Grain & Soybean Date: February 11, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1270 to 1292
(NC) Summ. 1192 to 1224
River Elevators:
(Feb) MISS: 1261 to 1315 ; AR & White 1277 to 1283
(NC) Summ. 1191 to 1227
Ark. Processor Bids: (Feb) 1255 to 1286  (NC) 1215 to 1217
Memphis:  (Feb) 1307 to 1311 (NC)  1212 to 1222
Riceland Foods:  (NC) Stuttgart 1286 ; Pendleton 1292 ; West Memphis 1315

Chicago Futures: Mar down 13 at  1326
  May  down  13  at  1345 1/2
  Jul down 13 1/4  at  1354 1/2
  Nov down at  1282
  Nov '09 unchanged   at  1220
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans lost ground today, but crop declines were minimal. The market has a very top heavy look after failing to hold several big upturns last week. Wednesday’s key reversal down on the November contract remains valid. Index funds are maintaining big positions, but could bail if the market shows potential follow through to the downside. The key will be ’08 planting intentions which won’t be released until the end of March.

Wheat
Cash bid for new crop at Memphis  874 to 879;
Bids to farmers at Local Elevators 859-881;
River Elevators 861-884;

Chicago Futures: Mar down  45  at  1048 
  May down 24 3/4  at  1085 
  Jul down  4 1/2  at  979 
  Sep down  1 1/2  at  987 
  Jul '09 down  6 1/2  at  904 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  885 to 899;
Bids to farmers at River Elevators 805-868;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   494 1/2 to 496 1/2;
  new crop at Memphis   488 to 493;
Bids to farmers at River Elevators  467 to 494

Chicago Futures: Mar down  4 1/2  at  503 1/2 
  May down  4 1/4  at  516 3/4 
  Sep down  at  526 
  Dec down  4 3/4  at  525 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures charted a bearish key reversal in both old and new crop futures. USDA raised the export projection by 25 million bushels in Friday’s report. Wheat feed usage was trimmed by 5 million, with a net result of a 20 million bushel cut in the ending stocks estimate. This was expected, but the funds drove the market limit up anyway in light of the ever tightening world stocks situation. However, it is likely that the bullish fundamentals are more than built in to current prices. This could be the signal that the winter high has now been charted.



Cotton & Rice  Date: February 11, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 168 at  6266
  Greenwood down  168 at 6266

New York Futures: Mar down  189  at  6720 
  May down  182  at  6900 
 Jul down  190  at  7076 
 Dec down  174  at  7577 
 Mar '09 down  165  at  7945 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mostly lower as the reaction to Friday’s National Cotton Council planting intentions report was less than positive. The report showed an 11.8% decline dropping ’08 plantings to 9.55 million acres. This compares to 10.83 in ’07. Mid-south plantings were down 25.5 % with Arkansas, Mississippi and Tennessee down almost 30%. In Arkansas, plantings were projected 605,000 acres down almost 50% from the 1.17 million acres in 2006. But poor exports led USDA to reduce their projection by 300,000 bales and raise ending stocks the same amount to 8.2 million bales. Upside for old crop will be tough, but at some point a potentially smaller ’08 crop will begin to boost values.

Rice
Long Grain Cash Bid for  Feb/Mar 1351/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  14  at  1551 
 May down  11  at  1582 
 Jul down  21  at  1594 
 Sep down  at  1535 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice traded in a narrow range before closing lower. The market was pressured by the turnaround in wheat. Limits were expanded to 60 cents in all three exchanges allowing completion of the short squeeze in most contracts. Only the two front contracts in Minneapolis closed higher. This pressured rice and allowed for a little weaker undertone. The international market has been extremely firm with price levels in both Thailand and Vietnam exceeding $450 per tonne. Overall world and U.S. supplies are very tight. U.S. long grain stocks are projected to be just 10.7 million cwt and that compares with 28.5 to start the year. Recent price gains are drawing attention to rice and could be pushing plantings for ’08 higher. If you are planting based on today’s price levels – then lock in the price on some of your production. It offers excellent opportunities. While price moved higher it could tank and probably will if and when everything else does.



Cattle & Hogs  Date: February 11, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,809 head at sales in Ola & Springdale.  Compared with last week, feeder steers sold $3-4 higher, heifers $4-9 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 124 to 134
  500 to 550 lbs. 113 to 123
  600 to 700 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 117 to 127

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 105 to 115
 Medium & Large Frame 2   350 to 400 lbs. 99 to 109

Slaughter Cows, Boners 49   to   53
Light Weight 37 to 41
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65, high dressing 65-68.50
Midwest Steers   were $4-2 higher   at   92   to   - - -
Panhandle Steers   were $4-2 higher   at   92   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 126 to 129
  650 to 700 lbs. 107.50 to 114.75
Heifers 550 to 600 lbs. 97 to 109.75
  600 to 650 lbs. 97 to 101.50

Chicago Futures:
Live Cattle: Apr steady at 9510
  Jun up 30 at 9445
Feeders: Mar up 87 at 10590
  Aug up 75 at 11395

Cattle Comment
Cattle futures were mostly higher. Wholesale beef prices have increased enough this week that packer margins are now estimated to be back in positive territory. Futures’ premium to cash prices limited the upside.

Hogs
Peoria: were $1     higher   at   34.5   to   35

Chicago Futures: Apr up 20 at 6507
  Jun up 12 at 7867

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

Hogs Comment
Hogs ended mixed. Weak packer margins and larger hog runs are expected to keep a lid on prices. Weakness in grain futures eased concerns of herd liquidation.



Poultry  Date: February 11, 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. 75-77
Toms: 16-24 lbs. 75-77
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was fully steady to firm. Supplies of all sizes were well balanced to short and moving well. In production areas, live supplies were moderate at mostly desirable weights.