CORN
- May up 1 @ 5.55 & Dec down 2 @ 4.75
- Ethanol production for week ending 3-12 averaged 971K barrels per day – down 6% from last yr
- Argentina has seen significant relief to dryness over past 2 days – more rain ahead
- US weather will leave Midwest & northern delta to wet for early fieldwork early April
- Daily export sale of 1,224,000 mt – delivery China
SOYBEANS
- May down 9 @ 14.13 & Nov down 9 @ 12.36
- Brazil’s weather outlook is drier for next week
- Meal and bean markets finding some resistance on concern of lower crush margins
- Resurgence of ASF in China may damper hopes of US farmers to sell more soybeans
- Brazilian Ag firm puts soybean harvest at record 134.8 million tns
WHEAT
- May down 4 @ 6.43, KC May down 6 @ 6.02, MNPLS May down 4 @ 6.33
- US HRW wheat improvements are expected to be significant for next 2 weeks due to weather
- US NW plains will continue to be dry for next 7-10 days
- Euronet wheat fell to one-month as improved US crop ratings weighed on the market
- Australia looking to plant a bigger crop after record harvest in 2020
CATTLE
- April LC up .77 @ 118.97 & April FC down .30 @ 143.02
- Solid demand outlook into spring
- Cattle on Feed Friday – cattle placements expected to drop 2.4% from last yr
- Cattle sold for 114.25-114.50 yesterday in Texas & Nebraska
- Today’s slaughter est. at 121K head
- Feeder Cattle Index for March 15, down .07 @ 133.86
- Open interest lost 3370 for April futures & lost 220 contracts for April FC
HOGS
- April hogs up 27 @ 93.17 & April Pork Cutout up .47 @ 102.77
- ASF in China resurgence may mean China stays a buyer of US hogs longer than anticipated
- Packers continue to want hogs to keep plants running to satisfy demand
- Hog slaughter estimated at 496K head
- Cash lean index for March 15, up .56 @ 89.91
- O/I: Lost 2921 positions for April hogs & pork cutout futures gained 2 positions
Author
Amberlee Bratcher