(Jan) EAST AR: 1369 to 1405
(NC) Summ. 1297 to 1327
(Jan) MISS: 1396 to 1415 ; AR & White 1371 to 1393
(NC) Summ. 1306 to 1343
Ark. Processor Bids: (Jan) 1385 to 1385 (NC) 1327 to 1327
Memphis: (Jan) 1397 1/2 to 1405 1/2 (NC) 1338 3/4 to - - -
Riceland Foods: (Jan) Stuttgart 1385 ; Pendleton 1405 ; West Memphis 1415
|Chicago Futures:||Mar||down||7 3/4||at||1404 1/2|
|Nov||down||11 1/2||at||1336 3/4|
|Jan '12||down||11 1/4||at||1339 1/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans closed lower despite last week’s Chinese trade deal, which featured the largest sale of soybeans in history. While many of the soybeans won’t be shipped until next year, it confirms a long term commitment by China. Potentially, improving weather conditions in Argentina and a projected record crop in Brazil weighed on the market. November soybeans made a bearish key reversal which typically signals near term weakness. However, soybeans won’t go far if corn doesn’t follow.
Cash bid for January at Memphis 835 1/4 to - - -;
|Bids to farmers at Local Elevators||819-826;|
|Chicago Futures:||Mar||up||10 3/4||at||835 1/4|
|May||up||11 1/2||at||861 3/4|
|Sept||up||11 1/2||at||893 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for January at Memphis 1113 to 1117;
|Bids to farmers at River Elevators||1057-1118;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||January at Memphis 635 1/4 to 638 1/4;|
|New Crop at Memphis 605 1/4 to 606 1/4;|
|Bids to farmers at River Elevators||619 to 640|
|Chicago Futures:||Mar||down||2||at||655 1/4|
|Sept||down||1 1/2||at||621 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat continued to move higher based on tight stocks of good quality grain. Last year’s drought in Russia took that country out of the export market this year. Now excessive rains in Australia are hurting both their yield and quality potential, and a drought is worsening in the wheat producing region of China. That is keeping wheat above solid-looking trendline support. July futures are now just about 20 cents away from the $9 target.
Corn closed narrowly mixed with new crop contracts steady. Informa raised projected 2011 U.S. plantings to 90.9 million acres, which is in line with other projections. Trendline yields on that acreage should cover demand. However, what was supposed to be trendline yields this year didn’t materialize.
Cotton & Rice Date: January 24, 2011
|Spot Price, Grade 41 Staple 34:||Memphis up 500 at 15544|
|Greenwood up 500 at 15544|
|New York Futures:||Mar||up||500||at||16194|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton futures soared with 5-cent limit gains in most contracts. Old crop moved above $1.61, while new crop December closed just under $1.14. At this point there is no real resistance. December cotton made big gains versus corn and soybeans which could pull some southern acreage. Price alone many not be enough to pull acreage; some infrastructure has disappeared and some producers sold pickers, module builders, etc. For now tight stocks and strong Chinese demand are pushing the market higher.
|Long Grain Cash Bid for||Jan||1244/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||Mar||up||28||at||1514 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice futures continued to firm with March closing above resistance around $15. March will have resistance on the weekly chart around $15.30, and then at $16. This is in addition to resistance at $15.50 to $15.81, which is the recent contract high. The international market remains somewhat subdued at milled price levels about $125 below U.S. quotes.
Cattle & Hogs Date: January 24, 2011
As reported by Federal-State Market News, receipts were 459 head at sales in Ash Flat and Ola. Compared with last week, feeder steers sold near steady .
|Medium & Large Frame 1||400||to||450 lbs.||143.50||to||- - -|
|500||to||550 lbs.||129.00||to||- - -|
|600||to||650 lbs.||122.50||to||- - -|
|Medium & Large Frame - - -||- - -||to||- - - lbs.||- - -||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||113.25||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||114.50||to||- - -|
Slaughter Cows, Boners 60.00 to 66.00
Light Weight 45.00 to 49.50
Bulls, Yield Grade 1 1000 to 2100 lbs. 72.50 to 76.00
Midwest Steers were at 106.00 to - - -
Panhandle Steers - - - at - - - to - - -
|Oklahoma City Feeders
Live cattle futures were the down-side leader today in the livestock pits. The cattle on feed report showed feedlot numbers up 4.6% from this time last year. That is a bit above the trade expectation and that could weigh on futures in the near-term. February gapped lower today and has support around $105.80.
Peoria: were steady at 48.00 to 50.00
Hog futures were mixed. 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 24, 2011
|New York:||Ex. Lg. 107-111; Lg. 105-109; Med. 95-99;|
|Chicago:||Ex. Lg. 99-107; Lg. 97-105; Med. 87-95;|
U.S. Grade A
Prices are trending weak to lower for whole broilers and fryers. Supplies of all sizes are moderate to heavy for current trade needs. Demand following 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.