CORN
- May corn up 1 @ 7.49
- Reports suggest Ukraine has recaptured eastern areas of Kyiv
- The Buenos Aires Grain Exchange raised Argentina’s corn rating from 29% to 31% good to excellent
- Recent rains in Brazil should be beneficial to the second corn crop
- Argentina’s forecast is dry for the next week
SOYBEANS
- May soybeans up 2 @ 17.03
- The Buenos Aires Grain Exchange lowered Argentina’s soybean rating from 34% to 32% good to excellent
- Brazil soybean harvest has about 20% remaining
- Crush values are historically high and are supportive to soybean prices
- May soybeans on China’s Dalian Exchange are around the equivalent of $22.73 per bushel
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WHEAT
- May wheat down 3 @ 10.83, May KC down 4 @ 10.91, May MNPLS down 5 @ 10.78
- Wheat exports out of Ukraine still seem unlikely to happen
- Ukrainians destroyed a Russian warship at Berdyansk, a port city on the Sea of Azov (which connects to the Black Sea)
- Russia is still not allowing Ukrainian ships to leave the Black Sea
- After recent moisture, HRW wheat areas are expected to be dry for the next 5 days or so
CATTLE
- Apr LC up 0.425 @ 140.100 & Apr FC down 0.450 @ 162.275
- Traders may be positioning ahead of the Cattle on Feed report (being released this afternoon)
- Pre report estimates: 101.1% on feed, placements at 106.3%, and marketings at 104.3%
- Steady cash should support futures
- Choice cuts up 0.81 and select down 0.65
- Cattle slaughter projected at 114K
- CME Feeder Cattle Index for 3/24: down 0.28 @ 154.69
HOGS
- Apr hogs up 1.875 @ 104.650 & Apr pork cutout up 1.325 @ 109.575
- There are chart gaps below the market on some contracts which may need to be filled
- Export sales of 23,300 mt were unsupportive
- Packers may need to be aggressive if they did not get enough for the week
- National Direct Afternoon report declined 0.57
- Hog slaughter projected at 474K
- CME Lean Hog Index for 3/25: up 0.29 @ 101.50
Author
Brandon Doherty