Grain & Soybean Date: January 30, 2008

Soybeans

Local Elevators:
(Jan) EAST AR:  1223 to 1245
(NC) Summ. 1139 to 1171
River Elevators:
(Jan) MISS: 1216 to 1279 ; AR & White 1235 to 1251
(NC) Summ. 1141 to 1174
Ark. Processor Bids: (Jan) 1236 to 1239  (NC) 1262 to 1264
Memphis:  (Jan) 1271 3/4 to 1275 3/4 (NC)  1174 1/4 to - - -
Riceland Foods:  (NC) Stuttgart 1239 ; Pendleton 1245 ; West Memphis 1268

Chicago Futures: Mar up 9 at  1275 3/4
  May  up  8 1/2  at  1294
  Jul up 10 1/4  at  1307 1/4
  Nov '08 up 6 1/2  at  1229 1/4
  Nov '09 up 5 1/2  at  1184
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reclaimed early losses and ended the session on a positive note. Recent projections putting ’08 soybean plantings over 70 million acres pressured early dealings. However, the market started correcting before midday and was helped by the Federal Reserve’s announcement of lowering the interest rate another half point. Technically, the market is in a consolidation mode with key support at last week’s low of $11.67 ½ and resistance at the $13.04 ½ contract high.

Wheat
Cash bid for new crop at Memphis  766 1/4 to 771 1/4;
Bids to farmers at Local Elevators 746-768;
River Elevators 748-771;

Chicago Futures: Mar down  21 1/2  at  922 1/2 
  May down 23  at  939 
  Jul '08 down  17 1/4  at  866 1/4 
  Sep down  19  at  873 
  Jul '09 down  18 1/2  at  842 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  917 to 924;
Bids to farmers at River Elevators 816-879;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   496 1/2 to - - -;
  new crop at Memphis   479 1/4 to 482 1/4;
Bids to farmers at River Elevators  475 to 490

Chicago Futures: Mar down  2 1/2  at  498 1/2 
  May down  2 1/2  at  510 1/4 
  Sep down  1 1/2  at  514 1/4 
  Dec down  3/4  at  510 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat lost ground again today as the market showed followthrough on yesterday’s key reversal. However, the market did bounce off their lows, showing some resiliency. Long term support remains around $8.30.



Cotton & Rice  Date: January 30, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 39 at  6381
  Greenwood up  39 at 6381

New York Futures: Mar up  48  at  6872 
  May up  53  at  7059 
 Jul up  59  at  7239 
 Dec up  54  at  7705 
 Mar '09 up  129  at  7760 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton firmed in late trading to close higher in most contracts. 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  1287/cwt
  - - - - - -  to  - - -

Chicago Futures: Mar up  at  1462 
 May up  at  1495 
 Sep down  at  1464 
 Nov up  at  1480 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice followed the recent pattern of early weakness with a late push to the upside with March again registering a new contract high. 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 $14.64.



Cattle & Hogs  Date: January 30, 2008

Cattle
As reported by Federal-State Market News, receipts were 858 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers under 600 lbs. suitable for grazing $5-10 higher, over 600 lbs. $1-3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 112 to 122
  500 to 550 lbs. 103 to 112
  600 to 650 lbs. 91 to 101
 Medium & Large Frame 2   400 to 450 lbs. 105 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 86 to 94

Slaughter Cows, Boners 44.50   to   51.50
Light Weight 30 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64, high dressing 68
Midwest Steers   were quoted   at   88   to   - - -
Panhandle Steers   were quoted   at   88   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 115 to 125
  600 to 650 lbs. 107 to 111
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Feb up 25 at 9140
  Apr down 22 at 9452
Feeders: Mar up 85 at 10510
  May up 67 at 11105

Cattle Comment
Live cattle futures were barely higher, while feeders registered better gains. The market is finding support in expectations of a slightly smaller herd being reported in Friday’s inventory report. Today’s lower federal reserve rate could be positive for cattle but in the short term the February contract has strong resistance just above $92. It will likely take additional strength in beef to push February toward the next resistance around $93.50.

Hogs
Peoria: were $1     higher   at   31.5   to   32

Chicago Futures: Feb up 45 at 5845
  Jun up 2 at 7772

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

Hogs Comment
Hog futures were steady to slightly higher based on improving carcass values. Slow hog movement, as result of severe weather, added support.



Poultry  Date: January 30, 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. 74-77
Toms: 16-24 lbs. 74-77
 

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