01/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 29, 2009 Soybeans Local Elevators: (Jan) EAST AR:  953 to 976 (NC) Summ. 841 to 871 River Elevators: (Jan) MISS: 871 to 986 ; AR & White 945 to 960 (NC) Summ. 853 to 881 Ark. Processor Bids: (Jan) 962 to 966  (NC) 851 to 871 Memphis:  (Jan) 985 1/2 to 990 1/2 (NC)  876 to - - - Riceland Foods:  (Jan) Stuttgart 966 ; Pendleton 976 ; West Memphis 983 Chicago Futures: Mar '09 down 12 at  970 1/2   May '09  down  12 1/4  at  977 3/4   Jul '09 down 12 1/2  at  985   Sep '09 down 7  at  956   Nov '09 down 3 1/2  at  931   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pressured by rain in Argentina, as well as, outside markets. A stronger dollar and weaker oil added to the negative undertone. Technically, support just below $9.60 could be tested in the near term. Penetration of that support would bring retracement objectives at $9.53 and $9.20 into play. Corn closed lower, but as we have seen in recent weeks the market was much less volatile. March futures are holding above a shallow trendline drawn off the contract low and support near $3.60. Corn is doing a balancing act between poor utilization and a potential decrease in ’09 plantings. Wheat Cash bid for January at Memphis  453 to 473; Bids to farmers at Local Elevators 473-498; River Elevators 480-523; Chicago Futures: Mar '09 down  17 1/4  at  578    May '09 down 17  at  591    Jul '09 down  16 3/4  at  602 3/4    Sep '09 down  16 1/4  at  625 3/4    Dec '09 down  16 1/4  at  647 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  521 to 530; Bids to farmers at River Elevators 396-476; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   376 3/4 to 381 3/4;   new crop at Memphis   374 to - - -; Bids to farmers at River Elevators  337 to 372 Chicago Futures: Mar '09 down  2 3/4  at  381 3/4    May '09 down  2 1/2  at  393    Sep '09 down  2 1/2  at  414    Dec '09 down  2 3/4  at  427 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Despite recent ideas to the contrary, U.S. wheat is still faring poorly in the export market. The market was down sharply today as traders reacted to the weekly export sales report. There were more cancellations than new sales this week, which actually shrank the actual yearly sales total by 2 million bushels. The January high of $6.45 remains key resistance for March, while support begins at the recent low of $5.49. Cotton & Rice  Date: January 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  150 at  4557   Greenwood   150 at 4557 New York Futures: Mar '09 down  97  at  5010    May '09 down  41  at  5114    Jul '09 down  32  at  5203    Dec '09 down  54  at  5580    - - - down  - - -  at  - - -  This week's LDP rate for cotton is  13.58 cents   The estimate for next week is  11.98 cents Cotton Comment Cotton traded in a narrow range as the market continues to consolidate just below recent resistance. Overall fundamentals are unchanged with world economic conditions weighing on use. Upside potential seems limited although a December close above 57.20 cents would open the market to retracement objectives at 69 to 75 cents. That will likely take another substantial cut in plantings, weather problems, and an increase in demand. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar '09 down  50  at  1180    May '09 down  41 1/2  at  1204    Jul '09 down  39  at  1221    Sep '09 down  33  at  1225    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures plunged sharply lower with March hitting long term chart support at $11.80. The next support lies between $10.70 and $10.20. Fundamentals are unchanged, although the current downturn could begin to bring U.S. milled prices back in line with competition. It may also reduce the possibilities of ’09 plantings increasing. Cattle & Hogs  Date: January 29, 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 steady to $.50 lower   at   80   to   - - - Panhandle Steers   were steady to $.50 higher   at   80   to   80.50 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 8110   Apr '09 down 10 at 8432 Feeders: Mar '09 up 5 at 9062   May '09 up 5 at 9355 Cattle Comment Cattle futures narrowly mixed. February set a new contract low of $80.55 today. The market has psychological support at $80, and support on the weekly chart at $77.50. Hogs Peoria: were $1     lower   at   34.5   to   35 Chicago Futures: Feb '09 up 27 at 5700   Apr '09 down 10 at 6125 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed. The market had become oversold and due a correction, and profit taking has moved the market higher the past two days. The recent low of $55.70 is the first level of support for February. Poultry  Date: January 29, 2009 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 99-103; 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 mostly steady. Supplies of all sizes 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