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Arkansas Farm Bureau
Grain & Soybean Date: January 28, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1441 to 1480
(NC) Summ. 1270 to 1305
River Elevators:
(Jan) MISS: 1511 to 1521 ; AR & White 1435 to 1481
(NC) Summ. 1279 to 1333
Ark. Processor Bids: (Jan) 1468 to 1478  (NC) 1295 to 1305
Memphis:  (Jan) 1515 3/4 to 1517 3/4 (NC)  1335 to - - -
Riceland Foods:  (Jan) Stuttgart 1468 ; Pendleton 1480 
 (NC) Stuttgart 1295 ; Pendleton 1305 

Chicago Futures: March up 6 3/4 at  1447 3/4
  May  up  7 1/2  at  1433 1/2
  July up at  1422 3/4
  Aug up 4 3/4  at  1395 3/4
  Sept up 4 3/4  at  1347 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed late in the session despite mixed outside markets and a weaker undertone in Midwest basis levels. Farmers appear to be tight holders despite prospects of a big South American crop. Over the last month to six weeks the market has gradually begun to move toward soybeans versus corns. For a long time the price ratio of November 13 beans/December 13 corn remained near 2.0 which strongly favor corn. Today that ratio is 2.22 which is beginning to favor beans and could move some corn on corn rotations toward beans. Technically, March beans will need to close above last week’s high of $14.60 to extend the current upturn toward resistance at $15. November has resistance at $13.14, $13.21, and $13.40.

Wheat
Cash bid for January at Memphis  814 1/4 to 815 1/4;
Bids to farmers at Local Elevators 753-763;
River Elevators 749-784;

Chicago Futures: March up  2 3/4  at  779 1/4 
  May up 3 1/4  at  788 
  July up  at  792 1/2 
  Sept up  3 3/4  at  801 
  Dec up  3 1/4  at  814 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1231 to - - -;
Bids to farmers at River Elevators 1124-1213;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   747 1/4 to - - -;
  New Crop at Memphis   578 1/2 to 593 1/2;
Bids to farmers at River Elevators  735 to 749

Chicago Futures: March up  8 1/2  at  729 1/4 
  May up  7 3/4  at  729 1/4 
  July up  7 3/4  at  720 1/2 
  Sept up  6 1/4  at  613 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures began the week on a positive note. Russia is now importing wheat after large exports earlier in the crop year. It now appears that USDA’s export estimate is within reach with foreign supplies dwindling and U.S. prices more competitive. A Reuters’ survey of analysts shows expectations for wheat prices to be down 13% in 2013.

Corn closed firm with March needing to close above last week’s high of $7.35 to extend the move to retracement objectives of $7.44, and then $7.64. Large speculators appear to be establishing positions on the long side for both corn and soybeans. While will below their peak last summer, numbers increased at a strong rate in recent weeks. Upside potential will likely be limited by the approaching harvest in South America and weak demand. Ethanol use and exports continue to run behind expectations.



Cotton & Rice  Date: January 28, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 53 at  7705
  Greenwood up  53 at 7705

New York Futures: March up  53  at  8105 
  May up  53  at  8101 
 July up  57  at  8097 
 Oct up  31  at  8003 
 Dec up  29  at  7999 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures firmed but March only retraced a portion of Friday’s downturn. The Thursday high of 84 cents now becomes resistance. Obviously, what China decides to do with their 50% of world stocks will impact price potential. Projected stocks in China exceed projected use and there is no indication Chinese acreage will be cut significantly.

Rice
Long Grain Cash Bid for  Jan 1425/cwt  to  - - -
  NC 1458/cwt  to  - - -

Chicago Futures: March down  13  at  1535 
 May down  12  at  1567 
 July down  11 1/2  at  1593 1/2 
 Sept down  8 1/2  at  1557 1/2 
 Nov down  8 1/2  at  1558 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice failed to sustain last Friday’s upturn in a light trade. Big world stocks, particularly in Thailand continue to hand over the market. Huge intervention stocks are growing as Thailand continues to take in new crop production. Upside potential in the U.S. market could be limited, unless new sales are seen. March futures now have resistance at last week’s high of $15.50.



Cattle & Hogs  Date: January 28, 2013

Cattle
As reported by Federal-State Market News, receipts were 2039 head at sales in Springdale & Ola.  Compared with last week, feeder steers sold mostly $4 to $8 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 189.00 to - - -
  500 to 550 lbs. 168.50 to - - -
  600 to 650 lbs. 146.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 177.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 147.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 147.00 to - - -

Slaughter Cows, Boners 71.00   to   79.00
Light Weight 60.00 to 68.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   97.00
Midwest Steers   were   at   122.00   to   123.50
Panhandle Steers   were   at   122.00   to   122.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 181.00 to 196.00
  550 to 600 lbs. 166.50 to 170.50
Heifers 450 to 500 lbs. 157.00 to 163.50
  550 to 600 lbs. 140.00 to 147.00

Chicago Futures:
Live Cattle: Feb up 265 at 12895
  Apr up 265 at 13340
Feeders: Jan up 110 at 14580
  March up 195 at 14990

Cattle Comment
Cattle futures were higher across the board. The monthly cattle on feed report revealed a drop in the on-feed inventory of 6% from a year ago. That was 2 points smaller than the average trade expectations, and the result was across the board strength. April gapped higher and found support near $133 on a mid-day pullback.

Hogs
Peoria: were     steady   at   56.00   to   58.00

Chicago Futures: Feb up 35 at 8717
  April up 12 at 8905

Hogs Comment
Hog futures were supported today by carryover strength from cattle. Demand concerns and negative packer margins are keeping a lid on the upside potential of the market. April should have good support at $88 on further weakness.



Poultry  Date: January 28, 2013

Eggs
New York:  Ex. Lg. 146-150; Lg. 144-148; Med. 118-122;
Chicago:  Ex. Lg. 135-143; Lg. 133-141; Med. 105-113;

National Turkeys
Hens: 8-16 lbs 95.50
Toms: 16-24 lbs 95.50
 

Delmarva Broilers
U.S. Grade A
N/A

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