Grain & Soybean Date: January 14, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  954 to 977
(NC) Summ. 965 to 995
River Elevators:
(Jan) MISS: 972 to 990 ; AR & White 946 to 961
(NC) Summ. 870 to 895
Ark. Processor Bids: (Jan) 863 to 867  (NC) 870 to 895
Memphis:  (Jan) 986 1/2 to 989 1/2 (NC)  890 1/4 to 895 1/4
Riceland Foods:  (Jan) Stuttgart 967 ; Pendleton 977 ; West Memphis 984

Chicago Futures: Jan '09 up 8 1/2 at  978
  Mar '09  unchanged    at  971 1/2
  May '09 down 1/2  at  980 1/4
  Jul '09 down 1  at  990
  Nov '09 down 7 1/4  at  955 1/4
  Today's Arkansas LDP rate for soybeans is: 0¢

Soybean Comment
Soybean futures were expected to post double digit gains this morning, but that didn’t materialize. Hot, dry conditions in Argentina will likely cut their production, thus cutting global supply. However, the market instead focused on the December crush report, which came in significantly below expectations and sharply below year ago-numbers. Friday’s high looks like important overhead resistance now as the market has broken the recent uptrend.

Corn recovered a bit today. Hot, dry weather in Argentina was supportive for corn today, as the crop there is pollinating and therefore vulnerable to the less-than-ideal conditions. Recent price action looks ominous, and the market is clearly searching for support.

Wheat
Cash bid for January at Memphis  449 1/4 to 454 1/4;
Bids to farmers at Local Elevators 468-483;
River Elevators 475-518;

Chicago Futures: Mar '09 up  3 1/2  at  574 1/4 
  May '09 up 3 1/2  at  587 
  Jul '09 up  2 3/4  at  598 
  Sep '09 up  3 1/4  at  619 1/4 
  Dec '09 up  4 1/2  at  640 1/4 
  Today's Arkansas LDP rate for wheat is: 0¢

Grain Sorghum
Cash bid for January at Memphis  494 to 503;
Bids to farmers at River Elevators 367-448;
Today's Arkansas LDP rate for sorghum is: 0¢

Corn
Cash bid for January at Memphis   350 1/2 to 356 1/2;
  new crop at Memphis   353 to 358;
Bids to farmers at River Elevators  326 to 351

Chicago Futures: Mar '09 up  4  at  366 1/2 
  May '09 up  4 1/4  at  377 1/2 
  Sep '09 up  4 1/2  at  398 
  Dec '09 up  4 1/2  at  411 1/2 
  Today's Arkansas LDP rate for corn is: 0¢

Grain Comment
Wheat ended a bit higher today as the market continues to follow corn. The big cut in USDA’s production estimate has been virtually ignored since it was mostly offset by a larger carryout.


Cotton & Rice  Date: January 14, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 23 at  4200
  Greenwood down  23 at 4200

New York Futures: Mar '09 down  27  at  4596 
  May '09 down  28  at  4681 
 Jul '09 down  38  at  4802 
 Dec '09 up  255  at  5520 
 - - - down  - - -  at  - - - 
This week's LDP rate for cotton is  12.97 cents
  The estimate for next week is  13.90 cents
Cotton Comment
Cotton continued to move lower. The recent uptrend was broken in this week’s selloff, and the market was unable to build upward momentum today after opening higher. USDA cut the production estimate by 577,000 bales from the December report. The US stocks to use ration came down slightly to 42.6 percent. World imports fell sharply, though, mostly due to lower consumption in China.

Rice
Long Grain Cash Bid for  n/a - - -  to  - - -
  n/a - - -  to  - - -

Chicago Futures: Jan '09 up  12  at  1383 
 Mar '09 down  18 1/2  at  1346 1/2 
 May '09 down  18  at  1361 1/2 
 Jul '09 down  21 1/2  at  1376 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is  0¢
medium grain rice is  0¢
Rice Comment
Rice continued lower. The recent production report was seen as bearish, despite a modest cut in production. Many feel that the cut did not reflect the true losses seen due to hurricanes this fall. March has fallen out of the recent sideways trading pattern and looks to be headed for a retest of the December low of $13.19.


Cattle & Hogs  Date: January 14, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,446 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly steady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 105.75 to - - -
  500 to 550 lbs. 95.50 to - - -
  600 to 650 lbs. 90.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 88 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 88.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 78.25 to - - -

Slaughter Cows, Boners 38.50   to   45
Light Weight 24 to 28
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   54, high dressing not tested
Midwest Steers   were quoted   at   82   to   83
Panhandle Steers   were quoted   at   82   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 107 to 114
  600 to 650 lbs. 95.50 to 102.25
Heifers 500 to 550 lbs. 89 to 100
  600 to 650 lbs. 88 to 92.60

Chicago Futures:
Live Cattle: Feb '09 down 72 at 8335
  Apr '09 down 75 at 8682
Feeders: Jan '09 down 65 at 9570
  May '09 down 40 at 9742

Cattle Comment
Cattle futures ended lower across the board today. Carryover weakness from the hog pit and concerns about the economy were the driving factors, despite stronger cutout values.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures: Feb '09 down 152 at 5992
  Apr '09 down 57 at 6670

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

Hogs Comment
Hogs posted sharp losses in reaction to a sharp drop in cutout values yesterday. A disappointing December retail sales report provided further evidence of a slowing economy and that carried over into continued concerns about meat demand.


Poultry  Date: January 14, 2009

Eggs
New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 92-96;
Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 84-92;

Eastern Region Turkeys
Hens: 8-16 lbs. 69-74
Toms: 16-24 lbs. 69-73
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was about steady to barely steady. Demand was fair at best with trading usually limited to regular commitments. Supplies of all sizes were more than adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.