Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 27, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1364 to 14.00
(NC) Summ. 1286 to 1316
River Elevators:
(Jan) MISS: 1392 to 1410 ; AR & White 1367 to 1389
(NC) Summ. 1295 to 1332
Ark. Processor Bids: (Jan) 1380 to 1380  (NC) 1316 to 1316
Memphis:  (Jan) 1402 1/2 to - - - (NC)  1325 1/2 to - - -
Riceland Foods:  (Jan) Stuttgart 1380 ; Pendleton 1400 ; West Memphis 1410

Chicago Futures: Mar up 14 at  1399 1/2
  May  up  13 1/2  at  1410
  July up 12 3/4  at  1415 3/4
  Nov up 1 3/4  at  1325 1/2
  Jan '12 up 1 3/4  at  1328
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the day with good gains supported by excellent export numbers and larger than expected crush figures for December. The latest export report put sales a hundred million bushels ahead of last year’s record pace. Sales are now over 86 percent of USDA projections, less than five months into the marketing year. Knowing that stocks will be very tight, these use figures suggest there has been little contraction yet.

Wheat
Cash bid for January at Memphis  846 1/4 to - - -;
Bids to farmers at Local Elevators 835-842;
River Elevators 835-873;

Chicago Futures: Mar down  10 1/4  at  846 1/4 
  May down 9 1/4  at  875 
  July down  6 3/4  at  894 1/2 
  Sept down  4 3/4  at  912 1/4 
  Dec down  4 1/4  at  923 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1100 to 1105;
Bids to farmers at River Elevators 1050-1111;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   638 3/4 to 642 3/4;
  NC at Memphis   602 3/4 to - - -;
Bids to farmers at River Elevators  615 to 636

Chicago Futures: Mar down  at  650 3/4 
  May down  at  661 
  Sept down  at  617 3/4 
  Dec down  at  582 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed lower as July failed to hold above $9 for the second day in a row. However, wheat has the strongest looking technical position of all the grains. Tight quality stocks are a strong supporting factor.

Corn closed lower as export numbers are weaker than expected, suggesting price is beginning to ration tight supplies. March futures have been unable to penetrate resistance near $6.65, and are in a sideways pattern that has persisted for the last two weeks. December has yet to move above resistance around $5.93.



Cotton & Rice  Date: January 27, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 256 at  16289
  Greenwood up  256 at 16289

New York Futures: Mar up  256  at  16939 
  May up  410  at  16343 
 July up  342  at  15497 
 Oct up  260  at  12727 
 Dec up  343  at  11386 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued an unprecedented upward move. March traded to just under $1.73, another record level, while December is just below Tuesday’s high of $1.14. 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 funds remain a significant player.

Rice
Long Grain Cash Bid for  Jan 1237/cwt  to  - - -
  April/May 1222/cwt  to  - - -

Chicago Futures: Mar down  11  at  1508 1/2 
 May down  10 1/2  at  1538 
 July down  9 1/2  at  1564 1/2 
 Sept down  6 1/2  at  1549 
 Nov down  5 1/2  at  1573 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were slightly lower today. However, futures don’t seem to reflect the realities of the market as basis continues at wide levels and U.S. milled values are a $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 27, 2011

Cattle
As reported by Federal-State Market News, receipts were 2,928 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold steady to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 153.75 to - - -
  500 to 550 lbs. 143.25 to - - -
  600 to 650 lbs. 124.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 130.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 123.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 117.50 to - - -

Slaughter Cows, Boners 58.00   to   65.00
Light Weight 41.00 to 50.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   68.00   to   78.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 140.00 to 152.50
  600 to 650 lbs. 123.00 to 132.00
Heifers 500 to 550 lbs. 120.00 to 131.50
  600 to 650 lbs. 112.00 to 119.00

Chicago Futures:
Live Cattle: Feb down 27 at 10695
  April down 10 at 11217
Feeders: April down 65 at 12637
  Aug down 30 at 12760

Cattle Comment
Cattle futures were mostly lower as the supply of market-ready animals remains fairly large. On the other hand, strong packer margins suggest bids could improve if necessary despite some weakness in wholesale beef.

Hogs
Peoria: were $1 lower to $1.50     higher   at   50.00   to   52.00

Chicago Futures: Feb up 92 at 8395
  April down 10 at 9002

Hogs Comment
Hogs were mixed with only the nearby February closing higher. Strong pork export prospects remain a supportive factor. Summer futures are approaching record levels with June near $100. A June close above $100 would give an upside objective another $5 or $6 higher. A close below $96 would give an equal downside objective.



Poultry  Date: January 27, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 100-104;
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 approaching the weekend is light with limited trading. Market activity is slow. Market activity for parts is slow to moderate. In production areas, live supplies are moderate; weights are mixed and noted as desirable to heavy.