Grain & Soybean Date: August 07, 2008

Soybeans

Local Elevators:
(Aug) EAST AR:  n/a to - - -
(NC) Summ. 1131 to 1168
River Elevators:
(Aug) MISS: 1154 to 1185 ; AR & White 1156 to 1162
(NC) Summ. 1132 to 1185
Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1161 to 1164
Memphis:  (Aug) 1194 to - - - (NC)  1184 to - - -
Riceland Foods:  (Aug) Stuttgart 1164 ; Pendleton 1168 ; West Memphis 1185

Chicago Futures:	Sep	up	21	at	1234 1/2
	Nov	up	17	at	1239
	Jan '09	up	17	at	1256 3/4
	Mar '09	up	16 1/4	at	1272
	Nov '09	up	19	at	1267
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans and corn closed higher for the day, but today’s trading range was an inside day, meaning it didn’t move higher or lower than yesterday’s trading and doesn’t give much indication of where the market might be going. It appears to be buying in reaction to an oversold situation that developed from 4 days of declining values. A stronger $ was partially offset by good export sales and a firming undertone in crude oil. Look for both corn and soybeans to be choppy ahead of next Tuesday’s report. Upside potential will be determined by USDA’s projections in relation to current expectations.

Wheat
Cash bid for August at Memphis  632 1/4 to 642 1/4;

Bids to farmers at Local Elevators	589;
River Elevators	576-622;

Chicago Futures:	Sep	up	56 1/2	at	822 1/4
	Dec	up	56 1/4	at	847
	Mar '09	up	55 1/4	at	870
	May '09	up	55 1/4	at	884 1/4
	Jul '09	up	53 1/2	at	895 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for new crop at Memphis  n/a to - - -;

Bids to farmers at River Elevators	666-754;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	August at Memphis   487 1/4 to 497 1/4;
	new crop at Memphis   n/a to - - -;
Bids to farmers at River Elevators	459 to 483

Chicago Futures:	Sep	up	14 1/4	at	522 1/4
	Dec	up	14 1/4	at	542
	Mar '09	up	14 1/2	at	561 1/2
	Dec '09	up	16 1/2	at	591 1/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat led the market higher, with huge across the board gains. Poor crop conditions in the spring wheat area contributed to the strong move. Weekly exports were also positive and kept cumulative sales within 4% of last year. USDA is projecting exports will decline over 20% for the year. Today’s strong close could give the market an opportunity to test resistance between $8.50 and $8.60.

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Cotton & Rice  Date: August 07, 2008

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 187 at  6458
	Greenwood up  187 at 6458

New York Futures:	Oct	up	181	at	6927
	Dec	up	175	at	7131
	Mar '09	up	150	at	7627
	May '09	up	159	at	7821
	Jul '09	up	146	at	7953
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton made good gains with December pushing up near resistance just under 72 cents. However, the overall fundamental picture remains rather murky and prospects of further declines are possible. The next likely downside objective is the late 62% retracement level of 63.3 cents. Lead contracts retraced to that level in both June and July. Big stocks continue to weigh on the market and that will remain the case until later in the year.

Rice

Long Grain Cash Bid for	Aug	1650/cwt	to	- - -
	- - -	- - -	to	- - -

Chicago Futures:	Sep	up	24	at	1612
	Nov	up	23	at	1641
	Jan '09	up	23	at	1673
	Mar '09	up	24	at	1705
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures were higher for the day with September leaving a possible one day island reversal low. This occurred in a very thin trade which lowers the reliability of the formation. September was above $16 once again, but still could move toward the next level of support at $15.66. Mills appear to be covered for needs into September. On the international scene the market seems almost as unsettled as earlier when it was moving sharply higher. Vietnam price offers are all over the board, while they are maintaining a minimum export price of $750 per tonne. Thailand is considering release of as much as 2 million metric tonnes of intervention stocks. All of this is weighing on the U.S. market.

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Cattle & Hogs  Date: August 07, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,122 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold unevely, mostly steady to $2 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	113.40	to	- - -
	500	to	550 lbs.	108.29	to	- - -
	600	to	650 lbs.	111.79	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	103.15	to	- - -
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	100.86	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	91.65	to	- - -

Slaughter Cows, Boners 50   to   57.50
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   71.50, high dressing 78-85
Midwest Steers   remained   at   96   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:	Oct	down	135	at	10720
	Dec	down	35	at	10690
Feeders:	Oct	down	217	at	11535
	Nov	down	250	at	11620

Cattle Comment
Cattle futures reversed yesterday’s gains as cash bids failed to follow the market higher. Packers are resisting higher offerings despite good margins. Good export demand and firm beef values are expected to limit downside movement.

Hogs
Peoria: were $2     higher   at   55.5   to   56

Chicago Futures:	Oct	up	7	at	7697
	Dec	up	110	at	7545

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

Hogs Comment
Hog futures were higher with expiring August having gained over $6 in the last week. Favorable packer margins, good export movement, and lighter weights are helping boost demand.

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Poultry  Date: August 07, 2008

Eggs

New York:	Ex. Lg. 112-116; Lg. 110-114; Med. 76-80;
Chicago:	Ex. Lg. 94-102; Lg. 92-100; Med. 63-71;

Eastern Region Turkeys

Hens:	8-16 lbs.	94-97
Toms:	16-24 lbs.	94-97

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Demand into all channels was fair to moderate with improvement possible approaching the weekend. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were mostly desirable.