Grain & Soybean Date: January 03, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1198 to 1218
(NC) Summ. 1087 to 1112
River Elevators:
(Jan) MISS: 1223 to 1242 ; AR & White 1206 to 1212
(NC) Summ. 1084 to 1117
Ark. Processor Bids: (Jan) 1214 to 1216  (NC) 1108 to 1112
Memphis:  (Jan) 1239 1/2 to 1242 1/2 (NC)  1116 1/2 to - - -
Riceland Foods:  (NC) Stuttgart 1214 ; Pendleton 1218 ; West Memphis 1212

Chicago Futures: Jan up 19 at  1251 1/2
  Mar  up  18 3/4  at  1267 1/2
  May up 20  at  1284 1/2
  Nov '08 up 13 1/2  at  1161 1/2
  Nov '09 up 15  at  1085
  Today's Arkansas LDP rate for soybeans is: 0¢

Soybean Comment
Soybeans traded in a narrow, but positive range for much of the day. Late buying pushed the market to new highs. Fundamentals remain unchanged with a weak dollar, strong demand and a push for ’08 plantings contributing to higher values. Some technical indications suggest the market is heavily overbought and due a correction. At this point the funds seem reluctant to pare their positions. Add incremental sales of expected ’08 production as the market moves higher. November futures have support at Monday’s low of $11.01.

Wheat
Cash bid for new crop at Memphis  717 to 724;
Bids to farmers at Local Elevators 702-714;
River Elevators 699-717;

Chicago Futures: Mar up  30  at  945 
  May up 30  at  952 1/2 
  Jul '08 up  21 1/4  at  812 
  Sep up  18  at  815 
  Jul '09 up  15 1/2  at  773 1/2 
  Today's Arkansas LDP rate for wheat is: 0¢

Grain Sorghum
Cash bid for January at Memphis  884 to 886;
Bids to farmers at River Elevators 741-804;
Today's Arkansas LDP rate for sorghum is: 0¢

Corn
Cash bid for January at Memphis   454 to 459;
  new crop at Memphis   456 to - - -;
Bids to farmers at River Elevators  443 to 458

Chicago Futures: Mar up  3 1/2  at  466 
  May up  3 1/4  at  476 3/4 
  Jul up  3 1/2  at  486 1/2 
  Dec '08 up  5 1/2  at  485 3/4 
  Today's Arkansas LDP rate for corn is: 0¢

Grain Comment
Wheat made strong gains for a second day in a row. Tight stocks, strong demand and potential U.S. crop problems contributed to the upturn. July has strong support at the recent low of $7.63, with resistance at the $8.30 contract high.


Cotton & Rice  Date: January 03, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 17 at  6346
  Greenwood down  17 at 6346

New York Futures: Mar down  17  at  6871 
  May down  19  at  7040 
 Jul down  16  at  7219 
 Dec down  21  at  7646 
 Mar '09 down  26  at  7890 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed slightly lower today. Cotton remains on the bottom of the totem pole for the time being. While old crop March is making a run at resistance between 70 and 71.45 cents; new crop December made a new contract high and could be headed higher in attempt to hold acreage. Early estimates suggest anywhere from 9.2 to 10 million acres. The National Cotton Council will release their survey in early February. Right now, the higher bean, wheat, and corn values are chewing into last year’s 11 million planted acres. With soybeans at $11 plus for the ’08 crop; cotton has to move higher or lose acreage.

Rice
Long Grain Cash Bid for  Jan/Feb/Mar 1252/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Jan down  1  at  1395 
 Mar down  2 1/2  at  1427 
 May down  3  at  1450 
 Sep down  5  at  1402 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is  0¢
medium grain rice is  0¢
Rice Comment
Rice was reluctant to add to recent big gains and the result was a slight downturn in most contracts. Overall market fundamentals remain strong with tight U.S. and world stocks keeping the international market firm. Vietnam has snuck back in the mix and covered a tender from the Philippines. However, most of their new crop rice won’t be in a deliverable position until March. India has raised their minimum export price for white rice from $450 to $500 effectively maintaining a ban on exports. Many U.S. customers appear to have needs covered into spring, however they must be concerned about the size of U.S. plantings in ’08. Wheat, corn and soybeans values may pull acreage from rice, unless the market shows further improvement. March futures have support from $13.50 to $13.85.


Cattle & Hogs  Date: January 03, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,146 head at sales in Charlotte & Green Forsest.  Compared with last week, feeder steers were mixed from $2 higher to $2 lower, but generally steady. Feeder heifers under 550 lbs mixed, mostly steady, over 550 lbs mostly $2-$6 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109 to 110
  500 to 550 lbs. 109 to 119
  600 to 700 lbs. n/a to - - -
 Medium & Large Frame 2   400 to 450 lbs. 109 to 119

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 96 to 106
 Medium & Large Frame 2   400 to 450 lbs. 89 to 99

Slaughter Cows, Boners 42   to   48
Light Weight n/a to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52.50   to   60
Midwest Steers   were $1-2.50 higher   at   93   to   94.50
Panhandle Steers   were steady to $1.50 higher   at   92   to   94.50

Oklahoma City Feeders
Steers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Feb down 147 at 9477
  Jun down 115 at 9407
Feeders: Jan down 262 at 10180
  Mar down 257 at 10392

Cattle Comment
Cattle futures were mostly lower as packers and feedlot operators remain several dollars apart on their bids and offers. Tighter consumer demand and higher corn prices were factors in the decline. Feedlot placements are strong as producers are reluctant to place them on dry wheat pastures.

Hogs
Peoria: were     steady   at   27   to   29

Chicago Futures: Feb down 70 at 5647
  Jun down 55 at 7270

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hogs were mostly lower with new some new contract lows. Large hog supplies and weak wholesale prices for pork indicate further declines are likely. Futures could drop back to the November lows just above $50.


Poultry  Date: January 03, 2008

Eggs
New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 144-148;
Chicago:  Ex. Lg. 152-160; Lg. 150-158; Med. 141-149;

Eastern Region Turkeys
Hens: 8-16 lbs. 73-75
Toms: 16-24 lbs. 73-75
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was fully steady to firm. Supplies of all sizes were in balance to short of full trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.