01/25/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 25, 2010 Soybeans Local Elevators: (Jan) EAST AR:  906 to 920 (NC) Summ. 874 to 896 River Elevators: (Jan) MISS: 915 to 964 ; AR & White 900 to 910 (NC) Summ. 873 to 906 Ark. Processor Bids: (Jan) 911 to 923  (NC) 883 to 884 Memphis:  (Jan) 951 1/2 to 954 1/2 (NC)  907 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 923 ; Pendleton 920 ; West Memphis 964 Chicago Futures: Mar down 11 at  940 1/2   May  down  9 3/4  at  949 1/2   July down 8 1/2  at  956 1/4   Sept down 9 1/2  at  935   Nov down 7 3/4  at  925 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pushed lower again today as excellent weather conditions in South America have increased some estimates of that crop. Reports indicate good early yields in Brazil despite increased Asian rust. Some estimates suggest production of 68 million metric tonnes. This compares with the recent USDA estimate of 65. The previous record in 2008 was 61 mmt. Nevertheless, the crop will be a big one and could send the market even lower. Today’s close below last week’s low is technically negative and brings the summer low at $8.88 into play. New crop November could be driven to $8.78 and then possibly $8.40. Informa has 2010 U.S. soybean plantings at 79.9 million acres. Wheat Cash bid for January at Memphis  438 1/4 to 468 1/4; Bids to farmers at Local Elevators 464-476; River Elevators 465-499; Chicago Futures: Mar down  1/4  at  498 1/4    May down 1/4  at  512    July down  1/2  at  523 1/2    Sept down  1  at  538 1/4    Dec down  1  at  564    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   365 3/4 to - - -;   New crop at Memphis   324 1/2 to 382 1/2; Bids to farmers at River Elevators  341 to 362 Chicago Futures: Mar up  3  at  367 3/4    May up  3 1/4  at  378 3/4    Sept up  2 3/4  at  394 1/2    Dec up  2 1/2  at  399 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the session slightly lower, after trimming early gains. Technically, wheat is oversold and due a rebound, but poor demand probably points to further declines. Any rebound will be limited and short lived, unless last week’s export sales become the norm instead of the exception. Corn managed small gains as the market consolidates just above last week’s low of $3.62 ¼ . A close below that level brings the March contract low of $3.15 ½ back into the mix. Informa projects U.S. 2010 plantings of 89.65 million acres up 3.2 million from last year. Coupled with big projected ending stocks, it limits upside potential. Cotton & Rice  Date: January 25, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 111 at  6596   Greenwood down  111 at 6596 New York Futures: Mar down  111  at  6996    May down  108  at  7123    July down  107  at  7233    Oct down  93  at  7179    Dec down  91  at  7201  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued a downturn which carried old crop March below 70 cents and pushed December near the 71.5 cents level. Overall, world economic conditions remain a factor in a market that appears to have upside potential, particularly from current price levels. The current sell off could push March to 68 cents before we see a rebound, while December could drop as low as 70 cents. Rice Long Grain Cash Bid for  Jan/Feb 1311/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  6  at  1411    May down  6 1/2  at  1440    July down  8 1/2  at  1463    Sept down  1/2  at  1368 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were lower as the market failed to continue the upturn of the last two sessions last week. Those two days of gains took the market out of the oversold condition technically and leaves the trade looking at fundamentals. Longer term, the market will need to see more export sales and continued demand to hold current levels and provide an opportunity for the market to work higher. Cattle & Hogs  Date: January 25, 2010 Cattle As reported by Federal-State Market News, receipts were 3331 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold mostly weak to $3 lower, heifers staeady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 97.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 91.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 41   to   47 Light Weight 32 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60 Midwest Steers   were $1 lower to $1.50 higher   at   84   to   86.50 Panhandle Steers   were steady   at   86   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 114   550 to 600 lbs. 104.75 to 111.75 Heifers 500 to 550 lbs. 95.25 to 103   550 to 600 lbs. 94 to 97 Chicago Futures: Live Cattle: Feb down 42 at 8620   April down 37 at 9017 Feeders: Mar down 82 at 9877   May down 65 at 10055 Cattle Comment Cattle futures declined despite remaining in a short term uptrend. Last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing. Wholesale beef appears to be retracing gains that carried to a seven month high. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb down 147 at 6837   April down 147 at 7050 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were weak and closed lower. Cash markets were down as much as a dollar as most plants had immediate needs covered. Poultry  Date: January 25, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106; 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 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. ---------------------------------------- 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