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Arkansas Farm Bureau
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:

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:

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:

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:

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.



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  at  7812 
 Dec down  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  at  1547 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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.



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.



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.

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