CORN
- Mar up 12 @ 5.46 & Dec up 6 @ 4.44
- Truck strikes in Argentina continue to slow shipments to ports
- Central Argentina received rains overnight
- Export daily sales of 2.108M mt of corn to China & another 132K mt to China
- Corn sales are up 126% from this time last year
- US farmers expected to increase acreage for 2022 due to high prices
SOYBEANS
- Mar up 8 @ 13.61 & Nov up 12 @ 11.43
- Still expecting truckers to strike starting on Monday
- Brazil still in good shape however rains continue to slow harvest
- In tighter years July meal has traded $100 premium Dec
- Soybean sales are up 83% from this time last year
- US farmers expected to increase acreage for 2022 due to high prices
- US crushings expected to rise to 193.9 mb up from the 191 mb processed in Nov
WHEAT
- Mar up 13 @ 6.59, KC Mar up 9 @ 6.35, & Mar MNPLS up 10 @ 6.38
- Bitter cold air will push into plains this weekend and will last for all next week
- Russia also expected to experience bitter cold temps, snow should protect crops
- Corn rally continues to pull wheat alongside Paris & EU prices on the rise
- Wheat sales are up 6% from this time last year
CATTLE
- Feb LC down 0.15 @ 115.82 & Mar FC down 0.45 @ 139.35
- Strong beef price uptrend but futures already at a big premium
- Cash buyers are confident – traders are sticking to the sidelines today
- Today’s slaughter est. at 118K head
- Cash developed around 115 for LC & @ 135.34, up 0.51 for 1/27 for FC cash index
- O/I: -3344 contracts for Feb LC & O/I: -243 contracts for Jan FC
HOGS
- Feb Hogs down 0.22 @ 69.72 & Apr Pork Cutout up 1.00 @ 84.80
- June key reversal but sales strong & pork values up
- Strong pork exports continue to underlie the overall support from pork demand
- Hog slaughter estimated at 488K head
- Cash lean index @ 67.29 for 1/27
- O/I: -1581 positions for hogs & pork cutout futures +627 positions