Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 20, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  974 to 997
(NC) Summ. 864 to 894
River Elevators:
(Jan) MISS: 992 to 1007 ; AR & White 967 to 982
(NC) Summ. 868 to 894
Ark. Processor Bids: (Jan) 983 to 987  (NC) 874 to 894
Memphis:  (Jan) 1002 to 1008 (NC)  883 1/2 to 893 1/2
Riceland Foods:  (Jan) Stuttgart 987 ; Pendleton 997 ; West Memphis 1004

Chicago Futures: Mar 09 down 28 at  992
  May 09  down  28  at  1001
  July 09 down 27 1/2  at  1011
  Sept 09 down 23 1/2  at  979 1/2
  Nov 09 down 18 1/2  at  953 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed big early gains to close lower for the day. Concern about continuing dry conditions in Argentina pushed the market higher early. However, growing concerns about the banking industry turned the market lower putting March futures in position to retest last week’s support near $9.60. A close outside the $1 range, $9.60 to $10.60, will suggest further movement in the direction of the breakout.

Wheat
Cash bid for January at Memphis  425 to - - -;
Bids to farmers at Local Elevators 444-459;
River Elevators 451-494;

Chicago Futures: Mar 09 down  28 1/4  at  550 
  May 09 down 28  at  562 3/4 
  July 09 down  28 1/4  at  574 
  Sept 09 down  28  at  596 1/2 
  Dec 09 down  27 1/2  at  618 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  524 to 533;
Bids to farmers at River Elevators 398-478;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   373 1/2 to - - -;
  New crop at Memphis   376 1/4 to - - -;
Bids to farmers at River Elevators  338 to 363

Chicago Futures: Mar 09 down  7 1/2  at  383 1/2 
  May 09 down  at  394 3/4 
  Sept 09 down  at  416 1/4 
  Dec 09 down  6 3/4  at  430 
  Today's Arkansas LDP rate for corn is:

Grain Comment
What momentum corn had gained in recent sessions was quickly lost today as the market reversed to close lower. Last week’s report that raised projected ending stocks to 1.7 billion bushels will continue to limit upside potential, unless crop conditions in South America worsen. A March close above today’s high of 4.02 or below last week’s low of $3.58 will indicate further movement in that direction. Wheat futures were sharply lower under pressure from a stronger dollar. US wheat is having a tough time staying competitive in the global market, and a stronger dollar only makes that situation worse.



Cotton & Rice  Date: January 20, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 219 at  4281
  Greenwood down  219 at 4281

New York Futures: Mar 09 down  219  at  4681 
  May 09 down  233  at  4725 
 July 09 down  230  at  4816 
 Dec 09 down  231  at  5226 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  14.16 cents
  The estimate for next week is  13.07 cents
Cotton Comment
Cotton was lower throughout today’s session as growing concern about the current economic situation continues to pressure the market. Declining use in importing countries, like China and Turkey, will limit U.S. exports. Unfortunately, the U.S. must depend on exports with domestic mill use approaching just 4 million bales annually. The market will be on an up and down affair as adjustments are made. For now, upside is limited and it won’t get better until the market is convinced there is a need for more acres and more cotton. Current December resistance is 57.20 cents with support at 52 cents. Below that is the contract low of 45.25 cents.

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

Chicago Futures: Mar 09 down  50  at  1314 1/2 
 May 09 down  50  at  1331 
 July 09 down  50  at  1345 
 Sept 09 down  26  at  1309 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was down the limit as the market responded to sharp declines in other commodities. Slow milled rice exports is also a bearish factor as U.S. price levels remain well above the current quotes of other available growths. U.S. stocks are projected to be fairly tight at the end of the marketing year, but that’s going to require strong movement over the next 8 months. That won’t happen with the current spread between the U.S. and other areas. March futures will test support at $13.03, just a dime above today’s close. The next support on long term charts is $12.85 and then it drops to $11.78.



Cattle & Hogs  Date: January 20, 2009

Cattle
As reported by Federal-State Market News, receipts were 3325 head at sales in Fort Smith, Marshall, Ola, Springdale and Ash Flat.  Compared with last week, feeder steers sold somewhat unevenly, averaging near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 114.50 to - - -
  500 to 550 lbs. 105.25 to - - -
  600 to 650 lbs. 94.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 105.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 89.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 83 to - - -

Slaughter Cows, Boners 40   to   46
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   54
Midwest Steers   were   at   81   to   85
Panhandle Steers   were   at   82   to   84.50

Oklahoma City Feeders
Steers 500 to 550 lbs. 105.25 to 112
  550 to 600 lbs. 103 to 107.75
Heifers 550 to 600 lbs. 85 to 89
  600 to 650 lbs. 84.50 to 89.60

Chicago Futures:
Live Cattle: Feb 09 down 190 at 8262
  April 09 down 232 at 8535
Feeders: Mar 09 down 262 at 9175
  May 09 down 247 at 9492

Cattle Comment
Cattle futures gapped lower on demand concerns. Carryover from outside markets continues to be a factor, as well. February has initial support at the recent low of $82.25.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures: Feb 09 down 22 at 5972
  April 09 down 32 at 6570

Sheep
St. Paul n/a   at   - - -   to   - - -

Hogs Comment
February hogs are beginning to consolidate in a narrow range. The market is holding above the recent contract low of $58.90, but keeps running into resistance above $60.



Poultry  Date: January 20, 2009

Eggs
New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 94-98;
Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 84-92;

Eastern Region Turkeys
Hens: 8-16 lbs. 69-74
Toms: 16-24 lbs. 69-73
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was about steady. Demand following the holiday weekend was mostly fair 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.