01/12/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 12, 2010 Soybeans Local Elevators: (Jan) EAST AR:  943 to 957 (NC) Summ. 880 to 930 River Elevators: (Jan) MISS: 946 to 1001 ; AR & White 946 to 960 (NC) Summ. 910 to 940 Ark. Processor Bids: (Jan) 949 to 960  (NC) 905 to 922 Memphis:  (Jan) 998 to - - - (NC)  945 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 960 ; Pendleton 957 ; West Memphis 1001 Chicago Futures: Mar down 32 1/2 at  978   May  down  31 1/2  at  985 3/4   July down 30  at  992 3/4   Sept down 27  at  976 1/2   Nov down 25 1/4  at  965   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean futures plunged lower as the USDA revised their yield estimate up to 44 bushels. 2009 production is now estimated to be 3.361 billion bushels. The carryover estimate dropped 10 million bushels thanks to an increase in both the export and domestic usage estimates. The trade was expecting a 20 million bushel cut, though, so that ended up being bearish for prices. The Brazilian crop estimate was increased to 65 million metric tons, a record by a long shot, and sure to cut into U.S. exports in the second half of the marketing year. March has support at $9.60. Wheat Cash bid for January at Memphis  475 3/4 to 504 3/4; Bids to farmers at Local Elevators 499-506; River Elevators 496-529; Chicago Futures: Mar down  36 3/4  at  535 3/4    May down 36  at  548 3/4    July down  35 1/4  at  559 1/4    Sept down  35  at  573 1/2    Dec down  35  at  596 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  701 to - - -; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   387 1/2 to 388 1/2;   New crop at Memphis   345 to 405; Bids to farmers at River Elevators  373 to - - - Chicago Futures: Mar down  30  at  392 1/2    May down  30  at  403    Sept down  30  at  415    Dec down  29 1/4  at  417 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures were limit-down in reaction to the annual production report. Even though approximately a half a billion bushels of corn remain in the field, USDA raised their harvested acreage estimate 300,000 acres and their yield estimate to 165.2 bushels per acre—the net result being an increase of 230 million bushels in the production estimate. USDA did say that revisions to the estimates could come in March, despite the fact that this is the annual report. March has support just below $3.80. Despite the smallest winter wheat seedings in nearly 100 years, wheat futures were sharply lower as well. Why? Because demand for wheat is terrible. USDA increased the carryover estimate to 976 million bushels despite a larger than expected cut in production. July had support at the chart gap between $5.16 and $5.29. Cotton & Rice  Date: January 12, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 145 at  6879   Greenwood down  145 at 6879 New York Futures: Mar down  145  at  7279    May down  144  at  7396    July down  124  at  7492    Oct down  105  at  7431    Dec down  80  at  7452  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures posted losses in light of a mostly neutral USDA report. Production was cut slightly to 12.401 million bales. Only slight changes were seen in both US and world supply/demand numbers as well. Strength in the value of the dollar and carryover weakness from other commodities provided pressure. March has support at the recent low of 72.43 cents. Rice Long Grain Cash Bid for  Jan/Feb 1305/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  46  at  1435    May down  47  at  1460    July down  48  at  1482    Sept down  25 1/2  at  1372 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted sharp losses as well. USDA raised their production estimate 1 percent to 220 million cwt. Average yield, at 7,085 lbs. per acre, was up 47 lbs. from the previous estimate and 239 lbs. from 2008. Probably impacting the market more, though, was the quarterly stocks report. Rough rice stocks were up 13 percent from a year ago and milled rice stocks were up 8 %. March has support around $14. Cattle & Hogs  Date: January 12, 2010 Cattle As reported by Federal-State Market News, receipts were 395 head at sales in Heber Springs.  Compared with last week, feeder steers - - - . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 103.25 to - - -   600 to 650 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 87.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 44   to   49 Light Weight 28 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   58 Midwest Steers   were $1.50 lower to $2.50 higher   at   85   to   85.50 Panhandle Steers   were steady to 50¢ lower   at   85   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 105.50 to 114.25   550 to 600 lbs. 99 to 111.25 Heifers 500 to 550 lbs. 93 to 96.85   550 to 600 lbs. 90 to 98.50 Chicago Futures: Live Cattle: Feb up 40 at 8545   April steady 0 at 8922 Feeders: Mar up 190 at 9830   May up 165 at 9997 Cattle Comment Cattle futures were mostly higher. Early losses in live cattle futures were attributed to the increase in the corn production estimate, but pressure was tempered by the end of the day. Key support for February is near $84. Hogs Peoria: were     steady   at   40   to   42 Chicago Futures: Feb down 27 at 6640   April down 27 at 7102 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were also lower. The larger corn crop estimate has the market concerned that lower feed costs will encourage farmers to raise more hogs. Poultry  Date: January 12, 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 steady to fully steady. Retail and food service demand was moderate to fairly good. 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