01/28/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 28, 2009 Soybeans Local Elevators: (Jan) EAST AR:  965 to 988 (NC) Summ. 845 to 875 River Elevators: (Jan) MISS: 983 to 998 ; AR & White 957 to 972 (NC) Summ. 854 to 882 Ark. Processor Bids: (Jan) 874 to 878  (NC) 855 to 875 Memphis:  (Jan) 997 1/2 to 1002 1/2 (NC)  879 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 978 ; Pendleton 988 ; West Memphis 995 Chicago Futures: Mar '09 up 6 1/2 at  982 1/2   May '09  up  6 1/4  at  990   Jul '09 up 5 3/4  at  997 1/2   Sep '09 up 2  at  963   Nov '09 up 1  at  934 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts closing higher despite light rains in the drought areas of Argentina. The market is watching long range forecasts closely as the Argentine crop could be good or bad depending on moisture over the next 10 days to 2 weeks. The futures market is discounting new crop contracts as evidenced by the current structure. November is trading about 50 cents less than March. March support remains around $9.60. Corn was higher across the board, influenced by both outside markets – weak dollar, stronger oil and concerns about weather impact on Argentina’s crop. The market is cautious because there is a general feeling that USDA will make further adjustments in use in their February report. Ending stocks could top 2 billion bushels, further depressing the market. Wheat Cash bid for January at Memphis  470 1/4 to 485 1/4; Bids to farmers at Local Elevators 490-515; River Elevators 505-540; Chicago Futures: Mar '09 up  10 1/2  at  595 1/4    May '09 up 10 1/2  at  608    Jul '09 up  10 1/2  at  619 1/2    Sep '09 up  10  at  642    Dec '09 up  10 3/4  at  663 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  526 to 535; Bids to farmers at River Elevators 400-480; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   379 1/2 to 381 1/2;   new crop at Memphis   376 1/2 to - - -; Bids to farmers at River Elevators  339 to 375 Chicago Futures: Mar '09 up  7  at  384 1/2    May '09 up  7  at  395 1/2    Sep '09 up  7  at  416 1/2    Dec '09 up  7  at  430    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat recovered from yesterday’s big losses. The market shifted its focus back to the condition of the crop. Over 60% of the Texas crop is now in poor to very poor condition, and many soft red winter wheat fields are covered in ice. Export demand is picking up as well, so that is supporting futures. The January high of $6.45 remains key resistance for March. Cotton & Rice  Date: January 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 28 at  4707   Greenwood down  28 at 4707 New York Futures: Mar '09 down  30  at  5105    May '09 down  25  at  5150    Jul '09 down  23  at  5235    Dec '09 up  20  at  5675    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.58 cents   The estimate for next week is  12.03 cents Cotton Comment Cotton chopped sideways closing slightly lower as it 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  3  at  1230    May '09 down  1 1/2  at  1245 1/2    Jul '09 down  4  at  1260    Sep '09 down  3 1/2  at  1258    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures finally stabilized with all contracts slightly lower for the day. While U.S. export price quotes have dropped below $600 per tonne, they remain at a substantial premium to other export growths. This has most mills running well below capacity as farmers remain tight holders. The rough rice export market remains good. Export movement is a little above year ago levels, but total sales remain well behind. This is reflective of hand to mouth purchasing in a declining market as opposed to heavy forward buying in a rising market. March futures have long term chart support at $11.79. Cattle & Hogs  Date: January 28, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were quoted   at   80   to   80.50 Panhandle Steers   were quoted   at   80   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 108.25   600 to 650 lbs. 95.50 to 102.50 Heifers 500 to 550 lbs. 87.50 to 96   600 to 650 lbs. 85 to 93.50 Chicago Futures: Live Cattle: Feb '09 down 10 at 8117   Apr '09 up 2 at 8442 Feeders: Mar '09 up 30 at 9057   May '09 up 30 at 9350 Cattle Comment Cattle futures ended mixed. Carryover strength from Wall Street and optimism about the impending passage of the economic stimulus package by Congress provided support. Technical support is between $80.60 and $80.65 for February. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Feb '09 up 97 at 5672   Apr '09 up 65 at 6135 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted gains on technical buying on indications the market had become oversold. Stronger U.S. stock markets were also supportive. Yesterday’s low of $55.70 is the first level of support for February. Poultry  Date: January 28, 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. 69-74 Toms: 16-24 lbs. 69-74   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. 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