While the outside markets were supportive to commodity futures, CBOT futures closed with minimal changes. Traders remain focused on South American weather and its impact on corn and soybeans. Tight U.S. supplies and improved export shipments last week provide support; soybean basis levels have improved. March Corn is moving up towards its chart resistance of $7.35; after that look for $7.60. March Soybeans could move to $15.00 if it closes over $14.61.

Cattle futures closed lower today in profit-taking following Monday’s huge rally. Cattle prices are not getting any help from boxed beef. Cutout values dropped -- Choice DN 0.72 at 186.89; Select DN 1.32 at 181.10.

Lean Hog futures closed mixed. The February contract closed weak, but pork values closed very strong; Pork Cutout is UP 0.95 to $86.58/cwt.

Optimism about the economy and the U.S. stock market continues to pressure Treasury prices which means yields are rising. The FOMC’s announcement tomorrow afternoon could influence this market.

Corn Mar unch 729; Jly unch 720; Dec -3 587 Bean Mar +4 1452; Jly +7 1429; Nov +3 1313   Meal Mar +3 424; Oct +1 368   Oil -18 5171 Wheat Mar -2 777; Jly -1 791   KC -2 831; MGE -5 861

LC Feb -67 12827; Apr -42 13297; Oct -7 13292 FC Jan unch 14580; Apr -92 15237; Aug -70 16065 LH Feb -7 8710; Apr +57 8962; Jly +57 9820 Milk Jan -2 1810; Feb -8 1694

Oats -1 360 Rice +17 1552 

US$ -.3%

Dow +72 13954 SP +8 1508 NAS -1 3154 Tran -1 5875  VIX -.26 13.31

WTI +93 9737 Brent +63 11411 Gas +3 297 NG -6 323 HO +5 311 Eth steady 240.5

Gold +9 1506 Slvr +62 3140

2-yr +.004 0.289% 5-yr +.016 0.885% 10yr +.037 2.002 30yr +.042 3.187%

  The CME Group said today that due to customer feedback it WILL REDUCE AGRICULTURAL FUTURES TRADING HOURS in the coming weeks but has not settled on the exact hours.  It is also willing to temporarily halt trading during the release of USDA reports if all trading venues do the same. 

Blue Grass Stockyards                                 Cattle Report for 01/29/2013 Receipts:  772   Last Tuesday:  835   Year Ago:  1,830

   Compared to Monday, steer calves sold 2.00 higher with good demand.  Heifer calves sold 1.00 higher with good demand. Yearling steers and heifers no comparison with yesterdayÂ’s light test.  Slaughter cows and sold steady with moderate demand.  Slaughter bulls sold steady to 1.00 higher with good demand.

   Total supply included 05% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 94% feeders.  Feeder supply 41% steers, 15% bulls, 44% heifers with 60% of feeders weighing over 600 lbs.

 CONSUMER CONFIDENCE DROPPED SHARPLY IN JANUARY     U.S. consumer confidence dropped in January to its lowest level in more than a year as Americans were more pessimistic about the economic outlook and their financial prospects, according to a private sector report released on Tuesday.  The Conference Board, an industry group, said its index of consumer attitudes fell to 58.6 from an upwardly revised 66.7 in December, falling short of economists' expectations for 64. It was the lowest level since November 2011. The index for December was originally reported as 65.1.