01/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 23, 2009 Soybeans Local Elevators: (Jan) EAST AR:  991 to 1014 (NC) Summ. 853 to 863 River Elevators: (Jan) MISS: 1009 to 1024 ; AR & White 984 to 999 (NC) Summ. 863 to 891 Ark. Processor Bids: (Jan) 1000 to 1004  (NC) 863 to 883 Memphis:  (Jan) 1024 to - - - (NC)  883 1/4 to 888 1/4 Riceland Foods:  (Jan) Stuttgart 1004 ; Pendleton 1014 ; West Memphis 1021 Chicago Futures: Mar '09 down 3 at  1009   May '09  down  3 1/4  at  1016 1/4   Jul '09 down 4 1/4  at  1023 1/4   Sep '09 down 6  at  981   Nov '09 down 14 1/4  at  943 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended lower following crude oil. A positive export sales report was not enough to carry the market higher, and neither was a surprisingly low crop estimate from Argentina. The Buenos Aries Cereals Exchange today said the Argentine crop will be between 34.5 and 38.5 million metric tons. The current USDA estimate is 49.5 million. For March, a close above $10.60, or below $9.60 will signal further movement in the direction of the breakout. Corn was sharply higher. The USDA says that 43.8 million bushels were sold for export last week. One week certainly doesn’t make up for sluggish exports this year, but it was encouraging to see that U.S. prices have fallen enough to spark buying interest around the world. Wheat Cash bid for January at Memphis  457 3/4 to 467 3/4; Bids to farmers at Local Elevators 476-491; River Elevators 483-526; Chicago Futures: Mar '09 up  16  at  582 3/4    May '09 up 16  at  595 1/2    Jul '09 up  15  at  606 1/4    Sep '09 up  15  at  629 1/4    Dec '09 up  14 3/4  at  651 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  537 to 546; Bids to farmers at River Elevators 410-491; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   380 1/2 to 385 1/2;   new crop at Memphis   382 1/4 to - - -; Bids to farmers at River Elevators  345 to 370 Chicago Futures: Mar '09 up  3  at  390 1/2    May '09 up  3  at  401 1/2    Sep '09 up  2 1/2  at  422 1/4    Dec '09 up  2 1/2  at  436    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the day sharply higher. The Buenos Aries Cereals Exchange is now estimating a 27% cut in the wheat crop in Argentina. The export report was just a bit above expectations at 15.2 million bushels. Technical support for July begins at Tuesday’s low of $5.74. Cotton & Rice  Date: January 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 171 at  4664   Greenwood up  171 at 4664 New York Futures: Mar '09 up  157  at  5050    May '09 up  115  at  5063    Jul '09 up  120  at  5130    Dec '09 up  156  at  5554    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.09 cents   The estimate for next week is  18.59 cents Cotton Comment Cotton continued to climb higher today. USDA reported this morning that export sales were 486,800 running bales last week, indicating that lower prices have finally sparked buying. 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 up  5 1/2  at  1275    May '09 up  7  at  1290    Jul '09 up  11  at  1298    Sep '09 down  7  at  1268    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice turned higher after moving to new contract lows two days in a row. 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 23, 2009 Cattle As reported by Federal-State Market News, receipts were 9,910 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 98.25 to - - -   600 to 650 lbs. 92.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.75 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 28 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57, high dressing 57.50-65 Midwest Steers   were $2-1 lower   at   80   to   81 Panhandle Steers   were $1 lower to steady   at   81   to   82 Oklahoma City Feeders Steers 500 to 550 lbs. 95.50 to 116   600 to 650 lbs. 89.50 to 103 Heifers 500 to 550 lbs. 87 to 98   600 to 650 lbs. 81.50 to 94 Chicago Futures: Live Cattle: Feb '09 up 40 at 8267   Apr '09 up 40 at 8580 Feeders: Mar '09 up 45 at 9275   May '09 up 20 at 9565 Cattle Comment Cattle futures ended mixed on position evening ahead of this afternoon’s release of the monthly cattle on feed report, which is expected to show a 7% smaller on feed inventory. February now has support 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 down 72 at 5892   Apr '09 down 100 at 6440 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted sharp losses. February set a new contract low in early dealings today, so support begins there at $58.50. Carryover weakness from Wall Street and crude oil added downward pressure. Poultry  Date: January 23, 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. Demand entering the weekend was mostly fair with limited trading. 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