CORN

• Mar corn down 4 @ 6.47
• The Buenos Aires Grain Exchange lowered their estimate of Argentina’s corn crop to 51.0 mmt (vs the USDA’s 54 mmt)
• Corn production of Brazil and Argentina combined is estimated at 168.0 mmt (a record large amount) – this compares to 138.5 mmt last year, and a record of 153 mmt in 19/20
• Argentina is expected to remain mostly dry for the next 10 days
• May corn on China’s Dalian Exchange is around the equivalent of $11.09 per bushel

SOYBEANS

• Mar soybeans down 18 @ 15.65
• The USDA lowered China’s soybean imports 3 mmt (to 97 mmt) for the 21/22 marketing year
• CONAB is estimating Brazilian soybean production at 125.4 mmt (vs the USDA’s 134 mmt)
• USDA reduced Paraguay’s soybean production to 6.3 mmt (which would be the lowest production since 11/12)

Like what you’re reading?

Sign up for our other free daily TFM Market Updates and stay in the know!

WHEAT

• Mar wheat down 7 @ 7.91, Mar KC down 5 @ 8.19, Mar MNPLS down 3 @ 9.58
• Wheat markets surged on Friday after reports that Russia intends to invade Ukraine this week
• President Biden talked with Putin and Zelensky (Ukraine’s president) over the weekend but there were no diplomatic breakthroughs
• Ukrainian shipping vessels have been disrupted by Russian Naval exercises

CATTLE

• Apr LC up 0.225 @ 146.400 & Mar FC up 0.975 @ 167.200
• Cattle slaughter pace is getting back to normal – packers may need to purchase more to keep up
• High feed prices remain a concern for feedlots
• Choice cuts down 0.30 and select down 1.12
• Cattle slaughter projected at 119K
• CME Feeder Cattle Index for 2/11: down 0.09 @ 162.64

HOGS

• Apr hogs up 0.225 @ 102.450 & Apr pork cutout up 0.350 @ 109.825
• Feb hogs expire today
• Cutouts increased 8.48 on Friday – indicates strong demand
• April has a large premium to cash
• National Direct Afternoon report declined 0.28
• Hog slaughter projected at 476K
• CME Lean Hog Index for 2/14: up 1.18 @ 88.92

Author

Brandon Doherty