CORN
- Mar corn up 5 @ 6.47
- Talk that Argentina’s corn crop is as low as 48 mmt (compared to the USDA’s 54 mmt)
- Rumors that China bought 2 mmt of US corn (unconfirmed at this time)
- Despite lowering estimates, CONAB is still projecting the safrinha (second crop) corn to be record large
SOYBEANS
- Mar soybeans up 8 @ 15.82
- Paraguay is buying soybeans from Argentina for import for the first time ever
- Grain is not moving to the ports in Brazil – in part due to rains delaying harvest in central and northern areas
- USDA announced a sale of 299,357 mt of soybeans to unknown destinations
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WHEAT
- Mar wheat up 16 @ 7.87, Mar KC up 8 @ 8.09, Mar MNPLS up 9 @ 9.51
- Ukraine says Russian naval vessel maneuvers are slowing their ships moving out
- Paris milling wheat is up at midday
- There is a front that will move across the US Southern Plains but it looks like most of the HRW wheat areas will miss any moisture with most of it in the east
CATTLE
- Apr LC up 0.300 @ 147.175 & Mar FC up 0.150 @ 166.875
- Weakness yesterday may have been due to pressure on financial markets
- Cast trade was mostly steady with the previous week
- Futures are overbought and yesterday may have been the beginning of a correction
- Choice cuts down 0.97 and select down 3.10
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 2/10: up 0.69 @ 162.73
HOGS
- Apr hogs down 1.075 @ 102.350 & Apr pork cutout down 0.600 @ 109.500
- Feb hogs expire 2/14
- Traders liquidated yesterday in an overbought situation
- Weekly export sales were 40% behind last week and down 71% from the four-week average
- Increasing slaughter pace should keep packers aggressive
- National Direct Afternoon report decreased 1.87
- Hog slaughter projected at 470K
- CME Lean Hog Index for 2/11: up 0.52 @ 87.74
Author
Brandon Doherty