Grain & Soybean Date: January 18, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1422 to 1461
(NC) Summ. 1252 to 1275
River Elevators:
(Jan) MISS: 1489 to 1499 ; AR & White 1424 to - - -
(NC) Summ. 1257 to 1302
Ark. Processor Bids: (Jan) 1449 to 1459  (NC) 1267 to 1284
Memphis:  (Jan) 1489 1/4 to 1491 1/4 (NC)  1307 1/4 to - - -
Riceland Foods:  (Jan) Stuttgart 1449 ; Pendleton 1461 
 (NC) Stuttgart 1267 ; Pendleton 1275 

Chicago Futures:	March	down	1	at	1429 1/4
	May	up	2	at	1416 3/4
	July	up	4	at	1410
	Aug	up	5 1/2	at	1385
	Sept	up	5 3/4	at	1336
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans closed mixed with the lead March contract slightly lower at end of the session. Good export demand is being capped by prospects of a big South American crop. Export sales are almost 30% above year ago levels and are near 90% of USDA’s projection for the year. This doesn’t mean sales will be significantly above the USDA projection, more likely we are nearing the time when importers will move their business south. Weather continues mostly favorable in Brazil and Argentina and production projections are moving higher. March futures will need to close above this week’s high and $14.50 to extend the move toward the next level of resistance around $15.

Wheat
Cash bid for January at Memphis  818 1/4 to 821 1/4;

Bids to farmers at Local Elevators	765-775;
River Elevators	761-795;

Chicago Futures:	March	up	10	at	791 1/4
	May	up	10	at	799 3/4
	July	up	9 1/4	at	804 1/2
	Sept	up	9 1/4	at	813 1/2
	Dec	up	9 1/2	at	826 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis  1228 to - - -;

Bids to farmers at River Elevators	1121-1210;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis   742 1/2 to 743 1/2;
	New Crop at Memphis   578 1/2 to 593 1/2;
Bids to farmers at River Elevators	734 to 748

Chicago Futures:	March	up	3	at	727 1/2
	May	up	4	at	729 1/4
	July	up	4 1/2	at	721 1/2
	Sept	up	2 3/4	at	613 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat made solid gains today allowing July to close above $8 for the first time in 4 weeks. Today’s higher close suggest a move to retracement objectives at $8.10, then perhaps $8.27 or higher. Additional export business or increased U.S. crop concerns would be needed to move the market higher.

Corn was firm today, after taking a one day break in the 2 week upward move. However, March futures have a concentration of resistance between $7.35 and $7.45, including trendline resistance and the 38% retracement objective. Corn use in ethanol remains weak, but could be near a turn. The spread between gasoline and ethanol has narrowed and suggest excess ethanol supplies may be tightening.

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Cotton & Rice  Date: January 18, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 52 at  7505
	Greenwood up  52 at 7505

New York Futures:	March	up	77	at	7855
	May	up	48	at	7867
	July	up	14	at	7900
	Oct	down	8	at	7899
	Dec	down	11	at	7918
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton closed mixed with front end contracts continuing to firm. March is just 30 points or so away from the mid-October high. December continues to move sideways just above 79 cents and could challenge the September high just above 81 cents at some point. Potential 2013 U.S. plantings are expected to be sharply lower.

Rice

Long Grain Cash Bid for	Jan	1391/cwt	to	- - -
	NC	1438/cwt	to	- - -

Chicago Futures:	March	down	8	at	1516
	May	down	7 1/2	at	1547
	July	down	5 1/2	at	1574
	Sept	down	5 1/2	at	1537 1/2
	Nov	down	5 1/2	at	1538 1/2
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice closed the week a little lower as the market cant string consecutive days of higher movement together. Overall world supplies are capping upside potential as Thailand continues their intervention program. U.S. will need to see some new export sales in the week’s ahead to get the market moving higher.

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Cattle & Hogs  Date: January 18, 2013

Cattle
As reported by Federal-State Market News, receipts were 5580 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $4 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	188.00	to	- - -
	500	to	550 lbs.	171.00	to	- - -
	600	to	650 lbs.	150.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	167.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	150.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	167.00	to	- - -

Slaughter Cows, Boners 71.00   to   79.00
Light Weight 55.00 to 62.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   95.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers	450	to	500 lbs.	171.00	to	198.50
	500	to	550 lbs.	161.50	to	186.00
Heifers	450	to	500 lbs.	150.00	to	168.00
	500	to	550 lbs.	144.00	to	158.50

Chicago Futures:

Live Cattle:	Feb	down	165	at	12495
	Apr	down	105	at	12982
Feeders:	Jan	down	50	at	14390
	March	up	50	at	14635

Cattle Comment
Cattle futures were mixed with the front end contracts sharply lower on yesterday’s announced closing of the Cargill plant in Plainview, Texas. That is expected to have a negative impact of $2 to $3 on the Plains market near term. A lack of cattle was the reason for the plant closure. Just another indication of the declining cattle supplies.

Hogs
Peoria: were     steady   at   53.00   to   55.00

Chicago Futures:	Feb	down	60	at	8535
	April	steady	- - -	at	8807

Hogs Comment
Hog futures were mostly lower with negative packer margins accounting for weaker demand. Monday’s holiday will limit buying early next week.

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Poultry  Date: January 18, 2013

Eggs

New York:	Ex. Lg. 128-132; Lg. 126-130; Med. 107-111;
Chicago:	Ex. Lg. 109-117; Lg. 107-115; Med. 88-96;

National Turkeys

Hens:	8-16 lbs	98.00
Toms:	16-24 lbs	95.50

Delmarva Broilers
U.S. Grade A
Prices this week are sharply lower for all prices in all regions when compared to the previous week. The undertone is steady weak. Spot offerings of all sizes are moderate to heavy. Demand into retail and food service channels is light to moderate. Floor stocks are light to moderate. Market activity is light to moderate.