(Jan) EAST AR: 1350 to 1386
(NC) Summ. 1284 to 1314
(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|
|Jan '12||up||10 1/2||at||1326 1/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for January at Memphis 856 1/2 to - - -;
|Bids to farmers at Local Elevators||841-848;|
|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|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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|
|Dec||up||11 3/4||at||590 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis up 500 at 16033|
|Greenwood up 500 at 16033|
|New York Futures:||Mar||up||500||at||16683|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|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|
|Sept||up||43 1/2||at||1555 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were 50¢ higher to $3 higher at 50.50 to 51.00
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
|New York:||Ex. Lg. 110-114; Lg. 108-112; Med. 99-103;|
|Chicago:||Ex. Lg. 99-107; Lg. 97-105; Med. 87-95;|
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.