CORN
- March down 4 @ 5.43 & Dec down 1 @ 4.44
- Weekly export inspections @ 1.104M mt versus 1.391M mt last week
- Daily export sales 125K mt to Mexico & 110K mt to Japan
- China buying US corn continue to tighten balance sheets and push prices higher
- US farmers may plants 94 million acres vs 91 million acres last year
- Argentina weather will favor net drying conditions over next 10 days for most areas
SOYBEANS
- March down 14 @ 13.55 & Nov up 2 @ 11.45
- Weekly export inspections @ 1.792M mt versus 1.978M mt last week
- Daily export sale of 133K mt to Philippines
- Brazil weather looks closer to normal over next 14 days
- Brazil crop still estimated to be 133 million tons
- US farmers may plant 91 million acres vs 83 million acres last year
WHEAT
- March down 15 @ 6.48, KC March down 19 @ 6.19, MNPLS March down 13 @ 6.29
- Weekly export inspections at 396.8K mt versus 523.9K mt last week
- Starting June 1st, Russia may have 70% wheat export tax on exports above $220 mt
- Restricted precip will occur in HRW wheat production areas in next 2 weeks
- US HRW will lose snow cover this week, will need more to protect from incoming cold front
- Wheat a follower of corn, Paris and Black Sea futures continue to set the trend as well
CATTLE
- Feb LC up .07 @ 115.12 & March FC up .32 @ 138.05
- Sweeping reversal from overbought condition
- Strong boxed beef prices & resilient pack margins help support prices
- Bullish Cattle Inventory on Friday
- Today’s slaughter est. at 116K head
- Cash trade last seen at 113 & @ 136.02 up .68 for 1/28 for FC cash index
HOGS
- February Hogs up .17 @ 69.97 & Feb Pork Cutout up .40 @ 92.85
- With large futures premium over cash; need strong exports this week
- If US dollar goes higher, puts pressure on futures in short-term
- Hog slaughter estimated at 481K head
- Cash lean index @ 67.41 up .12 for 1/28
- O/I: -2153 positions for hogs & pork cutout futures -16 positions
Author
Amberlee Bratcher