CORN
- May corn up 22 @ 7.52
- USDA reported an increase of 72.3 mb of corn export sales in 21/22 and 8.0 mb in 22/23
- As much as 15 mmt of corn may not get shipped out of the Black Sea if the war continues
- The Fed did raise interest rates by 0.25%
- Higher crude oil at midday is supportive
- Putin reportedly said there was not progress towards a peaceful resolution
SOYBEANS
- May soybeans up 18 @ 16.67
- USDA reported an increase of 46 mb of soybean export sales in 21/22 and 17.5 in 22/23
- Brazil may not have soybeans for export after September
- China announcing that they will stimulate / support their economy after recent COVID outbreaks is supportive to commodities
- China is planning to increase their soybean acres by 3.29 million in 2022 in an effort to reduce dependence on imports
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WHEAT
- May wheat up 23 @ 10.93, May KC up 14 @ 10.86, May MNPLS up 28 @ 10.78
- USDA reported an increase of 5.4 mb of wheat export sales for 21/22 and 12.0 mb for 22/23
- As much as 15 mmt of wheat may not get shipped out of the Black Sea if the war continues
- Russia’s domestic flour price is record high and in a normal situation they would not be exporting wheat
- Upcoming rains for the US southern Plains will be helpful, but may not be enough if the warm and dry pattern returns
CATTLE
- Apr LC up 0.175 @ 139.525 & Apr FC down 0.700 @ 161.925
- Steady cash this week could be supportive to futures
- Packers are being less aggressive this week as they are not bidding higher
- Choice cuts up 0.18 and select up 1.43
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 3/16: up 0.33 @ 153.14
HOGS
- Apr hogs down 1.150 @ 101.225 & Apr pork cutout down 0.925 @ 107.375
- Cash is anticipated to be lower after three days of being higher
- June – August futures hit new highs yesterday (traders may anticipate higher summer prices)
- National Direct Afternoon report increased 0.87
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/17: down 0.08 @ 100.41
Author
Brandon Doherty