Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: January 30, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  947 to 985
(NC) Summ. 855 to 885
River Elevators:
(Jan) MISS: 983 to 995 ; AR & White 955 to 970
(NC) Summ. 865 to 895
Ark. Processor Bids: (Jan) 971 to 975  (NC) 865 to 885
Memphis:  (Jan) 990 to 1000 (NC)  890 to - - -
Riceland Foods:  (Jan) Stuttgart 975 ; Pendleton 985 ; West Memphis 992

Chicago Futures: Mar '09 up 9 1/2 at  980
  May '09  up  at  986 3/4
  Jul '09 up 8 3/4  at  993 3/4
  Sep '09 up 12  at  968
  Nov '09 up 14  at  945
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed higher after March bounced off support. The market is showing some resiliency after seeing improved moisture in Argentina. However, there remain concerns about impact weather has had and will have on this crop. At the same time, this week’s movement left a reversal on weekly charts which could signal further declines. For now, the key is whether the market can hold above $9.60.

Corn closed lower up held above a short term trend as exports are improving. The last two weeks sales were over 40 million bushels. Total sales are just over 50% of year ago levels, but it appears the world supply of feed wheat is declining and U.S. corn may benefit from that. Overall demand remains somewhat subdued.

Wheat
Cash bid for January at Memphis  445 to 463;
Bids to farmers at Local Elevators 463-488;
River Elevators 470-513;

Chicago Futures: Mar '09 down  10  at  568 
  May '09 down 10 1/4  at  580 3/4 
  Jul '09 down  10  at  592 3/4 
  Sep '09 down  10 1/4  at  615 1/2 
  Dec '09 down  12  at  635 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  516 to 530;
Bids to farmers at River Elevators 391-471;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   374 to 379;
  new crop at Memphis   371 3/4 to - - -;
Bids to farmers at River Elevators  334 to 369

Chicago Futures: Mar '09 down  2 3/4  at  379 
  May '09 down  2 3/4  at  390 1/4 
  Sep '09 down  2 1/4  at  411 3/4 
  Dec '09 down  2 1/4  at  425 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower as the market saw another poor export report yesterday. There are indications export demand is improving, including gulf basis, but there hasn’t been much physical evidence yet. There is evidence of a broadening drought situation in the Southern Plains which could eventually boost the market.



Cotton & Rice  Date: January 30, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis  66 at  4491
  Greenwood   66 at 4491

New York Futures: Mar '09 down  57  at  4950 
  May '09 down  61  at  5040 
 Jul '09 down  57  at  5138 
 Dec '09 down  91  at  5500 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  13.58 cents
  The estimate for next week is  11.98 cents
Cotton Comment
Cotton closed lower again today 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  - - - - - -  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar '09 down  at  1177 
 May '09 down  at  1200 
 Jul '09 down  12 1/2  at  1208 1/2 
 Sep '09 down  27  at  1198 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was a little lower again today. March should have support at long term 62% retracement objective of $11.46. 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 30, 2009

Cattle
As reported by Federal-State Market News, receipts were 5,680 head at sales in Arkansas this week.  Compared with last week, feeder steers $1-4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 105.50 to - - -
  500 to 550 lbs. 98 to - - -
  600 to 650 lbs. 89 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 96.75 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 91 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 83 to - - -

Slaughter Cows, Boners 45   to   50
Light Weight 27 to 32
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   - - -
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers     at   80   to   80.50

Oklahoma City Feeders
Steers 500 to 550 lbs. 98 to 111.93
  600 to 650 lbs. 95.50 to 102.50
Heifers 500 to 550 lbs. 81.25 to 89
  600 to 650 lbs. 70 to 85.60

Chicago Futures:
Live Cattle: Feb '09 up 90 at 8200
  Apr '09 up 77 at 8510
Feeders: Mar '09 up 37 at 9100
  May '09 up 77 at 9432

Cattle Comment
Cattle futures improved slightly but upside was limited by ongoing concern about demand. Cutout values were sharply lower on Thursday. This afternoon’s mid-year inventory report is expected to show shorter feeder numbers and that was supportive of feeder futures.

Hogs
Peoria: were     steady   at   34.5   to   35

Chicago Futures: Feb '09 up 155 at 5855
  Apr '09 up 172 at 6297

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

Hogs Comment
Hogs were sharply higher as futures appear to have bottomed, at least temporarily. April could push toward 67 cents, but if the market is going to move higher pork will have to show some improvement. Packers continue a steady kill pace, despite poor margins.



Poultry  Date: January 30, 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 steady at best. Demand entering the weekend was mostly fair with trading usually limited to regular commitments. 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.