Wheat markets were slightly lower for the week as they continued under pressure from burdensome world and U.S. stocks and stiff competition in the export market.

Corn was also lower as the downtrend continues and also from disappointment that the EPA did not increase the ethanol blend requirement. The soy complex was also under pressure from more persistent rumors that China would be cancelling some U.S. purchases; instead opting to buy from Brazil as their harvest gets rolling.

Bean oil was supported from the EPA announcement that biodiesel mandates would be enforced, and that the shortfall from 2009 would be added to the required production for 2010. The cattle complex was mixed with live cattle higher while feeders were lower. Another winter storm, this time in the far Southern Plains, is once again creating weight losses and slowing down marketing. This time in the key feeding regions of Texas. The sudden shortfall in production supported boxed beef prices, which then lent support to cash fed prices as well. Feeder cattle struggled to keep the pace with live cattle as cash auction yards in the key Southern Plains region were slow to develop this week, with some auctions cancelled due to the weather.

Energy prices found some strength, primarily in the crude oil market which found strong buying after testing a one-month low.

Precious metals were mixed as the dollar gained strength and the Dow was little changed. Gold was higher while silver couldn’t muster any buying power. Both have struggled to regain the upward momentum that they’d enjoyed as they entered the New Year. The strength of the dollar is partly to blame, as foreign currencies come under pressure from financial troubles, particularly in the Euro zone and Great Britain where economic issues have been increasing. The Dow managed a slight rally after falling swiftly the week prior. Major supports were tested and are holding so far, but foreign economic problems are a huge concern for the Dow as those issues could quickly become U.S. issues as well.