The CME and Total Farm Marketing offices will be closed Monday, February 21, 2022 in observance of Presidents Day
CORN
- Mar corn down 3 @ 6.44
- USDA reported an increase of 32.3 mb of corn export sales in 21/22
- Argentina’s forecast for the next two weeks is mostly dry
- There are reports of mortar fire on the Ukrainian border, but each side is blaming the other
- May corn on China’s Dalian exchange is around the equivalent of $11.09 per bushel
SOYBEANS
- Mar soybeans down 6 @ 15.82
- USDA reported an increase of 50.0 mb of soybean export sales in 21/22, and an increase of 56.1 mb for 22/23
- Private exporters reported sales of 120,000 mt of soybeans for delivery to unknown during 21/22
- Crude oil is lower and may be pressuring soybean oil
- US soybeans are cheaper than Brazil from March forward
Like what you’re reading?
Sign up for our other free daily TFM Market Updates and stay in the know!
WHEAT
- Mar wheat up 11 @ 7.92, Mar KC up 9 @ 8.17, Mar MNPLS up 3 @ 9.55
- USDA reported an increase of 4.3 mb of wheat export sales for 21/22
- Russia says they are pulling troops out – the US disputes this saying there was an increase of as much as 7,000 troops on the border
- A large winter storm will move across the US but rains will probably miss most of the HRW wheat belt
- India’s ag minister is estimating their wheat crop at 11.32 mmt vs 109.5 mmt last year (and the USDA’s 109.5 mmt for this year)
CATTLE
- Apr LC down 0.200 @ 146.725 & Mar FC down 0.850 @ 166.600
- Cash trade was generally 2.00 higher, indicating packers need cattle
- Live cattle may have already had higher cash factored in which may affect trade
- Choice cuts down 0.75 and select down 1.74
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 2/16: down 0.12 @ 162.59
HOGS
- Apr hogs up 0.400 @ 105.800 & Apr pork cutout up 0.400 @ 112.250
- Hog futures continue their trend higher at midday
- Increasing slaughter pace may require packers to be more aggressive, but they may have purchased enough supply for the week
- National Direct Afternoon report increased 2.06
- Hog slaughter projected at 477K
- CME Lean Hog Index for 2/17: up 1.50 @ 93.34
Author
Brandon Doherty