Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 18, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1377 to 1413
(NC) Summ. 1286 to 1316
River Elevators:
(Jan) MISS: 1405 to 1423 ; AR & White 1375 to 1391
(NC) Summ. 1295 to 1332
Ark. Processor Bids: (Jan) 1393 to 1393  (NC) 1316 to 1316
Memphis:  (Jan) 1406 1/4 to - - - (NC)  1326 to 1328
Riceland Foods:  (Jan) Stuttgart 1403 ; Pendleton 1423 ; West Memphis 1433

Chicago Futures: Mar down 9 1/4 at  1413 1/4
  May  down  at  1423 1/4
  July down 6 1/2  at  1428 1/4
  Nov up 2 3/4  at  1326
  Jan '12 up 4 1/4  at  1330 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were an earlier follower of today’s rally, but turned around to close a bit lower. Recent rains in Argentina came at just the right time to give their yields a boost. Today’s lack of follow through on last week’s gains is a bit worrisome. The market knows stocks are going to be tight this marketing year; the question is whether the U.S. will plant enough acreage to provide some relief. March is consolidating in a narrow range between the contract high of $14.32 and $14.05 ½.

Wheat
Cash bid for January at Memphis  793 1/4 to - - -;
Bids to farmers at Local Elevators 788-793;
River Elevators 786-824;

Chicago Futures: Mar up  20  at  793 1/4 
  May up 19 1/4  at  822 1/4 
  July up  18 1/2  at  846 1/4 
  Sept up  18 1/4  at  865 
  Dec up  15 1/2  at  880 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1131 to 1142;
Bids to farmers at River Elevators 1075-1136;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   640 1/2 to 641 1/2;
  New Crop at Memphis   599 3/4 to 600 3/4;
Bids to farmers at River Elevators  625 to 645

Chicago Futures: Mar up  10 3/4  at  659 1/2 
  May up  11 1/4  at  669 1/4 
  Sept up  7 1/4  at  616 3/4 
  Dec up  6 3/4  at  578 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat gapped higher today, but July found resistance at $8.46. A close above there would suggest a retest of the recent high of $8.58 is possible. Active buying around the world is supporting the market. Algeria bought 600,000 tons of wheat yesterday and has reportedly bought a couple of million tons over the past few weeks.

March corn climbed to a new contract high in today’s trade. This continues a day to day fluctuation that has beans showing the greatest strength one day - then corn the next. 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 18, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 400 at  13894
  Greenwood up  400 at 13894

New York Futures: Mar up  400  at  14544 
  May up  400  at  14037 
 July up  400  at  13393 
 Oct up  400  at  11588 
 Dec up  400  at  10329 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
December cotton was up the limit today, pushing prices back above 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.

Rice
Long Grain Cash Bid for  Jan 1211/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  50  at  1451 
 May up  50  at  1480 
 July up  50  at  1508 1/2 
 Sept up  50  at  1517 
 Nov up  50  at  1541 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice posted limit gains today as well. March broke through trendline resistance and could challenge the January high of $14.67. March futures have support between $13.35 and $13.25.



Cattle & Hogs  Date: January 18, 2011

Cattle
As reported by Federal-State Market News, receipts were 4,044 head at sales in Heber Springs, Ft. Smith, Ash Flat and Springdale.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 148.00 to - - -
  500 to 550 lbs. 134.50 to - - -
  600 to 650 lbs. 124.00 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 129.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 117.00 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 115.75 to - - -

Slaughter Cows, Boners 55.00   to   68.00
Light Weight 45.00 to 52.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   69.00   to   79.00
Midwest Steers   were $1 lower   at   107.00   to   - - -
Panhandle Steers   were steady   at   108.00   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 136.00 to 148.00
  600 to 650 lbs. 133.00 to 141.00
Heifers 550 to 600 lbs. 119.85 to 129.00
  600 to 650 lbs. 120.50 to 123.50

Chicago Futures:
Live Cattle: Feb down 17 at 10920
  April steady at 11375
Feeders: April up 72 at 12847
  Aug up 60 at 12900

Cattle Comment
Cattle futures surged to new highs today, but nearby live cattle contracts look technically weak after turning lower before the close. A weaker dollar, strong U.S. stock markets and strong meat demand were supportive, and deferred contracts held on to some of their gains. Futures’ premium to cash prices and profit taking pressured the nearby contracts, though.

Hogs
Peoria: were     steady   at   48.00   to   50.00

Chicago Futures: Feb up 95 at 8047
  April up 145 at 8672

Hogs Comment
Most hog futures contracts set new highs today. Strong meat demand, speculative buying, a weaker dollar and stronger stock markets all contributed to today’s rally.



Poultry  Date: January 18, 2011

Eggs
New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 90-94;
Chicago:  Ex. Lg. 94-102; Lg. 92-100; Med. 80-88;

National Turkeys
Hens: 8-16 lbs 86.81
Toms: 16-24 lbs 86.78
 

Delmarva Broilers
U.S. Grade A
Prices continue to hold steady for whole broilers and fryers. Supplies of all sizes are moderate with trading usually limited to regular commitments. Demand following the weekend is light to moderate. Market activity is moderate. In production areas, live supplies are moderate at mostly desirable weights.