CORN
- Mar corn up 30 @ 7.15
- Russian missiles targeted Ukraine military bases and air defense systems
- Ukraine is the 4th largest corn exporter with most of that going to Europe, China, and Africa
- May corn on China’s Dalian exchange is around the equivalent of $11.37 per bushel
SOYBEANS
- Mar soybeans up 12 @ 16.87
- Soybeans have backed significantly off their highs at midday
- May palm oil made new contract highs today
- Ukraine is the largest exporter of sunflower seed oil which may be disrupted by the Russian invasion
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WHEAT
- Mar wheat up 50 @ 9.26, Mar KC up 50 @ 9.63, Mar MNPLS up 45 @ 10.46
- Rumors that Russia and China have an agreement – China will offer goods to Russia if there are sanctions, and Russia will back China if they invade Taiwan
- Wheat is limit up on the front months for Chi and KC at midday
- Paris milling wheat futures are record high and gapped significantly higher on the charts
CATTLE
- Apr LC down 2.225 @ 142.525 & Mar FC down 4.650 @ 158.125
- Head and shoulders chart formation on live cattle with significant weakness today
- Technical selling may be triggered
- Higher grain prices could pressure cattle
- Choice cuts down 0.76 and select down 4.68
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 2/23: up 0.13 @ 162.26
HOGS
- Apr hogs down 1.675 @ 106.350 & Apr pork cutout down 1.600 @ 114.125
- Significant reversal in hogs looks menacing on charts
- Further technical selling may be triggered
- Avian flu was discovered in Delaware – could impact pork and beef demand
- National Direct Afternoon report up 5.77
- Hog slaughter projected at 476K
- CME Lean Hog Index for 2/24: unchanged at 96.18
Author
Brandon Doherty