Grain & Soybean Date: January 12, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  956 to 971
(NC) Summ. 873 to 903
River Elevators:
(Jan) MISS: 966 to 986 ; AR & White 961 to - - -
(NC) Summ. 883 to 903
Ark. Processor Bids: (Jan) 957 to 976  (NC) 878 to 903
Memphis:  (Jan) 986 to - - - (NC)  893 to 903
Riceland Foods:  (Jan) Stuttgart 961 ; Pendleton 971 ; West Memphis 978

Chicago Futures: Jan '09 down 83 1/2 at  954
  Mar '09  down  70  at  966
  May '09 down 70  at  975 1/2
  Jul '09 down 70  at  986 1/4
  Nov '09 down 66 1/2  at  963
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans turned sharply lower today in reaction, or perhaps overreaction, to the annual production report. USDA added 38 million bushels to the production estimate. The trade was expecting a cut though, and the surprise factor added to the bearish tone today. Thanks to strong export demand, soybean usage was bumped up by 21 million bushels, but that wasn’t enough to offset the increase in production. Today’s chart action leaves the door open for additional weakness. The uptrend drawn off the December lows were challenged or broken, depending on the contract.

Corn was limit down in reaction to the annual production report. USDA raised he production estimate to 12.101 billion bushels, up from 12.02 billion in November. The extra bushels were certainly not needed at a time when exports are down over 40% when compared with year ago numbers. Usage was also trimmed by 235 million bushels. Despite leaving a large gap on the open, the March corn chart doesn’t look terrible. The market is still trending sideways. Support at $3.75 ½ needs to hold, but a retest of the December lows looks unlikely, although not totally out of the question.

Wheat
Cash bid for January at Memphis  449 3/4 to - - -;
Bids to farmers at Local Elevators 464-479;
River Elevators 479-514;

Chicago Futures: Mar '09 down  60  at  569 1/2 
  May '09 down 60  at  582 1/4 
  Jul '09 down  59 1/4  at  594 
  Sep '09 down  58 3/4  at  614 
  Dec '09 down  58 3/4  at  633 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  519 to 528;
Bids to farmers at River Elevators n/a;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   366 3/4 to 375 3/4;
  new crop at Memphis   366 1/4 to 371 1/4;
Bids to farmers at River Elevators  356 to - - -

Chicago Futures: Mar '09 down  30  at  380 3/4 
  May '09 down  30  at  391 1/4 
  Sep '09 down  30  at  411 1/4 
  Dec '09 down  30  at  424 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat followed corn and soybeans sharply lower, despite a surprisingly large cut in the winter wheat plantings estimate. USDA cut projected winter wheat acreage by 4 million acres, when the average trade guess was approximately 2 million. Usage estimates were cut also, though, indicating that the market didn’t need the acreage that was cut. Ending stocks are estimated to be a plentiful 655 million.



Cotton & Rice  Date: January 12, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 265 at  4267
  Greenwood down  265 at 4267

New York Futures: Mar '09 down  257  at  4675 
  May '09 down  250  at  4735 
 Jul '09 down  255  at  4865 
 Dec '09 down  227  at  5340 
 n/a down  - - -  at  - - - 
This week's LDP rate for cotton is  12.97 cents
  The estimate for next week is  12.84 cents
Cotton Comment
Cotton was also sharply lower, but that was mostly following other markets and not a reaction to the cotton report. USDA cut the production estimate by 577,000 bales from the December report. The US stocks to use ration came down slightly to 42.6 percent. World imports fell sharply, though, mostly due to lower consumption in China.

Rice
Long Grain Cash Bid for  n/a - - -  to  - - -
  n/a - - -  to  - - -

Chicago Futures: Jan '09 down  52  at  1456 
 Mar '09 down  50  at  1435 
 May '09 down  50  at  1452 
 Jul '09 down  50  at  1473 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was also sharply lower. USDA’s final 2008 production estimate came in at 203.733 million cwt. The move lower is in reaction to rice market fundamentals and also carryover weakness from other commodities. U.S. milled rice quotes remain well above those of other exporting countries. This is reducing mills’ operating time, and could push futures lower. Rough rice exports remain strong, but generally account for less than 40% of total exports.



Cattle & Hogs  Date: January 12, 2009

Cattle
As reported by Federal-State Market News, receipts were 3,325 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold $5-10 higher, instances $12 higher on steers .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 115.75 to - - -
  500 to 550 lbs. 103 to - - -
  600 to 650 lbs. 92.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 111.75 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 87 to - - -

Slaughter Cows, Boners 38   to   45
Light Weight 30 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing $57-62
Midwest Steers   were quoted   at   82   to   84
Panhandle Steers   were quoted   at   82   to   85

Oklahoma City Feeders
Steers 500 to 550 lbs. 107 to 114
  650 to 700 lbs. 93.35 to 97.25
Heifers 550 to 600 lbs. 89 to 95.50
  600 to 650 lbs. 88 to 92.35

Chicago Futures:
Live Cattle: Feb '09 down 20 at 8290
  Apr '09 down 32 at 8650
Feeders: Jan '09 up 110 at 9520
  May '09 up 90 at 9650

Cattle Comment
Cattle futures ended mixed. Feeders were supported by big losses in corn. General economic woes continue to limit gains, however.

Hogs
Peoria: were $1.5     higher   at   35   to   35.5

Chicago Futures: Feb '09 down 97 at 6147
  Apr '09 down 112 at 6747

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hogs also continue to be under pressure from demand concerns and ideas that unemployment will lessen demand for meat.



Poultry  Date: January 12, 2009

Eggs
New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 92-96;
Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 84-92;

Eastern Region Turkeys
Hens: 8-16 lbs. 69-74
Toms: 16-24 lbs. 69-74
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Demand following the weekend was fair at best with limited trading. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.