CBOT futures rallied into the pit open today, but then proceeded to sell off the rest of the day. The forecast for key areas in South America improved somewhat, which encouraged fund selling. Argentina corn is heading into pollination soon.

Live Cattle futures closed nearly unchanged today recovering from early weakness. However, boxed beef values dropped 80-100 cents/cwt today. Feedlots reportedly sold cattle lower than last week in light trade.

Corn Mar -8 721; Jly -5 717; Dec unch 590 (587-592)

Bean Mar -15 1437; Jly -11 1420; Nov -8 1304 (1300-1318)   Meal Mar -5 416.5;  Oct -2 363.5   Oil -40 5203

Wheat Mar -4.5 775; Jly -4.5 789; Dec -3.5 814   KC -1 830; MGE -4 860

LC Feb +5 12577; Apr -2 13045; Oct +7 13152 FC Jan -20 14420; Apr +35 15000; Aug +70 15867 LH Feb +27 8597; Apr -27 8800; Jly -40 9660 Milk Jan +2 1812; Feb -8 1719

Oats +1 360

Rice -9 1531

US$ steady

Dow +67 13780 SP +2 1495 NAS +10 3154 Tran +3 5760   VIX +.03 12.46

WTI -145 9523 Brent +37 11279 Gas steady 283 NG steady -.5 355.5 HO +1 308 Eth -2 237.4

Gold -7 1686 Slvr +26 3244

2-yr -.004 0.255% 5-yr -.011 0.752% 10yr -.015 1.831% 30yr -.011 3.023%

Competitors aggressively outsell U.S. Corn      http://usda01.library.cornell.edu/usda/current/grain-market/grain-market-01-11-2013.pdf

 Mt. Sterling, KY – Blue Grass East Stockyards Cattle Auction Report for 01/23/2013 

Cattle Receipts:  448   Last Week:  611   Weekly Receipts:  662      

    Compared to last week steer calves sold 2.00 to 5.00 lower in a light test with light to moderate demand. Heifer calves under 600 lbs sold steady with good demand over 600 lbs 5.00 lower in a light test with light demand.  Yearling steers 3.00 lower in a limited comparison.      Yearling heifers no test.  Slaughter cows sold 2.00 to 5.00 higher with good demand.  Slaughter bulls sold 2.00 higher with good demand.   Extremely cold temperatures overnight slowed cattle movement today.