01/16/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 16, 2009 The markets will be closed on Monday, March 19, 2009 in observance of the holiday. The next report will be published on Tuesday, January 20, 2009. Soybeans Local Elevators: (Jan) EAST AR:  1002 to 1025 (NC) Summ. 892 to 912 River Elevators: (Jan) MISS: 1020 to 1035 ; AR & White 995 to 1010 (NC) Summ. 887 to 912 Ark. Processor Bids: (Jan) 1011 to 1015  (NC) 892 to 912 Memphis:  (Jan) 1030 to 1036 (NC)  902 to 912 Riceland Foods:  (Jan) Stuttgart 1015 ; Pendleton 1025 ; West Memphis 1032 Chicago Futures: Mar '09 up 25 1/2 at  1020   May '09  up  25 3/4  at  1029   Jul '09 up 25 1/4  at  1038 1/2   Sep '09 up 18  at  1003   Nov '09 up 11 1/2  at  972   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans have recouped a large part of the early week losses that resulted from Monday’s supply demand report. Concern about continued hot, dry conditions in Argentina combined with strong Chinese buying to boost the market ahead of a three day weekend. March futures have been unable to push above $10.22 the last two sessions and will need to exceed last week’s high of $10.40 to signal a resumption of the recent uptrend. Corn benefited from the weather concerns in Argentina and Brazil traders evened short positions ahead of the long 3 day weekend. Some private estimates have South American corn production down 20% from last year. March futures remains 37 cents below last week’s high of $4.28. That will be tough resistance on any sustained upturn. Wheat Cash bid for January at Memphis  453 1/4 to - - -; Bids to farmers at Local Elevators 472-487; River Elevators 479-522; Chicago Futures: Mar '09 up  9 1/2  at  578 1/4    May '09 up 9 1/4  at  590 3/4    Jul '09 up  9 1/2  at  602 1/4    Sep '09 up  9 1/4  at  624 1/2    Dec '09 up  9 1/2  at  646 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  538 to 546; Bids to farmers at River Elevators 412-492; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   376 to 381;   new crop at Memphis   383 1/4 to - - -; Bids to farmers at River Elevators  346 to 371 Chicago Futures: Mar '09 up  25 3/4  at  391    May '09 up  25 1/2  at  401 3/4    Sep '09 up  26 1/4  at  423 1/4    Dec '909 up  25 3/4  at  436 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the week on a positive note, mostly on carryover strength from corn and soybeans. The market has been ignoring the weather all week, but the threat of winter kill to the already smaller-than-expected winter wheat crop was also supportive today. Cotton & Rice  Date: January 16, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 47 at  4500   Greenwood up  47 at 4500 New York Futures: Mar '09 up  59  at  4912    May '09 up  59  at  4970    Jul '09 up  48  at  5053    Dec '09 up  99  at  5505    - - -   - - -  at  - - -  This week's LDP rate for cotton is  14.16 cents   The estimate for next week is  13.34 cents Cotton Comment Cotton rebounded over the last two sessions to retrace a portion of the early week declines. Demand numbers continue to slide as evidenced by lower projected exports and U.S. mill use in Monday’s report. The impact was limited by a small downward correction in production which contributed to a lower projected stocks number. While lower stocks are more than ample and will limit upside. New crop December appears to have good support at 52 cents with resistance at last week’s high of $57.2 cents. Reduced plantings in ’09 will eventually move this market higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar '09 up  13 1/2  at  1364 1/2    May '09 up  15  at  1381    Jul '09 up  15 1/2  at  1395    Sep '09 down  5  at  1335    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures managed a positive close after finding support just above $13. Mills are running well below capacity as new sales are almost non-existent. Rough rice exports continue at a good pace, but the situation is such that not much will happen at current price levels. Vietnam continues to move rice at or around $400 per tonne, at the same time the intervention program in Thailand has pushed their market up near $600 on new crop rice. Their only sales appear to be at a much lower level on older government stocks. For now the market has little upside, and that may lead to a retest of previous support at $13.03. Cattle & Hogs  Date: January 16, 2009 Cattle As reported by Federal-State Market News, receipts were 11,870 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.50 to - - -   500 to 550 lbs. 100.25 to - - -   600 to 650 lbs. 89.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.50 to - - - Slaughter Cows, Boners 39   to   46 Light Weight 25 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   55, high dresing 55-59.50 Midwest Steers   were $.50 lower   at   83   to   - - - Panhandle Steers   remained   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 97 to 114   600 to 650 lbs. 89 to 102.25 Heifers 500 to 550 lbs. 84 to 100   600 to 650 lbs. 82.50 to 94.50 Chicago Futures: Live Cattle: Feb '09 up 17 at 8452   Apr '09 up 37 at 8767 Feeders: Mar '09 up 7 at 9437   May '09 up 10 at 9740 Cattle Comment Cattle futures turned higher today. Stronger beef prices and good packer margins were supportive. February found resistance at $85.15. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Feb '09 up 12 at 5995   Apr '09 up 17 at 6602 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended the day a bit higher on profit taking after this week’s big losses. A weaker dollar and higher stock prices also gave the market a boost today. Poultry  Date: January 16, 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 entering the weekend was fair at best with trading usually limited to regular commitments. Supplies of all sizes were usually sufficient 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use