Grain & Soybean Date: January 22, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1445 to 1484
(NC) Summ. 1273 to 1308
River Elevators:
(Jan) MISS: 1512 to - - - ; AR & White 1447 to - - -
(NC) Summ. 1282 to 1328
Ark. Processor Bids: (Jan) 1472 to 1482  (NC) 1298 to 1305
Memphis:  (Jan) 1511 3/4 to 1513 3/4 (NC)  1327 1/2 to - - -
Riceland Foods:  (Jan) Stuttgart 1472 ; Pendleton 1484 
 (NC) Stuttgart 1298 ; Pendleton 1308 

Chicago Futures:	March	up	22 1/2	at	1451 3/4
	May	up	22 1/2	at	1439 1/4
	July	up	20 3/4	at	1430 3/4
	Aug	up	19 3/4	at	1404 3/4
	Sept	up	19	at	1355
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans were posting huge gains at mid-day. 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, however, 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 have moved above $14.50 with the next level of resistance at $15. November futures have moved above the key $13 level but have resistance at $13.21.

Wheat
Cash bid for January at Memphis  806 1/4 to 809 1/4;

Bids to farmers at Local Elevators	753-763;
River Elevators	749-783;

Chicago Futures:	March	down	12	at	779 1/4
	May	down	11 1/4	at	788 1/2
	July	down	11 1/4	at	793 1/4
	Sept	down	10	at	803 1/2
	Dec	down	9	at	817 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis  1229 to - - -;

Bids to farmers at River Elevators	1122-1212;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis   743 1/2 to 744 1/2;
	New Crop at Memphis   577 3/4 to 592 3/4;
Bids to farmers at River Elevators	735 to 749

Chicago Futures:	March	up	1	at	728 1/2
	May	up	1	at	730 1/4
	July	up	3/4	at	722 1/4
	Sept	down	3/4	at	612 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat opened higher on strength from soybeans but profit taking pushed the market lower by mid-day. In fact, the market is working on charting a negative reversal if losses hold.

Corn futures were mostly trading higher today. 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 22, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 88 at  7593
	Greenwood up  88 at 7593

New York Futures:	March	up	138	at	7992
	May	up	141	at	8008
	July	up	120	at	8020
	Oct	up	96	at	7995
	Dec	up	74	at	7992
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton was posting strong gains at mid-day. March has topped the October high at this point. December, however, is still working mostly 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	1415/cwt	to	- - -
	NC	1462/cwt	to	- - -

Chicago Futures:	March	up	24	at	1540
	May	up	24	at	1571
	July	up	22	at	1596
	Sept	up	24 1/2	at	1562
	Nov	up	24 1/2	at	1563
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice was trading mixed, with old crop contracts higher. 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 22, 2013

Cattle
As reported by Federal-State Market News, receipts were 1565 head at sales in Ash Flat, Springdale, and Heber Springs.  Compared with last week, feeder steers weights under 500lbs steady to $6 higher, over 500lbs mostly steady to $6 lower .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	186.75	to	- - -
	500	to	550 lbs.	158.75	to	- - -
	600	to	650 lbs.	146.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	165.11	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	144.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	144.50	to	- - -

Slaughter Cows, Boners 70.00   to   77.00
Light Weight 62.00 to 69.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   91.50
Midwest Steers   were   at   123.00   to   125.00
Panhandle Steers   were   at   120.00   to   125.00

Oklahoma City Feeders
Steers	450	to	500 lbs.	180.00	to	190.00
	500	to	550 lbs.	170.00	to	184.00
Heifers	400	to	450 lbs.	159.00	to	164.00
	500	to	550 lbs.	150.00	to	157.25

Chicago Futures:

Live Cattle:	Feb	up	77	at	12572
	Apr	up	65	at	13047
Feeders:	Jan	up	50	at	14440
	March	up	65	at	14700

Cattle Comment
Cattle futures were higher today after becoming extremely oversold last week. February is still trading at a premium to cash prices, though, so the upside will likely be limited. Resistance will begin near $127 with support at $124.80.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures:	Feb	up	35	at	8570
	April	up	20	at	8827

Hogs Comment
Hog futures have traded on either side of unchanged today. Already negative packer margins have fallen further into the red, which will limit the upside. So far, bitter cold temperatures have not begun to restrict marketings.

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Poultry  Date: January 22, 2013

Eggs

New York:	Ex. Lg. 119-127; Lg. 117-125; Med. 95-103;
Chicago:	Ex. Lg. 134-138; Lg. 132-136; Med. 111-115;

National Turkeys

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

Delmarva Broilers
U.S. Grade A
N/A