CORN

• Mar corn up 11 @ 6.31
• USDA Supply & Demand report is due for release February 9 at 11 AM
• Dry conditions are returning to Paraguay, Argentina, and southern Brazil
• 50% of Argentina is said to still be in drought conditions
• US State Department still believes that a Russian invasion of Ukraine is imminent

SOYBEANS

• Mar soybeans up 28 @ 15.81
• Too much rain in central, northern, and eastern Brazil is slowing soybean harvest there
• Some estimates of the Brazil soybean crop production are as low as 125 mmt (vs the USDA’s January estimate of 139 mmt)
• Private exporters reported sales of 507,000 mt of soybeans for delivery to unknown destinations

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WHEAT

• Mar wheat up 3 @ 7.66, Mar KC up 1 @ 7.87, Mar MNPLS down 1 @ 9.12
• The Drought Monitor Index is expanding over the Southern Plains (including Oklahoma, Texas, and southwest Kansas)
• Drought is expanding in North Africa
• The Russian wheat export tax remains over $93 per metric ton
• There was an agreement last week for China to import Russian wheat (and barley)

CATTLE

• Feb LC down 0.175 @ 141.875 & Mar FC down 1.200 @ 164.900
• Cash anticipated to be higher this week
• Slaughter expected to return to normal, which should increase demand for cattle
• Choice cuts down 1.65 and select down 0.42
• Cattle slaughter projected at 120K
• CME Feeder Cattle Index for 2/4: up 0.92 @ 160.17

HOGS

• Feb hogs up 1.625 @ 88.650 & Feb pork cutout unchanged @ 96.800
• Last week’s storm impacted the movement of hogs
• Futures were strong in the face of weak cash on Friday
• Hog futures remain overbought
• National Direct Afternoon report declined 3.62
• Hog slaughter projected at 464K
• CME Lean Hog Index for 2/7: up 0.97 @ 84.30

Author

Brandon Doherty