CBOT futures are trading more subdued than in recent days.  Prices weakened after the opening this morning but have recovered a couple cents in corn and wheat and a little more in soybean futures.  Soybeans continue to see old-crop strength on nearby export demand from China and new-crop weakness (relative to old-crop) on ideas the global supply will be much more comfortable by November 2014. January soy complex contracts expire today at Noon Central. March Soybean contract becomes the nearby contract and is already chipping away on its discount to the January.

Corn futures are the weakest contract possibly related to falling ethanol prices and a wind down in the extra fund buying for position rebalancing.

Cattle futures are moderately higher following Monday’s surge in boxed beef values to new record highs.

Corn Mar -5 429 (427-34); Jly -5 444; Dec -5 453 Bean Mar +6 1301 (1288-1308); Jly +2 1263; Nov unch 1114 Meal Mar +4 425; Oct unch 349 Oil -5 3813 Wheat Mar unch 573; Jly unch 587 (584-588) KC +1 621; MGE -1 617 Oats -2 390 Rice +1 1563

LC Feb +70 13730; Jun +50 13052 FC Jan +100 16882; Apr +62 16815 LH Feb +62 8600; Apr +20 9057 Milk Jan -4 2062; Feb -12 2035

US$ +.1%

Dow +.4% SP +.7% NAS +1.1% Tran +.8% VIX -9% 12.08

WTI +.5% Brent -.5% Gas -.9% NG +1.8% HO -.2% Eth -2.2%

Gold -.7% Slvr -1.1%

5-yr +.02 1.62% 10yr +.03 2.86% 30yr +.02 3.80%

Blue Grass Stockyards Cattle Auction Report for 01/13/2014 Receipts:  2,343   Last Monday:  563   Year Ago:  1,029

Compared to last week steer and heifer calves under 600 lbs sold 10.00 to 20.00 higher with very good demand, over 600 lbs sold 5.00 to 10.00 higher with very good demand.  Good to attractive quality offering with many small packages of good quality calves. Yearling steers lightly tested. Yearling heifers limited comparison with last week’s light test.  Slaughter cows sold 1.00 to 2.00 lower with good demand.  Slaughter bulls sold steady with very good demand.  Warmer temperatures, combined with a very strong market in the west brought many calves to town today.

Total supply included 06% slaughter cows, 01% slaughter bulls, Less than 01% replacements and 93% feeders.  Feeder supply 37% steers, 20% bulls, 43% heifers with 42% of feeders weighing over 600 lbs.

Glasgow,Ky Farmers Livestock Market (Weigh in sale) Weighted Average Report for 1/13/14 Receipts:3110      Last Week:1105  Last Year:1273 Compared to Last Week: Steers and heifers calves 5.00-7.00 higher. Slaughter cows 2.00 lower. Slaughter bulls steady.  The supply included 31.4 percent steers,43.5 percent heifers, with 33.1 percent weighing over 600 lbs.9 percent slaughter cows and bulls.

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