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Arkansas Farm Bureau
Grain & Soybean Date: January 24, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1428 to 1467
(NC) Summ. 1266 to 1301
River Elevators:
(Jan) MISS: 1493 to 1500 ; AR & White 1422 to 1463
(NC) Summ. 1275 to 1326
Ark. Processor Bids: (Jan) 1455 to 1465  (NC) 1291 to 1301
Memphis:  (Jan) 1495 1/4 to 1500 1/4 (NC)  1325 3/4 to 1327 3/4
Riceland Foods:  (Jan) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: March down 1 3/4 at  1435 1/4
  May  down  at  1423 3/4
  July down 2 1/4  at  1417 1/2
  Aug down at  1392 1/2
  Sept down at  1346
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were under pressure early as traders continued to take profits on recent gains. Beneficial rains in Argentina were also a negative factor. Most farmers remain reluctant sellers at least for the time being. Crop prospects in South America remain excellent and export demand in the U.S. is expected to decline as purchasers move their business south. March will need to close above Tuesday’s high of $14.60 to extend this upturn.

Wheat
Cash bid for January at Memphis  798 1/2 to 803 1/2;
Bids to farmers at Local Elevators 742-752;
River Elevators 738-770;

Chicago Futures: March down  6 1/4  at  768 1/2 
  May down 6 3/4  at  777 
  July down  6 1/2  at  782 1/4 
  Sept down  7 1/2  at  792 1/2 
  Dec down  7 1/2  at  806 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1222 to - - -;
Bids to farmers at River Elevators 1115-1204;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   739 1/4 to 742 1/4;
  New Crop at Memphis   573 1/4 to 588 1/4;
Bids to farmers at River Elevators  730 to 744

Chicago Futures: March up  3 1/2  at  724 1/4 
  May up  1 1/2  at  724 1/4 
  July down  1 3/4  at  715 1/4 
  Sept down  3 3/4  at  608 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted losses across the board. Today’s weakness was due to carryover weakness from other contracts and strong European exports this week.

Corn declined, but March remains in a narrow trading range just below the recent high of $7.35 for the time being. Weak demand from Midwest ethanol plants contributed to a weaker undertone in the corn market.



Cotton & Rice  Date: January 24, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis unchanged 78.89 at  - - -
  Greenwood unchanged  78.89 at - - -

New York Futures: March up  241  at  8289 
  May up  153  at  8220 
 July up  60  at  8104 
 Oct down  34  at  7945 
 Dec down  at  7973 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mixed again today with front end contracts continuing to firm after March closed above the Mid-October high of 79.19 cents. Good export demand has extended recent gains moving trading above the long term range that had contain the market for some time. For now Chinese mills see U.S. supplies as a better deal than stocks in their own country. That could change at any time. The next upside objective is the 38% retracement level of 80.66 cents. New Crop December continues to hold just under 80 cents.

Rice
Long Grain Cash Bid for  Jan - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: March down  at  1528 1/2 
 May down  at  1560 1/2 
 July down  1 1/2  at  1587 1/2 
 Sept up  1/2  at  1555 1/2 
 Nov up  1/2  at  1556 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were under pressure again today. Big world supplies remain an obstacle, although there seems to be little overlap with the Asian markets at this time. The U.S. is looking at potentially more sales to Iran, and Iraq is expected to tender at any time. The Memorandum of Understanding between Haiti and Vietnam remains a possible setback, and could limit upside potential.



Cattle & Hogs  Date: January 24, 2013

Cattle
As reported by Federal-State Market News, receipts were 1193 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold unevenly .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 190.50 to - - -
  500 to 550 lbs. 169.00 to - - -
  600 to 650 lbs. 149.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 171.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 143.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 145.00 to - - -

Slaughter Cows, Boners 73.00   to   80.00
Light Weight 59.00 to 66.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   88.00   to   94.50
Midwest Steers   were   at   122.00   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 183.00 to 198.00
  500 to 550 lbs. 176.00 to 184.00
Heifers 450 to 500 lbs. 152.00 to 159.00
  500 to 600 lbs. 142.75 to 154.00

Chicago Futures:
Live Cattle: Feb up 10 at 12587
  Apr down 10 at 13035
Feeders: Jan up 40 at 14460
  March up 80 at 14795

Cattle Comment
Cattle futures posted across the board gains today. The market is building on support at Friday’s low of $124.80. Position evening ahead of tomorrow’s cattle on feed report was supportive for live futures, and feeders were supported by weaker corn prices.

Hogs
Peoria: were $1 higher to $3     lower   at   56.00   to   58.00

Chicago Futures: Feb up 107 at 8705
  April up 167 at 8967

Hogs Comment
Hogs ended higher today. Bitterly cold temperatures have limited hog runs and as a result, slaughter this week is down 5.3% from last week. However, already negative packer margins have fallen further into the red, which will limit the upside.



Poultry  Date: January 24, 2013

Eggs
New York:  Ex. Lg. 142-146; Lg. 140-144; Med. 116-120;
Chicago:  Ex. Lg. 119-127; Lg. 117-125; Med. 95-103;

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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