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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
3 |
at |
1462 |
| | May |
up |
3 |
at |
1495 |
| | Sep |
down |
1 |
at |
1464 |
| | Nov |
up |
5 |
at |
1480 |
| | - - - |
|
- - - |
at |
- - - |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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.