CORN
- Mar corn up 10 @ 6.57
- USDA reported an increase of 23.2 mb of corn export sales
- CONAB is estimating Brazil’s corn crop at 112.3 mmt vs the USDA’s 114 mmt
- Private estimates for the Brazil corn crop are as low as 106 mmt
- Yesterday’s WASDE report showed no change to US corn carryout at 1,540 mb
SOYBEANS
- Mar soybeans up 20 @ 16.15
- USDA reported an increase of 58.6 mb of soybean export sales
- CONAB is estimating Brazil’s soybean crop at 125 mmt vs the USDA’s 134 mmt
- Private estimates for the Brazil soybean crop are as low as 123 mmt
- Yesterday’s WASDE report showed a reduction of 25 mb to the US soybean carryout, now at 325 mb
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WHEAT
- Mar wheat up 5 @ 7.90, Mar KC up 1 @ 8.16, Mar MNPLS up 15 @ 9.69
- USDA reported an increase of 3.1 mb of wheat export sales
- Despite a somewhat bearish report WASDE report, wheat rallied
- Yesterday’s WASDE report showed an increase of 20 mb to the US wheat carryout, now at 648 mb
- The WASDE report lowered wheat exports to 810 mb (vs the previous 825 mb)
CATTLE
- Apr LC up 0.050 @ 147.875 & Mar FC down 0.525 @ 167.75
- WASDE report showed beef production higher than January, but higher prices as well
- Limited cash trade does not provide support
- Boxed beef continues to decline
- Choice cuts down 1.67 and select down 1.79
- Cattle slaughter projected at 121K
- CME Feeder Cattle Index for 2/9: up 0.61 @ 162.04
HOGS
- Apr hogs up 1.675 @ 106.450 & Apr pork cutout up 1.100 @ 112.750
- Feb hogs expire 2/14
- Futures remain overbought and due for a correction
- Packers are aggressive to keep up with slaughter pace
- National Direct Afternoon report increased 2.00
- Hog slaughter projected at 475K
- CME Lean Hog Index for 2/10: up 0.60 @ 87.22
Author
Brandon Doherty