Grain & Soybean Date: February 06, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1266 to 1288
(NC) Summ. 1190 to 1222
River Elevators:
(Feb) MISS: 1259 to 1311 ; AR & White 1270 to 1278
(NC) Summ. 1190 to 1225
Ark. Processor Bids: (Feb) 1279 to 1282  (NC) 1213 to 1215
Memphis:  (Feb) 1303 1/2 to 1308 1/2 (NC)  1224 1/2 to - - -
Riceland Foods:  (NC) Stuttgart 1282 ; Pendleton 1288 ; West Memphis 1311

Chicago Futures:	Mar	down	4 1/2	at	1318 1/2
	May	down	3	at	1339
	Jul	down	3 1/4	at	1351 3/4
	Nov	down	10 1/2	at	1279 1/2
	Nov '09	down	17 1/2	at	1222 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Boosted by the runaway wheat market, soybeans and corn made new record contract highs early in the session. However, a late turnaround perished both lower at the close, leaving a potential topping signal. December corn and November soybeans registered key reversals which suggest, if not a top at least a near term downturn. November beans may test support around $12 and then the recent low at $11.67 ½. December corn has trendline support around $5.00 and then the recent low of $4.84.

Wheat
Cash bid for new crop at Memphis  856 to 861;

Bids to farmers at Local Elevators	836-858;
River Elevators	838-861;

Chicago Futures:	Mar	up	30	at	1033
	May	up	30	at	1049 3/4
	Jul	up	21 1/2	at	956
	Sep	up	22	at	963
	Jul '09	up	5	at	900
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for February at Memphis  896 to 931;

Bids to farmers at River Elevators	802-864;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	February at Memphis   493 1/2 to 501 1/2;
	new crop at Memphis   491 1/2 to - - -;
Bids to farmers at River Elevators	466 to 492

Chicago Futures:	Mar	down	7 3/4	at	501 1/2
	May	down	7 1/2	at	514 1/4
	Sep	down	7 3/4	at	524 1/2
	Dec	down	6 3/4	at	525 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat registered big gains with July closing just off the limit of 30 cents. Spring wheat continues to lead the pack with another limit gain. Tight world stocks and strong demand are major keys. The value of wheat as a food grain means there is demand no matter the price.

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Cotton & Rice  Date: February 06, 2008

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 57 at  6392
	Greenwood up  57 at 6392

New York Futures:	Mar	up	50	at	6860
	May	up	50	at	7043
	Jul	up	47	at	7225
	Dec	up	47	at	7705
	Mar '09	up	127	at	8018
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton rallied and followed grains higher and then followed them lower. However, cotton remained on the positive side at the close. There has been no significant change in fundamentals, and upside potential remains limited. The big carryover projection may get bigger in Friday’s report, since at mid year exports are less than 40% of the annual projection. Prospects of reduced plantings again this year will help the market, but that probably won’t happen until much later in the year.

Rice

Long Grain Cash Bid for	Feb	1352/cwt	to	- - -
	Mar	1352	to	1366/cwt

Chicago Futures:	Mar	up	35 1/2	at	1542
	May	up	34	at	1573
	Jul	up	29	at	1597
	Sep	up	24	at	1522
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice made and held big gains as all contracts registered new highs. Rice, like wheat, is a food grain and it is difficult to gauge how much higher the market can go when stocks get tight. On the international market rice values have zoomed higher with recent sales by Vietnam and Thailand are moving at $450 or above per tonne. Vietnam now has a minimal export price of $425 per tonne for 5% broken and prospects of the market moving higher are strong. New crop futures have gapped higher twice in the last week and have shown no signs of a top as rice attempts to compete for acreage in ’08.

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Cattle & Hogs  Date: February 06, 2008

Cattle
As reported by Federal-State Market News, receipts were 733 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	113	to	123
	500	to	550 lbs.	105	to	115
	600	to	650 lbs.	99	to	102.50
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.	92	to	102

Slaughter Cows, Boners 47   to   52
Light Weight 34 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65, high dressing 68-70.50
Midwest Steers   were quoted   at   88   to   - - -
Panhandle Steers   were quoted   at   88   to   - - -

Oklahoma City Feeders
Steers	500	to	550 lbs.	116	to	125
	600	to	650 lbs.	108	to	115
Heifers	500	to	550 lbs.	97	to	110
	600	to	650 lbs.	94	to	98.75

Chicago Futures:

Live Cattle:	Apr	down	15	at	9447
	Jun	down	65	at	9387
Feeders:	Mar	down	57	at	10492
	Aug	down	25	at	11260

Cattle Comment
Cattle futures closed lower despite the increased beef cutout value. Negative packer margins have narrowed and could move to the positive side. However, the question is whether recent gains will reduce demand as it has recently. Feeder values were pressured by early gains in corn and soybeans.

Hogs
Peoria: were $1     higher   at   33.5   to   34

Chicago Futures:	Apr	down	70	at	6545
	Jun	down	112	at	7870

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

Hogs Comment
Hogs were lower again today pressured by lower wholesale pork values. Snow is destroying the market, but most packers are covered into the weekend. Movement is expected to increase later in the week, adding more pressure.

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Poultry  Date: February 06, 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 fully steady to firm. Supplies of all sizes were sufficient to well cleared for trade needs. In production areas, live supplies were moderate at mostly desirable weights.