At the close, most CBOT futures were down just slightly.  New-crop soybean futures lost the most ground, continuing a 9-day downward trend from a high of $11.74 to a new contract low.

Corn and wheat rallied with soybeans in the morning following news that China made a large US soybean purchase. However, futures weakened after mid-morning.

Cattle futures closed lower on little market news. With cash prices near record highs, traders need some “help” to push the market higher. Better boxed beef values today is a step in the right direction.  Choice carcasses up 1.77 at 207.31; Select carcasses up 2.18 at 203.56/cwt.

Lean Hog futures closed lower with biggest losses in the nearby contracts due to the premium to cash hog prices.  The February LH contract dropped sharply in the 830 am CT hour and spent the rest of the day moving mostly sideways.  Futures lost ground even as the pork cutout surged over $2/cwt.  Cold weather could limit marketings and make hogs heavier when they do make it to town. Hog weights are running 4-6 pounds above the past three years’ weights.

Corn Mar -2 426; Jly -2 440; Dec -2 453 Bean Mar -1 1276; Jly -3 1247; Nov -9 1117 Meal Mar +2 416; Oct -2 349 Oil -19 3793 Wheat Mar -3 602; Jly -3 611 KC +1 645; MGE unch 631 Oats +13 363 Rice -15 1548

LC Feb -30 13652; Jun -77 12932; Oct -32 13117 FC Jan +2 16805; Apr -50 16840; Aug -47 17062 LH Feb -110 8552; Apr -70 9072; Jun -57 10062 Milk Jan +18 2024; Feb +29 2012

US$ +.3%

Dow +106 16531 SP +11 1838 NAS +40 4153 Tran +54 7288 VIX -.63 12.92 -4.6%

WTI +50 9393 Brent +72 10745 Gas +3 267 NG +2 433 HO +2 296 Eth +2 194

Gold -7 1231 Slvr -25 1985

2-yr +.01 0.41% 5-yr -.01 1.69% 10yr -.01 2.95% 30yr -.01 3.89%

USDA extends deadline for Conservation Stewardship applications Chief Says Feb. 7th Deadline Makes It Possible for More Producers to Apply

WASHINGTON, Jan. 7, 2014 – The U.S. Department of Agriculture’s Natural Resources Conservation Service (NRCS) has extended the deadline for new enrollments in the Conservation Stewardship Program (CSP) for fiscal year 2014. Producers interested in participating in the program can submit applications to NRCS through Feb. 7, 2014.

The program emphasizes conservation performance — producers earn higher payments for higher performance. In CSP, producers install conservation enhancements to make positive changes in soil quality, soil erosion, water quality, water quantity, air quality, plant resources, animal resources and energy use.

Eligible landowners and operators in all states and territories can enroll in CSP through Feb. 7 to be eligible during fiscal 2014. While local NRCS offices accept CSP applications year round, NRCS evaluates applications during announced ranking periods. To be eligible for this year’s enrollment, producers must have their applications submitted to NRCS by the closing date.

A CSP self-screening checklist is available to help producers determine if the program is suitable for their operation. The checklist highlights basic information about CSP eligibility requirements, stewardship threshold requirements and payment types.

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