01/22/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: January 22, 2009 Soybeans Local Elevators: (Jan) EAST AR:  994 to 1017 (NC) Summ. 868 to 898 River Elevators: (Jan) MISS: 1012 to 1024 ; AR & White 982 to 997 (NC) Summ. 872 to 898 Ark. Processor Bids: (Jan) 1003 to 1007  (NC) 878 to 898 Memphis:  (Jan) 1027 to - - - (NC)  897 1/2 to 902 1/2 Riceland Foods:  (Jan) Stuttgart 1007 ; Pendleton 1017 ; West Memphis 1024 Chicago Futures: Mar '09 down 8 1/2 at  1012   May '09  down  9 3/4  at  1019 1/2   Jul '09 down 11  at  1027 1/2   Sep '09 down 17  at  987   Nov '09 down 16 1/2  at  957 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The rollercoaster ride continued today as soybeans are up one day down the next. Today was a down day, mostly due to outside markets. The drought in South America limited losses in nearby contracts. For March, a close above $10.60, or below $9.60 will signal further movement in the direction of the breakout. Corn was also lower. Slowing demand remains a problem. Ethanol use is hampered by the weak crude oil market, and feed use has been trimmed significantly as livestock and poultry production are decreasing. Big stocks suggest fewer acres are needed in ’09, but the market will try to keep this from being overdone. Wheat Cash bid for January at Memphis  441 3/4 to 451 3/4; Bids to farmers at Local Elevators 461-476; River Elevators 468-511; Chicago Futures: Mar '09 down  5  at  566 3/4    May '09 down 5  at  579 1/2    Jul '09 down  4 1/2  at  591 1/4    Sep '09 down  4 1/2  at  614 1/4    Dec '09 down  4  at  636 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  531 to 540; Bids to farmers at River Elevators 405-485; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   377 1/2 to 382 1/2;   new crop at Memphis   379 3/4 to - - -; Bids to farmers at River Elevators  342 to 367 Chicago Futures: Mar '09 down  2 3/4  at  387 1/2    May '09 down  2 1/2  at  398 1/2    Sep '09 down  2  at  419 3/4    Dec '09 down  2 1/4  at  433 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower as well, also under pressure from outside markets. News of sales of U.S. wheat to Japan and South Korea provided underlying support. Technical support for July begins at Tuesday’s low of $5.74. Cotton & Rice  Date: January 22, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 170 at  4493   Greenwood up  170 at 4493 New York Futures: Mar '09 up  16 1/2  at  4887    May '09 up  161  at  4940    Jul '09 up  151  at  5000    Dec '09 up  161  at  5410    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  14.16 cents   The estimate for next week is  13.58 cents Cotton Comment Cotton moved higher for the second day in a row. Lower values are expected to kick-start export buying, but world economic conditions will continue to limit demand near term. Everyone is anticipating a significant cut in ’09 plantings, but that depends on input costs, which are declining, and the price of competing crops. For now, the feeling is acreage cuts – anywhere from 1 to 2 million acres. That could be significant later in the year certainly if weather becomes a factor. For now December has key resistance at 57.2 cents and support at 52 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar '09 down  33  at  1269 1/2    May '09 down  31  at  1283    Jul '09 down  32 1/2  at  1287    Sep '09 down  13  at  1275    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice moved to new contract lows today. U.S. milled rice remains out of the mix for most markets with current quotes ranging $100 to $200 a ton above other available growths. That means limited inquiry for U.S. rice and is leaving the overall milling industry with a lot of free time. Rough rice exports are moving at a good pace, but only account for about 1/3 of total exports. Cattle & Hogs  Date: January 22, 2009 Cattle As reported by Federal-State Market News, receipts were 2,505 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -   500 to 550 lbs. 107.50 to - - -   600 to 650 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89 to - - - Slaughter Cows, Boners 40   to   45 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50, high dressing $57.50-61 Midwest Steers   were $1 lower to steady   at   82   to   - - - Panhandle Steers   were $1 lower to steady   at   82   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 7 at 8227   Apr '09 up 20 at 8540 Feeders: Mar '09 up 95 at 9230   May '09 up 75 at 9545 Cattle Comment Cattle futures recovered a bit today. The up-tick can be attributed mostly to position evening ahead of tomorrow’s monthly cattle on feed report, which is expected to show a 7% smaller on feed inventory. February now has support there at $81.75. The market continues to be concerned with the state of the economy and its effect on beef demand. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Feb '09 up 32 at 5965   Apr '09 up 5 at 6540 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. February set a new contract low yesterday, so support begins at $58.60. Concerns about demand and technical selling were the focus today. Poultry  Date: January 22, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 98-102; Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 69-75 Toms: 16-24 lbs. 69-74   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies were readily available 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