Grain & Soybean Date: January 16, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1190 to 1212
(NC) Summ. 1184 to 1216
River Elevators:
(Jan) MISS: 1202 to 1235 ; AR & White 1202 to 1208
(NC) Summ. 1187 to 1219
Ark. Processor Bids: (Jan) 1203 to 1206  (NC) 1207 to 1209
Memphis:  (Jan) 1232 to 1240 (NC)  1214 to - - -
Riceland Foods:  (NC) Stuttgart 1206 ; Pendleton 1212 ; West Memphis 1235

Chicago Futures: Mar down 24 1/2 at  1277
  May  down  23 1/4  at  1296 1/2
  Jul down 23  at  1314 1/4
  Nov '08 down 11  at  1274
  Nov '09 down at  1250
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans gave back a part of the recent gains. However, declines weren’t as sharp as would be expected and price levels actually firmed some. New crop losses were less than old crop and we actually saw the spread narrow to almost nothing. There was no decisive indication that a top has been made. Selling was attributed to profit taking, strength in the dollar, and margin call pressure on commercial firms.

Wheat
Cash bid for January at Memphis  796 1/2 to 881 1/2;
Bids to farmers at Local Elevators 732-754;
River Elevators 733-757;

Chicago Futures: Mar down  at  925 
  May down at  941 
  Jul '08 up  1 1/4  at  851 1/2 
  Sep unchanged    at  857 
  Jul '09 unchanged    at  832 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  842 to - - -;
Bids to farmers at River Elevators 814-877;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   490 1/2 to 492 1/2;
  new crop at Memphis   482 to 485;
Bids to farmers at River Elevators  466 to 481

Chicago Futures: Mar down  6 1/2  at  502 1/2 
  May down  6 3/4  at  514 3/4 
  Jul down  7 1/4  at  525 1/4 
  Dec '08 down  7 3/4  at  521 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat reversed early losses and ended the session mixed. This strongly suggests new crop wheat has additional upside potential, based on tight U.S. and world supplies, a smaller than expected U.S. plantings and potential weather related crop problems.



Cotton & Rice  Date: January 16, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 38 at  6656
  Greenwood down  38 at 6656

New York Futures: Mar down  38  at  7131 
  May down  47  at  7303 
 Jul down  39  at  7488 
 Dec down  45  at  7943 
 Mar '09 down  34  at  8175 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton trimmed early declines but still ended the day lower. Monday’s gap remains open and as such is a potential measuring gap or signal for additional gains. A close below 77.5 cents by the December contract would negate upside objectives. Below that last week’s low of 74.5 cents should provide good support. While there are ample stocks available for the 07-08 market year, it appears world production in ’08 will fall well below utilization. With the U.S. acreage expected to decline again this year it could mean a big reduction in stocks. No doubt cotton will have to compete for acreage in ’09. Between now and then we should see an overall positive situation develop. While price will have down periods the trend should be higher.

Rice
Long Grain Cash Bid for  Jan/Feb/Mar 1240/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  27  at  1413 
 May down  22  at  1447 
 Jul down  23  at  1475 
 Sep down  12  at  1433 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures moved in concert with corn and beans and ended the day lower. Nearby March briefly penetrated trendline support but managed to close above that level. Today’s low of $13.95 represents potential near term support. A close below that level will open the market to downside retracement objectives of $13.79, $13.53 and $13.26. Overall fundamentals remain supportive. Tighter U.S. and world stocks won’t improve although the Vietnam harvest will provide another export source. Any decline in beans and corn will provide relief for rice, however U.S. acreage could drop again this year.



Cattle & Hogs  Date: January 16, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,197 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 104 to 114
  500 to 550 lbs. 95 to 105
  600 to 700 lbs. 86 to 93
 Medium & Large Frame 2   400 to 450 lbs. 98 to 105

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 87 to 97
 Medium & Large Frame 2   400 to 450 lbs. 78 to 87

Slaughter Cows, Boners 43   to   47
Light Weight 25 to 31
Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   60.50, high dressing untested
Midwest Steers   were quoted   at   88   to   89
Panhandle Steers   were quoted   at   88   to   89

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 75 at 9005
  Jun down 55 at 9350
Feeders: Jan down 82 at 9697
  Mar down 12 at 10097

Cattle Comment
Cattle didn’t find much good news in the corn and bean declines as the overall fundamental situation remains negative. Slow product movement and concern about potential heavy cattle sales added pressure to an already oversold situation.

Hogs
Peoria: were     steady   at   25.5   to   26

Chicago Futures: Feb down 15 at 5445
  Jun down 125 at 7335

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

Hogs Comment
Hog futures were lower again as the overall supply of pork remains heavy. Good exports are helping absorb the big supplies but high costs are pushing marketings ahead as well as contributing to herd liquidations.



Poultry  Date: January 16, 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 steady at best. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.