CORN
- May corn UNCH @ 6.33
- Private exporters reported sales of 136,000 mt of corn for delivery to China during the 22/23 marketing year
- Argentina will get rain but it may be too little too late
- Outside market pressures are still a concern including economic issues, demand uncertainty, and how much Ukraine corn will be available
- Some private estimates of Argentina’s corn crop are closer to 35 mmt vs the USDA’s 40 mmt
SOYBEANS
- May soybeans up 2 @ 14.88
- Talks between Russia and China could mean there will be a new trade agreement between those countries
- May soybean oil price has held relatively well considering the lower crude and palm oil markets
- November soybeans hit a 7 month low yesterday
- There is talk that the Fed will issue another 25 basis point rate increase this week
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WHEAT
- May Chi wheat down 12 @ 6.89, May KC down 9 @ 8.21, & May MNPLS up 1 @ 8.53
- 53% of the US winter wheat crop is in drought conditions (vs 55% last week)
- Paris milling wheat futures gapped lower yesterday and are trading lower again this morning
- Ukraine sold 120,000 mt of wheat to Egypt recently as Black Sea exports cut into those of the US
- Russia is said to still be insisting that the Black Sea export deal is only extended for 60 days
CATTLE
- Apr LC up 0.775 @ 162.800 & Apr FC up 0.275 @ 194.900
- The CoF report was in line with expectations so cattle trade was somewhat disappointing yesterday
- April live cattle still have a chart gap above the market which could be filled
- Anticipation of steady cash this week at best
- Choice cuts down 2.33 and select up 1.50
- Cattle slaughter projected at 126K
- CME Feeder Cattle Index for 3/20: up 0.14 @ 188.01
HOGS
- Apr hogs down 0.200 @ 77.575 & Apr pork cutout down 0.600 @ 84.300
- Friday’s lower cash and cutouts did not lend any support to start the week
- Hog futures are oversold and due for a correction to the upside
- Cutouts may need to stabilize to increase buying interest
- National Direct afternoon report declined 1.15
- Hog slaughter projected at 482K
- CME Lean Hog Index for 3/21: down 0.46 @ 79.55
Author
Brandon Doherty