Grain & Soybean Date: January 15, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1215 to 1247
(NC) Summ. 1195 to 1213
River Elevators:
(Jan) MISS: 1227 to 1260 ; AR & White 1225 to 1231
(NC) Summ. 1198 to 1230
Ark. Processor Bids: (Jan) 1228 to 1231  (NC) 1218 to 1220
Memphis:  (Jan) 1239 1/2 to 1253 1/2 (NC)  1225 to - - -
Riceland Foods:  (NC) Stuttgart 1231 ; Pendleton 1237 ; West Memphis 1260

Chicago Futures: Mar up 5 at  1301 1/2
  May  up  5 1/2  at  1319 3/4
  Jul up 5 1/4  at  1337 1/4
  Nov '08 up 22  at  1285
  Nov '09 up 40  at  1255
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans once again saw bigger gains in new crop contracts as the market continued to even the price between crops. November pushed to within 3 cents of $13 as the fight for ’08 acres continues. Up and up the market goes, and how high it goes, nobody knows. The market is overbought and due a downward correction, but there has been no indication when or from what level this will occur. Each push down is not by renewed buying. The November crush figure indicates high price levels have yet to ration supplies.

Wheat
Cash bid for new crop at Memphis  745 1/4 to 750 1/4;
Bids to farmers at Local Elevators 735-740;
River Elevators 737-755;

Chicago Futures: Mar up  15  at  932 
  May up 11  at  945 
  Jul '08 up  14 1/4  at  850 1/4 
  Sep up  12 1/2  at  857 
  Jul '09 up  at  833 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  936 to 945;
Bids to farmers at River Elevators 827-889;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   479 to 495;
  new crop at Memphis   488 1/4 to 491 1/4;
Bids to farmers at River Elevators  470 to 485

Chicago Futures: Mar down  at  509 
  May down  2 3/4  at  521 1/2 
  Jul down  2 1/4  at  532 1/2 
  Dec '08 down  1 3/4  at  528 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat led today’s upturn with new crop contracts making limit gains briefly. While the market traded off the limit, there is again no indication of a top. Smaller plantings than anticipated and potential crop problems keep the trend higher. $9 could be the next upside target for July.



Cotton & Rice  Date: January 15, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 49 at  6694
  Greenwood up  49 at 6694

New York Futures: Mar up  49  at  7169 
  May up  46  at  7350 
 Jul up  44  at  7527 
 Dec up  79  at  7988 
 Mar '09 up  59  at  8209 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was higher again today as new crop December again moved above 80 cents. While the market sees ample supplies available for the remainder of the 07-08 marketing year there is growing concern about the following year. Plantings could slip to 9 to 9.5 million acres, if so it would be one of the 4 smallest since 1872. Production would be in the 14 to 16 million bale range. Falling world stocks would give U.S. exports a boost and that would reduce U.S. stocks. Cotton will have to move higher or lose more acreage to beans or corn. This market could get wild also.

Rice
Long Grain Cash Bid for  Jan/Feb/Mar 1325/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  15  at  1440 
 May down  16  at  1469 
 Sep down  at  1445 
 Nov unchanged    at  1437 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice lost ground today as old crop March continued in a consolidation pattern. While there appears to be additional upside potential it may be a while before it happens. Rice supplies are tightening which suggest the need for more acreage. However, long term rice will need 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 15, 2008

Cattle
As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a .

Steers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
  - - - to lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners n/a   to   - - -
Light Weight n/a to - - -
Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 109 to 118.25
  600 to 650 lbs. 100.60 to 110
Heifers 500 to 550 lbs. 97 to 99.50
  600 to 650 lbs. 92 to 96.50

Chicago Futures:
Live Cattle: Feb down 10 at 9080
  Jun down 45 at 9405
Feeders: Jan down 62 at 9780
  Mar down 35 at 10110

Cattle Comment
Cattle futures dipped again as growing concerns of an economic recession provided downward impetus. Soft packer margins and big showlists added to the negative undertone. Futures are at the lowest level in 14 months.

Hogs
Peoria: were     steady   at   25.5   to   26

Chicago Futures: Feb up 55 at 5465
  Jun down 100 at 7460

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

Hogs Comment
Hogs were lower except for the nearby February contract. A slight drop in corn aided hogs, but the overall trend may continue down in the near term. Heavy supplies of hogs are being worked through as export demand continues strong. However, high grain price levels may force more hogs to market early.



Poultry  Date: January 15, 2008

Eggs
New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142;
Chicago:  Ex. Lg. 145-153; Lg. 143-151; Med. 128-136;

Eastern Region Turkeys
Hens: 8-16 lbs. 71-75
Toms: 16-24 lbs. 71-75
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mixed, but mostly steady. 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.

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