Corn and wheat futures closed lower on a lack of friendly market news. Chances of rain in the Plains weighed hard on Kansas City HRW futures. Soybean futures made an afternoon comeback as strong exports and declining private South American soybean production estimates provided the lift. March Soybean contract has resistance at $15.01.

Cattle futures were mostly lower except the February Live Cattle contract closed higher on optimistic cash market expectations. Boxed beef finally improved in price -- Choice up 1.57 at 184.31 and Select up 0.71 at 179.72.

US equity markets rallied strongly today, gaining back most of Monday’s losses. Late-day weakness did keep the DOW from closing above 14000 level. Likewise, the Treasury market sold off today so interest rates shot up.

 Corn Mar -5 729; Jly -5.5 722; Dec -4 590

Bean Mar +7 1495.5; Jly +6 1476.5; Nov +4 1348   Meal Mar +4 438.5; Oct +3 381   Oil -13 5298

Wheat Mar -5.5 757.5; Jly -7.5 768.5; Dec -6 796   KC -10 807; MGE -5 842

LC Feb +52 12760; Jun -7 12792; Oct -15 13310 FC Mar -35 14852; Apr -37 15202; Aug -2 16052 LH Feb +25 8832; Apr -65 8770; Jly -80 9660 Milk Feb unch 1712; Mar -8 1702

Oats +6.5 366 Rice +24 1615

US$ steady Dow +99 13979 SP +16 1511 NAS +40 3172 Tran +64 5884    VIX -.95 13.72

WTI +48 9665 Brent +88 11648 Gas +2.5 303.5 NG +11 342 HO +4 319 Eth -2 244

Gold -4 1671 Slvr +10 3181

2-yr +.015 0.269% 5-yr +.033 0.868% 10yr +.048 2.003% 30yr +.055 3.211% 

CME Group Monday announced it will transition open outcry trading of Kansas City Board of Trade hard red winter wheat futures and options to its Chicago trading floor beginning Monday, July 1, 2013, pending CFTC review. 

Blue Grass Stockyards Cattle Report for 02/05/2013   Receipts:  672   Last Tuesday:  772   Year Ago:  1,614

   Compared to Monday, steer calves sold steady with good demand. Heifer calves sold steady with good demand in a light test. Compared to last week yearling steers sold 2.00 higher with good demand.  Yearling heifers no test.  Slaughter cows and slaughter bulls sold steady with good demand. 

   Total supply included 05% slaughter cows, 01% slaughter bulls, less than 1% replacements and 94% feeders.  Feeder supply 77% steers, 11% bulls, 12% heifers with 72% of feeders weighing over 600 lbs.