CORN
- May corn up 3 @ 5.39 & Dec corn up 4 @ 4.78
- Weekly export sales of 115.9K mt – marketing year low – well below trade expectation
- Brazil Safrinha Corn 39% planted versus 67% last year
- Concerns of dryness remain for Argentina
- US Ethanol production bounced back after thawing from a deep freeze last week
SOYBEANS
- May up 20 @ 14.28 & Nov up 9 @ 11.08
- Weekly export sales of 334K mt – middle of the range of trade expectation
- Argentina soybeans rated 15% good/excellent
- Brazil soybean harvest 25% vs 40% last year
- Weather in Brazil will be mostly favorable – though rains will slow some areas for harvest
WHEAT
- May up 4 @ 6.60, May KC up 5 @ 6.31, May MNPLS up 5 @ 6.48
- Weekly export sales of 219.2K mt – up 31% from last week – lower end of trade expectations
- 2021/22 US winter wheat production 33.3 million tons – unchanged from last update
- Most Ukrainian winter grain crops are in excellent condition thanks to favorable weather
- EU futures fell yesterday on lack of export demand and US prices falling
CATTLE
- April LC down .20 @ 119.20 & March FC down .65 @ 136.35
- Weekly export Beef – Net sales of 22,600 MT up from last week
- Probing for low enough price level to encourage demand
- Today’s slaughter est. at 121K head
- Feeder Cattle Index for Mar 2, down .37 @ 137.17
- Open interest lost 3866 for April futures & lost 753 for March FC
HOGS
- April Hogs down .22 @ 87.70 & April Pork Cutout down .75 @ 94.15
- Weekly export Pork – Net sales of 59,600 up from last week
- Sharp break in hams may spark selling
- Hog slaughter estimated at 496K head
- Cash lean index for March 1 up .73 @ 82.63
- O/I: Lost 2257 positions for April hogs & pork cutout futures gained 13 positions