01/13/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 13, 2010 Soybeans Local Elevators: (Jan) EAST AR:  958 to 972 (NC) Summ. 890 to 940 River Elevators: (Jan) MISS: 972 to 1016 ; AR & White 957 to 971 (NC) Summ. 922 to 950 Ark. Processor Bids: (Jan) 964 to 975  (NC) 915 to 932 Memphis:  (Jan) 1007 1/2 to 1010 1/2 (NC)  954 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 975 ; Pendleton 972 ; West Memphis 1016 Chicago Futures: Mar up 14 1/2 at  992 1/2   May  up  14  at  999 3/4   July up 13 1/4  at  1006   Sept up 10  at  986 1/2   Nov up 9 1/2  at  974 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean futures retraced a big portion of yesterday’s losses, but couldn’t come close to closing the big gap left on the charts. USDA increased their yield estimate to a record-setting 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  477 to 507; Bids to farmers at Local Elevators 501-508; River Elevators 500-531; Chicago Futures: Mar up  1 1/4  at  537    May up 1 1/4  at  550    July up  1 3/4  at  561    Sept up  2 1/2  at  575 3/4    Dec up  2 1/2  at  599    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  686 to - - -; Bids to farmers at River Elevators 545-620; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   380 to - - -;   New crop at Memphis   342 to 397; Bids to farmers at River Elevators  354 to 375 Chicago Futures: Mar down  8 1/2  at  384    May down  8  at  395    Sept down  3  at  412    Dec up  1 1/4  at  418 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures recovered from early losses to close about a penny higher. The gap left yesterday between $5.90 ¾ and $5.60 ¼ could prove to be tough resistance though, despite the smallest winter wheat seedings in nearly 100 years. 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 around $5.30. The sell-off continued today in corn futures. March gapped lower for a second day in a row, but did close near the top of the day’s trading range. March looks to have found support at the chart gap to $3.67 and $3.62 left in October. 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. Cotton & Rice  Date: January 13, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 64 at  6943   Greenwood up  64 at 6943 New York Futures: Mar up  64  at  7343    May up  66  at  7462    July up  64  at  7556    Oct up  35  at  7466    Dec up  8  at  7460  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures recovered a good portion of yesterday’s losses, which were probably overdone because of carryover weakness from other commodities. Production was cut slightly to 12.401 million bales. Only slight changes were seen in both US and world supply/demand numbers as well. March has support at the recent low of 72.43 cents. Rice Long Grain Cash Bid for  Jan/Feb 1266/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  38 1/2  at  1396 1/2    May down  36 1/2  at  1423 1/2    July down  34  at  1448    Sept up  1 1/2  at  1374    - - -   - - -  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 %. The majority of the increase is in medium grain, however, so losses in Chicago are probably overdone. March took out support at $14 today, and now has support between $13.90 and $13.50. Cattle & Hogs  Date: January 13, 2010 Cattle As reported by Federal-State Market News, receipts were 1333 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold mostly $3 to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 91.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 85 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 43   to   49 Light Weight 25 to 33 Bulls, Yield Grade   1   1400   to   2300 lbs.   56   to   65 Midwest Steers   were steady to 50¢ higher   at   85   to   - - - Panhandle Steers   were 50¢ higher   at   85.50   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 25 at 8570   April up 47 at 8970 Feeders: Mar down 72 at 9757   May down 60 at 9937 Cattle Comment Cattle futures were mostly lower. Lower corn prices have sparked ideas that cattle production will increase. Ideas that the beef market is topping were also a negative. Key support for February is near $84. Hogs Peoria: were steady to $1.50     higher   at   41.50   to   42 Chicago Futures: Feb up 257 at 6897   April up 230 at 7332 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures posted big gains buoyed by strong pork exports and stronger-than-expected cash prices. February hogs gapped to new highs for the move. Poultry  Date: January 13, 2010 Eggs New York:  Ex. Lg. 120-124; Lg. 118-122; 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. 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