01/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 27, 2009 Soybeans Local Elevators: (Jan) EAST AR:  958 to 981 (NC) Summ. 874 to 876 River Elevators: (Jan) MISS: 976 to 891 ; AR & White 951 to 966 (NC) Summ. 855 to 878 Ark. Processor Bids: (Jan) 967 to 971  (NC) 856 to 876 Memphis:  (Jan) 991 to - - - (NC)  880 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 971 ; Pendleton 981 ; West Memphis 988 Chicago Futures: Mar '09 down 33 at  976   May '09  down  33  at  983 3/4   Jul '09 down 32 1/4  at  991 3/4   Sep '09 down 21  at  961   Nov '09 down 10  at  935 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply lower as the market continued yesterday’s late reversal. Forecasts for additional rain in Argentina contributed to the downturn as did action in outside markets – a stronger dollar and weaker crude oil. This put oil crop contracts in a bearish mode as March is in position to test recent support around $9.60. A close below that level would bring retracement values of $9.20 and $8.87 into play. Corn declined also, as the whole grain complex went on the defensive. Unlike soybeans, today’s losses didn’t leave the same bearish look. March is testing shallow trendline, but remains well above the recent low at $3.60. Wheat Cash bid for January at Memphis  459 3/4 to 469 3/4; Bids to farmers at Local Elevators 479-494; River Elevators 494-529; Chicago Futures: Mar '09 down  7 3/4  at  584 3/4    May '09 down 7 3/4  at  597 1/2    Jul '09 down  7 1/4  at  609    Sep '09 down  6 1/2  at  632    Dec '09 down  7 1/4  at  653    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  513 to 522; Bids to farmers at River Elevators 388-468; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   370 1/2 to 372 1/2;   new crop at Memphis   369 1/2 to - - -; Bids to farmers at River Elevators  332 to 357 Chicago Futures: Mar '09 down  16 1/4  at  377 1/2    May '09 down  16 1/4  at  388 1/2    Sep '09 down  16 1/4  at  409 1/2    Dec '09 down  16  at  423    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower following soybeans, but losses were limited by dry conditions in Hard Red Winter wheat country. Over 60% of the Texas crop is now in poor to very poor condition. The January high of $6.45 remains key resistance for March. Cotton & Rice  Date: January 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 72 at  4735   Greenwood down  72 at 4735 New York Futures: Mar '09 down  72  at  5135    May '09 down  34  at  5175    Jul '09 down  15  at  5258    Dec '09 down  12  at  5655    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.58 cents   The estimate for next week is  12.19 cents Cotton Comment Cotton again failed to push through key resistance at the recent high of 57.2 cents for the December contract. Fundamentals remain bearish long term with little indication the current economic situation will right itself any time soon. A smaller U.S. ’09 crop will help bring things back into balance. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar '09 down  12 1/2  at  1233    May '09 down  14  at  1247    Jul '09 down  12 1/2  at  1264    Sep 09 down  9 1/2  at  1261 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to slide lower with futures seemingly headed toward the next chart support at $11.78. U.S. milled rice exports are extremely low as current price quotes are at a wide premium to other growths. The possibility of increased U.S. plantings in ’09 won’t help this market. Cattle & Hogs  Date: January 27, 2009 Cattle As reported by Federal-State Market News, receipts were 868 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly $2-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80.75 to - - - Slaughter Cows, Boners 40   to   48 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   57.50, high dressing 61.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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 107 at 8127   Apr '09 down 120 at 8440 Feeders: Mar '09 down 145 at 9027   May '09 down 130 at 9320 Cattle Comment Cattle futures were sharply lower under pressure from big losses in hogs and technical selling after yesterday’s weak close. Support is between $80.60 and $80.65 for February. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Feb '09 down 225 at 5575   Apr '09 down 207 at 6070 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs got hammered today, with many contracts setting new lows. Fund liquidation and news that packers are cutting production in the wake of negative packer margins added downward pressure. The market is extremely oversold, though, and that could limit the downside in the short-run. Poultry  Date: January 27, 2009 Eggs New York:  Ex. Lg. 126-130; Lg. 124-128; 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 steady at best. Retail and food service demand was mostly fair with limited features. Supplies were more than sufficient 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