CORN
- Mar corn up 9 @ 6.63
- Russia moved some troops into eastern Ukraine and annexed two states as independent
- There is about 16 mmt (700 mb) of corn that still has to be shipped out of Ukraine which could be disrupted
- Crude oil is higher related to Russia concerns
- May corn on China’s Dalian exchange is around the equivalent of $11.12 per bushel
SOYBEANS
- Mar soybeans up 18 @ 16.19
- Private exporters reported 132,000 mt of soybeans for delivery to China during the 22/23 marketing year
- Soybean oil is sharply higher and Malaysian palm oil is making all time highs for the 3rd day in a row
- May soybeans on China’s Dalian exchange are around the equivalent of $22.33 per bushel
- There is a chance for rain in Argentina and southern Brazil this week
Like what you’re reading?
Sign up for our other free daily TFM Market Updates and stay in the know!
WHEAT
- Mar wheat up 12 @ 8.09, Mar KC up 17 @ 8.52, Mar MNPLS up 7 @ 9.68
- Russian troops have moved into Ukraine but the president of Ukraine is reportedly still looking for a peaceful solution
- Private exporters reported 120,000 mt of HRW wheat for delivery to Nigeria (half during 21/22 marketing year and half during 22/23)
- Below freezing temperatures are hitting as far south as the Texas panhandle
- Dryness remains a concern in northwest Africa, southwest Europe, and the US southern Plains
CATTLE
- Apr LC unchanged @ 145.875 & Mar FC down 1.300 @ 164.125
- Live cattle are potentially showing a head and shoulders chart formation
- Stronger slaughter pace may keep packers aggressive to keep demand satisfied
- Weakness of boxed beef is weighing on the market
- Choice cuts down 1.76 and select down 0.79
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 2/18: unchanged at 162.14
HOGS
- Apr hogs up 1.200 @ 110.600 & Apr pork cutout up 1.850 @ 117.775
- Packers are being aggressive in terms of securing supplies
- Hog futures remain overbought and due for a correction
- A gap remains open on the May contract chart
- National Direct Afternoon report increased 2.00 (on Friday)
- Hog slaughter projected at 478K
- CME Lean Hog Index for 2/22: up 0.99 @ 95.23
Author
Brandon Doherty