Grain & Soybean Date: February 15, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1318 to 1340
(NC) Summ. 1223 to 1255
River Elevators:
(Feb) MISS: 1309 to 1363 ; AR & White 1327 to 1333
(NC) Summ. 1226 to 1258
Ark. Processor Bids: (Feb) 1334 to - - -  (NC) 1247 to 1248
Memphis:  (Feb) 1365 3/4 to - - - (NC)  - - - to - - -
Riceland Foods:  (NC) Stuttgart 1334 ; Pendleton 1340 ; West Memphis 1363

Chicago Futures: Mar up 5 3/4 at  1373 3/4
  May  up  5 3/4  at  139 1/4
  Jul up 7 3/4  at  1402 1/2
  Nov up 12  at  1317 1/2
  Nov '09 up 12  at  1252
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made another strong run at contract highs and old crop hit new levels while November fell a little short. However, November did close at their highest level and are in position to move to a new high. But we have a long holiday weekend and the market may make adjustments. Fundamentals don’t seem to be having much influence on the market as high price levels have left many players on the sidelines – but not the index funds. They still seem to have investment money available and are giving the market another push.

Wheat
Cash bid for new crop at Memphis  832 1/2 to 837 1/2;
Bids to farmers at Local Elevators 813-840;
River Elevators 819-843;

Chicago Futures: Mar down  4 1/2  at  1027 1/2 
  May up at  1042 
  Jul down  3 1/2  at  937 1/2 
  Sep down  at  942 
  Jul '09 down  13  at  854 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  883 to 910;
Bids to farmers at River Elevators 863-873;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   507 3/4 to 514 3/4;
  new crop at Memphis   505 to - - -;
Bids to farmers at River Elevators  479 to 500

Chicago Futures: Mar up  3 3/4  at  514 3/4 
  May up  4 1/4  at  527 
  Sep up  4 1/4  at  538 
  Dec up  5 3/4  at  538 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Chicago wheat ended mixed. Minneapolis futures continue to blaze the trail higher, since there is very little high protein wheat available right now. July has resistance at the high of $10.00. Support begins at this week’s low of $8.96.



Cotton & Rice  Date: February 15, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 26 at  6540
  Greenwood down  26 at 6540

New York Futures: Mar down  131  at  6860 
  May down  76  at  6995 
 Jul down  49  at  7200 
 Dec down  38  at  7665 
 Mar '09 down  60  at  7880 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was pressured after early gains and ended the session lower. Cotton is losing the battle for acres in ’08. However, the more we lose now, the better the rebound. Cotton needs to gain value relative to beans, corn and rice if acreage is to increase. Not going to happen this year, but it should next year so look for strong gains later in ’08 and early ’09.

Rice
Long Grain Cash Bid for  Feb/Mar 1360/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  at  1619 
 May down  at  1651 
 Jul down  at  1675 
 Sep down  at  1568 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was a little lower as the market trimmed recent gains. However the long term situation remains unchanged. The international market remains firm despite the observance of Chinese New Year. Price levels are above $460 and could move higher in subsequent sales. Recent futures gains are expected to pull some additional acreage in the U.S. Current September futures should have the market near $6.50 per bushel.



Cattle & Hogs  Date: February 15, 2008

Cattle
As reported by Federal-State Market News, receipts were 7,025 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 118 to 128
  500 to 550 lbs. 110 to 120
  600 to 700 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 111 to 121

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 106 to 116
 Medium & Large Frame 2   400 to 450 lbs. 97 to 107

Slaughter Cows, Boners 49   to   55
Light Weight 35 to 40.75
Bulls, Yield Grade   1   1000   to   2100 lbs.   60.25   to   68.50, high dressing 70-73
Midwest Steers   were steady to $1 higher   at   89   to   90
Panhandle Steers   were steady to $1 higher   at   89   to   90

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 down 10 at 9397
  Jun up 27 at 9387
Feeders: Mar up 20 at 10462
  Aug up 30 at 12220

Cattle Comment
Live cattle futures were mixed with nearby contracts under pressure from beef price weakness and uncertainty about next week’s cash trade. April live cattle moved to their lowest level in a month, and could move to test support at $92.30.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures: Apr down 10 at 6420
  Jun up 32 at 7865

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

Hogs Comment
Hogs ended mixed. Strength came from higher cash hog values. The upside appears limited, though, as supplies are now 60% above year ago levels. April could move back toward the contract low of $61.90.



Poultry  Date: February 15, 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 balanced to well cleared for trade needs. In production areas, live supplies were moderate at mostly desirable weights.