CORN
- May corn down 2 @ 5.43 & Dec down 4 @ 4.77
- Weekly export inspections 1.544M mt versus 2.046M mt last week
- A few showers in Argentina overnight – long term maps show good rain next Sunday/Monday
- Funds still long 350K contracts
- Tightening US and world ending stocks lend support
- Corn supported early on by crude oil futures surging due to attack by Iran-led rebels
SOYBEANS
- May up 9 @ 14.39 & Nov up 6 @ 12.53
- Weekly export inspections 587.5K mt versus 1.003M mt last week
- Funds still long 160K contracts
- US and world ending stocks tightening – weather too dry
- Soybeans up strong in overnight as world veg oil rally extended further as crude surged
WHEAT
- May CHI down 5-1/4 @ 6.48, KC May down 6-1/2 @ 6.19, May MNPLS down 4 @ 6.41
- Weekly export inspections 482.1K mt versus 341K last week
- Funds still long 23K contracts of Chicago wheat
- Choppy trade continues with world supply burdensome
- Paris milling futures gapped higher today
- Rumors that Russia & Ukraine crops are off to a great start
CATTLE
- Apr LC up 0.35 @ 119.37 & Apr FC up 0.87 @ 139.90
- Futures seem to be carving out a sideways trading pattern
- Disappointment of cash of 114 last week may make feedlots willing to sell at steady money
- Today’s slaughter est. at 118K head
- Feeder Cattle Index for March 4, down 1.22 @ 134.85
- Open interest lost 8295 for Apr futures & lost 447 contracts for Apr FC
HOGS
- Apr hogs down 0.12 @ 87.05 & Apr Pork Cutout up 0.47 @ 95.02
- Hogs remain in an uptrend & will need lots of negative news to spur liquidation
- Packers may take a wait & see attitude & begin week with steady cash bids.
- Hog slaughter estimated at 496K head
- Cash Lean Index for March 3, up 0.79 @ 84.06
- O/I: Lost 7353 positions for Apr hogs & pork cutout futures lost 13 positions
Author
Amberlee Bratcher