CORN
- Mar corn down 1 @ 6.16
- The Chinese Ag Attaché reduced their corn imports from 26 mmt to 20 mmt
- Yesterday USDA announced a cancellation of 380,000 mt of corn to China – there is talk that the buyer needed those vessels for soybeans
- Ethanol stocks were higher than expected but we could see a drawdown into the spring and summer as there are more drivers and omicron cases decline
- Buenos Aires Grain Exchange rates Argentina’s corn crop at 28% good to excellent
SOYBEANS
- Mar soybeans down 6 @ 15.38
- Rumors yesterday that China bought at least 8 cargoes of US soybeans
- USDA reported sales of 295,000 mt of soybeans for delivery to unknown, with the majority for delivery during the 21/22 marketing year
- There is a possibility for rains this weekend in some of the drier areas of South America
- Record amounts of boats are waiting to be loaded with beans out of Brazil
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WHEAT
- Mar wheat up 3 @ 7.55, Mar KC up 10 @ 7.79, Mar MNPLS up 2 @ 9.03
- US prices are still too high for export demand
- US southern Plains continue to see dryness
- The White House alleged Russia may stage a false attack by Ukraine, giving them reason to invade
- Export sales of 2.1 mb were the second lowest of the marketing year
CATTLE
- Feb LC up 0.025 @ 141.625 & Mar FC down 0.450 @ 166.275
- Higher cash this week may have already been factored in
- Packers were more aggressive to maintain slaughter pace
- Cattle supply is anticipated to tighten throughout the year
- Choice cuts down 1.69 and select down 3.10
- Cattle slaughter projected at 118K
- CME Feeder Cattle Index for 2/3: up 0.32 @ 159.25
HOGS
- Feb hogs up 0.875 @ 87.325 & Feb pork cutout up 1.250 @ 97.325
- The winter storm this week is interfering with the ability to process hogs
- Packers bid up to obtain hogs which should support the market
- Hogs remain in a strong uptrend and remain overbought
- National Direct Afternoon report increased 1.80
- Hog slaughter projected at 462K
- CME Lean Hog Index for 2/4: up 0.04 @ 83.33
Author
Brandon Doherty