CORN

• May corn up 32 @ 6.88
• Some Ukrainian corn sales might be switched to the United States as early as this week
• Ukraine is the 4th largest global corn exporter
• Russia is a major fertilizer producer – this conflict could cause an increase in fertilizer prices
• There was some rain over the weekend in Argentina and southern Brazil

SOYBEANS

• May soybeans up 48 @ 16.33
• Mato Grosso soybean harvest is reported to be 78% complete vs 69% average
• Argentina may get up to 150% of normal precipitation over the next couple weeks
• Soybean oil is higher with help from rising crude oil prices
• Palm oil is hitting new record highs

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WHEAT

• May wheat up 46 @ 9.06, May KC up 48 @ 9.39, May MNPLS up 26 @ 9.86
• State of the Union address is tomorrow – Biden may speak on the Ukraine situation
• Paris milling wheat futures are sharply higher
• Russia and Ukraine export about 30% of the world’s wheat
• Drought remains a concern in the U.S. Plains

CATTLE

• Apr LC down 0.825 @ 141.100 & Apr FC down 3.275 @ 161.475
• Cattle on Feed report was fairly neutral
• Grain prices are sharply higher today which may affect cattle
• Choice cuts down 0.97 and select down 0.86
• Cattle slaughter projected at 121K
• CME Feeder Cattle Index for 2/25: down 1.24 @ 160.58

HOGS

• Apr hogs down 0.475 @ 103.200 & Apr pork cutout down 0.075 @ 111.000
• Traders may be buying back into the market after a period of liquidation
• Apr futures remain at a large premium to cash
• National Direct Afternoon report declined 0.35
• Hog slaughter projected at 478K
• CME Lean Hog Index for 2/28: up 0.36 @ 98.40

Author

Brandon Doherty