Grain & Soybean Date: January 04, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1193 to 1213
(NC) Summ. 1086 to 1111
River Elevators:
(Jan) MISS: 1218 to 1237 ; AR & White 1204 to 1210
(NC) Summ. 1084 to 1113
Ark. Processor Bids: (Jan) 1208 to 1209  (NC) 1107 to 1111
Memphis:  (Jan) 1232 1/2 to 1237 1/2 (NC)  1113 3/4 to 1115 3/4
Riceland Foods:  (NC) Stuttgart 1209 ; Pendleton 1213 ; West Memphis 1237

Chicago Futures: Jan down 2 1/2 at  1249
  Mar  down  at  1262 1/2
  May down at  1279 1/2
  Nov '08 down 3/4  at  1160 3/4
  Nov '09 up at  1090
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed the session slightly lower as the market made a fairly strong retracement move in the early going. That followed an overnight session that saw “beans in the teens”, albeit briefly. Late buying helped beans recoup most of the early losses and left the market ready to move either direction on Monday. Current numbers suggest corn still holds the advantage in the Midwest from a gross returns aspect. If that’s the case, beans may not have bought enough acres. Weekly sales reports were down and provided some pressure. The question to answer is whether that is the beginning of a trend.

Wheat
Cash bid for new crop at Memphis  722 1/4 to 729 1/4;
Bids to farmers at Local Elevators 707-719;
River Elevators 704-722;

Chicago Futures: Mar down  13 1/2  at  931 1/2 
  May down at  944 1/2 
  Jul up  5 1/4  at  817 1/4 
  Sep up  at  821 
  Jul '09 up  3 1/2  at  777 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  885 to 887;
Bids to farmers at River Elevators 743-805;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   454 3/4 to 459 3/4;
  new crop at Memphis   458 1/4 to - - -;
Bids to farmers at River Elevators  444 to 459

Chicago Futures: Mar up  3/4  at  466 3/4 
  May up  1 1/4  at  478 
  Jul up  1 1/4  at  487 3/4 
  Dec up  at  486 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures turned mixed with old crop contracts sharply lower on profit taking after sharp gains two days in a row. The March contract high of $10.19 looks like it will be tough to break. July has strong support at the recent low of $7.63, with resistance at the $8.30 contract high.



Cotton & Rice  Date: January 04, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 2 at  6344
  Greenwood down  2 at 6344

New York Futures: Mar down  at  6869 
  May down  at  7036 
 Jul down  15  at  7204 
 Dec down  19  at  7627 
 Mar '09 up  12  at  7902 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton, like other commodities started the day under pressure, but recovered a portion of the losses to close the day slightly lower. Cotton remains the “ugly sister” in the current market, but has made good strides over the last several weeks. However, the market is struggling 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 1257/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Jan up  5 1/2  at  1400 1/2 
 Mar up  at  1432 
 May up  at  1455 
 Sep unchanged    at  1402 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice reversed early declines to close on the positive side. There was little fresh news to give the market direct, as 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 04, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,316 head at sales in Glenwood, Ozark & Fayetteville.  Compared with last week, feeder steers sold mostly $5-$7 lower on a light post-holiday test .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 106 to 116
  500 to 550 lbs. 100 to 110
  600 to 650 lbs. 94 to 99
 Medium & Large Frame 2   400 to 450 lbs. 110 to 111

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 96 to 106
 Medium & Large Frame 2   400 to 450 lbs. 83 to 93

Slaughter Cows, Boners 45   to   50
Light Weight 27.50 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   59, high dressing 59-65.50
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

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 22 at 9455
  Jun down 2 at 9405
Feeders: Jan down 147 at 10032
  Mar down 57 at 10335

Cattle Comment
Cattle futures were mostly lower as packers and feedlot operators remain several dollars apart on their bids and offers. Feeders were under continued pressure from higher corn prices.

Hogs
Peoria: were     steady   at   27   to   29

Chicago Futures: Feb down 7 at 5640
  Jun down 30 at 7240

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

Hogs Comment
Hogs set new lows in some contracts again today. 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 04, 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 remains fully steady to mostly firm. Supplies of all sizes were close balanced to short of full trade needs with some plants running weekend schedules. In production areas, live supplies were moderate at mixed, but mostly desirable weights.