CORN
- May down 3 @ 5.55 & Dec down 4 @ 4.71
- A storm system will promote another round of significant rain across central & southern corn belt
- Daily export sales of 696K mt to China
- Yesterday’s ethanol production numbers hit a year-high
- Brazilian farmers have finished corn harvest of 57%
- Warm/dry conditions continue to lower Argentine corn yield
- Weekly export sales reported 985.9K mt versus 395K mt last week
SOYBEANS
- May down 6 @ 14.10 & Nov down 15 @ 12.20
- Brazilian farmers have finished 53.3% harvesting soybeans
- Oil remains overbought and veg-oil production turning up
- Rains in Argentina slow deterioration of drought-hit soybeans
- Argentine soy production down on recent dryness
- Weekly export sales 202K mt versus 350K mt last week
WHEAT
- May down 7 @ 6.32, KC May down 11 @ 5.90, MNPLS May down 6 @ 6.24
- Small area of notable snow in eastern Kansas will fall today
- Market appears to be over sold – might see some buying opportunities
- Spot basis bids for HRW wheat held steady in southern US
- US spring wheat production potential dwindling amid expansion of competing crops
- Russia raised its forecast for 2021 to 79.3 million tonnes from 76.2 million tons
- Weekly exports reported 390K mt versus versus 329K mt last week
CATTLE
- April LC up .62 @ 120.05 & April FC up .25 @ 144.90
- Weekly export sales 25,900 mt versus 20,900 mt last week
- Cattle on Feed Friday – cattle placements expected to drop 2.4% from last yr
- Cattle sold for 114.25-114.50 Tuesday in Texas & Nebraska
- Today’s slaughter est. at 117K head
- Feeder Cattle Index for March 16, up .09 @ 133.95
- Open interest lost 5795 for April futures & lost 219 contracts for April FC
HOGS
- April hogs up .40 @ 94.07 & April Pork Cutout up .72 @ 104.00
- Weekly export sales of 39,700 mt versus 32,400 mt last week
- Hog slaughter estimated at 493K head
- Cash lean index for March 15, up .56 @ 89.91
- O/I: Lost 2241 positions for April hogs & pork cutout futures lost 52 positions
Author
Amberlee Bratcher