Grain & Soybean Date: August 20, 2008

Soybeans

Local Elevators:
(Aug) EAST AR:  n/a to - - -
(NC) Summ. 1192 to 1234
River Elevators:
(Aug) MISS: 1224 to 1252 ; AR & White 1223 to 1236
(NC) Summ. 1193 to 1251
Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1222 to 1230
Memphis:  (Aug) 1250 to 1260 (NC)  1250 to - - -
Riceland Foods:  (Aug) Stuttgart 1230 ; Pendleton 1234 ; West Memphis 1251

Chicago Futures:	Sep	up	26 3/4	at	1293 3/4
	Nov	up	24	at	1300
	Jan '09	up	23 1/4	at	1317 1/4
	Mar '09	up	22	at	1330 1/2
	Nov '09	up	16	at	1281
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans closed higher, but not before making another yo-yo move like yesterday. November ended the day at $13, but still well below yesterday’s high of $13.41. That area will remain strong resistance. The Midwest crops tour found better soybean potential in Indiana, but the lateness of the crop remains a concern. Good weather will be needed over the next 4 to 6 weeks to complete this crop and reach current yield projections.

Wheat
Cash bid for August at Memphis  683 3/4 to 684 3/4;

Bids to farmers at Local Elevators	642;
River Elevators	629-675;

Chicago Futures:	Sep	up	29 1/2	at	874 3/4
	Dec	up	29 1/4	at	899 1/2
	Mar '09	up	29 3/4	at	924 1/4
	May '09	up	29 1/2	at	939 3/4
	Jul '09	up	27 1/2	at	947 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for August at Memphis  911 to - - -;

Bids to farmers at River Elevators	788-904;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	August at Memphis   550 1/4 to 555 1/4;
	new crop at Memphis   n/a to - - -;
Bids to farmers at River Elevators	520 to 543

Chicago Futures:	Sep	up	10 1/2	at	575 1/4
	Dec	up	10 1/2	at	595
	Mar '09	up	10 1/4	at	614
	Dec '09	up	8 1/4	at	626 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat posted strong gains again today. Drought conditions in Australia and Argentina are supportive, suggesting the crops in those countries will be smaller than anticipated. September has resistance at a chart gap between $9.05 and $9.07. Support is at the recent low of $7.49.

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Cotton & Rice  Date: August 20, 2008

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 65 at  6085
	Greenwood up  65 at 6085

New York Futures:	Oct	up	85	at	6580
	Dec	up	122	at	6841
	Mar '09	up	74	at	7314
	May '09	up	225	at	7665
	Jul '09	up	56	at	7650
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton closed higher after making a possible key reversal low. December futures traded to a new recent low of 66.79 cents before reversing and ending the day over a hundred points higher. Initial rebound resistance will be seen around 71 cents and again around 75 cents. Recent weather is a concern and could be causing yield problems in the mid-South. Cool, damp, cloudy situations have been prevalent for the last several weeks and are causing heavy shedding and slow development.

Rice

Long Grain Cash Bid for	Aug	1600/cwt	to	- - -
	- - -	- - -	to	- - -

Chicago Futures:	Sep	up	39 1/2	at	1755
	Nov	up	40 1/2	at	1783
	Jan '09	up	38 1/2	at	1812
	Mar '09	up	36 1/2	at	1840
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice gapped higher and closed with good gains for the third day in a row. Today’s move completed what appears to be a 4 week island reversal low. That is the market gapped lower at approximately the same level 4 weeks ago, moved in a dollar sideways pattern, then gapped higher today. This is typically a bottoming or topping feature, which in this case, is a bottom. November traded up to resistance just above $18 before backing off. The next upside objectives are $18.51 and $19.22. Recent weather is drawing concerns as the crop nears maturity and harvest is just days away. International trading remains quiet with shipment against early sales continuing.

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Cattle & Hogs  Date: August 20, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,908 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers under 550 lbs. sold firm to $2 higher, over 550 lbs. and plainer kinds sold near steady .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	114.17	to	- - -
	500	to	550 lbs.	109.06	to	- - -
	600	to	650 lbs.	103.97	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	100.14	to	- - -
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	99.20	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	91.30	to	- - -

Slaughter Cows, Boners 53   to   58.50
Light Weight 35 to 42
Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   74, high dressing 75-76
Midwest Steers   were steady to $1 higher   at   97   to   99
Panhandle Steers   were quoted   at   97   to   - - -

Oklahoma City Feeders
Steers	550	to	600 lbs.	112.50	to	117
	650	to	700 lbs.	110.50	to	115
Heifers	550	to	600 lbs.	108	to	114
	650	to	700 lbs.	109.50	to	112.35

Chicago Futures:

Live Cattle:	Oct	up	17	at	10500
	Dec	up	52	at	10635
Feeders:	Oct	up	40	at	11317
	Nov	up	80	at	11275

Cattle Comment
Cattle futures were higher. Live futures currently hold a big premium to cash prices, and that limited gains. Expectations for a bullish report Friday also limited the upside.

Hogs
Peoria: were $1     lower   at   57.5   to   58

Chicago Futures:	Oct	down	15	at	7510
	Dec	up	15	at	7442

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

Hogs Comment
Hog futures were mixed. This market has been surprisingly solid considering the record-setting rate of production. October has fallen through support at the recent low which opens the market to further weakness.

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Poultry  Date: August 20, 2008

Eggs

New York:	Ex. Lg. 123-127; Lg. 121-125; Med. 85-89;
Chicago:	Ex. Lg. 108-116; Lg. 106-114; Med. 70-78;

Eastern Region Turkeys

Hens:	8-16 lbs.	96-99
Toms:	16-24 lbs.	96-99

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady. Demand was fair to moderate with trading limited to regular commitments. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were moderate with mostly desirable weights.