Grain & Soybean Date: January 9, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1193 to 1213
(NC) Summ. 1109 to 1134
River Elevators:
(Jan) MISS: 1208 to 1237 ; AR & White 1196 to 1205
(NC) Summ. 1107 to 1139
Ark. Processor Bids: (Jan) 1208 to 1209  (NC) 1130 to 1134
Memphis:  (Jan) 1220 1/2 to 1226 1/2 (NC)  1134 to 1138
Riceland Foods:  (NC) Stuttgart 1209 ; Pendleton 1213 ; West Memphis 1237

Chicago Futures: Jan down 7 1/2 at  1249
  Mar  down  4 1/2  at  1262 1/2
  May down 6  at  1280
  Nov '08 down 3  at  1184
  Nov '09 down 7 1/2  at  1131 1/2
  Today's Arkansas LDP rate for soybeans is: 0¢

Soybean Comment
Soybeans closed mixed as market action was very similar to that of Monday. Across the board losses gave way to higher values in the new crop contracts. This again appears to reflect concern about potential ’08 plantings. While many southern producers are expected to reduce corn for beans, that is not the obvious case in the Midwest. While some acreage may move for agronomic reasons, the bottom line still seems to favor corn. This Friday’s report is expected to reduce corn ending stocks – a combination of increased exports and lower production numbers. Soybeans also will likely decline, but the adjustment is expected to be small.

Wheat
Cash bid for new crop at Memphis  696 to 701;
Bids to farmers at Local Elevators 681-693;
River Elevators 678-696;

Chicago Futures: Mar down  18  at  889 1/2 
  May down 18  at  902 1/2 
  Jul down  18  at  791 
  Sep down  18  at  798 
  Jul '09 down  9 1/2  at  772 1/2 
  Today's Arkansas LDP rate for wheat is: 0¢

Grain Sorghum
Cash bid for January at Memphis  906 to - - -;
Bids to farmers at River Elevators 770-832;
Today's Arkansas LDP rate for sorghum is: 0¢

Corn
Cash bid for January at Memphis   464 1/4 to 465 1/4;
  new crop at Memphis   468 to - - -;
Bids to farmers at River Elevators  450 to 465

Chicago Futures: Mar down  1 1/2  at  477 1/4 
  May down  1  at  489 
  Jul down  3/4  at  498 3/4 
  Dec '08 down  1  at  495 
  Today's Arkansas LDP rate for corn is: 0¢

Grain Comment
Wheat futures were sharply lower as the funds continue to sell their wheat interests in favor of corn. The USDA will release its first winter wheat seeding estimate Friday, and the trade is anticipating a 6% increase in acres over the last year. July has strong support at the recent low of $7.63, and is building resistance at the recent high of $8.19.


Cotton & Rice  Date: January 9, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 41 at  6427
  Greenwood down  41 at 6427

New York Futures: Mar down  38  at  6905 
  May down  42  at  7065 
 Jul down  25  at  7260 
 Dec up  4  at  7720 
 Mar '09 up  9  at  7980 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with new contracts closing slightly higher. Average estimates going into Friday’s report indicates a modest increase in projected ending stocks is anticipated. That would seem to put a cap on upside potential. However, the market must be anticipatory and expectations are for ’08 plantings to be substantially lower than in ’07. Projections put plantings in the 9.25 to 10 million acre range. This compares to 15.3 million acres in ’06 and 10.9 million acres in ’07. Unless price moves higher, another substantial cut will be seen in ’08.

Rice
Long Grain Cash Bid for  Jan 1260  to  1296/cwt
  Feb/Mar 1296/cwt  to  - - -

Chicago Futures: Jan down  10  at  1420 
 Mar up  2  at  1450 
 May up  2  at  1477 
 Sep unchanged    at  1425 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is  0¢
medium grain rice is  0¢
Rice Comment
Rice - ending the day a little higher, except for the expiring January contract. No major adjustments are anticipated in Friday’s report, but there is continued concern about tightening world and U.S. stocks. Vietnam’s export ban remains in effect officially. In fact, however, their move to fill a recent tender by the Philippines was a signal they are ready to do business even though harvest is 6 to 8 weeks away. International are steady to firm with Thai sales activity slow as they fill prior purchases. Domestically, producers and buyers aren’t together on bids and offers or on delivery dates. Most mills and exporters covered into late winter and producers are anxious to move rice in the near future. Overall the market undertone remains firm.


Cattle & Hogs  Date: January 9, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,080 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $5-$9 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 108 to 118
  500 to 550 lbs. 92 to 102
  600 to 700 lbs. 92.50 to 98
 Medium & Large Frame 2   400 to 450 lbs. untested to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 90 to 99
 Medium & Large Frame 2   400 to 450 lbs. 80 to 89

Slaughter Cows, Boners 43.50   to   48.50
Light Weight 30 to 33
Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   62.50, high dressing 64-64.50
Midwest Steers   were steady   at   92   to   - - -
Panhandle Steers   were quoted   at   92   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 115 to 125.50
  600 to 650 lbs. 100.75 to 112.50
Heifers 500 to 550 lbs. 98 to 109
  600 to 650 lbs. 94.50 to 97.50

Chicago Futures:
Live Cattle: Feb down 80 at 9327
  Jun down 47 at 9395
Feeders: Jan down 7 at 10015
  Mar up 27 at 10340

Cattle Comment
Cattle futures were mixed today. Weak beef demand and negative packer margins are limiting the upside. The April live contract fell out the bottom of the trading channel that had held the market since November, suggesting additional weakness is likely.

Hogs
Peoria: were     steady   at   26.5   to   27

Chicago Futures: Feb up 65 at 5652
  Jun up 180 at 7410

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

Hogs Comment
Hog futures turned higher, with deferreds posting gains between $1.50 and $2.00. Nearby contracts were limited by their premium to cash prices. Improving product values were supportive, but the rally was mostly technical in nature. Futures had become very oversold and were due a corrective rebound.


Poultry  Date: January 9, 2008

Eggs
New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142;
Chicago:  Ex. Lg. 152-160; Lg. 150-158; Med. 134-142;

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

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to at times more available for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.