Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 28, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1362 to 1398
(NC) Summ. 1283 to 1313
River Elevators:
(Jan) MISS: 1390 to 1408 ; AR & White 1365 to 1387
(NC) Summ. 1292 to 1329
Ark. Processor Bids: (Jan) 1378 to 1378  (NC) 1313 to 1313
Memphis:  (Jan) 1403 to 1404 (NC)  1328 to - - -
Riceland Foods:  (Jan) Stuttgart 1378 ; Pendleton 1398 ; West Memphis 1408

Chicago Futures: Mar down 1 1/2 at  1398
  May  down  1 3/4  at  1408 1/4
  July down 2 1/4  at  1413 1/2
  Nov down 2 1/2  at  1323
  Jan '12 down 2 1/2  at  1325 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans opened higher but reversed gains to close lower. There wasn’t really any bullish news to spark the morning’s rally. Beneficial rains fell in Argentina this week, which added a bit of pressure to the market. Big crops elsewhere, though, don’t seem to be having a big impact on U.S. exports yet. 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. Last week’s contract high is resistance.

Wheat
Cash bid for January at Memphis  825 3/4 to - - -;
Bids to farmers at Local Elevators 815-822;
River Elevators 815-853;

Chicago Futures: Mar down  20 1/2  at  825 3/4 
  May down 19 1/2  at  855 1/2 
  July down  19 3/4  at  874 3/4 
  Sept down  18 1/2  at  893 3/4 
  Dec down  17 1/4  at  906 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1088 to 1093;
Bids to farmers at River Elevators 1038-1098;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   632 to 634;
  New Crop at Memphis   595 3/4 to 596 3/4;
Bids to farmers at River Elevators  608 to 629

Chicago Futures: Mar down  6 3/4  at  644 
  May down  6 1/2  at  654 1/2 
  Sept down  at  611 3/4 
  Dec down  6 1/4  at  576 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed lower again today. Tight quality stocks are a strong supporting factor. A big snowstorm heading for the Plains will bring beneficial moisture to the crop there and protect the wheat from bitter temperatures, adding pressure to the market today.

Corn was lower again today. The weekly export report was disappointing, 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 28, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 464 at  15825
  Greenwood down  464 at 15825

New York Futures: Mar down  464  at  16475 
  May down  394  at  15949 
 July down  382  at  15115 
 Oct down  107  at  12620 
 Dec down  190  at  11196 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton posted big losses today after moving to record-high levels yesterday. 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 1231/cwt  to  - - -
  April/May 1222/cwt  to  - - -

Chicago Futures: Mar down  7 1/2  at  1501 
 May down  at  1531 
 July down  5 1/2  at  1559 
 Sept down  at  1543 
 Nov down  7 1/2  at  1566 
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 28, 2011

Cattle
As reported by Federal-State Market News, receipts were 11,742 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 149.00 to - - -
  500 to 550 lbs. 138.50 to - - -
  600 to 650 lbs. 122.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 133.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 120.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 118.00 to - - -

Slaughter Cows, Boners 61.00   to   68.00
Light Weight 42.00 to 50.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   70.00   to   80.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 127.00 to 149.00
  600 to 650 lbs. 123.00 to 138.00
Heifers 550 to 600 lbs. 111.50 to 131.50
  600 to 650 lbs. 112.00 to 127.00

Chicago Futures:
Live Cattle: Feb up 55 at 10750
  April up 60 at 11277
Feeders: April up 90 at 12727
  Aug up 90 at 12850

Cattle Comment
Cattle futures ended the day higher, mostly on carryover strength from the hog pit. Strong packer margins suggest bids could improve if necessary despite some weakness in wholesale beef.

Hogs
Peoria: were     steady   at   50.00   to   52.00

Chicago Futures: Feb up 180 at 8575
  April up 160 at 9162

Hogs Comment
Hogs were up sharply today. 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 28, 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
Prices are trending weak for whole broilers and fryers. Supplies of all sizes are moderate to heavy for current trade needs. Demand entering the weekend is light. Market activity is slow. In production areas, live supplies are moderate; weights are mixed and noted as desirable to heavy.