01/28/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 28, 2010 Soybeans Local Elevators: (Jan) EAST AR:  889 to 901 (NC) Summ. 870 to 892 River Elevators: (Jan) MISS: 897 to 945 ; AR & White 882 to 892 (NC) Summ. 870 to 902 Ark. Processor Bids: (Jan) 902 to 904  (NC) 879 to 880 Memphis:  (Jan) 948 3/4 to 949 3/4 (NC)  904 1/4 to - - - Riceland Foods:  (Jan/Feb) Stuttgart 904 ; Pendleton 901 ; West Memphis 945 Chicago Futures: Mar up 2 3/4 at  931 3/4   May  up  3  at  941 1/2   July up 3  at  948 1/2   Sept up 4 1/2  at  929 1/4   Nov up 7  at  922 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were steady to firm through the session and rallied slightly in the close. A big monthly crush and another strong export report provided good underlying support. However, even strong farmer holding has not been sufficient to put the market in a rebound mode. November managed to move back above the downtrend that was broken yesterday. The market will need a positive Friday close to get the trade thinking rebound. Wheat Cash bid for January at Memphis  427 to 457; Bids to farmers at Local Elevators 453-465; River Elevators 457-488; Chicago Futures: Mar up  3 1/4  at  487    May up 3 1/4  at  501    July up  3 1/4  at  512 3/4    Sept up  3  at  528    Dec up  2 1/4  at  554 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  646 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   361 3/4 to - - -;   New crop at Memphis   318 1/2 to 376 1/2; Bids to farmers at River Elevators  335 to 356 Chicago Futures: Mar up  3 1/2  at  361 3/4    May up  3 1/2  at  372 3/4    Sept up  3 1/2  at  388 1/2    Dec up  3 1/2  at  395    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures followed corn and beans and inched higher. Upside potential remain limited despite six million aces less wheat being planted in the U.S. Large world stocks will keep the market competitive. Corn, both old and new crop, rallied off support to close higher for the day. This is key support which if broken would signal further nearterm weakness. A good export report was a positive market influence. Cotton & Rice  Date: January 28, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 9 at  6514   Greenwood down  9 at 6514 New York Futures: Mar down  9  at  6914    May up  10  at  7071    July down  5  at  7163    Oct down  21  at  7065    Dec down  24  at  7075  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was mostly lower again today with March holding above 69 cents and December closing near 71 cents. Losses of another penny or more could be seen. The market is very nervous about world economic conditions and the Chinese government tightening of available credit. As long as that situation persists, it will be difficult to move cotton substantially higher. The market sees little need to bid cotton higher with the current declines being seen in corn and soybeans. Rice Long Grain Cash Bid for  Jan/Feb 1290/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  10 1/2  at  1390    May down  9 1/2  at  1419 1/2    July down  11  at  1442    Sept unchanged  0  at  1358    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower again today as the market continues to look for fresh fundamentals. Indicated U.S. purchases for Haiti and an Iraq tender for 120,000 metric tonnes or more for March/April delivery have not boosted the market. However, it would be a boost if the U.S. can secure that tender. Otherwise, the international market is steady and fairly quiet. An offer of Thai intervention stocks has been virtually ignored as price offered was well above other Asian offerings. Recent futures movement should have established the low end of the trading range for the time being. Cattle & Hogs  Date: January 28, 2010 Cattle As reported by Federal-State Market News, receipts were 2069 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold steady to $3 lower, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.50 to - - -   500 to 550 lbs. 105.25 to - - -   600 to 650 lbs. 98.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 32 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   58.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 116   550 to 600 lbs. 100 to 109 Heifers 500 to 550 lbs. 98 to 101.50   550 to 600 lbs. 93 to 99 Chicago Futures: Live Cattle: Feb up 27 at 8565   April up 22 at 8920 Feeders: Mar down 5 at 9847   May up 42 at 10100 Cattle Comment After 3 down days, live cattle finally had a positive move. However, 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 up 20 at 6677   April up 45 at 6940 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs inched higher again today after testing uptrend support. That long-term uptrend in hog futures remains intact, but the market is looking toppy. Support for February is near $65.25 in the form of an up trendline drawn off the August low. Poultry  Date: January 28, 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 about steady to steady. Demand approaching the weekend was fair to moderate, best where features were planned or in progress. Supplies of all sizes were at least adequate to handle 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