | |
| Jan '12 | down | 14 1/2 | at | 1277 | |
| Today's Arkansas LDP rate for soybeans is: | 0¢ | ||||
Soybean Comment
Soybeans closed sharply lower as the market repositioned ahead of tomorrow’s report. Announced sales to China and mostly supportive outside markets were clearly overlooked as soybeans traded lower all day. While no major adjustments in U.S. numbers are expected, the current conditions in South America suggest the crop will be lower than projected earlier. Today’s selloff suggests that aspect of the market is probably fully accounted for. Soybeans traded back to the bottom of recent trading ranges, and a lower close tomorrow would be technically negative.
Wheat
Cash bid for January at Memphis 755 1/2 to 759 1/2;
| Bids to farmers at Local Elevators | 750-755; |
| River Elevators | 748-786; |
| Chicago Futures: | Mar | down | 7 3/4 | at | 759 1/2 |
| May | down | 7 3/4 | at | 787 1/4 | |
| July | down | 8 1/2 | at | 808 1/4 | |
| Sept | down | 9 3/4 | at | 825 | |
| Dec '11 | down | 7 3/4 | at | 841 1/2 | |
| Today's Arkansas LDP rate for wheat is: | 0¢ | ||||
Grain Sorghum
Cash bid for January at Memphis 1048 to 1057;
| Bids to farmers at River Elevators | 980-1041; |
| Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | January at Memphis 587 to 596; |
| New Crop at Memphis 566 to 569; | |
| Bids to farmers at River Elevators | 575 to 597 |
| Chicago Futures: | Mar | unchanged | at | 607 | |
| May | down | 1/4 | at | 615 1/4 | |
| Sept | up | 3 | at | 581 | |
| Dec '11 | unchanged | at | 548 | ||
| Today's Arkansas LDP rate for corn is: | 0¢ | ||||
Grain Comment
Wheat closed lower for today’s session. There is continued concern about the western areas of Kansas and the overall crop condition. Plantings are expected to show a significant increase, supported by high crop revenue insurance coverage, which helped buy additional acreage.
Corn fared better than soybeans, but lost some ground late in the session and closed narrowly mixed. Pre-report estimates suggest some adjustments will be made in the corn production number, but that may be offset by smaller exports. Quarterly stocks may prove to be the most important report released tomorrow. March has initial support at last week’s low of $5.95.
Cotton & Rice Date: January 11, 2011
Cotton
| Spot Price, Grade 41 Staple 34: | Memphis up 400 at 14075 |
| Greenwood up 400 at 14075 |
| New York Futures: | Mar | up | 400 | at | 14725 |
| May | up | 400 | at | 14318 | |
| July | up | 400 | at | 13611 | |
| Oct | up | 261 | at | 11786 | |
| Dec '11 | up | 240 | at | 10492 | |
| This week's LDP rate for cotton is | 0 cents | ||||
| The estimate for next week is | 0 cents | ||||
Cotton was sharply higher with old crop contracts leading the move. Tight U.S. and world stocks, coupled with strong Chinese demand, are keeping the market firm. New crop December continues to inch higher with December closing just below $1.05. It appears there is concern about whether enough acreage will be planted to cotton in the United States in 2011.
Rice
| Long Grain Cash Bid for | Jan | 1203/cwt | to | - - - |
| April/May | 1194/cwt | to | - - - |
| Chicago Futures: | Mar | up | 4 1/2 | at | 1388 |
| May | up | 5 | at | 1417 | |
| July | up | 6 1/2 | at | 1445 | |
| Sept | up | 8 | at | 1452 | |
| Nov | up | 8 | at | 1476 1/2 | |
| Today's Arkansas LDP rate for long grain rice is | 0¢ | ||||
| medium grain rice is | 0¢ | ||||
Rice futures were slightly higher for the day, however the market slipped from earlier in the session. Upside potential is limited for the time being with March futures declining after hitting trendline resistance just above $14.
Cattle & Hogs Date: January 11, 2011
Cattle
As reported by Federal-State Market News, receipts were - - - head
at sales in - - -.
Compared with last week, feeder steers - - - .
| Steers: | ||||||
| Medium & Large Frame - - - | - - - | to | - - - lbs. | - - - | to | - - - |
| - - - | to | - - - lbs. | - - - | to | - - - | |
| - - - | to | - - - lbs. | - - - | to | - - - | |
| Medium & Large Frame - - - | - - - | to | - - - lbs. | - - - | to | - - - |
|
Heifers: |
||||||
| Medium & Large Frame - - - | - - - | to | - - - lbs. | - - - | to | - - - |
| Medium & Large Frame - - - | - - - | to | - - - lbs. | - - - | to | - - - |
Slaughter Cows, Boners - - - to - - -
Light Weight - - - to - - -
Bulls, Yield Grade - - - - - - to - - - lbs. - - - to - - -
Midwest Steers were at 104.00 to - - -
Panhandle Steers - - - at - - - to - - -
| Oklahoma City Feeders |
||||||
| Steers | 550 | to | 600 lbs. | 122.00 | to | 134.50 |
| 600 | to | 650 lbs. | 123.00 | to | 128.50 | |
| Heifers | 550 | to | 600 lbs. | 114.50 | to | 121.50 |
| 600 | to | 650 lbs. | 115.00 | to | 117.00 | |
Chicago Futures:
| Live Cattle: | Feb | up | 150 | at | 10845 |
| April | up | 132 | at | 11277 | |
| Feeders: | April | up | 175 | at | 12592 |
| Aug | up | 155 | at | 12700 |
Cattle Comment
Cattle futures were sharply higher with live cattle moving back near resistance at record levels. Feeder futures moved to new all-time supplies as overall supplies continue to tighten. Improving economic conditions are supportive. While poor packer margins are negative, decreased weight gains due to cold weather are positive.
Peoria: were steady at 47.00 to 49.00
| Chicago Futures: | Feb | up | 27 | at | 7997 |
| April | up | 50 | at | 8515 |
Hogs Comment
Hogs were slightly higher with a dip in production yesterday providing early support. Good packer margins are a positive, but most packers appear to have near term needs covered.
Poultry Date: January 11, 2011
Eggs
| New York: | Ex. Lg. 102-106; Lg. 100-104; Med. 90-94; |
| Chicago: | Ex. Lg. 97-105; Lg. 95-103; Med. 80-88; |
National Turkeys
| Hens: | 8-16 lbs | 85.50 |
| Toms: | 16-24 lbs | 85.71 |
Delmarva Broilers
U.S. Grade A
Whole broilers/fryers prices continue to trend steady. Offerings are mostly moderate with trading usually limited to regular commitments. Demand into all channels is light to moderate with some plants down due to severe winter weather in most of the south. Market activity is slow. In production areas, live supplies are moderate at mostly desirable weights.
