Grain & Soybean Date: January 11, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1356 to 1395
(NC) Summ. 1226 to 1249
River Elevators:
(Jan) MISS: 1433 to 1443 ; AR & White 1358 to 1403
(NC) Summ. 1232 to 1271
Ark. Processor Bids: (Jan) 1383 to 1403  (NC) 1241 to 1246
Memphis:  (Jan) 1441 1/4 to 1443 1/4 (NC)  1271 1/4 to 1274 1/4
Riceland Foods:  (Jan) Stuttgart 1383 ; Pendleton 1395 
 (NC) Stuttgart 1241 ; Pendleton 1249 

Chicago Futures:	Jan	up	7 1/4	at	1424 3/4
	March	down	6 1/2	at	1373 1/4
	May	down	7 1/2	at	1364
	July	down	9 3/4	at	1357 1/2
	Aug	down	15 3/4	at	1332 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans couldn’t muster any substantial upside movement following today’s report. USDA boosted harvested acreage by 400,000 acres, yield by .3 bushels per acre and production by 44 million bushels. That was largely offset by an increase in the domestic crush of 35 million bushels and a 4 million bushel increase in residual. New effect was ending stocks up 5 million bushels at 135 million bushels. An increase of 1.5 million metric tonnes in Brazils projected production was a negative which kept distant contracts trading lower. March futures fell below support at $13.56 briefly leaving new support just above $13.50.

Wheat
Cash bid for January at Memphis  782 3/4 to 784 3/4;

Bids to farmers at Local Elevators	727-737;
River Elevators	721-752;

Chicago Futures:	March	up	10 1/4	at	754 3/4
	May	up	8 1/2	at	762
	July	up	6 3/4	at	767
	Sept	up	5 1/4	at	776
	Dec	up	4 3/4	at	790 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis  1194 to - - -;

Bids to farmers at River Elevators	187-1132;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis   728 3/4 to 729 3/4;
	New Crop at Memphis   577 to 582;
Bids to farmers at River Elevators	715 to 729

Chicago Futures:	March	up	10	at	708 3/4
	May	up	9 1/2	at	707
	July	up	8 1/4	at	698 3/4
	Sept	down	5 1/4	at	602
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Chicago wheat futures traded in a wide range today before closing higher, but near the middle of the day’s trading range. All winter wheat seedings were near the low end of expectations thanks to smaller than expected hard red winter plantings. However, soft red winter wheat acreage was up 16%. Increased wheat feeding and seed use estimates resulted in a significant cut in the ending stocks projection.

Corn futures surged higher with March up 25 cents at one point. Gains were trimmed later in the session. USDA placed quarterly stocks at 8.03 billion bushels, which was considered positive. Harvested acres were trimmed 300,000 acres, while yield was increased over a bushel to 123.4 bushels per acre. Feed use was raised 300 million bushels, while exports were cut 200 million bushels. So, with the production estimate moving 55 million bushels higher the changes left projected ending stocks at 602 million bushels. Bigger crops are projected for Brazil and Argentina. Upside potential seems limited with selling pressure pushing distant contracts lower.

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Cotton & Rice  Date: January 11, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis  - - - at  - - -
	Greenwood   - - - at - - -

New York Futures:	March	up	42	at	7562
	May	up	36	at	7640
	July	up	29	at	7741
	Oct	down	7	at	7812
	Dec	down	5	at	7904
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton numbers were changed significantly with harvested acres reduced 1.01 million acres. This left to a 73 pound increase in yield and a 250,000 bale reduction in production. Exports were raised 400,000 bales and ending stocks reduced 600,000 bales to 4.8 million bales. However, world production was increased 1.93 million bales as a result of a 2 million bales hike in China, which raised their projected stocks to 40.5 million bales. Projected world stocks rose to 81.7 million bales. Upside potential will remain limited until demand increases and stocks are at a more workable level.

Rice

Long Grain Cash Bid for	Jan	1397/cwt	to	- - -
	NC	1447/cwt	to	- - -

Chicago Futures:	Jan	up	16 1/2	at	1503 1/2
	March	up	11	at	1522
	May	up	11 1/2	at	1553 1/2
	July	up	14 1/2	at	1580
	Sept	up	7	at	1547 1/2
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures were higher despite a 4.4 million cwt increase in long grain production. USDA raised both domestic use and exports 1 million cwt, leaving ending stocks at 17.4 million cwt. Medium grain production was down 3.4 million cwt, so all rice at 199.5 million cwt was up just 1 million cwt and overall ending stocks were unchanged. March futures have support at $14.90 and resistance a dollar higher.

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Cattle & Hogs  Date: January 11, 2013

Cattle
As reported by Federal-State Market News, receipts were 8625 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $2 to $8 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	181.50	to	- - -
	500	to	550 lbs.	169.00	to	- - -
	600	to	650 lbs.	151.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	162.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	149.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	151.50	to	- - -

Slaughter Cows, Boners 72.00   to   79.00
Light Weight 58.00 to 65.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   95.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   126.00   to   - - -

Oklahoma City Feeders
Steers	450	to	500 lbs.	165.00	to	199.00
	500	to	550 lbs.	161.00	to	187.00
Heifers	450	to	500 lbs.	148.00	to	167.00
	500	to	550 lbs.	142.00	to	161.00

Chicago Futures:

Live Cattle:	Feb	down	95	at	13060
	Apr	down	52	at	13455
Feeders:	Jan	down	97	at	14987
	March	down	147	at	15145

Cattle Comment
Cattle futures ended the day lower across the board. June violated support at $130, and now looks headed for a retest of support in the $128 area. Tight corn stocks and increased beef production were both negative for futures in today’s report.

Hogs
Peoria: were     steady   at   51.50   to   53.50

Chicago Futures:	Feb	down	40	at	8420
	April	up	2	at	8712

Hogs Comment
Hogs were mixed today. So far, June has held above key support at $96, and we could see the market consolidate for a while. Hogs will be looking for some solid demand support to short circuit this downward spiral.

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Poultry  Date: January 11, 2013

Eggs

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

National Turkeys

Hens:	8-16 lbs	95.23
Toms:	16-24 lbs.	95.22

Delmarva Broilers
U.S. Grade A
Prices this week are slightly mixed in the Eastern region and sharply lower in the Central and Western regions when compared to the previous week. The undertone is weak to lower going into next week. Spot offerings of all sizes are heavy. Demand into retrial and food service channels is light as most buyers wait for lower prices. Floor stocks are light to moderate. Market activity is light to moderate.