01/15/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 15, 2009 Soybeans Local Elevators: (Jan) EAST AR:  977 to 1000 (NC) Summ. 871 to 901 River Elevators: (Jan) MISS: 995 to 1013 ; AR & White 969 to 984 (NC) Summ. 875 to 901 Ark. Processor Bids: (Jan) 986 to 990  (NC) 881 to 901 Memphis:  (Jan) 1009 1/2 to 1010 1/2 (NC)  900 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 990 ; Pendleton 1000 ; West Memphis 1007 Chicago Futures: Mar '09 up 23 at  994 1/2   May '09  up  23  at  1003 1/4   Jul '09 up 23 1/4  at  1013 1/4   Sep '09 up 13  at  985   Nov '09 up 5 1/4  at  960 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean futures posted double digit gains today. The weekly export report was the driving factor this morning, with USDA reporting 50.1 million bushels sold for export last week. China was the major buyer. Friday’s high of $10.39 ½ looks like important overhead resistance for March. Corn posted losses of about a penny. The weekly export sales report wasn’t any better than previous weeks. Only 8.5 million bushels were sold for export last week, and total exports for the marketing year are roughly half of what they were at this time last year. Recent price action looks ominous, and the market is clearly searching for support. Wheat Cash bid for January at Memphis  443 3/4 to 448 3/4; Bids to farmers at Local Elevators 463-478; River Elevators 470-513; Chicago Futures: Mar '09 down  5 1/2  at  568 3/4    May '09 down 5 1/2  at  581 1/2    Jul '09 down  5 1/4  at  592 3/4    Sep '09 down  4  at  615 1/4    Dec '09 down  3 1/2  at  636 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  492 to 500; Bids to farmers at River Elevators 366-400; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   350 1/4 to 355 1/4;   new crop at Memphis   357 to - - -; Bids to farmers at River Elevators  320 to 345 Chicago Futures: Mar '09 down  1 1/4  at  365 1/4    May '09 down  1 1/4  at  376 1/4    Sep '09 down  1  at  397    Dec '09 down  1/2  at  411    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower in reaction to the weekly export sales report. Only 87,900 tons were sold last week, and that was well below trade expectations. Cotton & Rice  Date: January 15, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 253 at  4453   Greenwood up  253 at 4453 New York Futures: Mar '09 up  266  at  4866    May '09 up  226  at  4916    Jul '09 up  165  at  4980    Dec '09 up  184  at  5423    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  12.97 cents   The estimate for next week is  14.16 cents Cotton Comment Cotton posted sharp gains, despite a disappointing export report. USDA says only 125,000 running bales were sold for export last week. Shipments were a bit higher at 200,200 bales, but that is still below the weekly total needed to meet USDA’s export estimate for the marketing year. Resistance for March begins at the recent high of 50.90 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar '09 up  4 1/2  at  1351    May '09 up  4 1/2  at  1366    Jul '09 up  3  at  1379 1/2    Sep '09 up  15  at  1340    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was mostly higher today, mostly due to profit taking on ideas recent losses were overdone. The recent production report was seen as bearish, despite a modest cut in production. Many feel that the cut did not reflect the true losses seen due to hurricanes this fall. March has initial overhead resistance at Monday’s large chart gap between $13.95 and $14.35. Cattle & Hogs  Date: January 15, 2009 Cattle As reported by Federal-State Market News, receipts were 2,449 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.25 to - - -   500 to 550 lbs. 107 to - - -   600 to 650 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.75 to - - - Slaughter Cows, Boners 37   to   43 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50, high dressing not tested Midwest Steers   were $1.50 to $.50 higher   at   83.50   to   - - - Panhandle Steers   were $1 higher   at   83   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 up 100 at 8435   Apr '09 up 47 at 8730 Feeders: Mar '09 up 32 at 9430   May '09 up 12 at 9730 Cattle Comment Cattle futures were mixed. Carryover weakness from the hog pit and concerns about the economy were the driving factors. Losses in stocks and crude oil futures were also bearish for prices. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Feb '09 down 10 at 5982   Apr '09 down 85 at 6585 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted sharp losses again today in light of weaker cutout values and negative packer margins. Worries about demand for pork in the weak economy were also a factor. Poultry  Date: January 15, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 92-96; Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 69-74 Toms: 16-24 lbs. 69-73   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand was mostly fair with limited trading. Supplies were at least adequate 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use