Grain & Soybean Date: January 07, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1372 to 1411
(NC) Summ. 1245 to 1268
River Elevators:
(Jan) MISS: 1449 to 1461 ; AR & White 1374 to 1419
(NC) Summ. 1251 to 1285
Ark. Processor Bids: (Jan) 1399 to 1419  (NC) 1260 to 1265
Memphis:  (Jan) 1458 1/2 to 1463 1/2 (NC)  1284 3/4 to - - -
Riceland Foods:  (Jan) Stuttgart 1399 ; Pendleton 1411 
 (NC) Stuttgart 1260 ; Pendleton 1268 

Chicago Futures:	Jan	up	21 3/4	at	1410 3/4
	March	up	21 1/4	at	1388 1/2
	May	up	19 1/4	at	1377 3/4
	July	up	18 1/2	at	1373 1/2
	Aug	up	15 1/2	at	1352 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soon to be lead contract March Soybeans held key support at $13.56 and made a strong rebound today. This becomes a potential double bottom in a market that was approaching the oversold level prior to the rebound. Gains were limited by a sharp downturn into the palm oil market, continued good weather in South American, and declining Chinese demand. Continued weakening of the dollar was positive factor in today’s trade. Of immediate concern is the need for re balancing of positions by some of the index funds. It appears Goldman Sachs will need to sell a large number of soybean contracts in the next week or so.

Wheat
Cash bid for January at Memphis  786 1/4 to 791 1/4;

Bids to farmers at Local Elevators	728-738;
River Elevators	722-748;

Chicago Futures:	March	up	4	at	751 1/4
	May	up	4 1/4	at	761
	July	up	4 1/2	at	767 3/4
	Sept	up	6 1/4	at	781
	Dec	up	7 1/2	at	795
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis  1153 to - - -;

Bids to farmers at River Elevators	1046-1090;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis   710 1/2 to - - -;
	New Crop at Memphis   571 3/4 to 576 3/4;
Bids to farmers at River Elevators	692 to 706

Chicago Futures:	March	up	5 1/4	at	685 1/2
	May	up	4 1/2	at	685 1/4
	July	up	3 3/4	at	678 1/2
	Sept	up	2 1/4	at	596 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat received a plethora of news which resulted in a firm close. Weather is seen as improving in South America, while China is experiencing as extremely cold weather in their wheat region. The U.S. is expected to see more widespread precipitation is Texas, Oklahoma and parts of Kansas. But a larger than normal percentage of the U.S. crop is expected to be abandoned following severe drought conditions. Technically, July appears to be finding support between $7.50 and $7.60.

March Corn hit a new six month low in the overnight trade and then proceeded to firm, closing modestly higher. Improving Midwest cash basis levels and a weaker dollar provided market support. While potential fund rebalancing limited upside potential. A good weekly export helped keep the trade on the positive side. A lower Brazilian consulting firm corn crop projection was also a positive.

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Cotton & Rice  Date: January 07, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 66 at  7246
	Greenwood up  66 at 7246

New York Futures:	March	up	66	at	7571
	May	up	64	at	7653
	July	up	62	at	7747
	Oct	up	41	at	7858
	Dec	up	31	at	7941
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton futures leveled out and appear to be once again trading in a sideways pattern. Upside potential will be helped by a weaker dollar, but the question is how much cotton China will need this year. Current projections suggest lower use, and a stocks situation that would suggest limited demand.

Rice

Long Grain Cash Bid for	Jan	1396/cwt	to	- - -
	NC	1455/cwt	to	- - -

Chicago Futures:	Jan	down	5 1/2	at	1497 1/2
	March	down	7 1/2	at	1521
	May	down	5 1/2	at	1555
	July	down	5 1/2	at	1582 1/2
	Sept	down	3	at	1555
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures were lower as the market failed to sustain the rally that began late last week. March futures should have good support around $14.90. It is yet to be determined what impact a potential deal between Haiti and Vietnam will have on U.S. exports. Haiti has been a long time U.S. customer.

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Cattle & Hogs  Date: January 07, 2013

Cattle
As reported by Federal-State Market News, receipts were 1176 head at sales in Springdale & Ola.  Compared with last week, feeder steers sold firm to $10 higher, mostly $3 to $7 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	186.00	to	- - -
	500	to	550 lbs.	158.00	to	- - -
	600	to	650 lbs.	146.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	164.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	145.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	147.00	to	- - -

Slaughter Cows, Boners 71.00   to   78.00
Light Weight 50.00 to 55.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   95.300
Midwest Steers   were   at   129.00   to   129.00
Panhandle Steers   were   at   128.00   to   128.00

Oklahoma City Feeders
Steers	450	to	500 lbs.	184.00	to	184.50
	550	to	600 lbs.	161.50	to	165.00
Heifers	500	to	550 lbs.	150.00	to	154.50
	550	to	600 lbs.	148.00	to	151.00

Chicago Futures:

Live Cattle:	Feb	up	5	at	13300
	Apr	down	7	at	13670
Feeders:	Jan	up	7	at	15325
	March	down	22	at	15610

Cattle Comment
Cattle futures were narrowly mixed with little fresh fundamental news to give the market direction. There is growing consumer that beef prices are at levels that will slow consumer buying. Slaughter weights remain high averaging 21lbs above year ago levels. Declining beef cutout values suggest weekend clearance was soft.

Hogs
Peoria: were     steady   at   51.50   to   53.50

Chicago Futures:	Feb	up	7	at	8630
	April	down	30	at	8955

Hogs Comment
Hog futures were mostly lower with packers proceeding with caution due to negative margins.

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Poultry  Date: January 07, 2013

Eggs

New York:	Ex. Lg. 109-117; Lg. 107-115; Med. 90-98;
Chicago:	Ex. Lg. 117-121; Lg. 115-119; Med. 103-107;

National Turkeys

Hens:	8-16 lbs	97.00
Toms:	16-24 lbs	99.50

Delmarva Broilers
U.S. Grade A
Prices continue higher this week for all reported prices in all regions when compared to the previous week. The undertone is reported as more steady with a few areas reporting it as weak. Spot offering of all sizes are light to moderate. Demand into retail and food service channels is moderate to good with most buyers resistant to the higher prices. Floor stocks are light to at times moderate. Truck availability remains tight. Market activity is moderate.