01/11/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 11, 2010 Soybeans Local Elevators: (Jan) EAST AR:  976 to 990 (NC) Summ. 905 to 955 River Elevators: (Jan) MISS: 993 to 1034 ; AR & White 978 to 992 (NC) Summ. 935 to 965 Ark. Processor Bids: (Jan) 982 to 993  (NC) 930 to 947 Memphis:  (Jan) 1030 1/2 to 1031 1/2 (NC)  970 1/4 to - - - Riceland Foods:  (Jan) Stuttgart 993 ; Pendleton 990 ; West Memphis 1034 Chicago Futures: Mar down 11 1/2 at  1010 1/2   May  down  10 1/2  at  1017 1/4   July down 9 1/2  at  1022 3/4   Sept down 9  at  1003 1/2   Nov down 8 3/4  at  990 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned lower today, despite weakness in the dollar. The charts have taken on a bearish appearance, as an outside week down was charted last week. March futures have now violated trendline support around $10.13, signaling further losses are possible. The January crop report, to be released tomorrow, will give us the final USDA production estimate. The average trade guess shows ending stocks declining thanks to strong exports and domestic use, despite larger production. Wheat Cash bid for January at Memphis  512 1/2 to 541 1/2; Bids to farmers at Local Elevators 535-542; River Elevators 531-565; Chicago Futures: Mar up  4  at  572 1/2    May up 4  at  584 3/4    July up  4  at  594 1/2    Sept up  4  at  608 1/2    Dec up  4  at  631 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  754 to - - -; Bids to farmers at River Elevators 613-688; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   418 1/2 to - - -;   New crop at Memphis   375 to 435; Bids to farmers at River Elevators  390 to 411 Chicago Futures: Mar down  1/2  at  422 1/2    May down  1/4  at  433    Sept down  3/4  at  445    Dec down  1 1/2  at  447 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted 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. Weakness in the dollar helped with that today, though. Corn was a bit lower, failing to follow through on last week’s strength. The trade is expecting to see 100 million bushels cut from USDA’s production estimate in tomorrow’s report. Last week’s high of $4.26 is the first level of resistance for March. Cotton & Rice  Date: January 11, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 180 at  7024   Greenwood up  180 at 7024 New York Futures: Mar up  180  at  7424    May up  179  at  7540    July up  189  at  7616    Oct up  139  at  7536    Dec up  118  at  7532  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton posted sharp gains today on position evening ahead of the production and supply/demand reports that will be released tomorrow. News of fresh export sales also gave the market a boost. Long term bigger U.S. plantings will be needed as stocks worldwide continue to tighten. Rice Long Grain Cash Bid for  Jan/Feb 1351/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  14 1/2  at  1481    May down  13 1/2  at  1507    July down  13 1/2  at  1530    Sept up  3 1/2  at  1398    - - -   - - -  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 11, 2010 Cattle As reported by Federal-State Market News, receipts were 399 head at sales in Ash Flat.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105 to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - --  Medium & Large Frame 2   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 81.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80.75 to - - - Slaughter Cows, Boners 41   to   46 Light Weight - - - to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   54 Midwest Steers   were $1.50 to $2 higher   at   83   to   86.50 Panhandle Steers   were $1.50 to $2.50 higher   at   85   to   85.50 Oklahoma City Feeders Steers 500 to 550 lbs. 105.50 to 114.25   550 to 600 lbs. 97 to 104 Heifers 400 to 500 lbs. 94.50 to 100.50   500 to 600 lbs. 98.50 to - - - Chicago Futures: Live Cattle: Feb down 77 at 8505   April down 57 at 8922 Feeders: Mar down 25 at 9640   May down 27 at 9832 Cattle Comment Cattle futures ended lower. The weather is warming up and that will be less stressful on cattle and will potentially bring a backlog of animals to market. February had violated the recent uptrend, but found support at $85. Key resistance is at the recent high at $86.80. Hogs Peoria: were     steady   at   40   to   42 Chicago Futures: Feb down 57 at 6667   April down 12 at 7130 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were also lower. Last week’s high just above $68 could prove to be tough resistance. Recent weather woes will bring a backload of hogs to market this week. Poultry  Date: January 11, 2010 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 87-91; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 71-79; Eastern Region Turkeys Hens: 8-16 lbs. 77.30 Toms: 16-24 lbs. 77.30   Delmarva Broilers U.S. Grade A The market tone was fully steady to firm. Demand was light to fairly good following the weekend. 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