CORN
- May down 6 @ 5.47 & Dec down 3 @ 4.66
- Weekly exports at 4.481M mt – increased for China exporting 3.890M mt
- An ag magazine survey indicated 93.5M acres of corn in 2021
- More consolidation however demand still steady & strong lends support
- Mexican corn production likely to total no more than 24 million tonnes this year
- Argentina corn production expected to drop 45.8 down 1% from last update
SOYBEANS
- May down 15 @ 14.17 & Nov down 10 @ 12.17
- Weekly exports at 101.8K mt
- Tightening stocks & strong export – meal demand concerns
- An ag magazine survey indicated 88.5 acres of soybeans in 2021
- China supposedly taking in record amounts of soybeans from US & Brazil as hogs recover
- Argentina soybeans drops to 46.9 MT – down 1% form last update
WHEAT
- May down 12 @ 6.12, KC May down 9 @ 5.67, MNPLS down 7 @ 6.19
- Weekly exports of 343.6K mt – down 12% from last week
- An ag magazine survey indicated 45.6 million acres of wheat in 2021
- Bigger crops from key exporters keep trend down – looking for a low ahead of report
- Russia raises wheat crop to 79.8 million tonnes from previous 78 due to good weather
- Ukraine wheat production unchanged at 26.7 million tonnes
- Flooding in Australia helping wheat producers by improving soil moisture
CATTLE
- June cattle up 1.20 @ 121.50 & April FC up 1.70 @ 144.15
- Weekly exports of 18,900 mt down 27% from last week
- Traders more confident to go long as packers are more aggressive
- Highest beef market since March 1
- Today’s slaughter est. at 121K head
- Cattle sales reported in Nebraska & Colorado @ 116
- Feeder Cattle Index for Mar 24, up .22 @ 134.86
- Open interest lost 323 for June futures & lost 793 contracts for April FC
HOGS
- April Hogs up 1.07 @ 98.50 & April Pork Cutout up 1.12 @ 108.42
- Weekly exports of 38,700 mt – down 3% from last week
- Today’s hog report could put a short-term top on market if negative (released 2:00 p.m. CT)
- Hams jumped to 17.05 yesterday to 97.54
- Hog slaughter estimated at 494K head
- Cash lean index for March 22, up .76 @ 93.47
- O/I: Lost 1974 positions for April hogs & pork cutout futures lost 18 positions
Author
Amberlee Bratcher