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Arkansas Farm Bureau
Grain & Soybean Date: January 29, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1445 to 1484
(NC) Summ. 1273 to 1308
River Elevators:
(Jan) MISS: 1510 to 1525 ; AR & White 1434 to 1480
(NC) Summ. 1282 to 1340
Ark. Processor Bids: (Jan) 1472 to 1482  (NC) 1298 to 1308
Memphis:  (Jan) 1521 3/4 to 1523 3/4 (NC)  1337 1/4 to - - -
Riceland Foods:  (Jan) Stuttgart 1472 ; Pendleton 1484 
 (NC) Stuttgart 1298 ; Pendleton 1308 

Chicago Futures: March up 4 at  1451 3/4
  May  up  6 1/4  at  1439 3/4
  July up 6 3/4  at  1429 1/2
  Aug up 6 1/4  at  1402
  Sept up at  1353 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued with a firm undertone, helped by a weaker dollar and renewed Chinese interest. The Chinese are concerned about the potential for another weather driven market and appear determined to cover a substantial portion of their needs early. November soybeans continue to firm relative to December corn with the price ratio moving to 2.24. This could pull additional acreage to soybeans, particularly if the corn soybeans rotation is out of balance.

Wheat
Cash bid for January at Memphis  812 to 815;
Bids to farmers at Local Elevators 751-761;
River Elevators 747-782;

Chicago Futures: March down  2 1/4  at  777 
  May down 2 1/4  at  785 3/4 
  July down  1 1/4  at  791 1/4 
  Sept down  1 3/4  at  799 1/4 
  Dec down  1 3/4  at  812 1/2 
  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 1/2 to 749 1/2;
  New Crop at Memphis   575 1/2  to 590 1/2;
Bids to farmers at River Elevators  726 to 750

Chicago Futures: March up  1/4  at  729 1/2 
  May up  3/4  at  730 
  July unchanged  - - -  at  720 1/2 
  Sept down  at  610 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures turned lower today. Canada now says it will have the largest wheat acreage in the last 10 years, adding concern that global stocks will grow. July has support at the recent low just above $7.50 and resistance at last week’s high of $8.13.

Corn was mixed with small gains registered in the front 2 contracts. Concerns about the Argentine corn crop and a weaker dollar limited downside declines. March futures need to close about several layers of resistance around the $7.30 area to sustain the current upturn, and move toward potential upside objectives between $7.60 and $7.70. New Crop December is laboring in a very narrow pattern around $5.90. The market appears reluctant to move about $6.



Cotton & Rice  Date: January 29, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 134 at  7839
  Greenwood up  134 at 7839

New York Futures: March up  134  at  8239 
  May up  157  at  8258 
 July up  173  at  8270 
 Oct up  123  at  8126 
 Dec up  119  at  8118 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
March cotton made another strong rebound toward 84 cents with renewed export interest stimulating traders. There is resistance just about this level on long term charts. Whether there is enough demand to drive the market higher is a big question, especially with huge stocks projected. New Crop December is testing early September resistance just about 81 cents. It will probably take a significant upturn to buy acres back from corn and soybeans.

Rice
Long Grain Cash Bid for  Jan 1443/cwt  to  - - -
  NC 1470/cwt  to  - - -

Chicago Futures: March up  17 1/2  at  1552 1/2 
 May up  17 1/2  at  1584 1/2 
 July up  17  at  1610 1/2 
 Sept up  12 1/2  at  1570 
 Nov up  12 1/2  at  1571 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures continue an erratic trading pattern with March reversing early declines to close about recent resistance at $15.50. This opens the market to test resistance between $15.70 and $15.90. U.S. export commitments have topped 2mmt and are about 14% above year ago levels.



Cattle & Hogs  Date: January 29, 2013

Cattle
As reported by Federal-State Market News, receipts were 690 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers sold mostly steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 177.50 to - - -
  500 to 550 lbs. 168.00 to - - -
  600 to 650 lbs. 147.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 164.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 145.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 137.50 to - - -

Slaughter Cows, Boners 77.00   to   83.00
Light Weight 59.00 to 63.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   88.50   to   95.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 205.00 to 215.00
  550 to 600 lbs. 163.00 to 172.00
Heifers 450 to 500 lbs. 146.50 to 154.00
  500 to 600 lbs. 141.50 to 149.00

Chicago Futures:
Live Cattle: Feb down 67 at 12827
  Apr down 42 at 13297
Feeders: Jan steady - - - at 14580
  March down 107 at 14882

Cattle Comment
Cattle futures ended lower but traded well within Monday’s trading range. The market got a big boost yesterday when it was announced Japan has agreed to allow imports of beef from cattle slaughtered at 30 months of age and younger. The limit has been 20 months since 2005, when Japan limited imports due to BSE.

Hogs
Peoria: were     steady   at   56.00   to   58.00

Chicago Futures: Feb down 7 at 8710
  April up 57 at 8962

Hogs Comment
Hog futures were no better than mixed today. Marketing has been light, and packers have had to bid higher to bring hogs to market. However, demand is uncertain, and packer margins are negative now, which could limit the upside potential. April has support at $88 and then the recent low of $86.87.



Poultry  Date: January 29, 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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