CBOT futures were higher in early morning trade, but weakened later in the day.  KC and Chicago wheat dropped hard in the final minutes of trading and closed near those daily lows. MGEX Wheat and Oats closed higher on concerns of a Canadian railway strike that would reduce imports. Soybean futures posted decent gains with meal and soybean oil both higher today.  The nearby export demand picture remains positive for soybeans and meal.  Analysts are expecting Monday’s USDA reports to show 2013/14 ending stocks forecasts slightly below the January USDA results.

Cattle futures closed mixed with little price change.  Fed cattle have barely traded this week, but boxed beef values have fallen sharply.  Today, Choice carcasses down 3.13 at 213.51; Select down 4.32 at 212.31/cwt.

Corn Mar unch 443 (441-47); Jly +1 453; Dec +1 458 Bean Mar +9 1326 (1315-34); Jly +12 1293; Nov +6 1118 Meal Mar +4 446; Oct +2 351 Oil +43 3866 Wheat Mar -7 581; Jly -7 586 KC -2 649; MGE +9 638 Oats +13 456 Rice +6 1538

LC Feb -15 13955; Apr -2 13907; Oct unch 13290 FC Mar +7 16700; Apr +15 16780; Aug +10 17042 LH Feb +5 8650; Apr -80 9420; Jun -35 10505 Milk Feb +5 2313; Mar +17 2100

US$ -.2%

Dow +188 15629 SP +22 1773 NAS +46 4057 VIX -2.72 17.23  (-13.6%)

WTI +53 9791 Brent +113 10738 Gas +5 269 NG -1 502 HO +1 301 Eth +3 192

Gold +1 1258 Slvr +12 1992

2-yr unch 0.33% 5-yr +.03 1.52% 10yr +.03 2.70% 30yr +.02 3.67%

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