Grain & Soybean Date: February 07, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1276 to 1298
(NC) Summ. 1191 to 1223
River Elevators:
(Feb) MISS: 1272 to 1312 ; AR & White 1283 to 1289
(NC) Summ. 1192 to 1226
Ark. Processor Bids: (Feb) 1292 to - - -  (NC) 1214 to 1216
Memphis:  (Feb) 1316 1/2 to 1319 1/2 (NC)  1221 to 1226
Riceland Foods:  (NC) Stuttgart 1292 ; Pendleton 1298 ; West Memphis 1321

Chicago Futures: Mar up 13 at  1331 1/2
  May  up  11 1/2  at  1350 1/2
  Jul up 10 1/2  at  1362 1/4
  Nov up 1 1/2  at  1281
  Nov '09 up 1/2  at  1220
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans started the day lower, but eventually moved to the positive side. Export sales of 39 million bushels was well above expectations and the amount needed to meet USDA’s projection for this year. This put the trade on notice to be aware that tomorrow’s report may show further downward revision in projected ending stocks. It should be noted that these sales were made at very high price levels. March futures will need to close above yesterday’s high of $13.73 to negate the bearish key reversal.

Wheat
Cash bid for new crop at Memphis  853 1/2 to 858 1/2;
Bids to farmers at Local Elevators 834-856;
River Elevators 835-859;

Chicago Futures: Mar up  30  at  1063 
  May up 30  at  1079 3/4 
  Jul down  2 1/2  at  953 1/2 
  Sep down  at  962 
  Jul '09 down  1/2  at  900 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  892 to 908;
Bids to farmers at River Elevators 798-861;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   492 1/2 to 493 1/2;
  new crop at Memphis   488 1/2 to - - -;
Bids to farmers at River Elevators  464 to 490

Chicago Futures: Mar down  at  499 1/2 
  May down  at  512 1/4 
  Sep down  at  521 1/2 
  Dec down  at  499 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Old crop wheat was up the limit again today, but new crop turned lower after setting a new high early. Minneapolis futures continue to be the leader in this market. The value of wheat as a food grain means there is demand no matter the price.



Cotton & Rice  Date: February 07, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 26 at  6366
  Greenwood down  26 at 6366

New York Futures: Mar down  17  at  6850 
  May down  45  at  7011 
 Jul down  55  at  7189 
 Dec down  34  at  7670 
 Mar '09 down  20  at  7925 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton traded back to trendline support and ended the session slightly lower. 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 1345/cwt  to  - - -
  Mar 1345  to  1366/cwt

Chicago Futures: Mar down  at  1535 
 May down  10  at  1563 
 Jul down  10  at  1587 
 Sep unchanged    at  1522 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice ended the day steady to slightly lower. Closing values were at the high for the day. 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 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 07, 2008

Cattle
As reported by Federal-State Market News, receipts were 842 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $3-7 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120 to 129
  500 to 550 lbs. 116 to 126
  600 to 700 lbs. 103 to 113
 Medium & Large Frame 2   400 to 450 lbs. 110 to 120

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 108 to 114
 Medium & Large Frame 2   400 to 450 lbs. 96 to 104

Slaughter Cows, Boners 47.50   to   52
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63.50, high dressing 63.50-65
Midwest Steers   were steady   at   88   to   - - -
Panhandle Steers   were steady   at   88   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 157 at 9605
  Jun up 117 at 9505
Feeders: Mar up 92 at 10585
  Aug up 85 at 11345

Cattle Comment
Cattle futures were higher across the board in reaction to improved cash values and lower corn prices. Wholesale beef prices have increased enough this week that packer margins are now estimated to be back in positive territory. Concerns about the overall economy, though, have traders cautious that beef demand will suffer.

Hogs
Peoria: were $1     higher   at   34.5   to   35

Chicago Futures: Apr down 75 at 6470
  Jun down 80 at 7790

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

Hogs Comment
Hogs were lower again today pressured by lower wholesale pork values. Improved weather has traders fearing a backlog of hogs coming to market.



Poultry  Date: February 07, 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.