CORN
- May corn down 1 @ 7.55
- Private exporters reported 128,900 mt of corn for delivery to unknown during the 21/22 marketing year
- May corn in Brazil is around the equivalent of $8.70
- CONAB pegged Brazil’s corn production at 112.3 mmt (down from USDA’s 114)
- Russian forces have surrounded Kyiv, the capital of Ukraine
SOYBEANS
- May soybeans down 10 @ 16.76
- Private exporters reported 264,000 mt of soybeans for delivery to China during the 22/23 marketing year
- Private estimates say South American soybean production could be down another 10-11 mmt
- China soybean imports were lowered on the WASDE report due to poor crush margins
- CONAB dropped Brazil’s soybean production at 122.8 mmt (down from USDA’s 127)
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WHEAT
- May wheat up 7 @ 10.94, May KC down 21 @ 10.87, May MNPLS down 8 @ 10.63
- There were reports of peace talks between Ukraine and Russia but this may be untrue as Russia continues their attacks
- US wheat exports are still struggling, despite shutdown of Black Sea exports
- Drought conditions in the US plains remain a bullish factor
- John Deere has pulled out of Russa – this raises concern about spare parts availability during their crop season
CATTLE
- Apr LC up 1.475 @ 137.375 & Apr FC up 1.925 @ 158.175
- Weaker cash this week was not supportive
- Feedlots may be more willing to move cattle with grain prices at high levels
- Export sales at 27,500 mt were a marketing year high
- Choice cuts up 1.24 and select up 2.58
- Cattle slaughter projected at 119K
- CME Feeder Cattle Index for 3/10: down 0.83 @ 153.06
HOGS
- Apr hogs up 1.650 @ 100.750 & Apr pork cutout up 1.500 @ 108.025
- Export sales of 25,400 mt were decent
- China needs pork – they were the 2nd largest buyer for the week
- National Direct Afternoon report increased 2.36
- Hog slaughter projected at 474K
- CME Lean Hog Index for 3/11: up 0.65 @ 99.91
Author
Brandon Doherty