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Arkansas Farm Bureau
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 at  1419 1/4
  Sept down 7 1/2  at  1367 3/4
  Today's Arkansas LDP rate for soybeans is:

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  at  793 1/4 
  Sept down  6 1/4  at  801 1/2 
  Dec down  at  815 
  Today's Arkansas LDP rate for wheat is:

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:

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  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:

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.



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  at  8295 
  May down  at  8315 
 July up  29  at  8344 
 Oct up  46  at  8169 
 Dec up  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  at  1608 
 Sept up  at  1568 
 Nov up  at  1569 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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.



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.



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

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