Provided by Stewart-Peterson Inc.

CORN

• March corn down 1 @ 6.40
• USDA reported an increase of 27.2 mb of corn export sales for 22/23
• Average pre-report estimate of US 22/23 corn carryout at 1,241 mb (vs 1,182 mb last month)
• The US Department of Energy said crude oil supplies were down 5.2 million barrels last week at 413.9 million barrels
• Analysts suggest US corn exports could be reduced 50-100 mb on tomorrow’s report
• Argentina’s corn crop was rated 14% good to excellent last week as they struggle with drought
• CONAB reduced their estimate of Brazil’s corn production to 125.8 mmt (vs 126.4 mmt)

SOYBEANS

• January soybeans up 7 @ 14.79
• USDA reported an increase of 63.1 mb of soybean export sales for 22/23
• Private exporters reported 118,000 mt of soybeans for delivery to China, and 718,000 mt to unknown, both during the 22/23 marketing year
• Average pre-report estimate of US 22/23 soybean carryout at 236 mb (vs 220 mb last month)
• January soybean meal hit another new contract high yesterday at $459.00
• Brazil weather is mostly favorable but southern areas could use more rain
• CONAB reduced their estimate of Brazil’s soybean production slightly to 153.5 mmt

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WHEAT

• March Chi wheat down 8 @ 7.42, March KC down 11 @ 8.38, & March MNPLS down 4 @ 8.98
• USDA reported an increase of 7.0 mb of wheat export sales for 22/23
• Average pre-report estimate of US 22/23 wheat carryout at 578 mb (vs 571 mb last month)
• Private estimates for the Russian wheat crop are above the USDA’s 91.0 mmt and Sov Econ increased their estimate of Russian wheat exports to 43.4 mmt
• With the recent downtrend in prices, US SRW wheat has become more competitive with other world export offers
• Wheat futures remain technically oversold

CATTLE

• Feb LC up 0.325 @ 153.875 & Jan FC up 2.825 @ 183.725
• Cash cattle traded $2.00 lower, offering some weakness to the market
• Packers are anticipated to slow chain speed
• Beef net export sales of 1,600 mt for 2022, and 16,300 mt for 2023
• Choice cuts up 6.31 and select up 0.63
• Cattle slaughter projected at 126K
• CME Feeder Cattle Index for 12/7: up 0.49 @ 179.02

HOGS

• Feb hogs down 2.550 @ 84.100 & Feb pork cutout down 2.550 @ 91.600
• Weakness in cutouts did not provide support
• Strong slaughter pace indicated good demand
• Average hog weights are 5.4 pounds below last year
• Pork net export sales of 7,900 mt for 2022, and 2,400 mt for 2023
• National Direct Afternoon report increased 2.26
• Hog slaughter projected at 492K
• CME Lean Hog Index for 12/8: down 0.16 @ 82.78

Author

Brandon Doherty