Although CBOT futures closed higher, there were wide trading ranges.  Early gains gave way to losses mid-morning as a private analyst firm released its 2013 production estimates that are larger than USDA’s last estimate in November.  However, prices improved to finish the day lead by short-covering in wheat and corn futures. Next week will feature traders preparing for Friday’s USDA supply-demand update and final 2013 corn/soybean production estimates.

Cattle futures closed higher, adding to Thursday’s gains as the cash cattle and beef cutout values strengthen.  Choice 1-3 600-900 lbs carcasses up 1.86 at 202.41; Select 1-3 600-900 lbs carcasses up 1.33 at 197.38.

Lean Hog futures closed lower on weaker cash markets. The FOB Plant Pork cutout dropped 1.21 to $82.79/cwt.

Corn Mar +3 423; Jly +3 439; Dec +4 452 (446-52) Bean Mar +1 1271; Jly +2 1248; Nov +1 1130 (1126-35) Meal Mar +1 407; Jly +1 395; Dec +1 349 Oil -20 3860 Wheat Mar +9 606; JLy +6 614 KC +11 642;  MGE +5 630 Oats -7 344 Rice +8 1559

LC Feb +67 13630; Jun +37 13005 FC Jan +62 16762; Apr +72 16895; Aug +42 17100 LH Feb -37 8670; Apr -25 9155; Jun -7 10100 Milk Jan +40 2006; Feb +56 1968

US$ +.4%

Dow +29 16470 SP -1 1831 NAS -11 4132 Tran +40 7327 VIX -.47 13.76  -3.3%

WTI -113 9431 Brent -74 10704 Gas -4 266 NG +.5 433 HO -4 295 Eth +4 185

Gold +12 1237 Slvr +1 2013

USDA's Commodity Credit Corporation (CCC) today announced that its borrowing rate-based charge for January 2014 will remain at 0.125%, unchanged from December. The interest rate for commodity and marketing assistance loans disbursed during January 2014 is 1.125%, also unchanged from last month.

Interest rates for Farm Storage Facility Loans approved for January 2014 are as follows: •2.250% with seven-year loan terms, up from 2.000% in December •2.875% with 10-year loan terms, up from 2.625% in December •3.000% with 12-year loan terms, up from 2.875%

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