01/28/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 28, 2010 Soybeans Local Elevators: (Jan) EAST AR:  889 to 901 (NC) Summ. 870 to 892 River Elevators: (Jan) MISS: 897 to 945 ; AR & White 882 to 892 (NC) Summ. 870 to 902 Ark. Processor Bids: (Jan) 902 to 904  (NC) 879 to 880 Memphis:  (Jan) 948 3/4 to 949 3/4 (NC)  904 1/4 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 904 ; Pendleton 901 ; West Memphis 945 Chicago Futures: Mar up 2 3/4 at  931 3/4   May  up  3  at  941 1/2   July up 3  at  948 1/2   Sept up 4 1/2  at  929 1/4   Nov up 7  at  922 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were steady to firm through the session and rallied slightly in the close. A big monthly crush and another strong export report provided good underlying support. However, even strong farmer holding has not been sufficient to put the market in a rebound mode. November managed to move back above the downtrend that was broken yesterday. The market will need a positive Friday close to get the trade thinking rebound. Wheat Cash bid for January at Memphis  427 to 457; Bids to farmers at Local Elevators 453-465; River Elevators 457-488; Chicago Futures: Mar up  3 1/4  at  487    May up 3 1/4  at  501    July up  3 1/4  at  512 3/4    Sept up  3  at  528    Dec up  2 1/4  at  554 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  646 to - - -; Bids to farmers at River Elevators 505-580; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   361 3/4 to - - -;   New crop at Memphis   318 1/2 to 376 1/2; Bids to farmers at River Elevators  335 to 356 Chicago Futures: Mar up  3 1/2  at  361 3/4    May up  3 1/2  at  372 3/4    Sept up  3 1/2  at  388 1/2    Dec up  3 1/2  at  395    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures followed corn and beans and inched higher. Upside potential remain limited despite six million aces less wheat being planted in the U.S. Large world stocks will keep the market competitive. Corn, both old and new crop, rallied off support to close higher for the day. This is key support which if broken would signal further nearterm weakness. A good export report was a positive market influence. Cotton & Rice  Date: January 28, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 9 at  6514   Greenwood down  9 at 6514 New York Futures: Mar down  9  at  6914    May up  10  at  7071    July down  5  at  7163    Oct down  21  at  7065    Dec down  24  at  7075  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was mostly lower again today with March holding above 69 cents and December closing near 71 cents. Losses of another penny or more could be seen. The market is very nervous about world economic conditions and the Chinese government tightening of available credit. As long as that situation persists, it will be difficult to move cotton substantially higher. The market sees little need to bid cotton higher with the current declines being seen in corn and soybeans. Rice Long Grain Cash Bid for  Jan/Feb 1290/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  10 1/2  at  1390    May down  9 1/2  at  1419 1/2    July down  11  at  1442    Sept unchanged  0  at  1358    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower again today as the market continues to look for fresh fundamentals. Indicated U.S. purchases for Haiti and an Iraq tender for 120,000 metric tonnes or more for March/April delivery have not boosted the market. However, it would be a boost if the U.S. can secure that tender. Otherwise, the international market is steady and fairly quiet. An offer of Thai intervention stocks has been virtually ignored as price offered was well above other Asian offerings. Recent futures movement should have established the low end of the trading range for the time being. Cattle & Hogs  Date: January 28, 2010 Cattle As reported by Federal-State Market News, receipts were 2069 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold steady to $3 lower, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.50 to - - -   500 to 550 lbs. 105.25 to - - -   600 to 650 lbs. 98.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 32 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   58.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 116   550 to 600 lbs. 100 to 109 Heifers 500 to 550 lbs. 98 to 101.50   550 to 600 lbs. 93 to 99 Chicago Futures: Live Cattle: Feb up 27 at 8565   April up 22 at 8920 Feeders: Mar down 5 at 9847   May up 42 at 10100 Cattle Comment After 3 down days, live cattle finally had a positive move. However, last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb up 20 at 6677   April up 45 at 6940 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs inched higher again today after testing uptrend support. That long-term uptrend in hog futures remains intact, but the market is looking toppy. Support for February is near $65.25 in the form of an up trendline drawn off the August low. Poultry  Date: January 28, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106; Eastern Region Turkeys Hens: 8-16 lbs. 76 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was about steady to steady. Demand approaching the weekend was fair to moderate, best where features were planned or in progress. Supplies of all sizes were at least adequate to handle trade needs. In production areas live supplies were moderate at 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 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

01/27/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 27, 2010 Soybeans Local Elevators: (Jan) EAST AR:  886 to 898 (NC) Summ. 863 to 885 River Elevators: (Jan) MISS: 904 to 942 ; AR & White 889 to 899 (NC) Summ. 863 to 895 Ark. Processor Bids: (Jan) 899 to 901  (NC) 872 to 873 Memphis:  (Jan) 944 to 946 (NC)  897 1/4 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 901 ; Pendleton 898 ; West Memphis 942 Chicago Futures: Mar down 18 1/2 at  929   May  down  18 1/2  at  938 1/2   July down 18 1/2  at  945 1/2   Sept down 14 3/4  at  924 3/4   Nov down 14  at  915 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply lower as potential banking reforms could weigh on liquidity in the futures market. There are also rumors that China may have rejected a couple of loads of soybeans – this concern has been building as the potential for the South American crop continued to grow. Early harvest yields are good and that may be enough confirmation for the market. March closed below support just above $9.40 while November fell below uptrend support around $9.20. Both suggest further declines are probable, with the next support for November at $8.88. Wheat Cash bid for January at Memphis  423 3/4 to 453 3/4; Bids to farmers at Local Elevators 450-462; River Elevators 451-485; Chicago Futures: Mar down  10 1/4  at  483 3/4    May down 10  at  497 3/4    July down  10 1/4  at  509 1/2    Sept down  10  at  525    Dec down  9  at  552    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  640 to - - -; Bids to farmers at River Elevators 498-573; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   358 1/4 to - - -;   New crop at Memphis   315 1/4 to 373 1/4; Bids to farmers at River Elevators  331 to 352 Chicago Futures: Mar down  4  at  358 1/4    May down  4  at  369 1/4    Sept down  4 1/4  at  385 1/4    Dec down  3 3/4  at  391 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended lower. Technically, wheat is oversold and due a rebound, but poor demand probably points to further declines. Any rebound will be limited and short lived, unless last week’s export sales become the norm instead of the exception. Recent weakness in the Euro makes wheat from the Black Sea region tough to compete with in the global marketplace. March could retest support around $4.60. Corn declined with both March and September testing key support. March closed just below $3.60 while September fell to $3.85. Failure to hold here could see further declines of as much as 40 cents. Cotton & Rice  Date: January 27, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 59 at  6523   Greenwood down  59 at 6523 New York Futures: Mar down  59  at  6923    May down  55  at  7061    July down  42  at  7168    Oct down  44  at  7086    Dec down  56  at  7099  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton trended lower today with March holding above 69 cents and December closing near 71 cents. Losses of another penny or more could be seen. The market is very nervous about world economic conditions and the Chinese government tightening of available credit. As long as that situation persists, it will be difficult to move cotton substantially higher. The market sees little need to bid cotton higher with the current declines being seen in corn and soybeans. Rice Long Grain Cash Bid for  Jan/Feb 1300/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  10 1/2  at  1400 1/2    May down  11  at  1429    July down  10  at  1453    Sept down  10  at  1358    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed about 10 cents lower despite indication USDA will be making purchases for Haiti. In addition, Iraq has floated a tender for 120,000 metric tonnes or more for March/April delivery. That would be another good shot in the arm if the U.S. can secure that tender. Otherwise, the international market is steady and fairly quiet. An offer of Thai intervention stocks has been virtually ignored as price offered was well above other Asian offerings. Recent futures movement should have established the low end of the trading range for the time being. Cattle & Hogs  Date: January 27, 2010 Cattle As reported by Federal-State Market News, receipts were 1060 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold steady to firm . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.25 to - - -   500 to 550 lbs. 104.25 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.75 to - - - Slaughter Cows, Boners 43   to   47.50 Light Weight 27 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   55   to   61.50 Midwest Steers   were steady   at   84   to   - - - Panhandle Steers   were   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 114   550 to 600 lbs. 103 to 110 Heifers 500 to 550 lbs. 94.75 to 98.50   550 to 600 lbs. 92.75 to 97 Chicago Futures: Live Cattle: Feb down 15 at 8537   April down 35 at 8897 Feeders: Mar down 45 at 9852   May down 25 at 10057 Cattle Comment Cattle futures couldn’t sustain early gains and turned lower before the close. Last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb up 10 at 6657   April up 27 at 6895 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment The long-term uptrend in hog futures remains intact, but the market is looking toppy. Support for February is near $65.25 in the form of an up trendline drawn off the August low. Poultry  Date: January 27, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106; Eastern Region Turkeys Hens: 8-16 lbs. 76 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was steady. Demand was fair to moderate with limited features to aid interest. Supplies of all sizes were mostly sufficient to handle trade needs. In production areas live supplies were moderate at 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 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

01/26/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 26, 2010 Soybeans Local Elevators: (Jan) EAST AR:  908 to 917 (NC) Summ. 877 to 899 River Elevators: (Jan) MISS: 922 to 961 ; AR & White 907 to 917 (NC) Summ. 877 to 909 Ark. Processor Bids: (Jan) 918 to 920  (NC) 886 to 887 Memphis:  (Jan) 952 1/2 to 961 1/2 (NC)  911 1/4 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 920 ; Pendleton 917 ; West Memphis 961 Chicago Futures: Mar up 7 at  947 1/2   May  up  7 1/2  at  957   July up 7 3/4  at  964   Sept up 4 1/2  at  939 1/2   Nov up 3 3/4  at  929 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s losses to close higher. Strong demand is keeping the market from extending recent declines. With a big South American crop in the making, there is concern that China will cancel some U.S. sales. At this point, shipments against sales are moving at a good pace and concern about cancellations could be misplaced. Technically, beans are oversold and due a rally. November held key trendline support around 9.20 to 9.25. A close below that would signal further declines. Wheat Cash bid for January at Memphis  434 to 464; Bids to farmers at Local Elevators 460-472; River Elevators 460-495; Chicago Futures: Mar down  4 1/4  at  494    May down 4 1/4  at  507 3/4    July down  3 3/4  at  519 3/4    Sept down  3 1/4  at  535    Dec down  3  at  561    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  647 to - - -; Bids to farmers at River Elevators 505-580; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   360 1/4 to 362 1/4;   New crop at Memphis   319 1/2 to 377 1/2; Bids to farmers at River Elevators  335 to 356 Chicago Futures: Mar down  5 1/2  at  362 1/4    May down  5 1/2  at  373 1/4    Sept down  5  at  389 1/2    Dec down  4 1/4  at  395 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended lower. Technically, wheat is oversold and due a rebound, but poor demand probably points to further declines. Any rebound will be limited and short lived, unless last week’s export sales become the norm instead of the exception. Recent weakness in the Euro makes wheat from the Black Sea region tough to compete with in the global marketplace. Corn also reversed yesterday’s trade, closing lower. New crop September is trying to consolidate just below $4. Inability to hold here could see further declines with the next major support near $3.50. Recent declines may not stimulate much additional corn use, since ethanol and feed use appear to be near the maximum. Prospects of nearly 90 million acres being planted in 2010 are also pressuring the market. Cotton & Rice  Date: January 26, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 14 at  6582   Greenwood down  14 at 6582 New York Futures: Mar down  14  at  6982    May down  7  at  7116    July down  23  at  7210    Oct down  49  at  7130    Dec down  46  at  7155  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was slightly lower again today as the market continued a downturn which carried old crop March below 70 cents and pushed December near the 71.5 cents level. Overall, world economic conditions remain a factor in a market that appears to have upside potential, particularly from current price levels. The current sell off could push March to 68 cents before we see a rebound, while December could drop as low as 70 cents. Rice Long Grain Cash Bid for  Jan/Feb 1311/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar unchanged  0  at  1411    May unchanged  0  at  1440    July unchanged  0  at  1463    Sept down  1/2  at  1368    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was virtually unchanged as the market is attempting to hold last week’s upturn. Those two days of gains took the market out of the oversold condition technically and leaves the trade looking at fundamentals. Longer term, the market will need to see more export sales and continued demand to hold current levels and provide an opportunity for the market to work higher. Cattle & Hogs  Date: January 26, 2010 Cattle As reported by Federal-State Market News, receipts were 1037 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold firm to $3 higher, heifers weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to - - -   500 to 550 lbs. 109.50 to - - -   600 to 650 lbs. 99.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 112.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 90.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Slaughter Cows, Boners 43   to   48 Light Weight 29 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   - - -   to   - - - Midwest Steers   were steady to $1.50 lower   at   84   to   - - - Panhandle Steers   - - -   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 114   550 to 600 lbs. 103 to 110 Heifers 500 to 550 lbs. 94.75 to 98.50   550 to 600 lbs. 92.75 to 97 Chicago Futures: Live Cattle: Feb down 67 at 8552   April down 85 at 8932 Feeders: Mar up 20 at 9897   May up 27 at 10082 Cattle Comment Cattle futures were under pressure today from carryover weakness in hogs and general concerns about the economy. Last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb down 190 at 6647   April down 182 at 6867 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were weak and gapped lower. Cash markets were down as much as a dollar again today in reaction to Monday’s $2 drop in the composite pork cutout. Poultry  Date: January 26, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106; Eastern Region Turkeys Hens: 8-16 lbs. 76 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was steady. Retail and food service demand was fair to moderate with limited trading. Supplies were sufficient to satisfy current trade needs. In production areas live supplies were moderate at 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 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

01/25/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 25, 2010 Soybeans Local Elevators: (Jan) EAST AR:  906 to 920 (NC) Summ. 874 to 896 River Elevators: (Jan) MISS: 915 to 964 ; AR & White 900 to 910 (NC) Summ. 873 to 906 Ark. Processor Bids: (Jan) 911 to 923  (NC) 883 to 884 Memphis:  (Jan) 951 1/2 to 954 1/2 (NC)  907 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 923 ; Pendleton 920 ; West Memphis 964 Chicago Futures: Mar down 11 at  940 1/2   May  down  9 3/4  at  949 1/2   July down 8 1/2  at  956 1/4   Sept down 9 1/2  at  935   Nov down 7 3/4  at  925 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pushed lower again today as excellent weather conditions in South America have increased some estimates of that crop. Reports indicate good early yields in Brazil despite increased Asian rust. Some estimates suggest production of 68 million metric tonnes. This compares with the recent USDA estimate of 65. The previous record in 2008 was 61 mmt. Nevertheless, the crop will be a big one and could send the market even lower. Today’s close below last week’s low is technically negative and brings the summer low at $8.88 into play. New crop November could be driven to $8.78 and then possibly $8.40. Informa has 2010 U.S. soybean plantings at 79.9 million acres. Wheat Cash bid for January at Memphis  438 1/4 to 468 1/4; Bids to farmers at Local Elevators 464-476; River Elevators 465-499; Chicago Futures: Mar down  1/4  at  498 1/4    May down 1/4  at  512    July down  1/2  at  523 1/2    Sept down  1  at  538 1/4    Dec down  1  at  564    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  657 to - - -; Bids to farmers at River Elevators 516-591; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   365 3/4 to - - -;   New crop at Memphis   324 1/2 to 382 1/2; Bids to farmers at River Elevators  341 to 362 Chicago Futures: Mar up  3  at  367 3/4    May up  3 1/4  at  378 3/4    Sept up  2 3/4  at  394 1/2    Dec up  2 1/2  at  399 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the session slightly lower, after trimming early gains. Technically, wheat is oversold and due a rebound, but poor demand probably points to further declines. Any rebound will be limited and short lived, unless last week’s export sales become the norm instead of the exception. Corn managed small gains as the market consolidates just above last week’s low of $3.62 ¼ . A close below that level brings the March contract low of $3.15 ½ back into the mix. Informa projects U.S. 2010 plantings of 89.65 million acres up 3.2 million from last year. Coupled with big projected ending stocks, it limits upside potential. Cotton & Rice  Date: January 25, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 111 at  6596   Greenwood down  111 at 6596 New York Futures: Mar down  111  at  6996    May down  108  at  7123    July down  107  at  7233    Oct down  93  at  7179    Dec down  91  at  7201  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued a downturn which carried old crop March below 70 cents and pushed December near the 71.5 cents level. Overall, world economic conditions remain a factor in a market that appears to have upside potential, particularly from current price levels. The current sell off could push March to 68 cents before we see a rebound, while December could drop as low as 70 cents. Rice Long Grain Cash Bid for  Jan/Feb 1311/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  6  at  1411    May down  6 1/2  at  1440    July down  8 1/2  at  1463    Sept down  1/2  at  1368 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were lower as the market failed to continue the upturn of the last two sessions last week. Those two days of gains took the market out of the oversold condition technically and leaves the trade looking at fundamentals. Longer term, the market will need to see more export sales and continued demand to hold current levels and provide an opportunity for the market to work higher. Cattle & Hogs  Date: January 25, 2010 Cattle As reported by Federal-State Market News, receipts were 3331 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold mostly weak to $3 lower, heifers staeady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 97.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 91.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 41   to   47 Light Weight 32 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60 Midwest Steers   were $1 lower to $1.50 higher   at   84   to   86.50 Panhandle Steers   were steady   at   86   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 114   550 to 600 lbs. 104.75 to 111.75 Heifers 500 to 550 lbs. 95.25 to 103   550 to 600 lbs. 94 to 97 Chicago Futures: Live Cattle: Feb down 42 at 8620   April down 37 at 9017 Feeders: Mar down 82 at 9877   May down 65 at 10055 Cattle Comment Cattle futures declined despite remaining in a short term uptrend. Last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing. Wholesale beef appears to be retracing gains that carried to a seven month high. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb down 147 at 6837   April down 147 at 7050 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were weak and closed lower. Cash markets were down as much as a dollar as most plants had immediate needs covered. Poultry  Date: January 25, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106; Eastern Region Turkeys Hens: 8-16 lbs. 76 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was steady. Demand following the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at 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 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

01/22/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 22, 2010 Soybeans Local Elevators: (Jan) EAST AR:  917 to 931 (NC) Summ. 881 to 903 River Elevators: (Jan) MISS: 928 to 975 ; AR & White 913 to 927 (NC) Summ. 883 to 913 Ark. Processor Bids: (Jan) 923 to 934  (NC) 890 to 891 Memphis:  (Jan) 962 1/2 to 965 1/2 (NC)  915 1/4 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 934 ; Pendleton 931 ; West Memphis 975 Chicago Futures: Mar down 2 1/2 at  951 1/2   May  down  1 3/4  at  959 1/4   July down 1 1/4  at  964 3/4   Sept down 1 3/4  at  944 1/2   Nov down 3/4  at  933 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended lower again today. Last week’s report continues to loom over the market and a big improvement in the dollar has simply kept everything in a negative mode. Funds have assessed their strategies and many have abandoned their positions. March futures have no chart support above the summer/fall low at $8.88 now. New crop November held trendline support at $9.22, but could be pushed to the September low of $8.78 if the dollar continues to strengthen. Wheat Cash bid for January at Memphis  438 1/2 to 468 1/2; Bids to farmers at Local Elevators 464-476; River Elevators 466-499; Chicago Futures: Mar down  1  at  498 1/2    May down 3/4  at  512 1/4    July down  1  at  524    Sept down  1/2  at  539 1/4    Dec down  1/2  at  565    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  651 to - - -; Bids to farmers at River Elevators 511-586; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   362 3/4 to - - -;   New crop at Memphis   321 3/4 to 379 3/4; Bids to farmers at River Elevators  338 to 359 Chicago Futures: Mar down  7 1/4  at  364 3/4    May down  7 1/4  at  375 1/2    Sept down  7 1/4  at  391 3/4    Dec down  8 1/4  at  397 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures also attempted to rebound a bit today, but buying interest was limited. We planted the smallest winter wheat crop in nearly 100 years, but demand is so poor, the market didn’t need any more wheat. Inability to hold this level could see a move toward the July contract low of $4.83 ¾ . Corn was lower again today. The production report continues to be the focus of this market, and the higher dollar was also a factor today. Talk about plantings reaching 90 million acres will keep pressure on the market. There is a little over 6 million acres less wheat this year and much of that could end up in corn with new crop futures holding near $4. Cotton & Rice  Date: January 22, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 78 at  6707   Greenwood down  78 at 6707 New York Futures: Mar down  78  at  7107    May down  75  at  7231    July down  70  at  7340    Oct down  77  at  7272    Dec down  63  at  7292  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Weakness continued today in cotton. March violated trendline support at 72 cents earlier this week. This suggests a possible move to downside objectives near 70 and then 68 cents. Prospects of increased 2010 plantings are pushing new crop December lower. December could possibly test support at 71.5 cents. Rice Long Grain Cash Bid for  Jan/Feb 1317/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  29  at  1417    May up  28 1/2  at  1446 1/2    July up  29  at  1471 1/2    Sept up  15  at  1369    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was the exception, charting a powerful recovery today. Recent losses were potentially overdone thanks to carryover weakness from other commodities. Upside potential could be limited though until U.S. export sales increase. Last week’s report added a little rice to the production number but ending stocks were virtually unchanged as a result of increased export projections. Cattle & Hogs  Date: January 22, 2010 Cattle As reported by Federal-State Market News, receipts were 12,466 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady, heifers $3 to $8 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 104.50 to - - -   600 to 650 lbs. 95.50 to - - -  Medium & Large Frame 2   450 to 500 lbs. 106.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 93.25 to - - -  Medium & Large Frame 2   450 to 500 lbs. 92.75 to - - - Slaughter Cows, Boners 43   to   49 Light Weight 28 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60 Midwest Steers   were steady to $1 lower   at   85   to   - - - Panhandle Steers   were $1 higher   at   86   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103 to 116.50   550 to 600 lbs. 100 to 114.50 Heifers 500 to 550 lbs. 90 to 103.50   550 to 600 lbs. 90 to 99.75 Chicago Futures: Live Cattle: Feb down 22 at 8662   April up 5 at 9055 Feeders: Mar up 22 at 9960   May up 37 at 10120 Cattle Comment Cattle futures were mostly a bit higher. A surge in the value of the dollar was seen as an obstacle for meat exports and kept a lid on prices. Nearby February has resistance just above $88. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb down 95 at 6985   April down 67 at 7197 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were mostly lower again today. The market was technically overbought and is trading approximately $3.50 premium to cash prices, so a short-term correction was expected. A strong move in the dollar was seen as negative for pork exports. Poultry  Date: January 22, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; Chicago:  Ex. Lg. 115-123; Lg. 113-121; Med. 80-88; Eastern Region Turkeys Hens: 8-16 lbs. 76 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was steady. Demand entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at 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 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use