01/19/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 19, 2010 Soybeans Local Elevators: (Jan) EAST AR:  929 to 943 (NC) Summ. 887 to 909 River Elevators: (Jan) MISS: 940 to 987 ; AR & White 925 to 939 (NC) Summ. 887 to 919 Ark. Processor Bids: (Jan) 935 to 946  (NC) 896 to 897 Memphis:  (Jan) 978 1/2 to - - - (NC)  919 1/4 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 946 ; Pendleton 943 ; West Memphis 987 Chicago Futures: Mar down 10 1/2 at  963 1/2   May  down  10  at  970 1/4   July down 9 1/4  at  975 1/4   Sept down 7 1/4  at  951   Nov down 3  at  939 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower despite another announced sale to China. A stronger dollar contributed to the continuing weak undertone. Old crop March closed near the low for the day and near key support between $9.55 and $9.60. Concern about possible cancellation of sales as the South American crop becomes available is pressuring the market. The major unknown is whether funds will step in and be buyers at some point. Smaller wheat plantings suggest some 5 or 6 million acres will be available for corn, full season soybeans, or perhaps cotton and rice. Wheat Cash bid for January at Memphis  440 1/2 to 470 1/2; Bids to farmers at Local Elevators 467-474; River Elevators 468-497; Chicago Futures: Mar down  9 1/2  at  500 1/2    May down 9 1/4  at  514 1/4    July down  8 1/4  at  526 1/2    Sept down  7 3/4  at  542    Dec down  8  at  566 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  659 to - - -; Bids to farmers at River Elevators 518-593; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   367 1/4 to 368 1/4;   New crop at Memphis   327 to 385; Bids to farmers at River Elevators  342 to 363 Chicago Futures: Mar down  2 1/4  at  369 1/4    May down  2 1/4  at  380 1/4    Sept down  2  at  397    Dec down  2  at  404    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower, again today, with July violating support at $5.30. We planted the smallest winter wheat crop in nearly 100 years, but demand is so poor, the market didn’t need any more wheat. Wheat fell through support near $5.40 and closed near the next level at $5.25. Inability to hold this level could see a move toward the July contract low of $4.83 ¾ . A competitive export market and bigger U.S. and world stocks were a strong counter to a significant decrease in U.S. plantings. Even 5 or 6 million acres less wheat was not enticing to traders. Corn ended the session lower after a brief move to the positive side at midday. Recent declines have increased corn and have softened selling pressures. March is testing key support between $3.70 and $3.60. New crop contracts are showing consolidation signs near $4.00. Cotton & Rice  Date: January 19, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 44 at  6764   Greenwood down  44 at 6764 New York Futures: Mar down  44  at  7164    May down  44  at  7275    July down  40  at  7384    Oct down  35  at  7324    Dec down  41  at  7332  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued under pressure with March breaking key trendline support near 72 cents. This suggests a possible move to downside objectives near 70 and then 68 cents. Prospects of increased 2010 plantings is pushing new crop December lower. Today’s move through trendline support suggests further weakness with possible test of support at 73 cents and then 71.5 cents. Rice Long Grain Cash Bid for  Jan/Feb 1262/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  5 1/2  at  1392    May down  5  at  1420 1/2    July down  3 1/2  at  1446 1/2    Sept unchanged  0  at  1370    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice retraced a portion of early declines but still ended the day lower. The next chart support is located between $13.60 and $13.50. New crop September held steady at $13.70. Upside potential will be limited until U.S. export sales increase. Last week’s report added a little rice to the production number but ending stocks were virtually unchanged as a result of increased export projections. Cattle & Hogs  Date: January 19, 2010 Cattle As reported by Federal-State Market News, receipts were 3743 head at sales in Ash Flat, Springdale and Heber Springs.  Compared with last week, feeder steers sold $2 to $7 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 90 to - - -  Medium & Large Frame 2   550 to 600 lbs. 87 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 28 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58 Midwest Steers   were   at   83   to   86.50 Panhandle Steers   were   at   84.50   to   85.50 Oklahoma City Feeders Steers 500 to 550 lbs. 107.50 to 116.50   550 to 600 lbs. 104.25 to 114.50 Heifers 500 to 550 lbs. 94.75 to 101   550 to 600 lbs. 92.50 to 97 Chicago Futures: Live Cattle: Feb up 55 at 8790   April up 65 at 9117 Feeders: Mar up 12 at 9967   May up 87 at 10060 Cattle Comment Cattle futures posted gains on improving product values. Recent big gains in hog futures were also supportive. Nearby February has resistance just above $88. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb up 77 at 7075   April up 75 at 7402 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment February hogs moved higher again today. However, the market is technically oversold and is trading approximately $3.50 premium to cash prices, so a short-term correction could come at any time. Poultry  Date: January 19, 2010 Eggs New York:  Ex. Lg. 128-132; Lg. 126-130; Med. 96-100; Chicago:  Ex. Lg. 115-123; Lg. 113-121; Med. 80-88; Eastern Region Turkeys Hens: 8-16 lbs. 76 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was steady. Demand following the weekend was 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