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

Amberlee Bratcher