Grain & Soybean Date: January 23, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1122 to 1145
(NC) Summ. 1078 to 1110
River Elevators:
(Jan) MISS: 1130 to 1167 ; AR & White 1134 to - - -
(NC) Summ. 1088 to 1113
Ark. Processor Bids: (Jan) 1116 to 1138  (NC) 1101 to 1103
Memphis:  (Jan) 1174 1/2 to 1178 1/2 (NC)  1112 1/2 to - - -
Riceland Foods:  (NC) Stuttgart 1138 ; Pendleton 1144 ; West Memphis 1167

Chicago Futures: Mar down 50 at  1189 1/2
  May  down  50  at  1207
  Jul down 50  at  1220 3/4
  Nov '08 down 50  at  1167 1/2
  Nov '09 down 50  at  1153
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were locked down the limit today amid heightened recession concerns. The market has been hit hard despite the Federal Reserve’s ¾% in the interest rate. This could be a signal that a mid-winter high has been charted. There was some positive demand news. It was reported that China bought 9 cargoes of soybean, about half from the U.S., signaling that current prices aren’t enough to keep buyers out of the market. November has key support at $1 intervals starting at $12.

Wheat
Cash bid for new crop at Memphis  760 3/4 to 765 3/4;
Bids to farmers at Local Elevators 741-763;
River Elevators 751-766;

Chicago Futures: Mar down  29  at  905 
  May down 29 1/2  at  919 1/2 
  Jul '08 down  30  at  860 3/4 
  Sep down  28  at  849 
  Jul '09 down  24  at  832 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  874 to - - -;
Bids to farmers at River Elevators 775;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   459 1/4 to 464 1/4;
  new crop at Memphis   444 3/4 to 448 3/4;
Bids to farmers at River Elevators  449 to - - -

Chicago Futures: Mar down  19 3/4  at  469 1/4 
  May down  19 3/4  at  481 1/4 
  Jul down  20  at  490 
  Dec '08 down  20  at  484 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were sharply lower as well, with new crop July down the limit. This market has been trying to ignore the rest of the world and focus on the positive fundamentals of strong demand and a short crop, but today succumbed to the pressure of down markets.



Cotton & Rice  Date: January 23, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 300 at  6208
  Greenwood down  300 at 6208

New York Futures: Mar down  300  at  6683 
  May down  300  at  6861 
 Jul down  300  at  7043 
 Dec down  300  at  7485 
 Mar '09 down  300  at  7715 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was down the limit, also due to recession concerns. Cotton may be impacted more than other commodities since it is a fiber and linked more strongly to discretionary spending. Technically, December gapped below trendline support. This left a 5 day island reversal which can be a strong topping signal. Cotton will be taking cues from other commodities and the stock market. Today’s move brings the retracement objective of 74.4 cents into play. Longer term, higher price levels will be needed if corn and soybeans maintain their current status. Otherwise acreage will continue to move away from cotton.

Rice
Long Grain Cash Bid for  Jan/Feb 1228  to  1242/cwt
  Mar 1228/cwt  to  - - -

Chicago Futures: Mar down  at  1403 
 May down  10  at  1434 
 Jul down  11  at  1461 
 Sep down  15  at  1422 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was also lower today. But, while the market penetrated trendline support it held above last week’s low and remained in a consolidation pattern. Rice, like wheat is a major food grain and may be less affected by recessionary fears. A fall below last week’s low of $13.95 would bring retracement objectives of $13.79, $13.53 and $13.26 into play. Longer term rice will need to be competitive with soybeans and grains or lose acreage. World and U.S. stocks are tight and that should keep international markets firm.



Cattle & Hogs  Date: January 23, 2008

Cattle
As reported by Federal-State Market News, receipts were 936 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 105 to 115
  500 to 550 lbs. 96 to 105
  600 to 650 lbs. 90 to 98
 Medium & Large Frame 2   400 to 450 lbs. n/a to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 90 to 97
 Medium & Large Frame 2   400 to 450 lbs. 81 to 91

Slaughter Cows, Boners 43   to   48
Light Weight 30 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   61, high dressing untested
Midwest Steers   $1 higher to $2.50 lower   at   88   to   89
Panhandle Steers   were $1-$2.75 lower   at   88   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 113 to 122
  600 to 650 lbs. 105 to 109
Heifers 500 to 550 lbs. 97 to 103.85
  600 to 650 lbs. 92.50 to 98.50

Chicago Futures:
Live Cattle: Feb down 57 at 9045
  Jun down 27 at 9255
Feeders: Jan up 30 at 9835
  Mar up 67 at 10302

Cattle Comment
Cattle futures were lower. Concerns about the U.S. economy have traders worried about meat demand. Last week’s low of $89.13 becomes initial support for February live futures, with resistance beginning at $91.

Hogs
Peoria: were $2     higher   at   27.5   to   28

Chicago Futures: Feb down 2 at 5525
  Jun down 95 at 7350

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

Hogs Comment
Hog futures were also lower. Indications that cash prices have bottomed for now were supportive. The market is concerned that a weakening U.S. economy will hurt meat demand. April has resistance between $63 and $64.



Poultry  Date: January 23, 2008

Eggs
New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142;
Chicago:  Ex. Lg. 146-154; Lg. 144-152; Med. 128-136;

Eastern Region Turkeys
Hens: 8-16 lbs. 72-75
Toms: 16-24 lbs. 72-75
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady to about 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.