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Arkansas Farm Bureau
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  at  1416 3/4
  July up at  1410
  Aug up 5 1/2  at  1385
  Sept up 5 3/4  at  1336
  Today's Arkansas LDP rate for soybeans is:

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:

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:

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  at  727 1/2 
  May up  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:

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.



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  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  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 
medium grain rice is 
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.



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.



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.

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