CBOT futures are relatively little changed at this moment although the high/low price ranges are more impressive. There’s little new news for traders to focus on. The strongest market is soybean oil which is rallying again today on support from the palm oil market. Traders are probably bull-spreading soybean oil against soybean meal futures.

Outside markets and the “fiscal cliff” debacle are weighing on the markets today. The US$ is a bit firmer while energy and equities are weaker. Investors are seeking safety in US Treasuries so yields are weaker.

Cattle futures are trading slightly higher. December LC is at a premium to the cash steer market which has not traded in volume this week to establish a market price. Traders had expected a steady to firm market above $127/cwt.

Hog futures are lower ahead of this afternoon’s Quarterly Hogs and Pigs report. Average trade expectations are for the breeding herd to be down 0.7% and the market hog inventory to be down 0.9%, compared to a year earlier. The December-February farrowing intentions are expected to be down 1.6%.

See the report after 3 pm EST at: http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1086

 Corn Mar -.5 691 (689-696); Jly -1 691; Dec +2 598

Bean Jan +3 1421; Jly +3 1405; Nov +3 1305   Meal Jan -2 428; Oct -1 372   Oil +59 4888

Wheat Mar +5 777; Jly +3.5 793.5   KC +2 825; MGe +2 867

LC Dec +20 12905; Feb +22 13327; Oct +2 13450 FC Jan +45 15172; Apr +42 15625; Aug +20 16190

LH Feb -12 8690; Apr -20 9075; Jly -45 9925

Milk Jan +8 1820; Feb +9 1845

Oats -5 348

Rice -1 1499

US$ +.1%

Dow -.5% SP -.5% NAS -.3% Tran -.3%  VIX +3.8% 20.22

WTI -.3% Brent -.6% Gas -.6% NG -1.1% HO -.6% Eth -.2%

Gold -.4%

Slvr -.7%

5-yr -.030 0.713% 10yr -.035 1.708% 30yr -.032 2.877%