Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 13, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1380 to 1416
(NC) Summ. 1273 to 1303
River Elevators:
(Jan) MISS: 1408 to 1426 ; AR & White 1378 to 1394
(NC) Summ. 1282 to 1319
Ark. Processor Bids: (Jan) 1396 to 1401  (NC) 1303 to 1306
Memphis:  (Jan) 1411 to 1416 (NC)  1314 1/2 to 1317 1/2
Riceland Foods:  (Jan) Stuttgart 1396 ; Pendleton 1416 ; West Memphis 1426

Chicago Futures: Mar up 1 at  1416
  May  up  1 3/4  at  1425 1/2
  July up at  1429 1/2
  Nov up 4 1/2  at  1312 1/2
  Jan '12 up 2 1/2  at  1313 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed slightly higher after retracing a good portion of early session gains. The market continued to respond to tightening stocks and strong demand. However, corn gained the advantage as the trade sees the price ratio favoring soybeans. The ratio was trading around 2.33 in the early going that changed to 2.30 at the end of the day. In order to get additional corn acreage the ratio will have to move toward 2.25 or lower.

Wheat
Cash bid for January at Memphis  783 1/2 to - - -;
Bids to farmers at Local Elevators 780-785;
River Elevators 778-816;

Chicago Futures: Mar up  13  at  783 1/2 
  May up 14  at  812 1/4 
  July up  14 1/2  at  837 1/2 
  Sept up  15 1/2  at  857 3/4 
  Dec up  17  at  876 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1101 to 1112;
Bids to farmers at River Elevators 1045-1105;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   624 1/2 to 628 1/2;
  New Crop at Memphis   592 to 596;
Bids to farmers at River Elevators  608 to 628

Chicago Futures: Mar up  11 1/2  at  642 1/2 
  May up  11 3/4  at  651 1/2 
  Sept up  12 3/4  at  608 
  Dec up  10 1/2  at  570 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted big gains today. The weekly export report was a bit disappointing at 6.4 million bushels. But exports are running well ahead of projections even though USDA bumped its estimate by 50 million bushels in yesterday’s report. 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 made new highs with March topping just under $6.50. A weaker dollar more than offset a poor export report. New crop December continues to move higher at a slower pace with today’s move topping out just over $5.70. In order to get more acres in corn price will have to increase relative to soybeans.



Cotton & Rice  Date: January 13, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 391 at  13756
  Greenwood down  391 at 13756

New York Futures: Mar down  391  at  14406 
  May down  399  at  13946 
 July down  380  at  13310 
 Oct down  292  at  11500 
 Dec down  205  at  10238 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed sharply lower. Cotton made big gains moving into this week’s report, while corn and soybeans were generally sideways. It appears the market feels cotton has made inroads of additional acreage in 2011. Some projections suggest 13 million acres or more will be planted in the United States. At the same time, foreign plantings are expected to increase as much as 10 percent, adding perhaps 10 million bales of production; and spinners are expected to shift to higher blends of polyester.

Rice
Long Grain Cash Bid for  Jan 1184/cwt  to  - - -
  April/May 1194/cwt  to  - - -

Chicago Futures: Mar up  15  at  1384 1/2 
 May up  15  at  1413 
 July up  16  at  1440 1/2 
 Sept up  14 1/2  at  1449 
 Nov up  11  at  1472 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed after moving lower yesterday. Total 2011 production was raised 1.7 million hundredweight in yesterday’s report. All of that was long grain which now shows projected stocks of 41.9 million hundredweight. March futures have trendline resistance around $14, with support between $13.35 and $13.25.



Cattle & Hogs  Date: January 13, 2011

Cattle
As reported by Federal-State Market News, receipts were 483 head at sales in Charlotte and Ratcliff.  Compared with last week, feeder steers sold steady on a light weather reduced receipts .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 151.00 to - - -
  500 to 550 lbs. 125.50 to - - -
  600 to 650 lbs. 119.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 117.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 113.00 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners 54.00   to   60.00
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were   at   104.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
Heifers 400 to 450 lbs. 137.50 to 144.50
  500 to 550 lbs. 123.50 to 127.50

Chicago Futures:
Live Cattle: Feb steady at 11020
  April steady at 11457
Feeders: April steady at 12687
  Aug steady at 12787

Cattle Comment
Cattle futures were mostly higher again today 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     steady   at   48.50   to   49.00

Chicago Futures: Feb steady at 8112
  April steady at 8702

Hogs Comment
Hog futures were lower across the board. February keeps failing to move above resistance at $81.30. 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 13, 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 and fryers prices are steady. Offerings are light to moderate with trading usually limited to regular commitments. Many locations are trying to return to normal with some plants reporting Saturday and Sunday shifts. Demand approaching the weekend is light to moderate. Market activity is slow. In production areas, live supplies are moderate at mostly desirable weights.