CORN
- May corn down 2 @ 5.48 & Dec down 3 @ 4.66
- Ethanol production for the week ending 3/19, 922K barrels per day, down 5.05% last week
- Argentina will receive significant rain thru the end of the week
- Technically speaking corn losing momentum but demand still strong
- ANEC reports Brazil exports could reach 115K tons in March vs 136K tons in last week’s forecast
- EU wheat rebounded yesterday after 10 days straight of negative close
SOYBEANS
- May up 2 @ 14.25 & Nov up 1 @ 12.24
- Brazil will experience net drying for the next 7-10 days – good for fieldwork
- Short-term weather and energy drop seen as limiting factors
- ANEC reports Brazil exports could reach 16.1M tons in March vs 16.4M tons in last week’s forecast
WHEAT
- May down 9 @ 6.25, KC May down 6 @ 5.75, MNPLS May down 5 @ 6.25
- US northern Plains continue to need significant rains
- US HRW wheat production areas received rains Mon/Tues
- Waiting to see if Russia implements export tax on new crop
- Hook reversal from deeply oversold; wheat futures looking for a low
CATTLE
- Jun cattle up 0.45 @ 120.47 & Apr FC up 2.30 @ 142.05
- Cattle futures still trying to regain last week’s losses
- Strong boxed beef & strong demand – hopeful for stronger cash this week
- Today’s slaughter est. at 118K head
- Cattle sales still unreported for this week – need to be more than 114
- Feeder Cattle Index for March 22, up 0.38 @ 134.64
- Open interest gained 1609 for Jun futures & lost 231 contracts for Apr FC
HOGS
- Apr Hogs up 1.25 @ 97.72 & Apr Pork Cutout up 1.32 @ 107.20
- New reports of more outbreak of ASF in China bolster futures
- Increasing demand from restaurants opening from COVID-19 restrictions
- Hog slaughter estimated at 493K head
- Cash Lean Index for March 19, up 1.00 @ 92.71
- O/I: Lost 2185 positions for Apr hogs & pork cutout futures lost 12 positions
Author
Amberlee Bratcher