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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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.