Grain & Soybean Date: January 29, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1214 to 1236
(NC) Summ. 1133 to 1165
River Elevators:
(Jan) MISS: 1207 to 1266 ; AR & White 1226 to 1238
(NC) Summ. 1135 to 1168
Ark. Processor Bids: (Jan) 1227 to 1230  (NC) 1156 to 1158
Memphis:  (Jan) 1254 3/4 to 1256 3/4 (NC)  1167 3/4 to - - -
Riceland Foods:  (NC) Stuttgart 1230 ; Pendleton 1236 ; West Memphis 1259

Chicago Futures: Mar up 13 at  1266 3/4
  May  up  13 1/4  at  1258 1/2
  Jul up 10  at  1297
  Nov '08 down at  1222 3/4
  Nov '09 down 5 1/2  at  1178 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans opened higher but faltered as wheat plunged lower. At the end of the session soybeans closed mixed with new crop lower. November pushed to $12.40 and again failed to close last week’s gap that starts at $12.42. November has well established boundaries of $13.04 ½ on the upside and $11.67 1/2 on the downside. A close outside this range will indicate whether the next leg in this market is up or down. Fundamentals remain positive, but most have probably been accounted for.

Wheat
Cash bid for new crop at Memphis  783 1/2 to 788 1/2;
Bids to farmers at Local Elevators 764-786;
River Elevators 765-789;

Chicago Futures: Mar down  19  at  944 
  May down 15 1/2  at  962 
  Jul '08 down  24 1/2  at  883 1/2 
  Sep down  18 3/4  at  892 
  Jul '09 down  20 1/2  at  860 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  921 to 929;
Bids to farmers at River Elevators 813-875;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   493 to 496;
  new crop at Memphis   480 3/4 to 483 3/4;
Bids to farmers at River Elevators  477 to 492

Chicago Futures: Mar down  1 1/4  at  501 
  May down  1 1/2  at  512 3/4 
  Sep unchanged    at  515 3/4 
  Dec up  1/4  at  510 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat did a full rotation with a big reversal of early gains. July registered a key reversal which is a fairly reliable topping signal. It appears even spring wheat is making a distinction in the new crop contracts. So look for July to work lower and toward support at $8.30.



Cotton & Rice  Date: January 29, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 6 at  6349
  Greenwood down  6 at 6349

New York Futures: Mar down  13  at  6817 
  May down  23  at  6993 
 Jul down  20  at  7170 
 Dec down  20  at  7640 
 Mar '09 down  29  at  7864 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton traded to both sides of yesterday’s close before ending the day slightly lower. For now, the focus is on big available supplies, not on an anticipated smaller ’08 crop. With U.S. ending stocks of almost 8 million bales projected for this year there doesn’t seem to be any push on foreign buying. The market lost steam with the market upturn in late December and early January. Futures have made a 62% retracement of that move and have good trendline support. However, a March close below 66.75 cents would be negative, as would a December close below 74.5 cents.

Rice
Long Grain Cash Bid for  Feb/Mar 1242  to  1284/cwt
  - - - - - -  to  - - -

Chicago Futures: Mar up  1 1/2  at  1459 
 May up  at  1492 
 Jul up  at  1518 
 Sep up  at  1465 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice pushed to a new contract today but lost momentum and ended the day only slightly higher. Rice continues to have strong underlying support in the world market. Price levels in Thailand and Vietnam continue to firm, a reflection of overall tight supplies. This situation isn’t likely to correct any time soon, as utilization has been greater than production for the last 7 or 8 years. In the U.S. rice plantings may decline despite current price levels, as producers may opt to move land into soybeans or corn. Weaker, sandier soils are expected to move to beans or corn because of water and fertilizer requirements. Support starts at the recent low of $13.95 and resistance at today’s contract high of $14.69.



Cattle & Hogs  Date: January 29, 2008

Cattle
As reported by Federal-State Market News, receipts were 921 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers sold $2-6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120 to 130
  500 to 550 lbs. 108 to 118
  600 to 700 lbs. 95 to 105
 Medium & Large Frame 2   400 to 450 lbs. 101 to 111

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 96 to 106
 Medium & Large Frame 2   400 to 450 lbs. 89 to 94

Slaughter Cows, Boners 43   to   51
Light Weight 33.50 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   63, high dressing 63.50-67.50
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 115 to 125
  600 to 650 lbs. 107 to 111
Heifers 500 to 550 lbs. 101 to 107.50
  600 to 650 lbs. 93 to 97.50

Chicago Futures:
Live Cattle: Feb up 40 at 9115
  Jun up 80 at 9337
Feeders: Jan steady at 9955
  Mar up 157 at 10425

Cattle Comment
Cattle managed a little gain but overall the market appears to be consolidating in a fairly narrow range as it anticipates this week’s inventory report. A slightly smaller herd is expected. Strengthening beef prices are supportive, but with negative packer margins it will take more gains to put the market on solid ground.

Hogs
Peoria: were     steady   at   30.50   to   31

Chicago Futures: Feb up 75 at 5800
  Jun up 172 at 7770

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

Hogs Comment
Hogs extended the upturn that began about 3 weeks ago. The market is likely to test resistance around $59. Potentially good exports and some really cold weather in the Midwest are providing support. Conversely, the upside appears limited by narrowing packer margins.



Poultry  Date: January 29, 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 at least sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.