01/15/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 15, 2010 Soybeans Local Elevators: (Jan) EAST AR:  939 to 953 (NC) Summ. 857 to 912 River Elevators: (Jan) MISS: 953 to 997 ; AR & White 938 to 952 (NC) Summ. 890 to 922 Ark. Processor Bids: (Jan) 945 to 956  (NC) 882 to 900 Memphis:  (Jan) 986 to 996 (NC)  922 1/4 to - - - Riceland Foods:  (Jan) Stuttgart 956 ; Pendleton 953 ; West Memphis 997 Chicago Futures: Mar down 10 at  974   May  down  10 1/2  at  980 1/4   July down 11 1/2  at  984 1/2   Sept down 14 3/4  at  958 1/4   Nov down 17 1/4  at  942 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean futures were under renewed selling pressure. 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  450 to 480; Bids to farmers at Local Elevators 475-482; River Elevators 474-505; Chicago Futures: Mar down  17 3/4  at  510    May down 17 1/4  at  523 1/2    July down  16 3/4  at  534 3/4    Sept down  16  at  549 3/4    Dec down  15 3/4  at  574 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  663 to - - -; Bids to farmers at River Elevators 521-596; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   369 1/2 to 372 1/2;   New crop at Memphis   329 to 384; Bids to farmers at River Elevators  343 to 364 Chicago Futures: Mar down  9 1/2  at  371 1/2    May down  9 1/4  at  382 1/2    Sept down  9 1/4  at  399    Dec down  9 1/2  at  406    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower, and July could head for a retest of support around $5.30. 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. Corn futures were lower again today. March was lower, but held above support at the chart gap between $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 15, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 83 at  6808   Greenwood down  83 at 6808 New York Futures: Mar down  83  at  7208    May down  89  at  7319    July down  87  at  7424    Oct down  72  at  7359    Dec down  58  at  7373  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 1267/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  6  at  1397 1/2    May down  4  at  1425 1/2    July down  5  at  1450    Sept down  12  at  1370    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the week on a down note. 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 15, 2010 Cattle As reported by Federal-State Market News, receipts were 9,760 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $5 to $8 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 96 to - - -  Medium & Large Frame 2   450 to 500 lbs. 106 to - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 90 to - - -  Medium & Large Frame 2   450 to 500 lbs. 86 to - - - Slaughter Cows, Boners 43   to   49 Light Weight 28 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   63 Midwest Steers   n/a   at   - - -   to   - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 101 to 114.50   550 to 600 lbs. 112.50 to 114 Heifers 500 to 550 lbs. 87 to 102   550 to 600 lbs. 87 to 99.50 Chicago Futures: Live Cattle: Feb up 70 at 8735   April down 2 at 9052 Feeders: Mar up 70 at 9865   May down 10 at 9972 Cattle Comment Cattle futures were mixed. Recent big gains in hog futures were supportive. Nearby February gapped above resistance at $86.80, with additional resistance seen just above $88. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb up 92 at 6997   April up 52 at 7327 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment February hogs set a new high for the move. Stronger than expected cash hog and pork prices were supportive. Poultry  Date: January 15, 2010 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 94-98; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 71-79; Eastern Region Turkeys Hens: 8-16 lbs. 76 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was steady to fully steady. Demand entering the weekend was mostly moderate. 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. 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