Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 11, 2011

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:

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:

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:

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  at  581 
  Dec '11 unchanged    at  548 
  Today's Arkansas LDP rate for corn is:

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 Comment
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  at  1417 
 July up  6 1/2  at  1445 
 Sept up  at  1452 
 Nov up  at  1476 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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.

Hogs
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.