Grain & Soybean Date: January 15, 2009

Soybeans

Local Elevators:
(Jan) EAST AR:  977 to 1000
(NC) Summ. 871 to 901
River Elevators:
(Jan) MISS: 995 to 1013 ; AR & White 969 to 984
(NC) Summ. 875 to 901
Ark. Processor Bids: (Jan) 986 to 990  (NC) 881 to 901
Memphis:  (Jan) 1009 1/2 to 1010 1/2 (NC)  900 1/2 to - - -
Riceland Foods:  (Jan) Stuttgart 990 ; Pendleton 1000 ; West Memphis 1007

Chicago Futures: Mar '09 up 23 at  994 1/2
  May '09  up  23  at  1003 1/4
  Jul '09 up 23 1/4  at  1013 1/4
  Sep '09 up 13  at  985
  Nov '09 up 5 1/4  at  960 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybean futures posted double digit gains today. The weekly export report was the driving factor this morning, with USDA reporting 50.1 million bushels sold for export last week. China was the major buyer. Friday’s high of $10.39 ½ looks like important overhead resistance for March.

Corn posted losses of about a penny. The weekly export sales report wasn’t any better than previous weeks. Only 8.5 million bushels were sold for export last week, and total exports for the marketing year are roughly half of what they were at this time last year. Recent price action looks ominous, and the market is clearly searching for support.

Wheat
Cash bid for January at Memphis  443 3/4 to 448 3/4;
Bids to farmers at Local Elevators 463-478;
River Elevators 470-513;

Chicago Futures: Mar '09 down  5 1/2  at  568 3/4 
  May '09 down 5 1/2  at  581 1/2 
  Jul '09 down  5 1/4  at  592 3/4 
  Sep '09 down  at  615 1/4 
  Dec '09 down  3 1/2  at  636 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  492 to 500;
Bids to farmers at River Elevators 366-400;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   350 1/4 to 355 1/4;
  new crop at Memphis   357 to - - -;
Bids to farmers at River Elevators  320 to 345

Chicago Futures: Mar '09 down  1 1/4  at  365 1/4 
  May '09 down  1 1/4  at  376 1/4 
  Sep '09 down  at  397 
  Dec '09 down  1/2  at  411 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned lower in reaction to the weekly export sales report. Only 87,900 tons were sold last week, and that was well below trade expectations.



Cotton & Rice  Date: January 15, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 253 at  4453
  Greenwood up  253 at 4453

New York Futures: Mar '09 up  266  at  4866 
  May '09 up  226  at  4916 
 Jul '09 up  165  at  4980 
 Dec '09 up  184  at  5423 
 - - - up  - - -  at  - - - 
This week's LDP rate for cotton is  12.97 cents
  The estimate for next week is  14.16 cents
Cotton Comment
Cotton posted sharp gains, despite a disappointing export report. USDA says only 125,000 running bales were sold for export last week. Shipments were a bit higher at 200,200 bales, but that is still below the weekly total needed to meet USDA’s export estimate for the marketing year. Resistance for March begins at the recent high of 50.90 cents.

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

Chicago Futures: Mar '09 up  4 1/2  at  1351 
 May '09 up  4 1/2  at  1366 
 Jul '09 up  at  1379 1/2 
 Sep '09 up  15  at  1340 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was mostly higher today, mostly due to profit taking on ideas recent losses were overdone. The recent production report was seen as bearish, despite a modest cut in production. Many feel that the cut did not reflect the true losses seen due to hurricanes this fall. March has initial overhead resistance at Monday’s large chart gap between $13.95 and $14.35.



Cattle & Hogs  Date: January 15, 2009

Cattle
As reported by Federal-State Market News, receipts were 2,449 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 116.25 to - - -
  500 to 550 lbs. 107 to - - -
  600 to 650 lbs. 96.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 104.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 83.75 to - - -

Slaughter Cows, Boners 37   to   43
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50, high dressing not tested
Midwest Steers   were $1.50 to $.50 higher   at   83.50   to   - - -
Panhandle Steers   were $1 higher   at   83   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 up 100 at 8435
  Apr '09 up 47 at 8730
Feeders: Mar '09 up 32 at 9430
  May '09 up 12 at 9730

Cattle Comment
Cattle futures were mixed. Carryover weakness from the hog pit and concerns about the economy were the driving factors. Losses in stocks and crude oil futures were also bearish for prices.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures: Feb '09 down 10 at 5982
  Apr '09 down 85 at 6585

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

Hogs Comment
Hogs posted sharp losses again today in light of weaker cutout values and negative packer margins. Worries about demand for pork in the weak economy were also a factor.



Poultry  Date: January 15, 2009

Eggs
New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 92-96;
Chicago:  Ex. Lg. 116-124; Lg. 114-122; 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 about steady. Demand was mostly fair with limited trading. Supplies were at least adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.