01/20/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 20, 2010 Soybeans Local Elevators: (Jan) EAST AR:  915 to 929 (NC) Summ. 877 to 899 River Elevators: (Jan) MISS: 927 to 973 ; AR & White 912 to 926 (NC) Summ. 876 to 909 Ark. Processor Bids: (Jan) 921 to 932  (NC) 886 to 887 Memphis:  (Jan) 965 to - - - (NC)  908 1/2 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 932 ; Pendleton 929 ; West Memphis 927 Chicago Futures: Mar down 13 1/2 at  950   May  down  13 1/2  at  956 3/4   July down 14 1/4  at  961   Sept down 9 1/2  at  941 1/2   Nov down 10 3/4  at  928 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued the big decline that began before last week’s supply demand report. That report added pressure to the market and a big improvement in the dollar has simply kept everything in a negative mode. Funds have assessed their strategies and many have abandoned their positions. March futures penetrated the last support above the summer/fall low at $8.88. New crop November held trendline support at $9.22, but could be pushed to the September low of $8.78 if the dollar continues to strengthen. Wheat Cash bid for January at Memphis  437 1/2 to 467 1/2; Bids to farmers at Local Elevators 464-471; River Elevators 466-494; Chicago Futures: Mar down  3  at  497 1/2    May down 3  at  511 1/4    July down  2 3/4  at  523 3/4    Sept down  3  at  539    Dec down  1 3/4  at  564 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  657 to - - -; Bids to farmers at River Elevators 516-591; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   366 to 367;   New crop at Memphis   325 3/4 to 383 3/4; Bids to farmers at River Elevators  341 to 362 Chicago Futures: Mar down  1 1/4  at  368    May down  1 1/2  at  378 3/4    Sept down  1 1/2  at  395 3/4    Dec down  1 1/4  at  402 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn closed slightly lower after firming late in the session. However, talk about plantings reaching 90 million acres will keep pressure on the market. There is a little over 6 million acres less wheat this year and much of that could end up in corn with new crop futures holding near $4. Wheat futures gapped lower, again today. We planted the smallest winter wheat crop in nearly 100 years, but demand is so poor, the market didn’t need any more wheat. Inability to hold this level could see a move toward the July contract low of $4.83 ¾ . Cotton & Rice  Date: January 20, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 84 at  6680   Greenwood down  84 at 6680 New York Futures: Mar down  84  at  7080    May down  74  at  7201    July down  68  at  7316    Oct down  53  at  7271    Dec down  56  at  7276  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton slid lower as March followed through on yesterday’s penetration of 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 suggests further weakness with possible test of support at 71.5 cents. Rice Long Grain Cash Bid for  Jan/Feb 1219/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  43  at  1349    May down  43  at  1377 1/2    July down  43  at  1403 1/2    Sept down  7 1/2  at  1362 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply lower as China tightened credit which boosted the dollar and sent funds scrambling to the sidelines. The next chart support is near $13.50. New crop September held above $13.60. 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 20, 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 firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 87.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.75 to - - - Slaughter Cows, Boners 40   to   46.50 Light Weight 28 to 34 Bulls, Yield Grade   1   1400   to   2300 lbs.   56   to   62.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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. 92.5 to 97 Chicago Futures: Live Cattle: Feb down 45 at 8745   April down 5 at 9112 Feeders: Mar up 20 at 9987   May up 47 at 10107 Cattle Comment Cattle futures turned lower. A surge in the value of the dollar was seen as an obstacle for meat exports. Losses in hogs also carried over. Nearby February has resistance just above $88. Hogs Peoria: were $1.50 higher to $2     lower   at   39   to   40.50 Chicago Futures: Feb down 30 at 7045   April down 65 at 7337 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs turned lower today. The market was technically oversold and is trading approximately $3.50 premium to cash prices, so a short-term correction was expected. A strong move in the dollar was seen as negative for pork exports. Poultry  Date: January 20, 2010 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 100-104; 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 was mostly moderate with trading usually limited to regular commitments. 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