Grain & Soybean Date: January 16, 2009

The markets will be closed on Monday, March 19, 2009 in observance of the holiday. The next report will be published on Tuesday, January 20, 2009.

Soybeans

Local Elevators:
(Jan) EAST AR:  1002 to 1025
(NC) Summ. 892 to 912
River Elevators:
(Jan) MISS: 1020 to 1035 ; AR & White 995 to 1010
(NC) Summ. 887 to 912
Ark. Processor Bids: (Jan) 1011 to 1015  (NC) 892 to 912
Memphis:  (Jan) 1030 to 1036 (NC)  902 to 912
Riceland Foods:  (Jan) Stuttgart 1015 ; Pendleton 1025 ; West Memphis 1032

Chicago Futures: Mar '09 up 25 1/2 at  1020
  May '09  up  25 3/4  at  1029
  Jul '09 up 25 1/4  at  1038 1/2
  Sep '09 up 18  at  1003
  Nov '09 up 11 1/2  at  972
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans have recouped a large part of the early week losses that resulted from Monday’s supply demand report. Concern about continued hot, dry conditions in Argentina combined with strong Chinese buying to boost the market ahead of a three day weekend. March futures have been unable to push above $10.22 the last two sessions and will need to exceed last week’s high of $10.40 to signal a resumption of the recent uptrend.

Corn benefited from the weather concerns in Argentina and Brazil traders evened short positions ahead of the long 3 day weekend. Some private estimates have South American corn production down 20% from last year. March futures remains 37 cents below last week’s high of $4.28. That will be tough resistance on any sustained upturn.

Wheat
Cash bid for January at Memphis  453 1/4 to - - -;
Bids to farmers at Local Elevators 472-487;
River Elevators 479-522;

Chicago Futures: Mar '09 up  9 1/2  at  578 1/4 
  May '09 up 9 1/4  at  590 3/4 
  Jul '09 up  9 1/2  at  602 1/4 
  Sep '09 up  9 1/4  at  624 1/2 
  Dec '09 up  9 1/2  at  646 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  538 to 546;
Bids to farmers at River Elevators 412-492;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   376 to 381;
  new crop at Memphis   383 1/4 to - - -;
Bids to farmers at River Elevators  346 to 371

Chicago Futures: Mar '09 up  25 3/4  at  391 
  May '09 up  25 1/2  at  401 3/4 
  Sep '09 up  26 1/4  at  423 1/4 
  Dec '909 up  25 3/4  at  436 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended the week on a positive note, mostly on carryover strength from corn and soybeans. The market has been ignoring the weather all week, but the threat of winter kill to the already smaller-than-expected winter wheat crop was also supportive today.



Cotton & Rice  Date: January 16, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 47 at  4500
  Greenwood up  47 at 4500

New York Futures: Mar '09 up  59  at  4912 
  May '09 up  59  at  4970 
 Jul '09 up  48  at  5053 
 Dec '09 up  99  at  5505 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  14.16 cents
  The estimate for next week is  13.34 cents
Cotton Comment
Cotton rebounded over the last two sessions to retrace a portion of the early week declines. Demand numbers continue to slide as evidenced by lower projected exports and U.S. mill use in Monday’s report. The impact was limited by a small downward correction in production which contributed to a lower projected stocks number. While lower stocks are more than ample and will limit upside. New crop December appears to have good support at 52 cents with resistance at last week’s high of $57.2 cents. Reduced plantings in ’09 will eventually move this market higher.

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

Chicago Futures: Mar '09 up  13 1/2  at  1364 1/2 
 May '09 up  15  at  1381 
 Jul '09 up  15 1/2  at  1395 
 Sep '09 down  at  1335 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures managed a positive close after finding support just above $13. Mills are running well below capacity as new sales are almost non-existent. Rough rice exports continue at a good pace, but the situation is such that not much will happen at current price levels. Vietnam continues to move rice at or around $400 per tonne, at the same time the intervention program in Thailand has pushed their market up near $600 on new crop rice. Their only sales appear to be at a much lower level on older government stocks. For now the market has little upside, and that may lead to a retest of previous support at $13.03.



Cattle & Hogs  Date: January 16, 2009

Cattle
As reported by Federal-State Market News, receipts were 11,870 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $1 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 108.50 to - - -
  500 to 550 lbs. 100.25 to - - -
  600 to 650 lbs. 89.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 97 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 83.50 to - - -

Slaughter Cows, Boners 39   to   46
Light Weight 25 to 32
Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   55, high dresing 55-59.50
Midwest Steers   were $.50 lower   at   83   to   - - -
Panhandle Steers   remained   at   83   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 97 to 114
  600 to 650 lbs. 89 to 102.25
Heifers 500 to 550 lbs. 84 to 100
  600 to 650 lbs. 82.50 to 94.50

Chicago Futures:
Live Cattle: Feb '09 up 17 at 8452
  Apr '09 up 37 at 8767
Feeders: Mar '09 up 7 at 9437
  May '09 up 10 at 9740

Cattle Comment
Cattle futures turned higher today. Stronger beef prices and good packer margins were supportive. February found resistance at $85.15.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures: Feb '09 up 12 at 5995
  Apr '09 up 17 at 6602

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

Hogs Comment
Hogs ended the day a bit higher on profit taking after this week’s big losses. A weaker dollar and higher stock prices also gave the market a boost today.



Poultry  Date: January 16, 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 entering the weekend was fair at best with trading usually limited to regular commitments. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.