Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 31, 2011

Soybeans

Local Elevators:
(Jan) EAST AR:  1377 to 1413
(NC) Summ. 1301 to 1331
River Elevators:
(Jan) MISS: 1408 to 1423 ; AR & White 1381 to 1408
(NC) Summ. 1311 to 1347
Ark. Processor Bids: (Jan) 1393 to 1393  (NC) 1331 to 1331
Memphis:  (Jan) 1418 to 1423 (NC)  1346 to - - -
Riceland Foods:  (Jan) Stuttgart 1393 ; Pendleton 1413 ; West Memphis 1423

Chicago Futures: Mar up 15 at  1413
  May  up  15  at  1423 1/4
  July up 15  at  1428 1/2
  Nov up 18  at  1341
  Jan '12 up 17 3/4  at  1343 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued to move back toward recent highs with excellent support from outside markets. While weather conditions in Argentina are still improving, labor strikes at the major port are raising concern from importers. That translates to sales for the United States and further extension of the uptrend. March is likely to test resistance at $14.32 ½ and November is not far from the recent high of $13.64. -

Wheat
Cash bid for January at Memphis  840 3/4 to 850 3/4;
Bids to farmers at Local Elevators 830-837;
River Elevators 830-866;

Chicago Futures: Mar up  15  at  840 3/4 
  May up 15 1/4  at  870 3/4 
  July up  14 3/4  at  889 1/2 
  Sept up  13 1/2  at  907 1/4 
  Dec up  12 3/4  at  919 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1115 to 1121;
Bids to farmers at River Elevators 1066-1127;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   647 1/2 to 651 1/2;
  New Crop at Memphis   611 1/4 to - - -;
Bids to farmers at River Elevators  624 to 645

Chicago Futures: Mar up  15 1/2  at  659 1/2 
  May up  15 1/2  at  670 
  Sept up  14 1/2  at  626 1/4 
  Dec up  14 3/4  at  591 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat recovered from Friday’s big losses. Early thoughts that unrest in Egypt would hurt demand from that country have been replaced with ideas that the government will stay active in the export market in order to placate the people. July has resistance at the recent high of $9.03 ½.

Corn was sharply higher as the market remains concerned about tightening stocks. While export demand has declined there is little indication that other use has slipped. Feed usage is strong with cattle placements up 16 percent from last December. Ethanol use is good. So it appears that futures will test resistance at recent highs - $6.67 for March and $5.93 for December.



Cotton & Rice  Date: January 31, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 369 at  16194
  Greenwood up  369 at 16194

New York Futures: Mar up  369  at  16844 
  May up  369  at  16318 
 July up  400  at  15515 
 Oct up  265  at  12885 
 Dec up  224  at  11420 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton retraced a good portion of Friday’s decline. March futures closed less than 100 points below the record high close of last Thursday. The daily high on Thursday, just below $1.73, will be initial resistance to higher old crop price levels. December moved to a new high of $1.15 and appears ready to work higher as traders look to assure needed acreage is planted in 2011.

Rice
Long Grain Cash Bid for  Feb 1251/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  50  at  1551 
 May up  50  at  1581 
 July up  47  at  1609 
 Sept up  50  at  1593 
 Nov up  49 1/2  at  1615 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice exploded to limit gains as it followed wheat higher. Support from a weaker dollar and higher oil aided the advance. Resistance is located at the recent March high of $15.81. There continues to be a separation of futures and the cash market. International markets are firm, but at levels over $100 a tonne below U.S. milled offerings. U.S. mills will be running at reduced rates if new export sales don’t soon materialize.



Cattle & Hogs  Date: January 31, 2011

Cattle
As reported by Federal-State Market News, receipts were 4,761 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold firm to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 150.25 to - - -
  500 to 550 lbs. 136.25 to - - -
  600 to 650 lbs. 126.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 139.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 121.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 119.00 to - - -

Slaughter Cows, Boners 58.00   to   65.00
Light Weight 40.00 to 49.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   69.00   to   78.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 145.00 to 156.00
  600 to 650 lbs. 131.50 to 139.00
Heifers 500 to 550 lbs. 127.50 to 135.50
  550 to 600 lbs. 123.00 to 132.00

Chicago Futures:
Live Cattle: Feb up 145 at 10895
  April up 127 at 11405
Feeders: April up 180 at 12907
  Aug up 147 at 12997

Cattle Comment
Cattle futures posted strong gains. The semiannual cattle inventory report, released on Friday showed continued herd liquidation. Tight supplies outside of feedlots added strength to feeders. April live cattle have resistance at their spike high of $116.30.

Hogs
Peoria: were steady to $4     higher   at   52.00   to   54.00

Chicago Futures: Feb up 150 at 8725
  April up 237 at 9400

Hogs Comment
June moved to new contract highs, topping out at $101! The close opens up another $5 upside potential. Strong pork export prospects remain a supportive factor.



Poultry  Date: January 31, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 100-104;
Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 92-100;

National Turkeys
Hens: 8-16 lbs 87.04
Toms: 16-24 lbs 87.08
 

Delmarva Broilers
U.S. Grade A
Prices are trending steady to weak for whole broilers and fryers. Supplies of all sizes are moderate to heavy with some discounting noted to help clear. Demand following the weekend is light. Market activity is slow. In production areas, live supplies are moderate; weights are mixed and noted as desirable to heavy.