CBOT futures are mostly little changed and have so far traded in narrow ranges (inside Thursday’s range) as there’s little news to drive the market and traders are ready the weekend as they close out the books on January 2014.

The soy complex is seeing strength in old-crop relative to new-crop and strong soybean meal versus soybean oil futures (set new contract lows earlier today).

Wheat futures are up slightly on short-covering just off recent contract lows. U.S. wheat has seen some export interest at this price level.

The cattle pit has seen some extreme volatility this morning with a trading range over $1.50/cwt.  Lows were set before 830 am CST, followed by a sharp rally and then some moderation going into lunch. The midday boxed beef report has Choice down $2.78 to 227.97 and Select down 1.21 to 228.58 – Note the Select has moved to a PREMIUM to Choice.

The CATTLE Inventory report is out at 3:00 pm EDT.

Nearby Lean Hogs are weaker but deferred contracts are higher on continued concern about PEDv reducing the pig crop.  Today, Tyson Foods reported it expects 2-4% of the US hog supply to be affected by PEDv, resulting in higher wholesale pork prices.

Corn Mar unch 433; Jly unch 443; Dec unch 450 (448-51) Bean Mar +7 1282; Jly +5 1251; Nov +1 1098 Meal Mar +3 428; Oct unch 347 Oil +10 3717 Wheat Mar +3 557; Jly +4 563 KC +3 614; MGE +3 600 Oats -6 406 Rice -1 1541

LC Feb -25 14190; Apr -17 14035; Oct +10 13330 FC Mar +60 16930; Apr +52 16962; Aug +55 17122 LH Feb -42 8595; Apr +32 9395; Jun +90 10425 Milk Feb -18 2311; Mar -16 2137

US$ +.2% Dow -.8% SP -.5% NAS -.4% Tran +.1% VIX +1.4% 17.54

WTI -.1% Brent -.9% Gas -.7% NG -4.4% HO steady Eth -1.1%

Gold unch Slvr +.2%

5-yr -.02 1.52% 10yr -.04 2.66% 30yr -.03 3.61%

BLUEGRASS SOUTH, Stanford,KY   "CATTLE WEIGHED AT TIME OF SALE" Weighted Average Report for 01/30/2014

Receipts:  3008    Last Week:  911    Year Ago:  686

COMPARED TO LAST THURSDAY:FEEDER STEERS UNDER 400 LBS STEADY, 400-700 LBS, 8.00-10.00 HIGHER, OVER 700 lbs MOSTLY STEADY.   FEEDER HEIFERS 3.00-5.00 HIGHER.  VERY GOOD DEMAND ON A HIGH QUALITY OFFERING OF FEEDER CATTLE.   SUPPLY INCLUDED 69 PERCENT OVER 600 LBS AND 33 PERCENT HEIFERS.    SLAUGHTER COWS AND BULLS 3.00-5.00 HIGHER ON VERY GOOD DEMAND.

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