The next Farm Bureau Market Report will be Tuesday, January 18, 2011.
(Jan) EAST AR: 1387 to 1423
(NC) Summ. 1283 to 1313
(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:||0¢|
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.
Cash bid for January at Memphis 773 1/4 to - - -;
|Bids to farmers at Local Elevators||770-775;|
|Chicago Futures:||Mar||down||10 1/4||at||773 1/4|
|July||down||9 3/4||at||827 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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|
|Sept||up||1 1/2||at||609 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis down 262 at 13494|
|Greenwood down 262 at 13494|
|New York Futures:||Mar||down||262||at||14144|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||Jan||1186/cwt||to||- - -|
|April/May||1194/cwt||to||- - -|
|Chicago Futures:||Mar||up||16 1/2||at||1401|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were $1 lower to $1.50 higher at 48.00 to 50.00
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
|New York:||Ex. Lg. 102-106; Lg. 100-104; Med. 90-94;|
|Chicago:||Ex. Lg. 97-105; Lg. 95-103; Med. 80-88;|
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.