01/08/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 08, 2010 Soybeans Local Elevators: (Jan) EAST AR:  985 to 999 (NC) Summ. 914 to 959 River Elevators: (Jan) MISS: 1005 to 1041 ; AR & White 988 to 1004 (NC) Summ. 941 to 972 Ark. Processor Bids: (Jan) 993 to 1002  (NC) 939 to 952 Memphis:  (Jan) 1042 to 1043 (NC)  979 to - - - Riceland Foods:  (Jan) Stuttgart 1002 ; Pendleton 999 ; West Memphis 1032 Chicago Futures: March down 4 at  1022   May  down  3 1/4  at  1027 3/4   July down 3 1/4  at  1032 1/4   Sept down 2 1/2  at  1012 1/2   Nov down 3/4  at  999   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans retraced a portion of early declines but still ended the session a little lower. While everyone anticipates increased export projections in next week’s report, there is growing concern that China will switch to South America soybeans and likely cancel some purchases from the U.S. A very good crop is developing in South America and most analysts expect the production estimate to be raised in the January 12 report. March futures bounced off trendline support around $10.13. Inability to hold this level would be bearish. Wheat Cash bid for January at Memphis  508 1/2 to 538 1/2; Bids to farmers at Local Elevators 529-533; River Elevators 527-556; Chicago Futures: Mar up  10 3/4  at  568 1/2    May up 10 3/4  at  580 3/4    July up  1 1/2  at  590 1/2    Sept up  10 3/4  at  604 1/2    Dec up  11 3/4  at  627 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  755 to - - -; Bids to farmers at River Elevators 614-689; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   419 to - - -;   New crop at Memphis   375 3/4 to 435 3/4; Bids to farmers at River Elevators  387 to 409 Chicago Futures: Mar up  5 1/2  at  423    May up  5 1/4  at  433 1/4    Sept up  5 3/4  at  445 3/4    Dec up  5 1/2  at  449    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted strong gains today. A decline in winter wheat seedings is expected in Tuesday’s report, but it has been expected for some time and should be about factored into prices at this point. U.S. wheat remains overpriced relative to competition and long term will need to decline in order to get export business. Corn finished on a strong note with gains of 4 to 6 cents . March closed near the high of the day and just under key resistance. A close above $4.25 would be positive. Little consensus has developed with regard to USDA’s production estimate next week. Potential losses from unharvested corn range as high as 100 million bushels. Cotton & Rice  Date: January 08, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 45 at  6844   Greenwood down  45 at 6844 New York Futures: Mar down  45  at  7244    May down  46  at  7361    July down  35  at  7427    Oct down  28  at  7397    Dec down  38  at  7414  This week's LDP rate for cotton is  0 cents   The estimate for next week is  1.02 cents Cotton Comment Cotton was lower again today as concerns about Chinese demand increased. The market was not responsive to a weaker dollar after China raised interest rates earlier in the week. Long term bigger U.S. plantings will be needed as stocks worldwide continue to tighten. March futures could work toward support at 71.7 cents or perhaps even 70.2 cents. Rice Long Grain Cash Bid for  Jan/Feb 1365/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  5 1/2  at  1495 1/2    May down  6 1/2  at  1520 1/2    July down  7  at  1543 1/2    Sept down  1/2  at  1394 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continues in a consolidation pattern with March support around $14.50. There has been little fresh news to give the market direction. Any adjustments in the U.S. supply demand report should be minor. Cattle & Hogs  Date: January 08, 2010 Cattle As reported by Federal-State Market News, receipts were 2,515 head at sales in Arkansas this week.  Compared with last week, feeder steers have no recent comparison . Steers:  Medium & Large Frame 1   400 to 450 lbs. 101.50 to - - -   500 to 550 lbs. 91.50 to - - -   600 to 650 lbs. 86.75 to - - -  Medium & Large Frame 2   450 to 500 lbs. 84 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 80 to - - -  Medium & Large Frame 2   450 to 500 lbs. 75 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 26 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   57 Midwest Steers   were $1 higher   at   85   to   - - - Panhandle Steers   were 50¢ to $1 lower   at   83   to   83.50 Oklahoma City Feeders Steers 500 to 550 lbs. 99 to 113.50   550 to 600 lbs. 94.50 to 109 Heifers 500 to 550 lbs. 83 to 96   550 to 600 lbs. 81.5 to 96.50 Chicago Futures: Live Cattle: Feb down 10 at 8582   April up 35 at 8980 Feeders: Mar down 17 at 9665   May down 17 at 9860 Cattle Comment Cattle futures ended mostly lower. A lack of cash trade added to the negative undertone. A close below $85.35 would open the market to further losses. Resistance is at the recent high of $86.80. Hogs Peoria: were     steady   at   40   to   42 Chicago Futures: Feb up 15 at 6725   April up 52 at 7142 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment February hogs posted losses today. Yesterday’s high just above $68 could prove to be tough resistance. Recent weather woes will bring a backload of hogs to market next week, and that is adding pressure. Poultry  Date: January 08, 2010 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 87-91; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 74-82; Eastern Region Turkeys Hens: 8-16 lbs. 78.38 Toms: 16-24 lbs. 78.38   Delmarva Broilers U.S. Grade A The market tone was fully steady to firm. Demand was moderate to good entering the weekend. Supplies of all sizes were adequate to closely balanced. 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