CBOT futures are lower as traders move cautiously ahead of tomorrow’s USDA WASDE report that will update “official” projections for South American crops and ending stocks levels for 2012/13. A stronger US dollar will depress US exports. The negative CBO projections may also be weighing on the market as new-crop price decreases are more severe than old-crop. March Corn is trading below the previous low that offered chart support; this makes 5 straight days of lower prices.

Cattle futures are mostly lower again today. Demand concerns and a strong dollar are negative factors. In the fed cattle market, buyers and sellers are $4/cwt apart.

The Climate Prediction Center says that El Nino/La Nina condition will remain neutral into spring.

Corn Mar -9 713; JLy -10 705; Dec -10.5 568

Bean Mar -1 1486; Jly -6 1462; Nov -15 1321   Meal Mar steady 437; Oct -4 373   Oil -47 5198

Wheat Mar -7 755; Jly -9 763; Dec -11 771   KC -7 803; MGE -3 842

LC Feb +17 12742; Apr -10 13135; Oct -30 13190 FC Mar -42 14712; Apr -60 15032; Aug -52 15890 LH Feb +17 8707; Apr -12 8612; Jly -50 9470 Milk Feb -2 1724; Mar +7 1745

Oats -4 374

Rice +3 1623

US$ +.5%

Dow -.8% SP -.7% NAS -.8% Tran -.2%   VIX +6.2% 14.24

WTI -.6% Brent +.3% Gas -.8% NG -2.5% HO +.6% Eth -.1%

Gold +.1% Slvr -.5%

5-yr +.012 0.825% 10yr +.016 1.947% 30yr +.013 3.158%

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