CBOT corn and soybean futures turned around late morning to rally into the close. With no major market news, this rally may have just been short-covering from an oversold condition. Market analysts are watching for signs that US exports will pick up. Friday’s USDA reports will update the trade’s baseline for 2013. The reports include WASDE, final Crop Production, 2012 Winter Wheat Seedings and December 1 ^st Quarterly Grain Stocks. The average trade estimate is for winter wheat seedings to be up 33 percent from a year ago. Note that the spec funds have a large short position in wheat futures.

Cattle futures closed nearly unchanged on a lack of market news. The February contract’s $4-5/cwt premium to Friday’s cash market suggests traders are expecting improving cash markets but this should limit gains in the Live Cattle futures market. Today’s drop in the Choice boxed beef value weighed on the market too. Choice DN 0.77 at 193.49; Select UP 0.38 at 182.60. The Choice-Select price spread is down to $10.89/cwt.

Corn Mar +5 685.5; Jly +4 678.5; Dec +3 574.5

Bean Mar +21 1388.5; Jly +18.5 1373.5; Nov +8 1285   Meal Mar +10 409; Oct +4 364   Oil +6 4996

Wheat Mar +4 751; Jly +4.5 768   KC +3 807.5; MGE +5.5 846.5

LC Feb +5 13300; Apr -7 13670; Oct +7 13507 FC Jan +7 15325; Apr +5 15792; Aug +22 16400 LH Feb +7 8630; Apr -30 8955; Jly -17 9817 Milk Jan -5 1798; Feb -34 1806

Oats -1 331

Rice -7 1521

 US$ -.3%

Dow -51 13384

SP -5 1462

NAS -3 3099

Tran -21 5514

 VIX -.04 13.79

WTI +23 9332

Brent +28 11159

Gas +2 279

NG -2 327

HO +2 304

Eth +2.4 220.5

Gold -2 1648

Slvr +21 3015

2-yr -.003 0.280% 5-yr +.002 0.817% 10yr +.001 1.902% 30yr +.001 3.102%