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Arkansas Farm Bureau
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:

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  at  817 3/4 
  Today's Arkansas LDP rate for wheat is:

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:

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  at  728 1/2 
  May up  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:

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.



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 
medium grain rice is 
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.



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.



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

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