Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 28, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  965 to 988
(NC) Summ. 845 to 875
River Elevators:
(Jan) MISS: 983 to 998 ; AR & White 957 to 972
(NC) Summ. 854 to 882
Ark. Processor Bids: (Jan) 874 to 878  (NC) 855 to 875
Memphis:  (Jan) 997 1/2 to 1002 1/2 (NC)  879 1/2 to - - -
Riceland Foods:  (Jan) Stuttgart 978 ; Pendleton 988 ; West Memphis 995

Chicago Futures: Mar '09 up 6 1/2 at  982 1/2
  May '09  up  6 1/4  at  990
  Jul '09 up 5 3/4  at  997 1/2
  Sep '09 up at  963
  Nov '09 up at  934 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with old crop contracts closing higher despite light rains in the drought areas of Argentina. The market is watching long range forecasts closely as the Argentine crop could be good or bad depending on moisture over the next 10 days to 2 weeks. The futures market is discounting new crop contracts as evidenced by the current structure. November is trading about 50 cents less than March. March support remains around $9.60.

Corn was higher across the board, influenced by both outside markets – weak dollar, stronger oil and concerns about weather impact on Argentina’s crop. The market is cautious because there is a general feeling that USDA will make further adjustments in use in their February report. Ending stocks could top 2 billion bushels, further depressing the market.

Wheat
Cash bid for January at Memphis  470 1/4 to 485 1/4;
Bids to farmers at Local Elevators 490-515;
River Elevators 505-540;

Chicago Futures: Mar '09 up  10 1/2  at  595 1/4 
  May '09 up 10 1/2  at  608 
  Jul '09 up  10 1/2  at  619 1/2 
  Sep '09 up  10  at  642 
  Dec '09 up  10 3/4  at  663 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  526 to 535;
Bids to farmers at River Elevators 400-480;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   379 1/2 to 381 1/2;
  new crop at Memphis   376 1/2 to - - -;
Bids to farmers at River Elevators  339 to 375

Chicago Futures: Mar '09 up  at  384 1/2 
  May '09 up  at  395 1/2 
  Sep '09 up  at  416 1/2 
  Dec '09 up  at  430 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat recovered from yesterday’s big losses. The market shifted its focus back to the condition of the crop. Over 60% of the Texas crop is now in poor to very poor condition, and many soft red winter wheat fields are covered in ice. Export demand is picking up as well, so that is supporting futures. The January high of $6.45 remains key resistance for March.



Cotton & Rice  Date: January 28, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 28 at  4707
  Greenwood down  28 at 4707

New York Futures: Mar '09 down  30  at  5105 
  May '09 down  25  at  5150 
 Jul '09 down  23  at  5235 
 Dec '09 up  20  at  5675 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  13.58 cents
  The estimate for next week is  12.03 cents
Cotton Comment
Cotton chopped sideways closing slightly lower as it again failed to push through key resistance at the recent high of 57.2 cents for the December contract. Fundamentals remain bearish long term with little indication the current economic situation will right itself any time soon. A smaller U.S. ’09 crop will help bring things back into balance.

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

Chicago Futures: Mar '09 down  at  1230 
 May '09 down  1 1/2  at  1245 1/2 
 Jul '09 down  at  1260 
 Sep '09 down  3 1/2  at  1258 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures finally stabilized with all contracts slightly lower for the day. While U.S. export price quotes have dropped below $600 per tonne, they remain at a substantial premium to other export growths. This has most mills running well below capacity as farmers remain tight holders. The rough rice export market remains good. Export movement is a little above year ago levels, but total sales remain well behind. This is reflective of hand to mouth purchasing in a declining market as opposed to heavy forward buying in a rising market. March futures have long term chart support at $11.79.



Cattle & Hogs  Date: January 28, 2009

Cattle
As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a .

Steers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners n/a   to   - - -
Light Weight n/a to - - -
Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were quoted   at   80   to   80.50
Panhandle Steers   were quoted   at   80   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 102 to 108.25
  600 to 650 lbs. 95.50 to 102.50
Heifers 500 to 550 lbs. 87.50 to 96
  600 to 650 lbs. 85 to 93.50

Chicago Futures:
Live Cattle: Feb '09 down 10 at 8117
  Apr '09 up 2 at 8442
Feeders: Mar '09 up 30 at 9057
  May '09 up 30 at 9350

Cattle Comment
Cattle futures ended mixed. Carryover strength from Wall Street and optimism about the impending passage of the economic stimulus package by Congress provided support. Technical support is between $80.60 and $80.65 for February.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures: Feb '09 up 97 at 5672
  Apr '09 up 65 at 6135

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

Hogs Comment
Hogs posted gains on technical buying on indications the market had become oversold. Stronger U.S. stock markets were also supportive. Yesterday’s low of $55.70 is the first level of support for February.



Poultry  Date: January 28, 2009

Eggs
New York:  Ex. Lg. 126-130; Lg. 124-128; Med. 98-102;
Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 90-98;

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

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady at best. 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.