CORN
- Mar down 8 @ 5.42 & Dec up 1 @ 4.60
- USDA projects corn acres to be 92 million acres vs 91 last year
- USDA projects corn yield at 179.5 bu/acre vs 172 in 2020/21
- USDA projects ending stocks at 1.55 billion bu vs 1.502 in 2020/21
- Weekly export sales 999.2K mt
- Argentina’s forecast is a little drier than expected moving into next week
- Argentina raised corn crop 1% to 24% good/excellent – 61% last year
SOYBEANS
- Mar up 3 @ 13.78 & Nov up 7 @ 11.93
- USDA Forum projects soybean acres to be 90 million acres vs 83.1 last year
- USDA projects 2021/22 yield at 50.8 bu vs 50.2 in 2020/21
- USDA projects 2021/22 ending stocks at 145 million bu vs 120 million in 2020/21
- Weekly export sales of 455.9K mt
- Brazil weather may be more favorable than detrimental next week
- Argentina lowered soybean crop ratings by 4% to 19% good/excellent – 66% last year
WHEAT
- Mar down 11 @ 6.51, Mar KC down 6 @ 6.30, Mar MNPLS down 7 @ 6.35
- USDA projects wheat acres to be 45 million acres vs 44.3 last year
- USDA projects wheat yield to be 49.1 bu vs 49.7 last year
- USDA projects wheat ending stocks at 698 million bushels vs 836 million in 2020/21
- Weekly export sales 399.1K mt
- Bitter cold still in parts of US Plains but not as cold as earlier this wk and expected to warm from here
- Today’s USDA ending stock projection is the lowest since 2013/2014 marketing year
- Russia’s 2021 crop decreased to 76.2 million tons from 77.7 million tons due to poor weather
CATTLE
- Apr LC up 0.95 @ 116.07 & Mar FC up 1.07 @ 139.27
- Export sales of 22,900 mt
- Boxed beef priced up choice @ 238.85 & select @ 227.47
- Cattle on Feed out at 2:00 p.m. CT today
- Today’s slaughter est. at 115K head
- Packer inquiry is limited – saw some sales from 114-144.50 in TX & KS
- Open interest lost 2348 for April futures & lost 1126 for March FC
HOGS
- Apr hogs down 0.15 @ 84.77 & Apr Pork Cutout down 0.02 @ 91.32
- Export sales of 33,300 mt – down 10% from last week
- Still overbought, still vulnerable to selling if pork turns down
- Hog slaughter estimated at 413K head
- Cash lean index 76.53 up 1.02 for 2/16
- O/I: Added 830 positions for April hogs & pork cutout futures added 42 positions