Grain & Soybean Date: January 24, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1171 to 1193
(NC) Summ. 1125 to 1157
River Elevators:
(Jan) MISS: 1171 to 1231 ; AR & White 1183 to 1191
(NC) Summ. 1127 to 1160
Ark. Processor Bids: (Jan) 1157 to 1187  (NC) 1148 to 1150
Memphis:  (Jan) 1215 1/2 to 1218 1/2 (NC)  1160 to - - -
Riceland Foods:  (NC) Stuttgart 1187 ; Pendleton 1203 ; West Memphis 1216

Chicago Futures: Mar up 41 at  1230 1/2
  May  up  42  at  1249
  Jul up 43  at  1263 3/4
  Nov '08 up 47 1/2  at  1215
  Nov '09 up 33  at  1186
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans and other grains took yesterday’s late stock market recovery as a good sing. Trading opened sharply higher, lost a little ground at mid-morning before moving to limit gains in most of the deferred contracts. It will take a new contract high to put the market back in an upmode. That may not happen in the near term and may need planting or weather problems. Expect the market to remain very volatile and use rallies like today to increase pricing of expected ’08 production.

Wheat
Cash bid for new crop at Memphis  759 1/2 to 764 1/2;
Bids to farmers at Local Elevators 740-762;
River Elevators 741-765;

Chicago Futures: Mar up  at  909 
  May up at  923 1/2 
  Jul '08 down  1 1/4  at  859 1/2 
  Sep up  13  at  862 
  Jul '09 up  10 1/2  at  842 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  900 to 908;
Bids to farmers at River Elevators 820;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   481 1/4 to - - -;
  new crop at Memphis   469 3/4 to - - -;
Bids to farmers at River Elevators  469 to - - -

Chicago Futures: Mar up  20  at  489 1/4 
  May up  20  at  501 1/4 
  Jul up  20  at  510 
  Dec up  18 1/2  at  502 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures ended mixed, refusing to follow corn and soybeans higher. Some new crop contracts were higher, supported by talk of winter kill in parts of hard red winter wheat territory.



Cotton & Rice  Date: January 24, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 156 at  6364
  Greenwood up  156 at 6364

New York Futures: Mar up  147  at  6830 
  May up  139  at  7000 
 Jul up  147  at  7190 
 Dec up  145  at  7630 
 Mar '09 up  300  at  7715 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton made good advances today, but couldn’t muster limit gains to offset yesterday’s. On the other hand it stands to reason that cotton could be most impacted by recessionary fears, since clothing is really discretionary spending. Big U.S. stocks will also weigh on near term values, while long term will eventually be boosted by this year’s anticipated smaller plantings. December futures will encounter resistance around 78 cents and if not there, certainly at the contract of 80.56 cents. Yesterday’s low just below 75 cents should offer good support.

Rice
Long Grain Cash Bid for  Jan/Feb 1242  to  1254/cwt
  Mar 1254/cwt  to  - - -

Chicago Futures: Mar up  26  at  1429 
 May up  24  at  1461 
 Sep up  11  at  1433 
 Nov up  at  1424 
 - - - up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were sharply higher as overall market fundamentals remain firm. On the international side, both Thailand and Vietnam have seen significant demand. Price levels have firmed and could move higher as overall supplies remain tight. This bodes well for U.S. rice which is also limited. Potential loss of planted acreage in ’08 remains real as producers may opt to plant beans or corn on weaker rice ground. Current support for March rice starts around $14, with resistance at the contract high of $14.63. A close outside this range would suggest additional movement in the direction of a breakout.



Cattle & Hogs  Date: January 24, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,318 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers under 550 lbs. sold weak to $5 lower, weights over 550 lbs. steady to $1 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109 to 119
  500 to 550 lbs. 96 to 106
  600 to 700 lbs. 93 to 103
 Medium & Large Frame 2   400 to 450 lbs. 100 to 110

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 91 to 101
 Medium & Large Frame 2   400 to 450 lbs. 84 to 94

Slaughter Cows, Boners 42   to   46
Light Weight n/a to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   51   to   57, high dressing 61
Midwest Steers   were steady   at   88   to   89
Panhandle Steers   were steady to $1 higher   at   88   to   89

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 67 at 9112
  Jun up 45 at 9300
Feeders: Jan up 45 at 9880
  Mar down 32 at 10270

Cattle Comment
Cattle futures were mixed. Positive news out of Washington gave the market a break. Congress and the Administration have agreed on an economic stimulus package, and that is easing fears that we are headed into a recession. Today’s close above $91 for February is positive, but today’s high of $92.10 becomes the first level of resistance.

Hogs
Peoria: were $2     higher   at   29.5   to   30

Chicago Futures: Feb up 75 at 5600
  Jun up 77 at 7427

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

Hogs Comment
Hog futures were mostly higher. Indications that cash prices have bottomed for now were supportive. April has resistance between $63 and $64.



Poultry  Date: January 24, 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. 73-75
Toms: 16-24 lbs. 73-75
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.