2/6/12--3:00pm—Beans vs. corn, oil vs. meal and wheat vs. corn, as today was mostly about relationships or unwinding of before Thursday's report. China was said to have been in the market buying beans last week and today, but they have to buy on average 1 mmt a week which is roughly 18-20 cargoes a week so buying 10-15 cargoes is not out of the ordinary anymore. Wheat supported due to cold weather in Europe and FSU and near record shorts, corn backed off today on CIF values a touch weaker and beans supported on the Chinese business. Look for mixed opening tonight.

--Funds: C+125,000 (-4,000), B +28,000 (+0), W -76,000 (+3,000), M -8,000 (-2,000), BO -23,000 (+3,000).

--Celeres estimated Brazil's corn crop at 60.6 mmt.

--Weekly export inspections: W 14.5 (16-20), C 39.4 (31-36) and S 37.3 (28-38).

--Argentine gov't source sees corn crop at 22 mmt and bean crop at 47.

--USDA S&D ending stock estimates: W 868 mil bu, C 797 and S 269.

--Foreign markets: Australia +1.05%, China +0.03%, Hong Kong -0.23%, Japan +1.10%, Germany -0.03% and UK -0.15%.

--Outside Markets: crude -$0.62, gold -$17.70, euro -21, euro/yen cross -16, dollar index +10.0, S & P +0.0, Dow -15.