1: 01/22/2010 Farm Bureau Market Report

Grain & Soybean Date: January 22, 2010

Soybeans

Local Elevators:
(Jan) EAST AR: 917 to 931
(NC) Summ. 881 to 903
River Elevators:
(Jan) MISS: 928 to 975 ; AR & White 913 to 927
(NC) Summ. 883 to 913
Ark. Processor Bids: (Jan) 923 to 934 (NC) 890 to 891
Memphis: (Jan) 962 1/2 to 965 1/2 (NC) 915 1/4 to - - -
Riceland Foods: (Jan/Feb) Stuttgart 934 ; Pendleton 931 ; West Memphis 975

Chicago Futures:	Mar	down	2 1/2	at	951 1/2
	May	down	1 3/4	at	959 1/4
	July	down	1 1/4	at	964 3/4
	Sept	down	1 3/4	at	944 1/2
	Nov	down	3/4	at	933 1/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans ended lower again today. Last week’s report continues to loom over 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 438 1/2 to 468 1/2;

Bids to farmers at Local Elevators	464-476;
River Elevators	466-499;

Chicago Futures:	Mar	down	1	at	498 1/2
	May	down	3/4	at	512 1/4
	July	down	1	at	524
	Sept	down	1/2	at	539 1/4
	Dec	down	1/2	at	565
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis 651 to - - -;

Bids to farmers at River Elevators	511-586;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis 362 3/4 to - - -;
	New crop at Memphis 321 3/4 to 379 3/4;
Bids to farmers at River Elevators	338 to 359

Chicago Futures:	Mar	down	7 1/4	at	364 3/4
	May	down	7 1/4	at	375 1/2
	Sept	down	7 1/4	at	391 3/4
	Dec	down	8 1/4	at	397 1/4
	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 lower again today. The production report continues to be the focus of this market, and the higher dollar was also a factor today. 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 22, 2010

Cotton

Spot Price, Grade 41 Staple 34:	Memphis down 78 at 6707
	Greenwood down 78 at 6707

New York Futures:	Mar	down	78	at	7107
	May	down	75	at	7231
	July	down	70	at	7340
	Oct	down	77	at	7272
	Dec	down	63	at	7292
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Weakness continued today in cotton. 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	1317/cwt	to	- - -
	- - -	- - -	to	- - -

Chicago Futures:	Mar	up	29	at	1417
	May	up	28 1/2	at	1446 1/2
	July	up	29	at	1471 1/2
	Sept	up	15	at	1369
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice was the exception, charting a powerful recovery today. Recent losses were potentially overdone thanks to carryover weakness from other commodities. Upside potential could be limited though 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 22, 2010

Cattle
As reported by Federal-State Market News, receipts were 12,466 head at sales in Arkansas this week. Compared with last week, feeder steers sold mostly steady, heifers $3 to $8 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	116	to	- - -

	500	to	550 lbs.	104.50	to	- - -

	600	to	650 lbs.	95.50	to	- - -

Medium & Large Frame 2	450	to	500 lbs.	106.50	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	93.25	to	- - -

Medium & Large Frame 2	450	to	500 lbs.	92.75	to	- - -

Slaughter Cows, Boners 43   to   49
Light Weight 28 to 38
Bulls, Yield Grade 1 1000   to   2100 lbs.   54   to   60
Midwest Steers   were steady to $1 lower   at   85   to   - - -
Panhandle Steers   were $1 higher   at   86   to   - - -

Oklahoma City Feeders
Steers	500	to	550 lbs.	103	to	116.50
	550	to	600 lbs.	100	to	114.50
Heifers	500	to	550 lbs.	90	to	103.50
	550	to	600 lbs.	90	to	99.75

Chicago Futures:

Live Cattle:	Feb	down	22	at	8662
	April	up	5	at	9055
Feeders:	Mar	up	22	at	9960
	May	up	37	at	10120

Cattle Comment
Cattle futures were mostly a bit higher. A surge in the value of the dollar was seen as an obstacle for meat exports and kept a lid on prices. Nearby February has resistance just above $88.

Hogs
Peoria: were steady at 39 to 41

Chicago Futures:	Feb	down	95	at	6985
	April	down	67	at	7197

Sheep
St. Paul n/a at - - - to - - -

Hogs Comment
Hogs were mostly lower again today. The market was technically overbought 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 22, 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 entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.

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