Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 25, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1339 to 1375
(NC) Summ. 1273 to 1303
River Elevators:
(Jan) MISS: 1367 to 1385 ; AR & White 1342 to 1364
(NC) Summ. 1282 to 1319
Ark. Processor Bids: (Jan) 1355 to 1355  (NC) 1303 to 1303
Memphis:  (Jan) 1370 1/2 to 1377 1/2 (NC)  1308 3/4 to 1312 3/4
Riceland Foods:  (Jan) Stuttgart 1355 ; Pendleton 1375 ; West Memphis 1385

Chicago Futures: Mar down 30 at  1374 1/2
  May  down  29 1/2  at  1385 1/2
  July down 29 3/4  at  1392 1/4
  Nov down 24  at  1312 3/4
  Jan '12 down 23 1/2  at  1315 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower as funds took profits. Negative outside markets pressured the market despite continued strong demand from China. Improved weather in Argentina and strong prospects of a big crop in Brazil are adding fundamental pressure. Technically, November registered a key reversal top yesterday and the market showed good follow through to the downside today. While the market may negate this technical signal like corn did last week, it still suggests the market is tiring and will need fresh news to move higher.

Wheat
Cash bid for January at Memphis  838 1/4 to - - -;
Bids to farmers at Local Elevators 823-830;
River Elevators 823-861;

Chicago Futures: Mar up  at  838 1/4 
  May up 3 3/4  at  865 1/2 
  July up  3 3/4  at  882 1/2 
  Sept up  3 1/4  at  896 1/2 
  Dec up  2 1/4  at  908 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1093 to 1096;
Bids to farmers at River Elevators 1038-1098;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   627 to 628;
  New Crop at Memphis   596 3/4 to 597 3/4;
Bids to farmers at River Elevators  608 to 629

Chicago Futures: Mar down  11 1/4  at  644 
  May down  10 3/4  at  654 1/4 
  Sept down  8 1/2  at  612 3/4 
  Dec down  7 3/4  at  579 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were a bit higher today, as the profit-taking seen in other grains didn’t carry over into the wheat pit. The tight supply situation facing wheat continues to be supportive. 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 trimmed recent gains to close solidly lower. Like soybeans, this is a tired looking market which needs fresh fundamentals to fuel further gains. Downside appears limited until the market is assured usage is beginning to slip and 2011 plantings are sufficient to meet future demand. March futures have support at $6.25, and then $5.94, with last week’s high of $6.67 offering resistance. For December support is $5.60, then $5.40, with resistance at $5.92 ½.



Cotton & Rice  Date: January 25, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 11 at  15533
  Greenwood down  11 at 15533

New York Futures: Mar down  11  at  16183 
  May down  194  at  15433 
 July down  281  at  14655 
 Oct down  339  at  12301 
 Dec down  507  at  10867 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was lower across the board but December gave back the biggest chunk of recent gains. Old crop March was nearly steady while December lost over 500 points. Obviously, weakness in beans and corn took pressure off December. Tight stocks and good demand limited old crop declines. The question is whether the market is truly satisfied about potential 2011 acreage. If not, December will make another run at the contract high of $1.14.

Rice
Long Grain Cash Bid for  Jan 1205/cwt  to  - - -
  April/May 1222/cwt  to  - - -

Chicago Futures: Mar down  39 1/2  at  1475 
 May down  39  at  1504 
 July down  39 1/2  at  1528 1/2 
 Sept down  37  at  1512 
 Nov down  32 1/2  at  1535 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice reversed recent gains and closed sharply lower after funds took profit from recent purchases. March made a brief move above $15, but again that doesn’t appear to be a sustainable situation. U.S. milled offerings were already $125 per tonne above Asian offerings before gains last week. Poor quality and high price levels won’t find many takers unless demand improves significantly. March has support at $14.67, and then $14.33.



Cattle & Hogs  Date: January 25, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,541 head at sales in Heber Springs and Fort Smith.  Compared with last week, feeder steers sold near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 146.00 to - - -
  500 to 550 lbs. 136.00 to - - -
  600 to 650 lbs. 124.00 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 127.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 119.00 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 117.00 to - - -

Slaughter Cows, Boners 62.00   to   70.00
Light Weight 44.00 to 52.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   69.00   to   79.00
Midwest Steers   were $1 lower   at   105.00   to   - - -
Panhandle Steers   were   at   105.00   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 138.00 to 155.50
  550 to 600 lbs. 131.50 to 142.25
Heifers 500 to 550 lbs. 123.00 to 131.00
  550 to 600 lbs. 120.00 to 129.00

Chicago Futures:
Live Cattle: Feb down 52 at 10625
  April down 52 at 11115
Feeders: April down 40 at 12590
  Aug down 40 at 12690

Cattle Comment
Cattle futures continued lower today. 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. A firmer dollar was also a factor. February has support around $105.80.

Hogs
Peoria: were     steady   at   48.00   to   50.00

Chicago Futures: Feb up 117 at 8182
  April up 87 at 8712

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 25, 2011

Eggs
New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 97-101;
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
Whole broilers/fryers prices are steady to instances weak. Supplies are moderate to heavy to satisfy current trade needs. Demand is light to moderate with limited trading. Market activity is slow to moderate. In production areas, live supplies are moderate; weights are mixed and noted as desirable to heavy.