CBOT futures are trading narrowly mixed. Prices rallied from 830 into the 930 am opening of the pit, but then sold off.  Soybean futures are supported by a strong soybean meal market, but pressured by steep losses in soybean oil due to a drop in palm oil price over the weekend.  Traders are nervous about soybean export sales being switched to Brazilian origins as the harvest ramps up there.  A weakening of the Brazilan Real makes its commodities more competitive on the world market.

This morning’s export sales report was positive for corn and soybeans, but disappointing for wheat.  MGEX Wheat is hitting new contract lows.

Livestock futures took a hit at the opening when grain prices were at their highs.  But many of the contracts have recovered from those lows.  Live Cattle futures are lower in continuation of the weakness seen late last week.  Friday’s Cattle on Feed report was neutral to a little negative on a few more cattle on feed as of January 1 (3 weeks ago).  Midday reports show boxed beef up $1-2/cwt.

Financial markets continue to have a negative tone with investors being cautious amid worry about the emerging market economies.   US home sales for December were much below expectations. US equity indexes are making new lows for the day. Energy prices are weakening on economic concerns and forecasts for warmer temperatures in February.

Corn Mar -2 428; Jly -2 439; Dec -1 448 Bean Mar -1 1284; Jly -4 1254; Nov -6 1103 Meal Mar +4 430; Oct unch 350 Oil -45 3709 Wheat Mar unch 565; Jly unch 577 (575-83) KC -3 624; MGE -6 607 Oats +2 398 Rice +1 1543

LC Feb -50 14290; Jun -20 13192; Oct -27 13265 FC Jan +7 17077; Apr -7 16940; Aug -7 17125 LH Feb -60 8577; Apr +22 9425; Jun +5 10240 Milk Feb +5 2250; Mar +1 2048

US$ unch

Dow -.3% SP -.7% NAS -1.5% Tran -1.3% VIX +1.8% 18.47

WTI -.8% Brent -.8% Gas -.8% NG -4.5% Price fell from 4-year highs as February temperatures may be normal in eastern US. HO -1.1% Eth -2.4%

Gold -.3% Slvr +.3%

5-yr +.01 1.56% 10yr +.01 2.73% 30yr +.01 3.65%

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