CORN
- Mar up 6 @ 5.45 & Dec up 2 @ 4.51
- Corn export inspections 1.322M mt versus last week 1.576M mt
- March corn surges to 5.51 in overnight
- South American rains continue to push planting for safrinha corn further down the road
- 7-day forecast for Argentina & southern Brazil to remain mostly dry
- Funds still long 360,000 contracts
SOYBEANS
- Mar up 3 @ 13.75 & Nov up 6 @ 11.79
- Soybean export inspections 809K mt versus last weeks 1.8M mt
- Mar soybeans flirt with 14.00 in overnight, as high as 13.94 – pushed by soybean oil
- Rains in Brazil continue to slow soybean harvest only 9% complete versus last year’s 20%
- 7-day forecast heavy rains for northern & central Brazil
- NOPA report out today – expected to be record large for last month – guess 183 mb
- Funds are still long 350,00 contracts long
WHEAT
- Mar up 12 @ 6.49, Mar KC up 14 @ 6.31, Mar MNPLS up 10 @ 6.36
- Mar wheat up as high as 6.56 this morning
- Wheat export inspections 392.5K mt versus last week 441K mt
- Bitter cold temps engulf Northern Plains down to the deep South – pushing prices higher for the a.m.
- Paris milling futures up for 4th day in a row – highest in 2 weeks – also lending support to futures
- Australia forecasted to produce record large 33.3 mmt crop – compared to USDA’s 30 mmt estimate
- Funds still long 59,000 contracts of KC wheat
CATTLE
- Apr LC up to 126.27 & Mar FC up 0.25 @ 141.10
- Cold weather causing livestock stress
- Rally in corn continues to threaten FC market
- Watch for a technical sign of peak with basis stretched
- Today’s slaughter est. at 106K head
- Cash trade last seen at 113-114 & @ 135.49 down 0.16 for 2/10 for FC cash index
HOGS
- Apr hogs up 1.15 @ 86.35 & Apr Pork Cutout up 1.80 @ 92.30
- Pork demand remains stout
- No sign of near-term peak even with a 5% more pork last week
- Hog slaughter estimated at 425K head
- Cash lean index @ 72.36 up 0.62 for 2/10
- O/I: +2509 positions for April hogs & pork cutout futures +142 positions
Author
Amberlee Bratcher