01/262009 Farm Bureau Market Report

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Grain & Soybean Date: January 26, 2009 Soybeans Local Elevators: (Jan) EAST AR:  991 to 1014 (NC) Summ. 856 to 883 River Elevators: (Jan) MISS: 1009 to 1024 ; AR & White 984 to 999 (NC) Summ. 865 to 893 Ark. Processor Bids: (Jan) 1000 to 1004  (NC) 866 to 886 Memphis:  (Jan) 1022 to 1024 (NC)  890 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 1004 ; Pendleton 1014 ; West Memphis 1021 Chicago Futures: Mar '09 unchanged at  1009   May '09  up  1/2  at  1016 3/4   Jul '09 up 3/4  at  1024   Sep '09 up 1  at  982   Nov '09 up 2 1/4  at  945 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After making big early gains based on Argentina weather, soybeans reversed to close narrowly mixed. The weak close, after big early gains are negative for the soybean market. It makes the 4th or 5th time that March futures have failed to move above $10.40. Corn closed off the day’s highs but remained on the positive side. For the first time in over 6 months corn received a good sales report which suggests feed grade wheat is about gone and the U.S. could see increased exports. Stronger crude oil was also a positive as it appears the bottom is in. This would be a good sign for corn ethanol usage. March resistance is $4.02 and then $4.28. Wheat Cash bid for January at Memphis  467 1/2 to 477 1/2; Bids to farmers at Local Elevators 486-501; River Elevators 498-536; Chicago Futures: Mar '09 up  9 3/4  at  592 1/2    May '09 up 9 3/4  at  605 1/4    Jul '09 up  10  at  616 1/4    Sep '09 up  9 1/4  at  638 1/2    Dec'09   9  at  660 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  542 to 551; Bids to farmers at River Elevators 417-498; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   383 3/4 to 386 3/4;   new crop at Memphis   385 3/4 to - - -; Bids to farmers at River Elevators  349 to 374 Chicago Futures: Mar '09 up  3 1/4  at  393 3/4    May '09 up  3 1/4  at  404 3/4    Sep '09 up  3 1/2  at  425 3/4    Dec '09 up  3  at  439    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was the upside leader today. Export demand has been supporting prices, but a big cancellation today caused futures to close at the bottom of the day’s trading range. The January high of $6.45 remains key resistance for March. Cotton & Rice  Date: January 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 143 at  4807   Greenwood up  143 at 4807 New York Futures: Mar '09 up  141  at  5205    May '09 up  125  at  5202    Jul '09 up  126  at  5265    Dec '09 up  139  at  5670    n/a up  - - -  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 the rebound of late last week with December in position to test resistance at the recent 57.2 cents high. A close above this would suggest trading would eventually move toward retracement objectives of 53.5 and 69.2 cents. Overall fundamentals remain bearish with world economic conditions reducing projected world utilization. The smaller U.S. plantings are this year, the better the long term bounce in the market. Rice Long Grain Cash Bid for  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar '09 down  29 1/2  at  1245 1/2    May '09 down  29  at  1261    Jul '09 down  21 1/2  at  1276 1/2    Sep '09 up  3  at  1271    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice remains under heavy selling pressure as U.S. milled rice exports are almost non-existent. With U.S. quotes above $600 per tonne, there is little demand to growths in Vietnam and Thailand remain substantially lower. Vietnam continues to cover many of the current tenders. Technically, March futures have penetrated fall support and the market appears to be headed toward $11.78 support on weekly charts. Cattle & Hogs  Date: January 26, 2009 Cattle As reported by Federal-State Market News, receipts were 3,933 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold mostly weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.25 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 82 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 39   to   45 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing 58-62 Midwest Steers   were $1 higher   at   81   to   82 Panhandle Steers   remained   at   81   to   82 Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 106   600 to 650 lbs. 96 to 97.85 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb '09 down 32 at 8235   Apr '09 down 20 at 8560 Feeders: Mar '09 down 102 at 9172   May '09 down 115 at 9450 Cattle Comment Cattle futures failed to hold early gains charted in reaction to Friday’s cattle on feed report. The USDA pegged the January 1 on-feed inventory at 92.9% of the year-ago total. The market’s failure to sustain upward momentum in the wake of a clearly bullish report is troubling. Today’s high of $83.62 ½ is now resistance for February. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Feb '09 down 92 at 5800   Apr '09 down 162 at 6277 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment February hogs moved to new contract lows again today. Weaker pork prices and negative packer margins were bearish. Today’s low of $57.70 is the first level of support for February. Poultry  Date: January 26, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; 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 mostly steady. Demand following the weekend was fair at best 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