Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 21, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1376 to 1412
(NC) Summ. 1308 to 1338
River Elevators:
(Jan) MISS: 1406 to 1422 ; AR & White 1376 to 1392
(NC) Summ. 1317 to 1354
Ark. Processor Bids: (Jan) 1392 to 1392  (NC) 1338 to 1338
Memphis:  (Jan) 1401 1/4 to 1410 1/4 (NC)  1350 1/4 to - - -
Riceland Foods:  (Jan) Stuttgart 1392 ; Pendleton 1412 ; West Memphis 1422

Chicago Futures: Mar down 2 at  1412 1/4
  May  down  1 3/4  at  1422 3/4
  July down 1/4  at  1430
  Nov up 6 1/2  at  1348 1/4
  Jan '12 up 5 1/2  at  1350 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with small declines posted in the nearby contracts. A strong export report was generally positive as was a weaker dollar. New crop contracts posted new recent highs as the uptrend remains intact.

Wheat
Cash bid for January at Memphis  824 1/2 to - - -;
Bids to farmers at Local Elevators 807-814;
River Elevators 807-845;

Chicago Futures: Mar up  21  at  824 1/2 
  May up 18 1/4  at  850 1/4 
  July up  13 1/2  at  866 3/4 
  Sept up  11 1/4  at  881 3/4 
  Dec up  11 1/4  at  896 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1117 to 1120;
Bids to farmers at River Elevators 1061-1121;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   637 1/4 to 638 1/4;
  New Crop at Memphis   605 3/4 to 607 3/4;
Bids to farmers at River Elevators  621 to 642

Chicago Futures: Mar up  3 1/4  at  657 1/4 
  May up  at  667 
  Sept up  6 1/2  at  622 3/4 
  Dec up  11 1/4  at  587 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat continued to move higher based on tight stocks of good quality grain. U.S. export demand and concern about drought conditions in the Plains sent July futures to a new high and leaves the $9 target just 30 cents or so away.

Corn firmed on good export news. The market continued to build on yesterday’s smaller than expected Argentina crop estimate by the Buenos Aires Grain Exchange. Recent rains may have helped soybeans, but was generally thought to be too late for corn. EPA’s approval of 15 percent ethanol use in all vehicles made from 2001 or later was positive for corn.



Cotton & Rice  Date: January 21, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 400 at  15044
  Greenwood up  400 at 15044

New York Futures: Mar up  400  at  15694 
  May up  400  at  15127 
 July up  400  at  14436 
 Oct up  285  at  12278 
 Dec up  304  at  10874 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued to extend recent gains with December once again moving to a new contract high. A weaker dollar remains a positive. 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 1246/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  16  at  1486 1/2 
 May up  17 1/2  at  1516 
 July up  17  at  1542 
 Sept up  11 1/2  at  1534 1/2 
 Nov up  at  1551 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed higher with March approaching resistance at $15 again. 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 21, 2011

Cattle
As reported by Federal-State Market News, receipts were 6,912 head at sales in in Arkansas this week.  Compared with last week, feeder steers sold firm to $6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 144.75 to - - -
  500 to 550 lbs. 130.75 to - - -
  600 to 650 lbs. 128.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 132.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 117.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 116.75 to - - -

Slaughter Cows, Boners 61.00   to   69.00
Light Weight 42.00 to 50.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   70.00   to   80.00
Midwest Steers   were   at   106.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 126.00 to 148.00
  600 to 650 lbs. 123.00 to 141.00
Heifers 550 to 600 lbs. 113.00 to 131.00
  600 to 650 lbs. 110.00 to 126.25

Chicago Futures:
Live Cattle: Feb down 70 at 10795
  April down 77 at 11267
Feeders: April down 37 at 12635
  Aug down 45 at 12750

Cattle Comment
Cattle futures were generally a little weaker ahead of this afternoon’s cattle on feed report. Pre-report estimates suggest that January 1 feedlot numbers will be 104.2% of a year ago, one of the biggest in several years. Should the number be bigger, it will weigh on near term values.

Hogs
Peoria: were     steady   at   48.00   to   50.00

Chicago Futures: Feb up 5 at 8032
  April down 17 at 8657

Hogs Comment
Hog futures were mostly higher. Nearby contracts were the weakest. Long term it appears late spring contracts will test resistance at $100. However, futures are overbought and possibly due a short term downward retracement.



Poultry  Date: January 21, 2011

Eggs
New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 95-99;
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 are trending weak for whole broilers and fryers. Supplies of all sizes are moderate to heavy for current trade needs. Demand entering the weekend is light to moderate. Market activity is slow to moderate. In production areas, live supplies are moderate; weights are mixed and noted as desirable to heavy.