Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 19, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1376 to 1412
(NC) Summ. 1296 to 1326
River Elevators:
(Jan) MISS: 1404 to 1422 ; AR & White 1374 to 1390
(NC) Summ. 1305 to 1342
Ark. Processor Bids: (Jan) 1392 to 1392  (NC) 1326 to 1326
Memphis:  (Jan) 1403 1/2 to 1405 1/2 (NC)  1336 to 1338
Riceland Foods:  (Jan) Stuttgart 1392 ; Pendleton 1412 ; West Memphis 1422

Chicago Futures: Mar down 1 3/4 at  1411 1/2
  May  down  1 1/4  at  1422
  July down 1/4  at  1428
  Nov up 10  at  1336
  Jan '12 up at  1339 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with nearby contracts following the same pattern as yesterday – higher early and then losing ground to close lower. However, new crop contracts remained firm. Upside potential would be limited if corn has topped. However, tight stocks should limit downside pressure in the near term. March futures have support around $13.50.

Wheat
Cash bid for January at Memphis  797 1/4 to - - -;
Bids to farmers at Local Elevators 789-796;
River Elevators 789-827;

Chicago Futures: Mar up  at  797 1/4 
  May up 3 3/4  at  826 
  July up  at  849 1/4 
  Sept up  at  867 
  Dec up  3/4  at  881 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1092 to 1099;
Bids to farmers at River Elevators 1041-1102;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   621 1/4 to 622 1/4;
  New Crop at Memphis   585 1/4 to 588 1/4;
Bids to farmers at River Elevators  606 to 626

Chicago Futures: Mar down  18 1/4  at  641 1/4 
  May down  18  at  651 1/4 
  Sept down  11 1/2  at  605 1/4 
  Dec down  9 3/4  at  568 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat firmed on good export demand and concern about dry conditions in the Southern Plains. July closed higher for the day, but could be making a double top just under $8.60.

Corn made a key reversal top today. While the market may have additional upside long term, today’s movement suggest further near term pressure. Key support starts just below $6, then around $5.80 for March. December support starts around $5.50.



Cotton & Rice  Date: January 19, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 350 at  14244
  Greenwood up  350 at 14244

New York Futures: Mar up  350  at  14894 
  May up  294  at  14331 
 July up  247  at  13640 
 Oct up  280  at  11868 
 Dec up  119  at  10448 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed higher today, but well off early highs. December moved to just under $1.08 at one point, while old crop was up the 500 point limit. Old crop has some resistance around $1.50. While China continues to buy cotton, there are indications that cheaper polyester is resulting in increased blends. So, we have a tug of war; higher prices are needed to compete with corn and beans for acreage, while lower prices are needed to meet competition from polyester.

Rice
Long Grain Cash Bid for  Jan 1226/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  15 1/2  at  1466 1/2 
 May up  14 1/2  at  1494 1/2 
 July up  13  at  1521 1/2 
 Sept unchanged    at  1517 
 Nov down  at  1538 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed higher again today with nearby March approaching resistance near $15 before declining. Funds appear to be driving the market higher based on reports that 2011 plantings in the southern production area will be sharply lower as producers opt to plant corn, soybeans or cotton. However, the upturn continues to keep U.S. rice overpriced relative to Asian offerings. Some mills will be facing downtime if new sales don’t surface. A recent Iraq tender went to cheaper offerings in Thailand and South America.



Cattle & Hogs  Date: January 19, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,238 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold $3 to $7 higher, instances $10 higher .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 144.50 to - - -
  550 to 600 lbs. 130.25 to - - -
  600 to 650 lbs. 120.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 120.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 116.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 112.75 to - - -

Slaughter Cows, Boners 60.00   to   69.00
Light Weight 43.00 to 50.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   65.00   to   80.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   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 45 at 10880
  April down 55 at 11320
Feeders: April down 47 at 12800
  Aug down 15 at 12885

Cattle Comment
Live cattle futures were lower today as the market continued the downward reaction to yesterday’s key reversal top. February futures spiked to a new contract high above $112 before reversing yesterday. This could result in a pullback to recent support around $106. Larger supplies of market ready cattle will limit nearby gains in the cash market. With a cattle on feed report due Friday, the market could see additional position evening pressure tomorrow.

Hogs
Peoria: were     steady   at   48.00   to   50.00

Chicago Futures: Feb down 47 at 8000
  April down 32 at 8640

Hogs Comment
Hog futures remain at a sharp premium to cash despite declining today. Lighter slaughter weights are positive for the cash market as packers appear to need more hogs than thought earlier. Export demand is good and that should limit downside pressure.



Poultry  Date: January 19, 2011

Eggs
New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 92-96;
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
Whole broilers and fryers prices are steady. Offerings are light to moderate with trading usually limited to regular commitments. Demand is light to moderate, best where promotions are planned or in progress. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.