CORN
- Mar corn down 6 @ 6.16
- USDA reported an increase of 46.3 mb of corn export sales
- Private exporters reported cancellations of 380,000 mt of corn for delivery to China during the 21/22 marketing year
- Ethanol stocks came out higher than expected and margins dropped more than expected
- The China Ag Attaché reported their corn crop to be 272.6 mmt (up 11.9 mmt from last year)
SOYBEANS
- Mar soybeans up 5 @ 15.50
- USDA reported an increase of 40.3 mb of soybean export sales
- Rumors that China may have purchased 6 cargoes of US soybeans yesterday from the Gulf
- The price of PNW soybeans to China is now cheaper than Brazil
- Palm oil is lower and soybean oil is following
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WHEAT
- Mar wheat down 9 @ 7.46, Mar KC down 4 @ 7.65, Mar MNPLS down 8 @ 9.00
- USDA reported an increase of 2.1 mb of wheat export sales
- Paris milling wheat futures are again lower along with US futures
- Actual moisture levels from the snow in the US southern Plains is the equivalent of only about ½ inch
- Not much fresh news on the Russia / Ukraine conflict
CATTLE
- Feb LC up 0.500 @ 141.625 & Mar FC up 1.050 @ 167.925
- Chain speed returning to normal should be supportive to the market
- Cash activity has been limited this week but feedlots may be holding out for higher prices
- Choice cuts down 2.29 and select down 0.65
- Cattle slaughter projected at 119K
- CME Feeder Cattle Index for 2/2: up 0.16 @ 158.93
HOGS
- Feb hogs up 0.100 @ 87.450 & Feb pork cutout up 0.050 @ 97.725
- Cash and cutout prices are increasing
- Packers are bidding aggressively to fulfill demand
- Futures remain in overbought territory
- National Direct Afternoon report increased 6.46
- Hog slaughter projected at 428K
- CME Lean Hog Index for 2/3: up 0.15 @ 83.29.99 @ 83.14