Grain & Soybean Date: January 31, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1462 to 1501
(NC) Summ. 1298 to 1328
River Elevators:
(Jan) MISS: 1522 to 1531 ; AR & White 1456 to 1497
(NC) Summ. 1303 to 1353
Ark. Processor Bids: (Jan) 1489 to 1499  (NC) 1318 to 1323
Memphis:  (Jan) 1503 1/2 to 1513 1/2 (NC)  1350 3/4 to 1352 3/4
Riceland Foods:  (Jan) Stuttgart 1489 ; Pendleton 1501 
 (NC) Stuttgart 1318 ; Pendleton 1328 

Chicago Futures:	March	down	10 1/4	at	1468 1/2
	May	down	7 3/4	at	1459 3/4
	July	down	7 3/4	at	1449 1/2
	Aug	down	7	at	1419 1/4
	Sept	down	7 1/2	at	1367 3/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans retraced a portion of the earlier declines, bolstered by another big 2013/14 Chinese purchase. The market was pressured by forecasts of rain in Argentina, but if dry weather prevails the market is likely to heat up again. Farmers have rewarded the recent upturn with enough sales to pressure basis levels in some areas. Old crop March has resistance at previous highs of $15.10 and $15.45. November futures came close to resistance at the early December high of $13.40. Additional resistance is seen at $13.60, where the market failed on November 1, 2012.

Wheat
Cash bid for January at Memphis  809 1/2 to 814 1/2;

Bids to farmers at Local Elevators	753-763;
River Elevators	749-788;

Chicago Futures:	March	down	7 1/2	at	779 1/2
	May	down	7 3/4	at	788
	July	down	7	at	793 1/4
	Sept	down	6 1/4	at	801 1/2
	Dec	down	5	at	815
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis  1269 to - - -;

Bids to farmers at River Elevators	1144-1251;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis   760 1/2 to 762 1/2;
	New Crop at Memphis   585 1/4 to 595 1/4;
Bids to farmers at River Elevators	732 to 761

Chicago Futures:	March	up	1/4	at	740 1/2
	May	up	1	at	742
	July	up	1 1/4	at	733 1/4
	Sept	down	1 1/2	at	615 1/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat futures turned lower today on disappointing exports. The weekly total was down 49% from last week’s total and was down 32% from the four week average. The market took the news hard, especially considering U.S. wheat is now considered more competitive price wise and Black Sea supplies are running out. July has support at the recent low of $7.76 and resistance at last week’s high of $8.13.

Corn rebounded to close mixed with old crop contracts ending the session higher. Export sales to China and Japan were noted in this week’s report. Weak ethanol demand limited upside potential, but there may still be enough buying interest to push March toward the 50% retracement objective of 7.64, or perhaps to resistance near $7.75. December again failed to move about $5.95 before retracing and closing lower for the day. Projected large U.S. plantings continue to weigh on new crop contracts.

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Cotton & Rice  Date: January 31, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis down 26 at  7870
	Greenwood down  26 at 7870

New York Futures:	March	down	1	at	8295
	May	down	1	at	8315
	July	up	29	at	8344
	Oct	up	46	at	8169
	Dec	up	4	at	8115
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton held its ground today closing modestly higher in most contracts. Fresh demand will be needed to push March about key resistance at 84 cents. At the same time December has failed to move about the September 7, 2012 high of 81.3 cents. For three days the market has fallen short. Producers are indicating most will reduce plantings in 2013. IN some cases farmers planting land tied to gins and/or warehouses are being asked to stay with cotton.

Rice

Long Grain Cash Bid for	Jan	1441/cwt	to	- - -
	NC	1468/cwt	to	- - -

Chicago Futures:	March	up	10 1/2	at	1550 1/2
	May	up	10 1/2	at	1583
	July	up	8	at	1608
	Sept	up	6	at	1568
	Nov	up	6	at	1569
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice was higher today as futures have see-sawed back in forth in a sideways pattern most of this week. New demand will be needed to boost the market toward resistance near $15.60, and then $15.90. Fundamentals are unchanged at this point.

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Cattle & Hogs  Date: January 31, 2013

Cattle
As reported by Federal-State Market News, receipts were 837 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers under 500lbs sold steady to $5 higher, over 500lbs $2 to $3 lower .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	197.00	to	- - -
	500	to	550 lbs.	169.00	to	- - -
	600	to	650 lbs.	156.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	180.50	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	148.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	147.00	to	- - -

Slaughter Cows, Boners 74.00   to   81.00
Light Weight 69.00 to 70.50
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   88.00   to   96.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers	400	to	450 lbs.	202.00	to	226.00
	500	to	550 lbs.	181.00	to	187.55
Heifers	450	to	500 lbs.	160.00	to	171.00
	500	to	550 lbs.	152.00	to	159.50

Chicago Futures:

Live Cattle:	Feb	down	37	at	12762
	Apr	down	12	at	13280
Feeders:	Jan	up	47	at	14630
	March	up	45	at	14955

Cattle Comment
Cattle futures were mixed today with nearby live contracts lower. After tomorrow’s close, USDA will release the semi-annual Cattle Inventory Report, which is expected to show that the cattle herd shrank for the 6th straight year in 2012. April has resistance at the recent high of $133.70 for the time being.

Hogs
Peoria: were       at   55.00   to   57.00

Chicago Futures:	Feb	up	50	at	8760
	April	up	10	at	8935

Hogs Comment
Hog futures posted gains today. Marketing has been light, and packers have had to bid higher to bring hogs to market. Wednesday’s $1.81 gain in the national cash carcass value was supportive. April has support at $88 and then the recent low of $86.87.

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Poultry  Date: January 31, 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