Grain & Soybean Date: January 08, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  975 to 995
(NC) Summ. 901 to 941
River Elevators:
(Jan) MISS: 990 to 1010 ; AR & White 964 to 985
(NC) Summ. 911 to 941
Ark. Processor Bids: (Jan) 981 to 1000  (NC) 916 to 941
Memphis:  (Jan) 1014 1/2 to - - - (NC)  931 to 936
Riceland Foods:  (Jan) Stuttgart 1000 ; Pendleton 995 ; West Memphis 1010

Chicago Futures: Jan '09 down 1 at  989
  Mar '09  down  1/2  at  989 1/2
  May '09 down at  1000
  Jul '09 down 3/4  at  1011
  Nov '09 down at  1001
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans moved lower late after reversing mid-day gains. The market firmed after it was reported that the Brazilian Ag Ministry had trimmed projected production to below 58 million metric tonnes. Combined with a good export sales report that boosted the market for a brief period. The market remains in an uptrend despite the downward retracement of the last two days.

Corn again trimmed recent gains as the trade looked at another poor export sales report. After 4 months, the 08/09 corn export sales are just over half of the year ago level. Many former importers are buying wheat instead of corn for their feed needs.

Wheat
Cash bid for January at Memphis  502 1/2 to 507 1/2;
Bids to farmers at Local Elevators 506-521;
River Elevators 513-556;

Chicago Futures: Mar '09 down  3/4  at  612 1/2 
  May '09 down 1/2  at  625 1/2 
  Jul '09 down  at  636 1/4 
  Sep '09 down  at  656 1/4 
  Dec '09 down  3/4  at  675 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  566 to 575;
Bids to farmers at River Elevators 441-521;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   397 3/4 to 401 3/4;
  new crop at Memphis   392 1/2 to 397 1/2;
Bids to farmers at River Elevators  370 to 395

Chicago Futures: Mar '09 down  9 3/4  at  406 3/4 
  May '09 down  10  at  417 1/4 
  Sep '09 down  9 3/4  at  437 1/2 
  Dec '09 down  10 1/4  at  450 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower again today. The weekly export report showed a dismal 1.5 million bushels were exported last week, as foreign buyers opted for much cheaper wheat, mostly from Eastern Europe. Next week’s seeding report is expected to show a substantial drop in acres. The average trade guess has total wheat production pegged at 60 million acres, down from 63 million in 08.



Cotton & Rice  Date: January 08, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 31 at  4642
  Greenwood up  31 at 4642

New York Futures: Mar '09 up  76  at  5037 
  May '09 up  88  at  5085 
 Jul '09 up  85  at  5221 
 Dec '09 up  85  at  5671 
 - - - up  - - -  at  - - - 
This week's LDP rate for cotton is  14.36 cents
  The estimate for next week is  13.09 cents
Cotton Comment
Cotton continues its recent uptrend with December hitting a new recent high again today. Poor economic conditions have cut import needs but there is concern about a potential cut back in ’09 plantings. The recent decline in fertilizer and fuel costs help the bottom line for cotton, but current price levels are well below the government loan and that may keep acres in cotton.

Rice
Long Grain Cash Bid for  n/a - - -  to  - - -
  n/a - - -  to  - - -

Chicago Futures: Jan '09 down  at  1480 
 Mar '09 down  1/2  at  1459 1/2 
 May '09 down  at  1477 1/2 
 Jul '09 down  at  1498 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice retraced earlier gains and closed a little lower for the day. While many anticipate a lower USDA production projection in next week’s report, it may not help in the near term. U.S. milled rice quotes remain well above those of other exporting countries. This is reducing mills’ operating time, and could push futures lower. Rough rice exports remain strong, but generally account for less than 40% of total exports.



Cattle & Hogs  Date: January 08, 2009

Cattle
As reported by Federal-State Market News, receipts were 3,192 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $6-10 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 90.50 to - - -
  500 to 550 lbs. 104 to - - -
  600 to 650 lbs. 93.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 90.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 84 to - - -

Slaughter Cows, Boners 38   to   45
Light Weight 27 to 33
Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   59
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   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: Feb '09 down 225 at 8353
  Apr '09 down 180 at 8713
Feeders: Jan '09 down 100 at 9350
  May '09 down 105 at 9505

Cattle Comment
Cattle futures continue to be under pressure from economic concerns. Concerns that unemployment and economic woes will limit demand for beef are weighing heavily on this market. February fell through support at the recent low this morning, which opens further downside potential.

Hogs
Peoria: n/a       at   - - -   to   - - -

Chicago Futures: Feb '09 down 115 at 6240
  Apr '09 down 113 at 6913

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

Hogs Comment
Hogs also closed lower, mostly on demand concerns. Recent strength has been attributed to export demand, but gains in the value of the dollar are expected to limit exports.



Poultry  Date: January 08, 2009

Eggs
New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 92-96;
Chicago:  Ex. Lg. 119-127; Lg. 117-125; Med. 84-92;

Eastern Region Turkeys
Hens: 8-16 lbs. 69-74
Toms: 16-24 lbs. 69-73
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Demand into all channels was generally fair at best with light trading. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.