Grain & Soybean Date: January 11, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1229 to 1249
(NC) Summ. 1170 to 1195
River Elevators:
(Jan) MISS: 1138 to 1173 ; AR & White 1220 to 1241
(NC) Summ. 1158 to 1200
Ark. Processor Bids: (Jan) 1241 to 1245  (NC) 1188 to 1195
Memphis:  (Jan) 1245 3/4 to 1258 3/4 (NC)  1185 to 1195
Riceland Foods:  (NC) Stuttgart 1245 ; Pendleton 1249 ; West Memphis 1273

Chicago Futures: Jan up 42 at  1286
  Mar  up  38 1/2  at  1298 3/4
  May up 39 1/2  at  1317
  Nov '08 up 50  at  1245
  Nov '09 up 47 1/2  at  1192 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
While USDA made minor changes in the soybean supply demand number, they were the beneficiary of 1.9 bushel per acre decrease in the ’07 corn yield and a 300 million bushel boost in corn use for feed. The net result was a lowering of projected ending stocks to 1.44 billion bushels. That sent corn up the 20 cent limit with beans following. By day’s end only a few old crop soybean contracts failed to move up the 50 cent limit. Record price levels are now a fact expiring January hit $12.96. The old record from 1973 was $12.90. Most other old crop contracts have exceeded $13 and the market is even more overbought. Use this big move to add to at least ’08 crop sales.

Wheat
Cash bid for new crop at Memphis  701 to 716;
Bids to farmers at Local Elevators 696-708;
River Elevators 688-711;

Chicago Futures: Mar up  26 3/4  at  909 1/4 
  May up 30  at  922 1/2 
  Jul up  30  at  806 
  Sep up  30  at  814 1/2 
  Jul '09 up  30  at  798 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  911 to 938;
Bids to farmers at River Elevators 802-864;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   472 to 481;
  new crop at Memphis   472 to 486;
Bids to farmers at River Elevators  459 to 475

Chicago Futures: Mar up  20  at  495 
  May up  20  at  506 1/4 
  Jul up  20  at  516 
  Dec '08 up  20  at  513 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were locked limit-up most of the day, and every contract besides nearby March closed at that level. The industry was expecting an 8% increase in wheat plantings, but there was actually a decrease in hard red winter wheat acreage. The net result was a 3.6% increase in planted acres. July has initial resistance at the recent high of $8.19. A move above that level would signal a challenge of the contract high of $8.30.



Cotton & Rice  Date: January 11, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 300 at  6521
  Greenwood up  300 at 6521

New York Futures: Mar unchanged    at  6696 
  May up  300  at  7164 
 Jul up  300  at  7340 
 Dec up  300  at  7756 
 Mar '09 up  270  at  7990 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton numbers were adjusted slightly in the monthly USDA report. Lower export projections and a modest increase in yield raised projected ending stocks 200,000 bales to 7.9 million bales. Actually a negative number, but in light of the big changes in corn and the subsequent impact on soybean and grain futures, cotton became a beneficiary. Huge losses yesterday were reversed when early gains moved to the 300 point limit and remained. It is evident cotton plantings will be significantly lower in ’08. Cotton futures must move higher to stay on even ground. Lower costs, less labor, less intensive management gives soybeans a big advantage. Producers must consider equipment and infrastructure such as gins and warehouses, but in the end the bottom line doesn’t look good for cotton.

Rice
Long Grain Cash Bid for  Jan 1260  to  1282/cwt
  Feb/Mar 1282/cwt  to  - - -

Chicago Futures: Jan down  at  1426 
 Mar down  at  1457 1/2 
 May down  at  1488 
 Sep down  at  1452 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures didn’t benefit from the overall upturn in soybeans and grains. The market traded modestly lower early. Late trading moved new contracts to the positive side leaving the market mixed for the day. Longer term rice will have to move higher if the gains in corn and beans hold. Otherwise acreage will move from rice. USDA pared 400,000 cwt off the ’07 production and 500,000 cwt off ending stocks. That all came from long grain. Projected ending stocks for all rice is now set at 24.6 million cwt, with long grain down to 11.7 million cwt.



Cattle & Hogs  Date: January 11, 2008

Cattle
As reported by Federal-State Market News, receipts were 11,855 head at sales in Arkansas this week.  Compared with last week, feeder steers under 500 lbs. sold $4 higher, weights over 500 lbs. steady to $2 lower. Feeder heifers sold steady to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 110 to 120
  500 to 550 lbs. 98 to 108
  600 to 650 lbs. 89 to 99
 Medium & Large Frame 2   400 to 450 lbs. 91 to 101

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 94 to 104
 Medium & Large Frame 2   400 to 450 lbs. 85 to 95

Slaughter Cows, Boners 42   to   47
Light Weight 30 to 37
Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   60, high dressing 60-63
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 185 at 9135
  Jun down 22 at 9410
Feeders: Jan down 225 at 9950
  Mar down 227 at 10250

Cattle Comment
Cattle futures were mixed. Feeders were sharply lower in response to sharply higher corn prices. Ideas that high feed costs will push cattle to market faster were negative for live contracts. The April live contract posted sharp losses in early dealings, setting a new low for the move before closing near unchanged.

Hogs
Peoria: were     steady   at   26.5   to   27

Chicago Futures: Feb down 152 at 5400
  Jun up 30 at 7462

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

Hogs Comment
Hog futures were mixed. Nearby February posted sharp losses under pressure from its premium to cash prices. Higher corn prices have some speculating that producers will cut production, and that limited the downside.



Poultry  Date: January 11, 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. 71-75
Toms: 16-24 lbs. 71-75
 

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