Grain & Soybean Date: January 14, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1401 to 1440
(NC) Summ. 1246 to 1269
River Elevators:
(Jan) MISS: 1478 to 1490 ; AR & White 1403 to 1448
(NC) Summ. 1251 to 1292
Ark. Processor Bids: (Jan) 1428 to 1448  (NC) 1261 to 1266
Memphis:  (Jan) 1488 to 1493 (NC)  1294 1/4 to 1295 1/4
Riceland Foods:  (Jan) Stuttgart 1438 ; Pendleton 1450 
 (NC) Stuttgart 1261 ; Pendleton 1269 

Chicago Futures:	Jan	up	35	at	1459 3/4
	March	up	44 3/4	at	1418
	May	up	41 1/4	at	1405 1/4
	July	up	41 1/4	at	1398 3/4
	Aug	up	37	at	1369 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans moved sharply higher on projected strong usage in last week’s report. A larger crop was largely offset by a stronger domestic crush. While stocks were projected 5 million bushels higher they are still very tight at just 135 million bushels, or a stocks to use ratio of just 4.4%. Good crop prospects in South America will likely limit upside potential but today’s move above $14 suggest March could move toward the next resistance at $14.41 to $15. November has resistance at last week’s high of $12.94.

Wheat
Cash bid for January at Memphis  792 to 797;

Bids to farmers at Local Elevators	737-747;
River Elevators	731-762;

Chicago Futures:	March	up	12 1/4	at	767
	May	up	11 1/2	at	773 1/2
	July	up	10	at	777
	Sept	up	8 3/4	at	784 3/4
	Dec	up	8 1/4	at	798 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis  1221 to - - -;

Bids to farmers at River Elevators	1114-1204;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis   739 to 742;
	New Crop at Memphis   585 to 590;
Bids to farmers at River Elevators	730 to 744

Chicago Futures:	March	up	15 1/4	at	724
	May	up	16	at	723
	July	up	15 1/4	at	714
	Sept	up	8	at	610
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat found renewed buying on a reduced stocks projection, smaller plantings than anticipated and poor crop conditions, particularly in the hard red production area. Soft red wheat was cut almost 50 million bushels, while hard red wheat acreage was actually down about 2% from last year. July futures moved back to Friday’s high just under $7.90 and is holding above downtrend resistance. A move toward resistance between $8 and $8.10 is possible.

Corn made double digit gains as the old crop contracts continued a retracement of recent losses. March closed above resistance at $7.15 and has its sights set on the next resistance at $7.34 or the 38% retracement objective of $7.44. New Crop December will have resistance at $5.92 last Friday’s reversal high. Last week’s report indicated strong feed usage and reduced projected stocks to just 602 million bushels, or a stocks to use ratio of 5.3%

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Cotton & Rice  Date: January 14, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis  - - - at  72.27
	Greenwood   - - - at 72.27

New York Futures:	March	down	10	at	7552
	May	down	4	at	7636
	July	unchanged	- - -	at	7741
	Oct	down	7	at	7805
	Dec	up	10	at	7914
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton was hit with good news/bad news last Friday. USDA cut harvested acreage by over a million acres, but raised yield leaving production 250,000 bales below previous estimates. Export use was raised 400,000 bales and ending stocks were lowered 600,000 bales to 4.8 million bales. However, world production and stocks were raised, largely because of a bigger Chinese crop. World stocks of 81.7 million bales will limit upside potential.

Rice

Long Grain Cash Bid for	Jan	1381/cwt	to	- - -
	NC	1429/cwt	to	- - -

Chicago Futures:	Jan	down	18 1/2	at	1485
	March	down	16	at	1506
	May	down	16	at	1537 1/2
	July	down	19 1/2	at	1560 1/2
	Sept	down	18 1/2	at	1529
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures were mixed with nearby March and May contracts dipping as a result of the larger long grain production and ending stocks numbers in Friday’s report. World numbers were basically unchanged, but there are questions about some traditional U.S. rice purchasers. Haiti has apparently signed an agreement with Vietnam. Time will tell whether that will work or not.

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Cattle & Hogs  Date: January 14, 2013

Cattle
As reported by Federal-State Market News, receipts were 1377 head at sales in Springdale & Ola.  Compared with last week, feeder steers sold firm to $4 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	178.00	to	- - -
	500	to	550 lbs.	162.00	to	- - -
	600	to	650 lbs.	145.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	165.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	149.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	147.50	to	- - -

Slaughter Cows, Boners 70.00   to   78.00
Light Weight 58.00 to 65.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   87.00   to   93.00
Midwest Steers   were   at   125.00   to   126.00
Panhandle Steers   were   at   126.00   to   128.00

Oklahoma City Feeders
Steers	500	to	550 lbs.	173.00	to	181.50
	550	to	600 lbs.	159.00	to	173.00
Heifers	400	to	450 lbs.	158.00	to	163.00
	450	to	500 lbs.	156.50	to	162.00

Chicago Futures:

Live Cattle:	Feb	down	30	at	13035
	Apr	up	20	at	13475
Feeders:	Jan	down	42	at	14945
	March	down	2	at	15142

Cattle Comment
Cattle futures were mixed at the end of the session with softer beef demand larger supplies of available cattle weighing on the market. Recent light sales suggest feedlots supplies are increasing as indicated by bigger show lists.

Hogs
Peoria: were $1.50 lower to $2.50     higher   at   52.00   to   54.00

Chicago Futures:	Feb	up	102	at	8522
	April	up	72	at	8785

Hogs Comment
Hog futures were mostly higher, based on a strong export situation and improving pork composite values. However, negative margins will likely keep packers cautious in the near term. Lower weights are a positive.

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Poultry  Date: January 14, 2013

Eggs

New York:	Ex. Lg. 117-121; Lg. 115-119; Med. 103-107;
Chicago:	Ex. Lg. 109-117; Lg. 107-115; Med. 88-96;

National Turkeys

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

Delmarva Broilers
U.S. Grade A
All Delmarva Broiler comments will only be on Friday's reports from now on.