Grain & Soybean Date: January 17, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1184 to 1206
(NC) Summ. 1180 to 1212
River Elevators:
(Jan) MISS: 1196 to 1240 ; AR & White 1196 to 1212
(NC) Summ. 1185 to 1215
Ark. Processor Bids: (Jan) 1197 to 1200  (NC) 1203 to 1205
Memphis:  (Jan) 1226 to 1236 (NC)  1210 to - - -
Riceland Foods:  (NC) Stuttgart 1200 ; Pendleton 1216 ; West Memphis 1239

Chicago Futures: Mar down 6 at  1271
  May  down  5 1/2  at  1291
  Jul down 8 3/4  at  1305 1/2
  Nov '08 down at  1270
  Nov '09 down at  1246
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower for the second day in a row. Early gains pushed November above $13 and to a new contract high. The market then saw a steady erosion which ended the day on the negative side. The market appears to be in a consolidation phase which might continue for a few days. Export numbers were anything but negative and indicate price has not started the job of rationing tight supplies. Closing of last Friday’s report gap at $11.94 would be the first sign of the market topping.

Wheat
Cash bid for new crop at Memphis  764 to 769;
Bids to farmers at Local Elevators 744-766;
River Elevators 746-769;

Chicago Futures: Mar up  14  at  940 1/2 
  May up 15 1/2  at  956 1/2 
  Jul '08 up  12 1/2  at  864 
  Sep up  15 3/4  at  872 3/4 
  Jul '09 up  18 1/4  at  851 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  930 to 932;
Bids to farmers at River Elevators 814-877;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   490 to - - -;
  new crop at Memphis   481 1/4 to - - -;
Bids to farmers at River Elevators  472 to 487

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

Grain Comment
Wheat posted double digit gains in response to the weekly export report. USDA reported that 18 million bushels were sold to foreign buyers last week. The cumulative sales total is now 20 million bushels larger than USDA’s forecast for the entire year. Combine the strong demand with a smaller than expected U.S. plantings estimate and potential weather related crop problems and new crop wheat looks to have additional upside potential.



Cotton & Rice  Date: January 17, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 61 at  6717
  Greenwood up  61 at 6717

New York Futures: Mar up  61  at  7192 
  May up  62  at  7365 
 Jul up  61  at  7549 
 Dec up  56  at  7999 
 Mar '09 up  49  at  8224 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton managed to hold some of its early gains and close higher for the day. New crop December again tested the contract high of 80.56 cents before declining. 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 1239/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  1 1/2  at  1414 
 May unchanged    at  1447 
 Jul unchanged    at  1475 
 Sep up  at  1438 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was essentially steady to higher as late selling pared early gains. The market remains extremely volatile and subject to wide swings. Yesterday’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 17, 2008

Cattle
As reported by Federal-State Market News, receipts were 2,744 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold weak to $5 lower, heifers mostly steady to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 115 to 125
  500 to 550 lbs. 106 to 116
  600 to 700 lbs. 92 to 102
 Medium & Large Frame 2   400 to 450 lbs. 101 to 109

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 90 to 100
 Medium & Large Frame 2   400 to 450 lbs. 85 to 95

Slaughter Cows, Boners 41   to   46
Light Weight 30 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50, high dressing 58
Midwest Steers   were steady to $.50 higher   at   88   to   89.50
Panhandle Steers   were steady to $.50 higher   at   88   to   89.50

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 up 85 at 9090
  Jun down 5 at 9345
Feeders: Jan up 7 at 9705
  Mar up 32 at 10130

Cattle Comment
February live cattle spiked lower today before closing higher. Today’s low of $89.13 becomes initial support, with additional support at the contract low of $87.60. Other contracts were mixed, with the market continuing to be under pressure from slow product movement and concern about potentially heavy cattle sales.

Hogs
Peoria: were     steady   at   25.5   to   26

Chicago Futures: Feb up 75 at 5520
  Jun up 240 at 7575

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

Hogs Comment
Hog futures traded in a wide range today before closing solidly higher but well below the day’s high. Indications that cash prices have bottomed for now were supportive. Weather has slowed marketings in some areas, but not enough to cause concern about a backlog. Strong pork demand is a plus. February is still under pressure from its premium to cash prices.



Poultry  Date: January 17, 2008

Eggs
New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142;
Chicago:  Ex. Lg. 145-153; Lg. 128-136; 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 overall no better than steady. Supplies of all sizes were more than sufficient to handle trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.