Grain & Soybean Date: January 09, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  1026 to 1041
(NC) Summ. 940 to 970
River Elevators:
(Jan) MISS: 1036 to 1056 ; AR & White 1011 to 1031
(NC) Summ. 939 to 970
Ark. Processor Bids: (Jan) 1027 to 1046  (NC) 945 to 970
Memphis:  (Jan) 1061 to - - - (NC)  959 1/2 to 964 1/2
Riceland Foods:  (Jan) Stuttgart 1046 ; Pendleton 1041 ; West Memphis 1056

Chicago Futures: Jan 09 up 48 1/2 at  1037 1/2
  Mar 09  up  46 1/2  at  1036
  May 09 up 45 1/2  at  1045 1/2
  July 09 up 45 1/4  at  1056 1/4
  Nov 09 up 28 1/2  at  1029 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans posted strong gains today. The weather forecast for Argentina has changed significantly in the past few days. Virtually all moisture has been taken out of the forecast and average temperatures are creeping higher. Combine that with the fact that the Brazilian Ag Ministry has trimmed projected production to below 58 million metric tones, and you have renewed optimism about demand for U.S. soy. The March close above $10.20 opens the possibility of another leg up for beans.

Wheat
Cash bid for January at Memphis  515 1/2 to - - -;
Bids to farmers at Local Elevators 523-538;
River Elevators 530-573;

Chicago Futures: Mar 09 up  17  at  629 1/2 
  May 09 up 16 3/4  at  642 1/4 
  July 09 up  17  at  653 1/4 
  Sept 09 up  16 1/2  at  672 3/4 
  Dec 09 up  16 1/2  at  692 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  573 to 582;
Bids to farmers at River Elevators 448-528;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   400 3/4 to 405 3/4;
  New crop at Memphis   396 1/4 to 401 1/4;
Bids to farmers at River Elevators  374 to 399

Chicago Futures: Mar 09 up  at  410 3/4 
  May 09 up  at  421 1/4 
  Sept 09 up  3 3/4  at  441 1/4 
  Dec 09 up  at  454 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Corn followed soybeans higher, but the upside appears limited. 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 was also higher on carryover strength from soybeans. Indications the market was oversold were also supportive. However, this market has moved into a sideways trading pattern. Monday’s report is expected to show about a 2 million acre cut in plantings, but that is probably built into futures at this point.



Cotton & Rice  Date: January 09, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 110 at  4532
  Greenwood down  110 at 4532

New York Futures: Mar 09 down  109  at  4933 
  May 09 down  102  at  4985 
 July 09 down  104  at  5120 
 Dec 09 down  107  at  5567 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  14.36 cents
  The estimate for next week is  13.09 cents
Cotton Comment
Cotton turned lower 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 out of cotton.

Rice
Long Grain Cash Bid for  - - - - - -  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Jan 09 up  28  at  1508 
 Mar 09 up  25 1/2  at  1485 
 May 09 up  24 1/2  at  1502 
 July 09 up  24 1/2  at  1523 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice posted sharp gains today ahead of Monday’s report. 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 09, 2009

Cattle
As reported by Federal-State Market News, receipts were 9805 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $5 to $10 higher, heifers $3 to $9 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 107.75 to - - -
  500 to 550 lbs. 97.75 to - - -
  600 to 650 lbs. 89 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 97.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 87 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 85.25 to - - -

Slaughter Cows, Boners 39   to   46
Light Weight 25 to 33
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56.50
Midwest Steers   n/a   at   - - -   to   - --
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 98 to 116.50
  550 to 600 lbs. 92.50 to 112
Heifers 500 to 550 lbs. 86 to 99.50
  550 to 600 lbs. 84 to 98.50

Chicago Futures:
Live Cattle: Feb 09 down 5 at 8310
  Apr 09 down 13 at 8683
Feeders: Jan 09 up 60 at 9410
  May 09 up 68 at 9560

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 week, which opens further downside potential. The market is oversold, however, and profit taking could provide a bounce.

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

Chicago Futures: Feb 09 up 3 at 6245
  April 09 down 45 at 6860

Sheep
St. Paul n/a   at   - - -   to   - - -

Hogs Comment
Hogs ended mixed. Today’s unemployment numbers pressured deferred contracts. Nearby contracts were supported by stronger export demand and higher cash hog markets.



Poultry  Date: January 09, 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 entering the weekend was light to instances moderate, best where featured. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.