01/30/2009 Farm Bureau Market Report

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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  9  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: 0¢ 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: 0¢ 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: 0¢ 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: 0¢ 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  3  at  1177    May '09 down  4  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  0¢ medium grain rice is  0¢ 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. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

01/29/2009 Farm Bureau Market Report

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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 7  at  956   Nov '09 down 3 1/2  at  931   Today's Arkansas LDP rate for soybeans is: 0¢ 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: 0¢ 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: 0¢ 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: 0¢ 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  0¢ medium grain rice is  0¢ 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. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

01/28/2009 Farm Bureau Market Report

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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 2  at  963   Nov '09 up 1  at  934 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ 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: 0¢ 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: 0¢ 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  7  at  384 1/2    May '09 up  7  at  395 1/2    Sep '09 up  7  at  416 1/2    Dec '09 up  7  at  430    Today's Arkansas LDP rate for corn is: 0¢ 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  3  at  1230    May '09 down  1 1/2  at  1245 1/2    Jul '09 down  4  at  1260    Sep '09 down  3 1/2  at  1258    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ 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. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

A New Agriculture Secretary, A Decision on ACRE, Speak Up on the Farm Bill, and More

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	January 28, 2009 Agriculture Secretary Vilsack on the Job Just hours after President Obama’s inauguration, former Iowa Governor Tom Vilsack was confirmed by the Senate and sworn in as the new Secretary of Agriculture. During his confirmation hearing, Sec. Vilsack pledged to endorse local food economies and to help farmers diversify their income through renewable energy, organic farming and similar endeavors. He also vowed to “make sure the Department of Agriculture does its part in administering a robust farm safety net and create real and meaningful opportunities for farmers and ranchers to succeed.” Voice your support for our “9 for ’09” policy recommendations, and show Secretary Vilsack and the rest of President Obama’s Administration that you care about farmers and farmland! Read our recommendations, then send an e-card to nine of your friends.  A Victory for American Farmland Trust’s ACRE The USDA made a critical decision regarding calculations for the Average Crop Revenue Program (ACRE). The ruling now allows farmers to decide which safety net program they want to participate in during the life of the 2008 Farm Bill, and as they are making their planting decisions for the next growing season. “ACRE has two major benefits. It serves the real world needs of farmers better, and it makes better use of our tax dollars by helping farmers only when there’s a real need,” says Tim Recker, farmer and president of the Iowa Corn Growers Association. One agricultural newspaper calls ACRE a “decision that beckons.” A Yardstick for Sustainability Dr. Ann Sorensen, director of American Farmland Trust’s Center for Agriculture in the Environment, and our California office are working with partners such as the Western Growers and the Natural Resources Defense Council to develop performance metrics for specialty crop producers. This will give growers a practical yardstick for measuring the effects of water and pesticide use and other production decisions, allowing them to reduce their environmental footprint and set the direction for agriculture to become even more sustainable. It’s Time to Speak Up for the 2008 Farm Bill  Passing the farm bill is always half the battle. The legislation lays out what ought to happen without great detail. But turning farm bill promises into reality involves speaking up during the public comment period on the draft rules so that the final legislation is accessible and easy to use for farmers. Participate in this process as USDA seeks comments on three programs: the Farm and Ranch Lands Protection Program (FRPP), the Wildlife Habitat Incentives Program (WHIP) and the Wetlands Reserve Program (WRP).  USDA Office of Ecosystem Services—A Green and Forward Thinking Move In December, then USDA Secretary Ed Schaffer announced a new Office of Ecosystem Services and Markets. Established by the 2008 Farm Bill, the office will coordinate the efforts of all government agencies in creating markets that give farmers and ranchers the chance to sell the services they provide on their land—such as clean water, carbon sequestration and wildlife habitat. “Creating markets for environmental benefits will result in enormous new opportunities for farmers and ranchers to improve the environment while expanding their sources of revenue,” said American Farmland Trust’s President, Jon Scholl.   Top Ten Early Action Items for 111th Congress Senate Democrats announced their legislative priorities for the first session of the 111th United States Congress. This is a long-standing tradition at the start of each congressional session, and the Republicans will soon release their own key priorities. The Democrats’ first 10 bills: a comprehensive stimulus package; tax reform; the Homeowner Protection Act; comprehensive health care reform; the Cleaner, Greener Smarter American Act (green investments and updating infrastructure; reducing greenhouse gasses); redirection of foreign policy in Iran and Afghanistan; expanding education opportunities; a review of Bush administration regulations; strengthening border security and reforming immigration policies; and addressing the federal deficit and national debt. House and Senate Agriculture Committees Form for New Session House Agriculture Committee Chairman Collin C. Peterson (D-MN) has announced the 46 members of his committee, including 28 Democrats and 18 Republicans with one vacancy to be filled. The committee has authority over a wide range of issues, including conservation, food and nutrition programs, renewable energy, disaster assistance and risk management programs, crop insurance, rural development, credit for agriculture and many other areas. Similarly, Senator Tom Harkin (D-IA) has announced that the Senate Agriculture committee will be comprised of 11 Democrats and 10 Republicans. Media Update American Farmland Trust’s Managing Director for the Agriculture & Environment Campaign, Jimmy Daukas, was tapped as an environmental expert for the National Geographic News story, “Wish List for Obama,” detailing the “9 for ‘09” policy recommendations for the new Administration. George McGovern, former Senator and Ambassador to the World Food Program, and Marshall Matz, an attorney who has spent his career specializing in agriculture legislation and hunger issues, penned an opinion piece for The Chicago Tribune. The op-ed examines the challenges facing U.S. agriculture and recognizes the important role of the U.S. agriculture sector in meeting the world’s future food, fiber and fuel needs. An economics professor in India effectively argues that in the wake of press coverage on the global financial crisis, food shortages around the world have lost a place in the media’s attention. “Where are the billion-dollar bailouts for the hungry?,” she asks.
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01/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 27, 2009 Soybeans Local Elevators: (Jan) EAST AR:  958 to 981 (NC) Summ. 874 to 876 River Elevators: (Jan) MISS: 976 to 891 ; AR & White 951 to 966 (NC) Summ. 855 to 878 Ark. Processor Bids: (Jan) 967 to 971  (NC) 856 to 876 Memphis:  (Jan) 991 to - - - (NC)  880 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 971 ; Pendleton 981 ; West Memphis 988 Chicago Futures: Mar '09 down 33 at  976   May '09  down  33  at  983 3/4   Jul '09 down 32 1/4  at  991 3/4   Sep '09 down 21  at  961   Nov '09 down 10  at  935 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply lower as the market continued yesterday’s late reversal. Forecasts for additional rain in Argentina contributed to the downturn as did action in outside markets – a stronger dollar and weaker crude oil. This put oil crop contracts in a bearish mode as March is in position to test recent support around $9.60. A close below that level would bring retracement values of $9.20 and $8.87 into play. Corn declined also, as the whole grain complex went on the defensive. Unlike soybeans, today’s losses didn’t leave the same bearish look. March is testing shallow trendline, but remains well above the recent low at $3.60. Wheat Cash bid for January at Memphis  459 3/4 to 469 3/4; Bids to farmers at Local Elevators 479-494; River Elevators 494-529; Chicago Futures: Mar '09 down  7 3/4  at  584 3/4    May '09 down 7 3/4  at  597 1/2    Jul '09 down  7 1/4  at  609    Sep '09 down  6 1/2  at  632    Dec '09 down  7 1/4  at  653    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  513 to 522; Bids to farmers at River Elevators 388-468; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   370 1/2 to 372 1/2;   new crop at Memphis   369 1/2 to - - -; Bids to farmers at River Elevators  332 to 357 Chicago Futures: Mar '09 down  16 1/4  at  377 1/2    May '09 down  16 1/4  at  388 1/2    Sep '09 down  16 1/4  at  409 1/2    Dec '09 down  16  at  423    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower following soybeans, but losses were limited by dry conditions in Hard Red Winter wheat country. Over 60% of the Texas crop is now in poor to very poor condition. The January high of $6.45 remains key resistance for March. Cotton & Rice  Date: January 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 72 at  4735   Greenwood down  72 at 4735 New York Futures: Mar '09 down  72  at  5135    May '09 down  34  at  5175    Jul '09 down  15  at  5258    Dec '09 down  12  at  5655    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.58 cents   The estimate for next week is  12.19 cents Cotton Comment Cotton 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  12 1/2  at  1233    May '09 down  14  at  1247    Jul '09 down  12 1/2  at  1264    Sep 09 down  9 1/2  at  1261 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to slide lower with futures seemingly headed toward the next chart support at $11.78. U.S. milled rice exports are extremely low as current price quotes are at a wide premium to other growths. The possibility of increased U.S. plantings in ’09 won’t help this market. Cattle & Hogs  Date: January 27, 2009 Cattle As reported by Federal-State Market News, receipts were 868 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly $2-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80.75 to - - - Slaughter Cows, Boners 40   to   48 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   57.50, high dressing 61.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 107 at 8127   Apr '09 down 120 at 8440 Feeders: Mar '09 down 145 at 9027   May '09 down 130 at 9320 Cattle Comment Cattle futures were sharply lower under pressure from big losses in hogs and technical selling after yesterday’s weak close. Support is between $80.60 and $80.65 for February. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Feb '09 down 225 at 5575   Apr '09 down 207 at 6070 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs got hammered today, with many contracts setting new lows. Fund liquidation and news that packers are cutting production in the wake of negative packer margins added downward pressure. The market is extremely oversold, though, and that could limit the downside in the short-run. Poultry  Date: January 27, 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. 69-75 Toms: 16-24 lbs. 69-74   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Retail and food service demand was mostly fair with limited features. Supplies were more than sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use