Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 24, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1369 to 1405
(NC) Summ. 1297 to 1327
River Elevators:
(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
  May  down  7 3/4  at  1415
  July down at  1422
  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:

Soybean Comment
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.

Wheat
Cash bid for January at Memphis  835 1/4 to - - -;
Bids to farmers at Local Elevators 819-826;
River Elevators 819-857;

Chicago Futures: Mar up  10 3/4  at  835 1/4 
  May up 11 1/2  at  861 3/4 
  July up  12  at  878 3/4 
  Sept up  11 1/2  at  893 1/4 
  Dec up  10  at  906 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
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:

Corn
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  at  655 1/4 
  May down  at  665 
  Sept down  1 1/2  at  621 1/4 
  Dec unchanged    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. 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


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 500 at  15544
  Greenwood up  500 at 15544

New York Futures: Mar up  500  at  16194 
  May up  500  at  15627 
 July up  500  at  14936 
 Oct up  362  at  12640 
 Dec up  500  at  11374 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Jan 1244/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  28  at  1514 1/2 
 May up  27  at  1543 
 July up  26  at  1568 
 Sept up  14 1/2  at  1549 
 Nov up  16  at  1567 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 500 to 550 lbs. 138.00 to 147.50
  550 to 600 lbs. 129.00 to 140.50
Heifers 500 to 550 lbs. 123.00 to 127.00
  550 to 600 lbs. 117.00 to 125.00

Chicago Futures:
Live Cattle: Feb down 117 at 10677
  April down 100 at 11167
Feeders: April down 5 at 12630
  Aug down 20 at 12730

Cattle Comment
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.

Hogs
Peoria: were     steady   at   48.00   to   50.00

Chicago Futures: Feb up 32 at 8065
  April down 32 at 8625

Hogs Comment
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

Eggs
New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 95-99;
Chicago:  Ex. Lg. 99-107; Lg. 97-105; Med. 87-95;

National Turkeys
Hens: 8-16 lbs 89.00
Toms: 16-24 lbs 89.00
 

Delmarva Broilers
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.