Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 14, 2011

The next Farm Bureau Market Report will be Tuesday, January 18, 2011.

Soybeans

Local Elevators:
(Jan) EAST AR:  1387 to 1423
(NC) Summ. 1283 to 1313
River Elevators:
(Jan) MISS: 1415 to 1433 ; AR & White 1385 to 1401
(NC) Summ. 1292 to 1329
Ark. Processor Bids: (Jan) 1403 to 1408  (NC) 1313 to 1316
Memphis:  (Jan) 1413 1/2 to 1417 1/2 (NC)  1323 1/4 to 1325 1/4
Riceland Foods:  (Jan) Stuttgart 1403 ; Pendleton 1423 ; West Memphis 1433

Chicago Futures: Mar up 6 1/2 at  1422 1/2
  May  up  5 3/4  at  1431 1/4
  July up 5 1/4  at  1434 3/4
  Nov up 10 3/4  at  1323 1/4
  Jan '12 up 12 1/2  at  1326
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the week on a firm note which is a positive stroke for the market. There are a couple of things that remain unknowns which could give this market direction as we move forward - actual U.S. plantings in 2011 and impact of weather on the crop in Argentina. The market knows stocks are going to be tight; the question is whether the U.S. will plant enough acreage to provide some relief. China hiked bank reserve requirements in lieu of raising interest rates and this should allow for continued economic growth.

Wheat
Cash bid for January at Memphis  773 1/4 to - - -;
Bids to farmers at Local Elevators 770-775;
River Elevators 768-806;

Chicago Futures: Mar down  10 1/4  at  773 1/4 
  May down 9 1/4  at  803 
  July down  9 3/4  at  827 3/4 
  Sept down  11  at  846 3/4 
  Dec up  17  at  865 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1112 to 1123;
Bids to farmers at River Elevators 1055-1116;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   630 3/4 to 631 3/4;
  New Crop at Memphis   593 1/2 to 597 1/2;
Bids to farmers at River Elevators  614 to 634

Chicago Futures: Mar up  6 1/4  at  648 3/4 
  May up  6 1/2  at  658 
  Sept up  1 1/2  at  609 1/2 
  Dec up  3/4  at  571 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower on profit taking. Unlike corn and beans, wheat did not move to new highs this week. That means July still has resistance at the recent high of $8.58, and that remains near term resistance.

Corn also firmed late to close slightly higher. This continues a day to day fluctuation that has beans showing the greatest strength one day – then corn. This is like a heavyweight fight with both fighters trying to get the feel of the fight. At some point, one or the other will make a strong move for increased acres. The bean to corn price ratio closed at 2.317 today, favoring soybeans.



Cotton & Rice  Date: January 14, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 262 at  13494
  Greenwood down  262 at 13494

New York Futures: Mar down  262  at  14144 
  May down  309  at  13637 
 July down  317  at  12993 
 Oct down  312  at  11188 
 Dec down  309  at  9929 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued yesterday’s big sell off with new crop December falling below the key $1 level. 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 1186/cwt  to  - - -
  April/May 1194/cwt  to  - - -

Chicago Futures: Mar up  16 1/2  at  1401 
 May up  17  at  1430 
 July up  18  at  1458 1/2 
 Sept up  18  at  1467 
 Nov up  19  at  1491 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was higher for the second day in a row. March futures closed right on trendline resistance. The next resistance is last week’s high of $14.67. This week’s report put total 2011 production at 1.7 million hundredweight. All of that was long grain which now shows projected stocks of 41.9 million hundredweight. March futures support between $13.35 and $13.25.



Cattle & Hogs  Date: January 14, 2011

Cattle
As reported by Federal-State Market News, receipts were 11,130 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 155.50 to - - -
  500 to 550 lbs. 134.00 to - - -
  600 to 650 lbs. 121.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 140.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 121.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 116.00 to - - -

Slaughter Cows, Boners 54.00   to   59.00
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   69.00   to   74.00
Midwest Steers   were $4 higher   at   108.00   to   - - -
Panhandle Steers   were   at   108.00   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 117.50 to 141.00
  600 to 650 lbs. 117.00 to 133.50
Heifers 550 to 600 lbs. 105.00 to 123.50
  600 to 650 lbs. 106.00 to 120.75

Chicago Futures:
Live Cattle: Feb down 52 at 10937
  April down 70 at 11375
Feeders: April up 10 at 12775
  Aug down 5 at 12840

Cattle Comment
Cattle futures were under pressure today. News that China’s government has again taken steps to curb inflation weighed on the market. Futures’ premium to cash prices also weighed on the market ahead of the three-day weekend.

Hogs
Peoria: were $1 lower to $1.50     higher   at   48.00   to   50.00

Chicago Futures: Feb down 77 at 7952
  April down 102 at 8527

Hogs Comment
February hogs keep 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 14, 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
Prices for whole broilers and fryers are holding steady. Supplies of all sizes are mostly moderate with trading usually limited to regular commitments. Demand into all channels is light to moderate entering the weekend. Severe winter weather that affected the South is almost back to normal. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.