Grain & Soybean Date: May 15, 2008

Soybeans

Local Elevators:
(May) EAST AR:  1271 to 1295
(NC) Summ. 1211 to 1243
River Elevators:
(May) MISS: 1248 to 1315 ; AR & White 1278 to 1284
(NC) Summ. 1217 to 1251
Ark. Processor Bids: (May) 1278 to 1286  (NC) 1239 to 1241
Memphis:  (May) 1309 1/2 to 1311 1/2 (NC)  1249 1/4 to 1252 1/4
Riceland Foods:  (NC) Stuttgart 1286 ; Pendleton 1295 ; West Memphis 1315

Chicago Futures:	Jul	down	32	at	1347 1/2
	Aug	down	29 1/2	at	1347
	Sep	down	21	at	1328
	Nov	down	13 3/4	at	1319 1/4
	Nov '09	down	7 1/4	at	1286 3/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans ended lower but near the top of the day’s trading range. November is establishing support at the recent low of $12.76. Resistance begins at $13.48. Futures are well above USDA’s average price projection of $10.50 to $12.00. This suggests fundamentals do not support current price levels, but their projection does not take index funds into account either.

Wheat
Cash bid for new crop at Memphis  611 1/2 to 621 1/2;

Bids to farmers at Local Elevators	604-617;
River Elevators	588-630;

Chicago Futures:	Jul	up	7 1/2	at	771 1/2
	Sep	up	7 3/4	at	786
	Dec	up	6 3/4	at	806
	Mar '09	up	4 1/2	at	823
	May '09	up	5	at	831 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for May at Memphis  966 to 991;

Bids to farmers at River Elevators	882-943;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	May at Memphis   565 to 566;
	new crop at Memphis   561 1/4 to 566 1/4;
Bids to farmers at River Elevators	547 to 565

Chicago Futures:	Jul	up	2 3/4	at	599
	Sep	up	3	at	611 1/4
	Dec	up	2	at	622 1/2
	Dec '09	up	1 1/2	at	594
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat futures were higher, but today’s move is more than likely just a corrective bounce. While stocks for the current marketing year are at record-low levels, the situation is expected to be very different this time next year, and that is keeping a lid on the market. July fell out the bottom of the recent consolidation range and now could head toward a retest of support between $6.50 and $6.70.

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Cotton & Rice  Date: May 15, 2008

Cotton

Spot Price, Grade 41 Staple 34:	Memphis  n/a at  - - -
	Greenwood   n/a at - - -

New York Futures:	Jul	down	95	at	6995
	Dec	down	92	at	7870
	Mar '09	down	108	at	8330
	May '09	down	30	at	8587
	Jul '09	down	21	at	8709
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton ended unchanged across the board after trading lower at mid-day. Export sales for the week were reported at 241,800 bales, which was within trade expectations but lower than what is needed to meet USDA’s export estimate for the year. December futures have support at 77 cents and resistance at 89.49 cents. Trading is likely to hold in the bottom half of that range.

Rice

Long Grain Cash Bid for	May/Jun	2100/cwt	to	- - -
	Jul	2100/cwt	to	- - -

Chicago Futures:	Jul	down	61	at	2139
	Sep	down	75	at	2149
	Nov	down	75	at	1884
	Jan '09	down	73	at	1867
	Mar '09	down	68	at	1900
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice gapped lower today. The overall fundamental picture remains quite tight through 08-09. USDA put ’08 U.S. production at just 197 million cwt; virtually unchanged from 07. USDA trimmed export projections significantly to keep ending stocks at 17.1 million cwt. That means price will likely have to do some rationing. World production estimates at 432 million metric tones were slightly higher than use. However, it leaves little room for crop problems. For now, November futures support is the recent low of $18.23. Resistance starts at $20.25. Both are subject to change at anytime. September, on the other hand, fell out the bottom of the recent trading range and could be headed for a retest of support around $16.30-$16.35.

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Cattle & Hogs  Date: May 15, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,542 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $4 higher. Heifers sold steady to $3 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	119.39	to	- - -
	500	to	550 lbs.	115.18	to	- - -
	600	to	650 lbs.	109.38	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	115.98	to	- - -
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	105.84	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	100.62	to	- - -

Slaughter Cows, Boners 49   to   54
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   62.50   to   68, high dressing 68-74
Midwest Steers   were $1 higher to steady   at   91   to   - - -
Panhandle Steers   were $1 higher to steady   at   91   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:	Jun	down	27	at	9435
	Aug	down	72	at	9950
Feeders:	May	up	15	at	10860
	Aug	up	52	at	11327

Cattle Comment
Cattle futures ended mixed again today. Speculative profit taking and position evening ahead of Friday’s Cattle on Feed report limited the upside for live futures. June has overhead resistance in the $95.50 area. August feeders were sharply higher and today’s high of $13.77 now becomes the first level of resistance.

Hogs
Peoria: were $2     higher   at   52.5   to   53

Chicago Futures:	Jun	down	110	at	7707
	Oct	down	125	at	7230

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

Hogs Comment
Hogs ended lower. Losses were limited in nearby June by the contract’s discount to the CME cash index and this week’s gains in cutout values. June has uptrending support just below today’s low of $77.

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Poultry  Date: May 15, 2008

Eggs

New York:	Ex. Lg. 102-106; Lg. 100-104; Med. 91-95;
Chicago:	Ex. Lg. 91-99; Lg. 89-97; Med. 81-89;

Eastern Region Turkeys

Hens:	8-16 lbs.	88-90
Toms:	16-24 lbs.	88-90

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady at best. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.