01/21/2010 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: January 21, 2010 Soybeans Local Elevators: (Jan) EAST AR:  919 to 933 (NC) Summ. 882 to 904 River Elevators: (Jan) MISS: 931 to 977 ; AR & White 916 to 930 (NC) Summ. 882 to 914 Ark. Processor Bids: (Jan) 925 to 936  (NC) 891 to 892 Memphis:  (Jan) 968 to 969 (NC)  914 to 916 Riceland Foods:  (Jan) Stuttgart 936 ; Pendleton 933 ; West Memphis 977 Chicago Futures: Mar up 4 at  954   May  up  4 1/4  at  961   July up 5  at  966   Sept up 4 3/4  at  946 1/4   Nov up 5 1/2  at  934   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned a bit higher today, but March failed to challenge resistance at the top of yesterday’s chart gap at $9.62 ½. Last week’s 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 have no chart support above the summer/fall low at $8.88 now. 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  439 1/2 to 469 1/2; Bids to farmers at Local Elevators 465-477; River Elevators 467-500; Chicago Futures: Mar up  2  at  499 1/2    May up 1 3/4  at  513    July up  1 1/4  at  525    Sept up  3/4  at  539 3/4    Dec up  1  at  565 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  664 to - - -; Bids to farmers at River Elevators 523-598; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   370 to 371;   New crop at Memphis   329 to 387; Bids to farmers at River Elevators  345 to 366 Chicago Futures: Mar up  4  at  372    May up  4  at  382 3/4    Sept up  3 1/4  at  399    Dec up  2 3/4  at  405 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures also attempted to rebound a bit today, but buying interest was limited. 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 . Corn was higher today as the market attempts to correct from oversold territory. 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. Cotton & Rice  Date: January 21, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 105 at  6785   Greenwood up  105 at 6785 New York Futures: Mar up  105  at  7185    May up  105  at  7306    July up  94  at  7410    Oct up  78  at  7349    Dec up  79  at  7355  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton also recovered a bit. March violated trendline support at 72 cents earlier this week. This suggests a possible move to downside objectives near 70 and then 68 cents. Prospects of increased 2010 plantings are pushing new crop December lower. December could possibly test support at 71.5 cents. Rice Long Grain Cash Bid for  Jan/Feb 1288/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  39  at  1388    May up  40 1/2  at  1418    July up  39  at  1442 1/2    Sept down  8 1/2  at  1354    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice recovered most of yesterday’s big losses. The market is oversold and due a correction. 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 21, 2010 Cattle As reported by Federal-State Market News, receipts were 3159 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $5 higher, heifers firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to - - -   500 to 550 lbs. 107.25 to - - -   600 to 650 lbs. 101.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.75 to Slaughter Cows, Boners 40   to   46 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60 Midwest Steers   were   at   84   to   85 Panhandle Steers   were   at   85   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 114.50   550 to 600 lbs. 103.50 to 112.50 Heifers 500 to 550 lbs. 96 to 100   550 to 600 lbs. 92.50 to 98 Chicago Futures: Live Cattle: Feb down 60 at 8685   April down 62 at 9050 Feeders: Mar down 50 at 9937   May down 25 at 10082 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 $1.5 lower to $2     higher   at   39   to   41 Chicago Futures: Feb up 35 at 7080   April down 72 at 7265 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were mostly lower again 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 21, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; 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 approaching the weekend was fair to 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. 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