Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 23, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  991 to 1014
(NC) Summ. 853 to 863
River Elevators:
(Jan) MISS: 1009 to 1024 ; AR & White 984 to 999
(NC) Summ. 863 to 891
Ark. Processor Bids: (Jan) 1000 to 1004  (NC) 863 to 883
Memphis:  (Jan) 1024 to - - - (NC)  883 1/4 to 888 1/4
Riceland Foods:  (Jan) Stuttgart 1004 ; Pendleton 1014 ; West Memphis 1021

Chicago Futures: Mar '09 down 3 at  1009
  May '09  down  3 1/4  at  1016 1/4
  Jul '09 down 4 1/4  at  1023 1/4
  Sep '09 down at  981
  Nov '09 down 14 1/4  at  943 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended lower following crude oil. A positive export sales report was not enough to carry the market higher, and neither was a surprisingly low crop estimate from Argentina. The Buenos Aries Cereals Exchange today said the Argentine crop will be between 34.5 and 38.5 million metric tons. The current USDA estimate is 49.5 million. For March, a close above $10.60, or below $9.60 will signal further movement in the direction of the breakout.

Corn was sharply higher. The USDA says that 43.8 million bushels were sold for export last week. One week certainly doesn’t make up for sluggish exports this year, but it was encouraging to see that U.S. prices have fallen enough to spark buying interest around the world.

Wheat
Cash bid for January at Memphis  457 3/4 to 467 3/4;
Bids to farmers at Local Elevators 476-491;
River Elevators 483-526;

Chicago Futures: Mar '09 up  16  at  582 3/4 
  May '09 up 16  at  595 1/2 
  Jul '09 up  15  at  606 1/4 
  Sep '09 up  15  at  629 1/4 
  Dec '09 up  14 3/4  at  651 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  537 to 546;
Bids to farmers at River Elevators 410-491;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   380 1/2 to 385 1/2;
  new crop at Memphis   382 1/4 to - - -;
Bids to farmers at River Elevators  345 to 370

Chicago Futures: Mar '09 up  at  390 1/2 
  May '09 up  at  401 1/2 
  Sep '09 up  2 1/2  at  422 1/4 
  Dec '09 up  2 1/2  at  436 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended the day sharply higher. The Buenos Aries Cereals Exchange is now estimating a 27% cut in the wheat crop in Argentina. The export report was just a bit above expectations at 15.2 million bushels. Technical support for July begins at Tuesday’s low of $5.74.



Cotton & Rice  Date: January 23, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 171 at  4664
  Greenwood up  171 at 4664

New York Futures: Mar '09 up  157  at  5050 
  May '09 up  115  at  5063 
 Jul '09 up  120  at  5130 
 Dec '09 up  156  at  5554 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  13.09 cents
  The estimate for next week is  18.59 cents
Cotton Comment
Cotton continued to climb higher today. USDA reported this morning that export sales were 486,800 running bales last week, indicating that lower prices have finally sparked buying. Everyone is anticipating a significant cut in ’09 plantings, but that depends on input costs, which are declining, and the price of competing crops. For now, the feeling is acreage cuts – anywhere from 1 to 2 million acres. That could be significant later in the year certainly if weather becomes a factor. For now December has key resistance at 57.2 cents and support at 52 cents.

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

Chicago Futures: Mar '09 up  5 1/2  at  1275 
 May '09 up  at  1290 
 Jul '09 up  11  at  1298 
 Sep '09 down  at  1268 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice turned higher after moving to new contract lows two days in a row. U.S. milled rice remains out of the mix for most markets with current quotes ranging $100 to $200 a ton above other available growths. That means limited inquiry for U.S. rice and is leaving the overall milling industry with a lot of free time. Rough rice exports are moving at a good pace, but only account for about 1/3 of total exports.



Cattle & Hogs  Date: January 23, 2009

Cattle
As reported by Federal-State Market News, receipts were 9,910 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109 to - - -
  500 to 550 lbs. 98.25 to - - -
  600 to 650 lbs. 92.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 98 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 91 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 82.75 to - - -

Slaughter Cows, Boners 42   to   48
Light Weight 28 to 35
Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57, high dressing 57.50-65
Midwest Steers   were $2-1 lower   at   80   to   81
Panhandle Steers   were $1 lower to steady   at   81   to   82

Oklahoma City Feeders
Steers 500 to 550 lbs. 95.50 to 116
  600 to 650 lbs. 89.50 to 103
Heifers 500 to 550 lbs. 87 to 98
  600 to 650 lbs. 81.50 to 94

Chicago Futures:
Live Cattle: Feb '09 up 40 at 8267
  Apr '09 up 40 at 8580
Feeders: Mar '09 up 45 at 9275
  May '09 up 20 at 9565

Cattle Comment
Cattle futures ended mixed on position evening ahead of this afternoon’s release of the monthly cattle on feed report, which is expected to show a 7% smaller on feed inventory. February now has support at $81.75. The market continues to be concerned with the state of the economy and its effect on beef demand.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures: Feb '09 down 72 at 5892
  Apr '09 down 100 at 6440

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

Hogs Comment
Hog futures posted sharp losses. February set a new contract low in early dealings today, so support begins there at $58.50. Carryover weakness from Wall Street and crude oil added downward pressure.



Poultry  Date: January 23, 2009

Eggs
New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 98-102;
Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 84-92;

Eastern Region Turkeys
Hens: 8-16 lbs. 69-75
Toms: 16-24 lbs. 69-74
 

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