CORN
- Mar corn up 4 @ 6.84
- Rains in Argentina were better than expected with some areas receiving an inch or more
- Brazil also received decent rains
- A fourth aerial object was shot down by the US on Sunday, but it is currently unknown if it was a reconnaissance craft or of Chinese origin
- Ag Rural said Brazil corn planting is 25% complete vs 42% last year
- Ukraine has shipped 16.7 mmt of corn for 22/23 so far
- March corn on China’s Dalian exchange is around the equivalent of $10.38 per bushel
SOYBEANS
- Mar soybeans up 6 @ 15.48
- Brazil soybean prices are still below the US
- On Friday, March soybean meal posted the highest close on record
- South American soybean meal offers are far below the US but the basis is strong in the US
- According to Ag Rural, Brazil’s soybean harvest is 17% complete with 28 mmt said to be already collected
- Longer term, there is still concern about US export demand
- Soybeans on China’s Dalian exchange are around the equivalent of $19.24 per bushel
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WHEAT
- Mar Chi wheat up 8 @ 7.94, Mar KC up 3 @ 9.12, & Mar MNPLS up 1 @ 9.31
- Russian missiles were found not to have violated NATO airspace on Friday
- Concern around the escalation of the Russian offensive in Ukraine, but Ukraine is said to be holding their ground and ships are still being loaded with grain for export
- Parts of the US southern Plains will see precipitation over the next 24 hours
- Russian wheat remains at a discount to US wheat
- The Philippines are tendering for 110,000 mt of feed wheat, with Australia expected as the origin
CATTLE
- Apr LC up 0.500 @ 164.450 & Mar FC down 0.075 @ 186.325
- Trade in the south was $1-2 higher and $4 higher on average in the north
- Feedlots may hold out for higher cash again this week
- Slaughter pace continues to run strong and demand is steady
- Choice cuts up 0.37 and select up 0.28
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 2/10: up 0.56 @ 183.09
HOGS
- Apr hogs up 1.150 @ 84.475 & Apr pork cutout up 2.075 @ 92.075
- February hog futures expire tomorrow (Feb 14), then April will become the front month
- Futures may have found a bottom, showing strength today
- Cash is anticipated to be higher in the second quarter, with the April contract at a significant premium to February
- National Direct Afternoon report declined 0.28
- Hog slaughter projected at 485K
- CME Lean Hog Index for 2/13: up 0.21 @ 74.01