Grain & Soybean Date: January 28, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1194 to 1216
(NC) Summ. 1139 to 1171
River Elevators:
(Jan) MISS: 1194 to 1246 ; AR & White 1206 to 1218
(NC) Summ. 1141 to 1174
Ark. Processor Bids: (Jan) 1207 to 1210  (NC) 1162 to 1164
Memphis:  (Jan) 1241 3/4 to 1243 3/4 (NC)  1173 3/4 to - - -
Riceland Foods:  (NC) Stuttgart 1210 ; Pendleton 1216 ; West Memphis 1239

Chicago Futures:	Mar	up	10 3/4	at	1253 3/4
	May	up	10 3/4	at	1272 1/4
	Jul	up	11 3/4	at	1287
	Nov '08	down	2 1/2	at	1229 1/2
	Nov '09	up	19	at	1185
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Early losses in soybeans were pared based on strength in wheat. Soybeans closed mixed with old crop moving to the positive side. The market remains skittish as Asian stocks took another beating and this raised concerns about continued strong demand. The market will continue very volatile in the near term with corn and soybeans tending to work in concert - at least until ’08 planted acreage is confirmed. Current support and resistance for November futures is last week’s low of $11.67 ½ and the contract high of $13.04 ½. For December corn its $4.84 and $5.40.

Wheat
Cash bid for new crop at Memphis  808 to 813;

Bids to farmers at Local Elevators	788-810;
River Elevators	790-813;

Chicago Futures:	Mar	up	10 3/4	at	1253 3/4
	May	up	10 3/4	at	1272 1/4
	Jul	up	11 3/4	at	1287
	Sep	up	30	at	910 3/4
	Jul '09	up	20 1/2	at	881
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for January at Memphis  924 to 931;

Bids to farmers at River Elevators	814-877;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	January at Memphis   494 1/4 to 497 1/4;
	new crop at Memphis   480 3/4 to - - -;
Bids to farmers at River Elevators	478 to 493

Chicago Futures:	Mar	up	3 3/4	at	502
	May	up	3 1/2	at	514 1/4
	Sep	up	3 1/4	at	515 3/4
	Dec '08	up	3/4	at	510 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat was up the limit in most contracts today. Strong demand for U.S. wheat, particularly from Asia was the driving force behind the market today. Cold, dry weather in the Plains have traders worried about winter kill there. July set a new contract high today.

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Cotton & Rice  Date: January 28, 2008

Cotton

Spot Price, Grade 41 Staple 34:	Memphis down 9 at  6355
	Greenwood down  9 at 6355

New York Futures:	Mar	up	42	at	6831
	May	up	44	at	7014
	Jul	up	57	at	7194
	Dec	up	72	at	7660
	Mar '09	up	67	at	7912
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton reversed Friday’s declines and the day higher despite a weak open. There remains major concern for cotton amidst talk of a possible recession, since clothing is more of a discretionary expense. Big stocks of cotton will cap upside potential for the time being, but a much smaller U.S. crop in ’08 and possible tightening of world stocks should give the market stronger potential later in the year and certainly in ’09. Last week’s low just below 75 cents is now support while the contract high of 80.56 cents will be resistance.

Rice

Long Grain Cash Bid for	Feb/Mar	1242	to	1282/cwt
	- - -	- - -	to	- - -

Chicago Futures:	Mar	up	2	at	1457
	May	up	5	at	1489
	Jul	unchanged		at	1515
	Sep	up	4	at	1459
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures firmed to end the day on a positive note, after wheat moved to limit gains. 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.

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Cattle & Hogs  Date: January 28, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,716 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	114	to	124
	500	to	550 lbs.	107	to	117
	600	to	700 lbs.	94	to	104
Medium & Large Frame 2	400	to	450 lbs.	100	to	110
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	99	to	109
Medium & Large Frame 2	350	to	400 lbs.	87	to	97

Slaughter Cows, Boners 43   to   49
Light Weight 32.50 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   55.50   to   59.50, high dressing 64.50-66.50
Midwest Steers   were $1-$2.50 higher   at   89   to   91.50
Panhandle Steers   were $1-$3.50 higher   at   89   to   91.50

Oklahoma City Feeders
Steers	500	to	550 lbs.	115	to	120
	600	to	650 lbs.	107	to	111
Heifers	n/a	to	- - - lbs.	- - -	to	- - -
	n/a	to	- - - lbs.	- - -	to	- - -

Chicago Futures:

Live Cattle:	Feb	down	65	at	9075
	Jun	down	42	at	9257
Feeders:	Mar	up	57	at	10267
	Apr	up	55	at	10660

Cattle Comment
Cattle futures ended mixed. Deferred contracts found support in the monthly Cattle on Feed report, which showed lower December placements. Feeders were supported by stronger cash markets.

Hogs
Peoria: were $1     higher   at   30.5   to   31

Chicago Futures:	Feb	up	105	at	5725
	Jun	up	105	at	7597

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. Talks of sales to China were also supportive. April has resistance between $63 and $64.

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Poultry  Date: January 28, 2008

Eggs

New York:	Ex. Lg. 156-160; Lg. 154-158; Med. 138-142;
Chicago:	Ex. Lg. 146-154; Lg. 144-152; Med. 130-138;

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.