01/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 30, 2009 Soybeans Local Elevators: (Jan) EAST AR:  947 to 985 (NC) Summ. 855 to 885 River Elevators: (Jan) MISS: 983 to 995 ; AR & White 955 to 970 (NC) Summ. 865 to 895 Ark. Processor Bids: (Jan) 971 to 975  (NC) 865 to 885 Memphis:  (Jan) 990 to 1000 (NC)  890 to - - - Riceland Foods:  (Jan) Stuttgart 975 ; Pendleton 985 ; West Memphis 992 Chicago Futures: Mar '09 up 9 1/2 at  980   May '09  up  9  at  986 3/4   Jul '09 up 8 3/4  at  993 3/4   Sep '09 up 12  at  968   Nov '09 up 14  at  945   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher after March bounced off support. The market is showing some resiliency after seeing improved moisture in Argentina. However, there remain concerns about impact weather has had and will have on this crop. At the same time, this week’s movement left a reversal on weekly charts which could signal further declines. For now, the key is whether the market can hold above $9.60. Corn closed lower up held above a short term trend as exports are improving. The last two weeks sales were over 40 million bushels. Total sales are just over 50% of year ago levels, but it appears the world supply of feed wheat is declining and U.S. corn may benefit from that. Overall demand remains somewhat subdued. Wheat Cash bid for January at Memphis  445 to 463; Bids to farmers at Local Elevators 463-488; River Elevators 470-513; Chicago Futures: Mar '09 down  10  at  568    May '09 down 10 1/4  at  580 3/4    Jul '09 down  10  at  592 3/4    Sep '09 down  10 1/4  at  615 1/2    Dec '09 down  12  at  635 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  516 to 530; Bids to farmers at River Elevators 391-471; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   374 to 379;   new crop at Memphis   371 3/4 to - - -; Bids to farmers at River Elevators  334 to 369 Chicago Futures: Mar '09 down  2 3/4  at  379    May '09 down  2 3/4  at  390 1/4    Sep '09 down  2 1/4  at  411 3/4    Dec '09 down  2 1/4  at  425    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower as the market saw another poor export report yesterday. There are indications export demand is improving, including gulf basis, but there hasn’t been much physical evidence yet. There is evidence of a broadening drought situation in the Southern Plains which could eventually boost the market. Cotton & Rice  Date: January 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  66 at  4491   Greenwood   66 at 4491 New York Futures: Mar '09 down  57  at  4950    May '09 down  61  at  5040    Jul '09 down  57  at  5138    Dec '09 down  91  at  5500    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.58 cents   The estimate for next week is  11.98 cents Cotton Comment Cotton closed lower again today 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  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar '09 down  3  at  1177    May '09 down  4  at  1200    Jul '09 down  12 1/2  at  1208 1/2    Sep '09 down  27  at  1198    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower again today. March should have support at long term 62% retracement objective of $11.46. 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 30, 2009 Cattle As reported by Federal-State Market News, receipts were 5,680 head at sales in Arkansas this week.  Compared with last week, feeder steers $1-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.50 to - - -   500 to 550 lbs. 98 to - - -   600 to 650 lbs. 89 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 27 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers     at   80   to   80.50 Oklahoma City Feeders Steers 500 to 550 lbs. 98 to 111.93   600 to 650 lbs. 95.50 to 102.50 Heifers 500 to 550 lbs. 81.25 to 89   600 to 650 lbs. 70 to 85.60 Chicago Futures: Live Cattle: Feb '09 up 90 at 8200   Apr '09 up 77 at 8510 Feeders: Mar '09 up 37 at 9100   May '09 up 77 at 9432 Cattle Comment Cattle futures improved slightly but upside was limited by ongoing concern about demand. Cutout values were sharply lower on Thursday. This afternoon’s mid-year inventory report is expected to show shorter feeder numbers and that was supportive of feeder futures. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Feb '09 up 155 at 5855   Apr '09 up 172 at 6297 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply higher as futures appear to have bottomed, at least temporarily. April could push toward 67 cents, but if the market is going to move higher pork will have to show some improvement. Packers continue a steady kill pace, despite poor margins. Poultry  Date: January 30, 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 steady at best. Demand entering the weekend was mostly fair 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