CORN
- Mar corn down 6 @ 6.29
- Corn inspections totaled 41.5 mb
- Grains mostly lower overnight but South American weather remains mostly bullish longer term
- The Brazil Ag Attaché lowered their corn crop to 113 mmt (down from 118 mmt)
- Ag Rural says 18% of Brazil’s first corn crop is harvested
- Tomorrow’s WASDE report is expected to show a decline in South American corn production by maybe 4 mmt
SOYBEANS
- Mar soybeans down 19 @ 15.63
- Soybean inspections totaled 44.8 mb
- Soybeans and veg oils lower following crude oil
- Private exporters reported 132,000 mt of soybeans for delivery to China during the 22/23 marketing year, and 332,000 mt for delivery to unknown during the 22/23 marketing year
- Tomorrow’s WASDE report is expected to show a decline in South American soybean production by maybe 10 mmt
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WHEAT
- Mar wheat up 2 @ 7.71, Mar KC down 1 @ 7.91, Mar MNPLS up 15 @ 9.36
- Wheat inspections totaled 15.3 mb
- French president Macron met with Vladimir Putin on Monday to discuss the Ukrainian border situation
- There are reports that the Kremlin said troops will be leaving Belarus this month
- Russian customs estimate their wheat exports at 32.9 mmt in 2021 (vs 38.55 last year)
- The Brazil Ag Attaché increased their wheat production 1.45 mmt (to 7.7 mmt)
CATTLE
- Apr LC down 0.325 @ 146.075 & Mar FC up 1.375 @ 166.400
- Feedlots are expected to hold out for higher cash and will wait to see how aggressive packers will be
- Slaughter may be back up to pace – packers may be aggressive to keep up
- Choice cuts down 0.85 and select down 1.01
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 2/7: down 0.03 @ 160.14
HOGS
- Feb hogs up 1.375 @ 89.075 & Feb pork cutout unchanged @ 97.850
- Feb hogs have 5 trading days left (LTD is 2/14)
- Hog supplies are expected to tighten over the course of this year
- Futures remain overbought
- National Direct Afternoon report declined 9.35
- Hog slaughter projected at 479K
- CME Lean Hog Index for 2/8: up 1.57 @ 85.87
Author
Brandon Doherty