01/26/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 26, 2010 Soybeans Local Elevators: (Jan) EAST AR:  908 to 917 (NC) Summ. 877 to 899 River Elevators: (Jan) MISS: 922 to 961 ; AR & White 907 to 917 (NC) Summ. 877 to 909 Ark. Processor Bids: (Jan) 918 to 920  (NC) 886 to 887 Memphis:  (Jan) 952 1/2 to 961 1/2 (NC)  911 1/4 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 920 ; Pendleton 917 ; West Memphis 961 Chicago Futures: Mar up 7 at  947 1/2   May  up  7 1/2  at  957   July up 7 3/4  at  964   Sept up 4 1/2  at  939 1/2   Nov up 3 3/4  at  929 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s losses to close higher. Strong demand is keeping the market from extending recent declines. With a big South American crop in the making, there is concern that China will cancel some U.S. sales. At this point, shipments against sales are moving at a good pace and concern about cancellations could be misplaced. Technically, beans are oversold and due a rally. November held key trendline support around 9.20 to 9.25. A close below that would signal further declines. Wheat Cash bid for January at Memphis  434 to 464; Bids to farmers at Local Elevators 460-472; River Elevators 460-495; Chicago Futures: Mar down  4 1/4  at  494    May down 4 1/4  at  507 3/4    July down  3 3/4  at  519 3/4    Sept down  3 1/4  at  535    Dec down  3  at  561    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  647 to - - -; Bids to farmers at River Elevators 505-580; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   360 1/4 to 362 1/4;   New crop at Memphis   319 1/2 to 377 1/2; Bids to farmers at River Elevators  335 to 356 Chicago Futures: Mar down  5 1/2  at  362 1/4    May down  5 1/2  at  373 1/4    Sept down  5  at  389 1/2    Dec down  4 1/4  at  395 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended lower. 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. Recent weakness in the Euro makes wheat from the Black Sea region tough to compete with in the global marketplace. Corn also reversed yesterday’s trade, closing lower. New crop September is trying to consolidate just below $4. Inability to hold here could see further declines with the next major support near $3.50. Recent declines may not stimulate much additional corn use, since ethanol and feed use appear to be near the maximum. Prospects of nearly 90 million acres being planted in 2010 are also pressuring the market. Cotton & Rice  Date: January 26, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 14 at  6582   Greenwood down  14 at 6582 New York Futures: Mar down  14  at  6982    May down  7  at  7116    July down  23  at  7210    Oct down  49  at  7130    Dec down  46  at  7155  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was slightly lower again today as the market 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 unchanged  0  at  1411    May unchanged  0  at  1440    July unchanged  0  at  1463    Sept down  1/2  at  1368    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was virtually unchanged as the market is attempting to hold last week’s upturn. 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 26, 2010 Cattle As reported by Federal-State Market News, receipts were 1037 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold firm to $3 higher, heifers weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to - - -   500 to 550 lbs. 109.50 to - - -   600 to 650 lbs. 99.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 112.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 90.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Slaughter Cows, Boners 43   to   48 Light Weight 29 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   - - -   to   - - - Midwest Steers   were steady to $1.50 lower   at   84   to   - - - Panhandle Steers   - - -   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 114   550 to 600 lbs. 103 to 110 Heifers 500 to 550 lbs. 94.75 to 98.50   550 to 600 lbs. 92.75 to 97 Chicago Futures: Live Cattle: Feb down 67 at 8552   April down 85 at 8932 Feeders: Mar up 20 at 9897   May up 27 at 10082 Cattle Comment Cattle futures were under pressure today from carryover weakness in hogs and general concerns about the economy. Last week’s trade indicates a temporary top has been made and February could trade back near $84 before stabilizing. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: Feb down 190 at 6647   April down 182 at 6867 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were weak and gapped lower. Cash markets were down as much as a dollar again today in reaction to Monday’s $2 drop in the composite pork cutout. Poultry  Date: January 26, 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. Retail and food service demand was fair to moderate with limited trading. Supplies 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