Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 26, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1350 to 1386
(NC) Summ. 1284 to 1314
River Elevators:
(Jan) MISS: 1378 to 1396 ; AR & White 1353 to 1375
(NC) Summ. 1293 to 1330
Ark. Processor Bids: (Jan) 1366 to 1366  (NC) 1314 to 1314
Memphis:  (Jan) 1386 1/2 to 1388 1/2 (NC)  1319 3/4 to 1323 3/4
Riceland Foods:  (Jan) Stuttgart 1366 ; Pendleton 1386 ; West Memphis 1396

Chicago Futures: Mar up 11 at  1385 1/2
  May  up  11  at  1396 1/2
  July up 12  at  1403
  Nov up 11  at  1323 3/4
  Jan '12 up 10 1/2  at  1326 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans rebounded off support to close higher. This followed two days of profit taking which took about 60 cents off beans. Improving conditions in Argentina and prospects of a good Brazilian crop suggests supplies should be adequate. However, the United States will need to keep acreage from shifting to corn or cotton; so that should limit downside in the near term. March has resistance at the recent high of $14.32 with support at $13.65. November support starts just above $13 with resistance at $13.64.

Wheat
Cash bid for January at Memphis  856 1/2 to - - -;
Bids to farmers at Local Elevators 841-848;
River Elevators 841-879;

Chicago Futures: Mar up  18 1/4  at  856 1/2 
  May up 18 3/4  at  884 1/4 
  July up  18 3/4  at  901 1/4 
  Sept up  20 1/2  at  917 
  Dec up  19 3/4  at  928 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1112 to 1117;
Bids to farmers at River Elevators 1063-1123;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   645 3/4 to 646 3/4;
  New Crop at Memphis   608 3/4 to 609 3/4;
Bids to farmers at River Elevators  622 to 643

Chicago Futures: Mar up  13 3/4  at  657 3/4 
  May up  13 3/4  at  668 
  Sept up  12  at  624 3/4 
  Dec up  11 3/4  at  590 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were on fire today, pushing to new highs in many contracts. The tight supply situation facing wheat continues to drive the rally. 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 has now topped $9, and looks poised to make a run at the contract high of $9.40.

Corn closed on a firm note with good gains. A slight rebound in crude oil and overall weakness in the dollar and equity markets are supportive. Gains in wheat also pushed corn higher leaving new crop December just below the recent high. Domestic use continues strong even at current price levels.



Cotton & Rice  Date: January 26, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 500 at  16033
  Greenwood up  500 at 16033

New York Futures: Mar up  500  at  16683 
  May up  500  at  15933 
 July up  500  at  15155 
 Oct up  166  at  12467 
 Dec up  176  at  11043 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continues very volatile with the market retracing a good portion of yesterday’s declines. Strong Chinese demand and tight world stocks are major factors. 2011 plantings in the United States and the world could relieve the stocks situation. Certainly lower priced synthetics will be utilized as blends increase. Charts offer little perspective on upside potential as old crop contracts are at record levels.

Rice
Long Grain Cash Bid for  Jan 1249/cwt  to  - - -
  April/May 1222/cwt  to  - - -

Chicago Futures: Mar up  44 1/2  at  1519 1/2 
 May up  44 1/2  at  1548 1/2 
 July up  45 1/2  at  1574 
 Sept up  43 1/2  at  1555 1/2 
 Nov up  44  at  1579 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were sharply higher after taking a strong hit yesterday. However, futures don’t seem to reflect the realities of the market as basis continues at wide levels and U.S. milled values are at $100 to $125 above Asian offerings. U.S. mills need to make new sales or some could have to operate at reduced levels.



Cattle & Hogs  Date: January 26, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,044 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold steady .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 143.75 to - - -
  550 to 600 lbs. 127.75 to - - -
  600 to 650 lbs. 118.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 124.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 117.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 115.25 to - - -

Slaughter Cows, Boners 61.00   to   70.00
Light Weight 45.00 to 50.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   70.50   to   79.00
Midwest Steers   were $1 lower   at   104.00   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 up 97 at 10722
  April up 112 at 11227
Feeders: April up 112 at 12702
  Aug up 100 at 12790

Cattle Comment
Cattle futures were up sharply today on carryover strength from the hog pit. The cattle on feed report showed feedlot numbers up 4.6% from this time last year. Demand will be tested as the market works through the larger supply of beef. February has support around $105.80.

Hogs
Peoria: were 50¢ higher to $3     higher   at   50.50   to   51.00

Chicago Futures: Feb up 120 at 8302
  April up 300 at 9012

Hogs Comment
Hog futures were sharply higher. The severe foot and mouth disease outbreak in South Korea has forced the government to allow duty-free imports at least through early summer. That country is expected to import 20-30% more pork this year.



Poultry  Date: January 26, 2011

Eggs
New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 99-103;
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 and fryers prices are weak. Supplies are moderate to heavy. Demand is light to moderate for mid-week business. Market activity is slow to moderate. In production areas, live supplies are moderate; weights are mixed and noted as desirable to heavy.