CORN

• Mar down 4 @ 5.48 & Dec down 2 @ 4.57
• Ethanol production for the week ending 2/12 average 911K barrels per day – down 12.40% from last year
• Argentina weather will continue to dry down over the next 10 days
• Argentina early corn was 52% filling & 16% mature
• Increasing harvest in Brazil may spark increased selling
• USDA projects 2021 corn plantings at 92M acres versus 90.8 last year
• USDA sees average price of corn at 4.20 bu in 2021-22

SOYBEANS

• Mar down 13 @ 13.70 & Nov down 4 @ 11.84
• Rain remains to slow field progress in Brazil
• Argentina reports 50% soybeans setting pods – 6% filling
• USDA projects 2021 US soybeans plantings at 90M acres versus 83.1 last year
• USDA sees average price of soybeans at 11.25 bu in 2021-22
• Market looking for USDA outlook forum tomorrow to give more price direction

WHEAT

• Mar up 15 @ 6.59, Mar KC up 10 @ 6.33, Mar MNPLS up 6 @ 6.40
• No more threatening weather predicted after today
• Big jump in Paris milling futures helps to support prices
• USDA sees average wheat prices at 5.50 bu. in 2021-22
• Recent & expected favorable weather indicates record high production for China
• US still stands to gain export business with Russian export taxes
• Canola prices surging could result in a move away from spring wheat plantings

CATTLE

• Apr LC up 0.12 @ 115.42 & Mar FC up 0.25 @ 138.67
• Demand could take a hit with more consumers at home than normal
• Beef cutouts expected to be higher with light/moderate box movement
• Today’s slaughter est. at 107K head
• Packer inquiry is limited – saw some sales from 114-144.50 in TX & KS
• Open interest lost 1520 for April futures & lost 591 for March FC

HOGS

• Apr hogs up 0.25 @ 85.15 & Apr Pork Cutout up 0.02 @ 91.65
• June sees key reversal from extreme overbought condition
• Hog slaughter estimated at 478K head
• Cash lean index @ 75.51 up 0.97 for 2/15
• O/I: Down 358  positions for April hogs & pork cutout futures added 71 positions

Author

Amberlee Bratcher