CORN
- May corn down 8 @ 5.49 & Dec down 4 @ 4.67
- Weekly export inspections 1.962M mt versus 2.203M mt last week
- Funds still long 370K contracts
- Argentina will receive some rain Wed-Friday
- Drier weather headed for Brazil this week aiding fieldwork
- Between China & ethanol rebounding; demand remains strong
SOYBEANS
- May down 5 @ 14.09 & Nov down 8 @ 12.12
- Weekly export inspections 489.4K mt versus 518.7K mt v last week
- Funds still long 156K contracts – smallest since August
- Impressive bounce in soybean oil overnight but futures refuse to rally today
- Soy harvest in Brazil expected to be 92% done – planting could reach 65% this week
- China expected to need soybean imports at 100 mmt – record large
WHEAT
- May down 1 @ 6.24, May KC down 9 @ 5.76, May MNPLS down 2 @ 6.24
- Weekly export inspections 648.4K mt versus 683.4K mt last week
- Funds still long 17.5K contracts Chi wheat & 38K contracts KC wheat
- Ukraine expected to get rain this week & will help S. Russian spring crops
- US HRW wheat areas will receive waves of rain/snow this week
CATTLE
- Jun cattle up 0.52 @ 119.20 & Apr FC up 0.50 @ 139.92
- Demand boom looks to last into spring to support more cash & beef
- Packers may be more aggressive this week & bid higher to keep plants full
- Today’s slaughter est. at 116K head
- Cattle sales last week at 114-115 – sales in Iowa at 116
- Feeder Cattle Index for March 18, down 0.25 @ 134.03
- Open interest gained 5430 for June futures & lost 219 contracts for Apr FC
HOGS
- Apr hogs up 0.20 @ 94.45 & Apr pork cutout down 0.37 @ 104.75
- Weakening pork cutouts may pressure packers and reduce their willingness to bid higher
- Uncertainty surrounding ASF in China continues to keep hogs supported
- Hog slaughter estimated at 493K head
- Cash Lean Index for March 17, up 0.68 @ 91.24
- O/I: Lost 2241 positions for Apr hogs & pork cutout futures lost 52 positions
Author
Amberlee Bratcher