01/14/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 14, 2010 Soybeans Local Elevators: (Jan) EAST AR:  949 to 963 (NC) Summ. 875 to 925 River Elevators: (Jan) MISS: 963 to 1007 ; AR & White 948 to 962 (NC) Summ. 907 to 935 Ark. Processor Bids: (Jan) 955 to 966  (NC) 900 to 917 Memphis:  (Jan) 999 to 1006 (NC)  939 1/2 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 966 ; Pendleton 963 ; West Memphis 1007 Chicago Futures: Mar down 8 1/2 at  984   May  down  9  at  990 3/4   July down 10  at  996   Sept down 13 1/2  at  973   Nov down 15  at  959 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean futures posted big losses today despite a positive export report. USDA said 27.7 million bushels of soybeans were sold to foreign buyers this week. The long-only index funds are still readjusting positions after the surprising production report this week, and that pushed futures lower. March is still holding above Tuesday’s low of $9.70, so that is a good sign. Wheat Cash bid for January at Memphis  467 3/4 to 497 3/4; Bids to farmers at Local Elevators 492-499; River Elevators 490-522; Chicago Futures: Mar down  9 1/4  at  527 3/4    May down 9 1/4  at  540 3/4    July down  9 1/2  at  551 1/2    Sept down  10  at  565 3/4    Dec down  9  at  590    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  680 to - - -; Bids to farmers at River Elevators 539-614; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   377 to 379;   New crop at Memphis   338 1/4 to 393 1/4; Bids to farmers at River Elevators  353 to 374 Chicago Futures: Mar down  3  at  381    May down  3 1/2  at  391 3/4    Sept down  3 3/4  at  408 1/4    Dec down  3 1/4  at  415 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned lower today. The gap left Tuesday in reaction to the supply/demand report between $5.90 ¾ and $5.60 ¼ could prove to be tough resistance 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 is so far holding above Tuesday’s low of $5.47. Corn futures were lower again today. March traded in a narrow range within yesterday’s trading range and 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 14, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 52 at  6891   Greenwood down  52 at 6891 New York Futures: Mar down  52  at  7291    May down  54  at  7408    July down  45  at  7511    Oct down  35  at  7431    Dec down  29  at  7431  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures saw renewed weakness despite the USDA reporting the highest export sales total for the marketing year. 437,000 running bales of old and new crop cotton were sold to foreign customers this week. March has support at the recent low of 72.43 cents. Rice Long Grain Cash Bid for  Jan/Feb 1273/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  7  at  1403 1/2    May up  6  at  1429 1/2    July up  7  at  1455    Sept up  8  at  1382    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended higher, but didn’t make much progress recovering from the week’s big losses. 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 is hovering around previous support at $14. Cattle & Hogs  Date: January 14, 2010 Cattle As reported by Federal-State Market News, receipts were 3680 head at sales in Charlotte and Green Forest.  Compared with last week, feeder steers sold $2 to $7 higher, instances $10 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to - - -   500 to 550 lbs. 104.50 to - - -   600 to 650 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 30 to 35 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52   to   59 Midwest Steers   n/a   at   - - -   to   - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 104.50 to 110.75   550 to 600 lbs. 103 to 110 Heifers 500 to 550 lbs. 95 to 102   550 to 600 lbs. 94.50 to 97 Chicago Futures: Live Cattle: Feb up 95 at 8665   April up 85 at 9055 Feeders: Mar up 37 at 9795   May up 45 at 9982 Cattle Comment Cattle futures turned higher today. Brisk cash market movement and yesterday’s big gains in hog futures were supportive. February found resistance at $86.80 too much, and backed off a bit from the day’s high. Hogs Peoria: were 50¢ to $3     lower   at   39   to   41 Chicago Futures: Feb up 7 at 6905   April down 57 at 7275 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were overbought after yesterday’s rally, and profit taking weighed on futures. Today’s high of $69.40 is the first level of resistance. Poultry  Date: January 14, 2010 Eggs New York:  Ex. Lg. 125-129; Lg. 123-127; Med. 92-96; 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. Demand approaching the weekend was mostly moderate. Supplies of all sizes were adequate 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