Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 29, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  953 to 976
(NC) Summ. 841 to 871
River Elevators:
(Jan) MISS: 871 to 986 ; AR & White 945 to 960
(NC) Summ. 853 to 881
Ark. Processor Bids: (Jan) 962 to 966  (NC) 851 to 871
Memphis:  (Jan) 985 1/2 to 990 1/2 (NC)  876 to - - -
Riceland Foods:  (Jan) Stuttgart 966 ; Pendleton 976 ; West Memphis 983

Chicago Futures: Mar '09 down 12 at  970 1/2
  May '09  down  12 1/4  at  977 3/4
  Jul '09 down 12 1/2  at  985
  Sep '09 down at  956
  Nov '09 down 3 1/2  at  931
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were pressured by rain in Argentina, as well as, outside markets. A stronger dollar and weaker oil added to the negative undertone. Technically, support just below $9.60 could be tested in the near term. Penetration of that support would bring retracement objectives at $9.53 and $9.20 into play.

Corn closed lower, but as we have seen in recent weeks the market was much less volatile. March futures are holding above a shallow trendline drawn off the contract low and support near $3.60. Corn is doing a balancing act between poor utilization and a potential decrease in ’09 plantings.

Wheat
Cash bid for January at Memphis  453 to 473;
Bids to farmers at Local Elevators 473-498;
River Elevators 480-523;

Chicago Futures: Mar '09 down  17 1/4  at  578 
  May '09 down 17  at  591 
  Jul '09 down  16 3/4  at  602 3/4 
  Sep '09 down  16 1/4  at  625 3/4 
  Dec '09 down  16 1/4  at  647 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  521 to 530;
Bids to farmers at River Elevators 396-476;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   376 3/4 to 381 3/4;
  new crop at Memphis   374 to - - -;
Bids to farmers at River Elevators  337 to 372

Chicago Futures: Mar '09 down  2 3/4  at  381 3/4 
  May '09 down  2 1/2  at  393 
  Sep '09 down  2 1/2  at  414 
  Dec '09 down  2 3/4  at  427 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Despite recent ideas to the contrary, U.S. wheat is still faring poorly in the export market. The market was down sharply today as traders reacted to the weekly export sales report. There were more cancellations than new sales this week, which actually shrank the actual yearly sales total by 2 million bushels. The January high of $6.45 remains key resistance for March, while support begins at the recent low of $5.49.



Cotton & Rice  Date: January 29, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis  150 at  4557
  Greenwood   150 at 4557

New York Futures: Mar '09 down  97  at  5010 
  May '09 down  41  at  5114 
 Jul '09 down  32  at  5203 
 Dec '09 down  54  at  5580 
 - - - down  - - -  at  - - - 
This week's LDP rate for cotton is  13.58 cents
  The estimate for next week is  11.98 cents
Cotton Comment
Cotton traded in a narrow range as the market continues to consolidate just below recent resistance. Overall fundamentals are unchanged with world economic conditions weighing on use. Upside potential seems limited although a December close above 57.20 cents would open the market to retracement objectives at 69 to 75 cents. That will likely take another substantial cut in plantings, weather problems, and an increase in demand.

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

Chicago Futures: Mar '09 down  50  at  1180 
 May '09 down  41 1/2  at  1204 
 Jul '09 down  39  at  1221 
 Sep '09 down  33  at  1225 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures plunged sharply lower with March hitting long term chart support at $11.80. The next support lies between $10.70 and $10.20. Fundamentals are unchanged, although the current downturn could begin to bring U.S. milled prices back in line with competition. It may also reduce the possibilities of ’09 plantings increasing.



Cattle & Hogs  Date: January 29, 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 steady to $.50 lower   at   80   to   - - -
Panhandle Steers   were steady to $.50 higher   at   80   to   80.50

Oklahoma City Feeders
Steers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Feb '09 down 7 at 8110
  Apr '09 down 10 at 8432
Feeders: Mar '09 up 5 at 9062
  May '09 up 5 at 9355

Cattle Comment
Cattle futures narrowly mixed. February set a new contract low of $80.55 today. The market has psychological support at $80, and support on the weekly chart at $77.50.

Hogs
Peoria: were $1     lower   at   34.5   to   35

Chicago Futures: Feb '09 up 27 at 5700
  Apr '09 down 10 at 6125

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

Hogs Comment
Hogs ended mixed. The market had become oversold and due a correction, and profit taking has moved the market higher the past two days. The recent low of $55.70 is the first level of support for February.



Poultry  Date: January 29, 2009

Eggs
New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 99-103;
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 mostly steady. Supplies of all sizes were more than sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.