TFM Midday Update 02-22-2021

CORN

  • May corn up 5 @ 5.47 & Dec up 6 @ 4.66
    • Export inspections at 1.231M mt
    • USDA data bullish, China focus on food security lends support
    • Weather in S. Brazil & Argentina continue to be too dry
    • Heavy rains still delay safrinha corn planting in central & northern Brazil

SOYBEANS

  • May up 2 @ 13.82 & Nov up 8 @ 12.05
    • Export inspections 721K mt
    • USDA leaves little room for problems – will need big yield
    • Heavy rains continue to slow harvest in central & northern Brazil
    • November soybeans have challenged 12.00 today – nice to see where they close

WHEAT

  • May up 10 @ 6.66, KC May up 10 @ 6.48, MNPLS May up 7 @ 6.47
    • Export inspections at 324.5K mt
    • Uncertain weather & ending stocks lowest since 13/14 season keeps futures supported
    • Market still concerned about level of winter kill last week’s temps created
    • Weather now turning back to drought focus in the US Plains
    • Russian export tax should push export business to US eventually

CATTLE

  • April LC down .62 @ 123.07 & March FC up .07 @ 139.20
  • Improving weather; at least back to normal may spark selling this week
  • Corn market continues to keep pressure on FC to the upside
  • Cattle on feed report showed inventory to be record large
  • O/I:  Lost 638 position for April LC & gained 192 for April FC

HOGS

  • April up .30 @ 84.80 & April Pork cutout up .05 @ 91.00
  • June hogs still key reversal and successful test of contract high
  • Hog slaughter estimated at 413K head
  • Cash lean index 76.53 up 1.02 for 2/16
  • O/I: Lost 675 positions for April hogs & pork cutout futures added 11 positions

Author

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Amberlee Bratcher

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