Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 12, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1384 to 1420
(NC) Summ. 1268 to 1298
River Elevators:
(Jan) MISS: 1412 to 1430 ; AR & White 1382 to 1398
(NC) Summ. 1279 to 1314
Ark. Processor Bids: (Jan) 1400 to 1400  (NC) 1298 to 1301
Memphis:  (Jan) 1415 to 1418 (NC)  1313 to 1318
Riceland Foods:  (Jan) Stuttgart 1400 ; Pendleton 1420 ; West Memphis 1430

Chicago Futures: Mar up 58 at  1415
  May  up  58  at  1423 3/4
  July up 57  at  1427 1/2
  Nov up 35  at  1308
  Jan '12 up 34  at  1311
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply higher following this morning’s report. A four-tenths bushel per acre cut in yield reduced the 2010 production by 46 million bushels. Adjustments in the domestic crush and residual left a 25 million bushel reduction in projected ending stocks. At 140 million bushels, the stocks to use ratio will be just 4.2 percent, the lowest since the mid-60s. Futures moved to new highs with old crop just under the daily limit of 70 cents. New crop November made a new recent high and could be headed even higher.

Wheat
Cash bid for January at Memphis  770 1/2 to 775 1/2;
Bids to farmers at Local Elevators 765-770;
River Elevators 763-801;

Chicago Futures: Mar up  11  at  770 1/2 
  May up 11  at  798 1/4 
  July up  14 3/4  at  823 
  Sept up  17 1/4  at  842 1/4 
  Dec up  17 3/4  at  859 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1084 to 1091;
Bids to farmers at River Elevators 1023-1084;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   615 to 616;
  New Crop at Memphis   580 1/4 to 583 1/4;
Bids to farmers at River Elevators  598 to 616

Chicago Futures: Mar up  24  at  631 
  May up  24 1/2  at  639 3/4 
  Sept up  14 1/4  at  595 1/4 
  Dec up  12  at  560 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was bolstered by an increased export projection and smaller ending stocks. A ten percent increase in plantings was anticipated. Hard red acreage was just four percent higher, while soft red was up 47 percent with big increases in Arkansas, Missouri and Illinois. July wheat did not move above the recent high of $8.58, and that remains near term resistance.

Corn moved to new recent highs based on a 1.5 bushel per acre reduction in yield, which trimmed production by 93 million bushels. Projected ending stocks of 745 million bushels are 963 million bushels below this year’s beginning stocks. Feed use was trimmed by 100 million bushels, but that was offset by a like increase in ethanol use. Having closed at new highs, the market could move even higher as the quest for new acres continues.



Cotton & Rice  Date: January 12, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 72 at  14147
  Greenwood up  72 at 14147

New York Futures: Mar up  72  at  14797 
  May up  27  at  14345 
 July up  79  at  13690 
 Oct up  at  11792 
 Dec down  49  at  10443 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed after making big up moves going into the report. The USDA made offsetting adjustments, raising production and domestic use by 50,000 bales. Projected ending U.S. stocks were unchanged at just 1.9 million bales. World stocks were lowered by 1.1 million bales to 42.8 million bales, which is down about 30% from two years ago. December declined after moving to a new high just over $1.06.

Rice
Long Grain Cash Bid for  Jan 1169/cwt  to  - - -
  April/May 1194/cwt  to  - - -

Chicago Futures: Mar down  18 1/2  at  1369 1/2 
 May down  19  at  1398 
 July down  20 1/2  at  1424 1/2 
 Sept down  17 1/2  at  1434 1/2 
 Nov down  15 1/2  at  1461 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were slightly lower as USDA bumped yield 56 pounds per acre. That increased production 1.7 million hundredweight, all of which was long grain. All rice ending stocks are projected to be 51.8 million hundredweight, with 41.9 million hundredweight being long grain. March futures failed to move through trendline resistance just above $14. Initial support is located at recent lows of $13.25 to $13.35.



Cattle & Hogs  Date: January 12, 2011

Cattle
As reported by Federal-State Market News, receipts were 170 head at sales in Pocahontas.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 134.50 to - - -
  550 to 600 lbs. 124.50 to - - -
  600 to 650 lbs. 115.00 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 112.75 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2000 lbs.   67.00   to   - - -
Midwest Steers   - - -   at   - - -   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 450 to 500 lbs. 115.00 to 123.00
  550 to 600 lbs. 114.50 to 121.50

Chicago Futures:
Live Cattle: Feb up 175 at 11020
  April up 180 at 11457
Feeders: April up 95 at 12687
  Aug up 87 at 12787

Cattle Comment
Cattle futures were sharply higher based on USDA’s lower production estimate for 2011. Production was projected to fall 651 million pounds, or 2.5 percent less than 2010. Strong wholesale values were also supportive, moving to $168.40, the highest level in eight months. Consumer resistance could be seen around $170, and packers could make cutbacks based on declining operating margins.

Hogs
Peoria: were 50¢ lower to $2     higher   at   48.50   to   49.00

Chicago Futures: Feb up 115 at 8112
  April up 187 at 8702

Hogs Comment
Hog futures continued to climb with February closing just below the late September high. The USDA projected pork production slightly lower in 2011. At the same time, exports are expected to rise almost ten percent in 2011. That should keep hog prices firm in the near term. Packer cutout margins remain favorable.



Poultry  Date: January 12, 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 are steady. Supplies are light to moderate with many plant schedules reduced this week because of the snowstorm. Many locations are trying to return to normal with some plants reporting Saturday and Sunday shifts. Demand into all channels is light to moderate. Market activity is slow. In production areas, live supplies are moderate at mostly desirable weights.