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  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:

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  at  900 
  Today's Arkansas LDP rate for wheat is:

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:

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:

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.



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 
medium grain rice is 
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.



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.



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.