Grain & Soybean Date: February 05, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1270 to 1292
(NC) Summ. 1200 to 1231
River Elevators:
(Feb) MISS: 1311 to 1373 ; AR & White 1277 to 1283
(NC) Summ. 1202 to 1235
Ark. Processor Bids: (Feb) 1283 to 1286  (NC) 1223 to 1225
Memphis:  (Feb) 1308 to 1313 (NC)  1235 to - - -
Riceland Foods:  (NC) Stuttgart 1286 ; Pendleton 1292 ; West Memphis 1315

Chicago Futures: Mar down 3 at  1323
  May  down  2 3/4  at  1342
  Jul down 3 1/2  at  1355
  Nov down 4 1/2  at  1290
  Nov '09 down at  1240
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded in a narrow range with November pushing to $12.98 before retreating and closing slightly lower for the day. Recesssionary fears and lower crude oil provided some negative influence. Key support is the recent low of $11.67 ½, while the contract high of $13.04 ½ is resistance. A close outside either of these points would suggest further movement in that direction.

Wheat
Cash bid for new crop at Memphis  873 to 983;
Bids to farmers at Local Elevators 815-837;
River Elevators 825-840;

Chicago Futures: Mar up  30  at  1003 
  May up 29 3/4  at  1019 3/4 
  Jul up  30  at  934 1/2 
  Sep up  30  at  941 
  Jul '09 up  14 1/2  at  895 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  918 to 945;
Bids to farmers at River Elevators 816-879;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   499 1/4 to 509 1/4;
  new crop at Memphis   499 1/4 to - - -;
Bids to farmers at River Elevators  474 to 499

Chicago Futures: Mar down  1 1/4  at  509 1/4 
  May down  at  521 3/4 
  Sep down  at  532 1/4 
  Dec down  1/2  at  532 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was up the limit across the board. Strong global demand for wheat continues to support the market. The weekly crop ratings were supportive as well, particularly since the crop in Kansas, Oklahoma and Texas is in disappointing shape.



Cotton & Rice  Date: February 05, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 77 at  6335
  Greenwood down  77 at 6335

New York Futures: Mar down  81  at  6806 
  May down  89  at  6990 
 Jul down  81  at  7169 
 Dec down  102  at  7645 
 Mar '09 down  97  at  7888 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton couldn’t manage any followthrough on yesterday’s move that pulled the market out of a narrow 2 week consolidation range. The market continues to show concern about the overall economic situation and a slow export situation. USDA projects 07/08 exports at 16 million bales. However at the half way point shipments are only 6.1 million bales. Movement and sales will need to increase steadily, or end of year stocks could be near 9 million bales instead of the current projections of 7.9. This will keep a cap on upside potential. Tightening U.S. and world stocks in 08/09, as ’08 plantings decline – should provide a boost at some point for ’09.

Rice
Long Grain Cash Bid for  Feb 1316/cwt  to  - - -
  Mar 1316  to  1366/cwt

Chicago Futures: Mar down  3 1/2  at  1506 1/2 
 May down  at  1539 
 Jul down  at  1568 
 Sep down  at  1498 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice traded in a very narrow range and found little to give the market direction. Another limit gain in wheat provided little impetus as rice appears to be making time just below Friday’s contract low. World and U.S. rice stocks are tight and that simply adds fuel to the fire that is burning in the grains and soybeans. Producers are completing their plans for ’08 and while then tendency may be to plant more soybeans and perhaps less rice. The availability of quality soybean seed may keep rice at the top of the mix.



Cattle & Hogs  Date: February 05, 2008

Cattle
As reported by Federal-State Market News, receipts were 820 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers sold $2-5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 118 to 128
  500 to 550 lbs. 110 to 120
  600 to 700 lbs. 98 to 108
 Medium & Large Frame 2   400 to 450 lbs. n/a to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 88 to 98

Slaughter Cows, Boners 44   to   50
Light Weight 35 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   66, high dressing 67-72
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

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: Apr up 70 at 9462
  Jun down 22 at 9452
Feeders: Mar up 75 at 10550
  Aug up 80 at 11285

Cattle Comment
Cattle prices were mixed. With lackluster packer demand and negative packer margins prices could retest recent contract lows. The April live contract gapped higher today, but stayed within the recent consolidation range. Resistance at $95.45 proved to be too much to overcome.

Hogs
Peoria: were     steady   at   32.5   to   33

Chicago Futures: Apr down 105 at 6615
  Jun down 115 at 7990

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

Hogs Comment
Hog futures ended the day lower. Prices were overbought and due a correction. However, all indications are the market has hit its winter bottom, and prices should trend higher.



Poultry  Date: February 05, 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 mixed, but overall at least steady. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.