Grain & Soybean Date: January 10, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1190 to 1210
(NC) Summ. 1120 to 1145
River Elevators:
(Jan) MISS: 1202 to 1234 ; AR & White 1191 to 1202
(NC) Summ. 1118 to 1150
Ark. Processor Bids: (Jan) 1202 to 1206  (NC) 1138 to 1145
Memphis:  (Jan) 1218 1/4 to 1225 1/4 (NC)  1145 to 1149
Riceland Foods:  (NC) Stuttgart 1206 ; Pendleton 1210 ; West Memphis 1234

Chicago Futures: Jan down 5 at  1244
  Mar  down  2 1/4  at  1260 1/4
  May down 2 1/2  at  1277 1/2
  Nov '08 up 11  at  1195
  Nov '09 up 13 1/2  at  1145
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans followed much the same pattern as yesterday and Monday when early weakness gave way to strong buying. In the end, new crop firmed while old crop closed lower. Most early reports suggest some further tightening of ending stocks, but it is expected to be minor since carryover is currently projected to be 195 million bushels. November futures hit $11.98 and continue to give producers excellent pricing opportunities.

Wheat
Cash bid for new crop at Memphis  782 1/2 to 847 1/2;
Bids to farmers at Local Elevators 666-678;
River Elevators 663-681;

Chicago Futures: Mar down  at  882 1/2 
  May down 10  at  892 1/2 
  Jul down  15  at  776 
  Sep down  13 1/2  at  784 1/2 
  Jul '09 down  4 1/2  at  768 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  900 to 902;
Bids to farmers at River Elevators 766-829;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   463 to 466;
  new crop at Memphis   466 to - - -;
Bids to farmers at River Elevators  444 to 459

Chicago Futures: Mar down  at  882 1/2 
  May down  10  at  892 1/2 
  Jul down  15  at  776 
  Dec down  11  at  798 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were sharply lower again today as traders establish positions ahead of tomorrow’s release of the January crop report. The USDA will release its first winter wheat seeding estimate, and the trade is now anticipating an 8% increase in acres over the last year. Further weakness came from news that Pakistan has cancelled a tender, citing high prices as the reason. 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 10, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 206 at  6221
  Greenwood down  206 at 6221

New York Futures: Mar down  222  at  6680 
  May down  221  at  6850 
 Jul down  170  at  7080 
 Dec down  231  at  7455 
 Mar '09 down  45  at  7926 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was hit hard ahead of tomorrow’s report. A poor export report added fuel to the fire, as general expectations are for an increase in projected ending stocks. So, just more of the same increased production, and reduced utilization. That remains the outlook for the near term and that continues to put a cap on upside potential. Today’s move broke trendline support and leaves the market vulnerable to further declines. 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  1285/cwt
  Feb/Mar 1285/cwt  to  - - -

Chicago Futures: Jan up  15  at  1435 
 Mar up  10 1/2  at  1460 1/2 
 May up  13  at  1490 
 Sep up  18  at  1443 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice made new contract highs as the market reversed early weakness and closed higher. 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 price levels 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 10, 2008

Cattle
As reported by Federal-State Market News, receipts were 3,419 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold weak to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109 to 119
  500 to 550 lbs. 105 to 115
  600 to 700 lbs. 101 to 111
 Medium & Large Frame 2   400 to 450 lbs. 85 to 95

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93 to 103
 Medium & Large Frame 2   400 to 450 lbs. 85 to 95

Slaughter Cows, Boners 43   to   48
Light Weight 30 to 38
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   54   to   58.50
Midwest Steers   were steady   at   92   to   - - -
Panhandle Steers   were steady   at   92   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 7 at 9320
  Jun up 37 at 9432
Feeders: Jan up 160 at 10175
  Mar up 137 at 10477

Cattle Comment
Cattle futures ended mostly higher after trading lower in early dealings. 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. The market could work toward $94, the spring 2007 low.

Hogs
Peoria: were     steady   at   26.5   to   27

Chicago Futures: Feb down 100 at 5552
  Jun up 22 at 7432

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

Hogs Comment
Hog futures were mostly higher, with nearby February under pressure from its premium to cash prices. Improving product values were supportive, but recent strength is mostly technical in nature. Futures had become very oversold and were due a corrective rebound.



Poultry  Date: January 10, 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 mixed, but overall steady at best. Supplies of all sizes were usually sufficient to more available for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.