CORN
- Mar up 10 @ 5.10 & Dec up 6 @ 4.35
- Weekly export inspections 1.391M mt versus last week’s 876K
- Argentina rainfall during weekend was minimal
- US corn demand unchanged – still cheapest globally through spring
- Ethanol production rose last week but still running 10% behind this time last year
SOYBEANS
- Mar up 33 @ 13.45 & Nov up 18 @ 11.30
- Weekly export inspections 1.978M mt versus last week’s 2.058M mt
- Brazil weather outlook for next 10 days still favorable
- Brazil farmers expected to collect record crop despite drought-driven planting delays
- Last Friday’s selloff still relatively unexplained – maybe fund liquidation
- Unwavering demand still looks to push US ending stocks to 100 mb or less
WHEAT
- Mar up 6 @ 6.41, KC Mar up 9 @ 6.22, & Mar MNPLS up 8 @ 6.30
- Weekly export inspections 523K mt versus last week’s 276K mt
- US hard red winter wheat areas began receiving rain/snow overnight
- Sovecon raises Russian 2021 wheat crop to 77.7 mt – still below record crop of 2020
- Russia finally signs the confirmation that an export tax will begin March 15
- Very strong export inspections may set stage for higher exports in coming weeks
CATTLE
- Feb LC down 0.27 @ 116.45 & Mar FC down 0.24 @ 143.87
- Bearish Cattle on Feed report from Friday, impacting prices
- Beef prices up 4.6% last week while beef production up 3.6^
- January feeder cattle last trading day, Thursday 1/28
- Today’s slaughter est. at 118K head
- Cash trade delayed due storms LC & @133.99 up 0.80 for 1/21 for FC cash index
- O/I: 3286 contracts for Feb LC & O/I: +661 contracts for Jan FC
HOGS
- Feb Hogs up 0.17 @ 70.10 & Feb Pork Cutout up 0.07 @ 81.90
- Despite the cattle market, seem to be carrying over gains from Friday’s close
- Pork cutout jumps 3.2% for week – pork production up 3.6%
- Hog slaughter estimated at 489K head
- Cash lean index @ 65.55 up 0.15 @ 1/21
- O/I: -1334 positions for hogs & pork cutout futures +47 positions