CORN
- Mar corn down 1 @ 6.74
- Russian troops are in eastern Ukraine, which may disrupt grain shipments in that region
- Matif corn rallied yesterday on concern about Ukraine corn exports to Europe
- May corn on China’s Dalian exchange is around the equivalent of $11.21 per bushel
- Iowa’s NASS state office reported concern about dry conditions
SOYBEANS
- Mar soybeans up 26 @ 16.61
- Private exporters reported sales of 132,000 mt of soybeans for delivery to China during the 22/23 marketing year
- There is talk that crushers in Brazil have a higher price to farmers than exporters
- May palm oil closed 2.4% higher yesterday
- May soybeans on China’s Dalian exchange are around the equivalent of $22.42 per bushel
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WHEAT
- Mar wheat up 18 @ 8.62, Mar KC up 18 @ 9.00, Mar MNPLS up 7 @ 9.93
- There are unconfirmed reports of shelling in eastern Ukraine
- President Biden is issuing economic sanctions against Russia
- The USDA again lowered Kansas and Oklahoma wheat crop ratings due to dryness
- Freezing temperatures reached as far south as Central Texas
CATTLE
- Apr LC down 0.175 @ 145.850 & Mar FC down 0.950 @ 163.275
- Strong cash is anticipated this week
- Demand remains strong
- Cattle on Feed report is due for release Friday afternoon
- Choice cuts down 2.45 and select up 1.80
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 2/22: down 0.01 @ 162.13
HOGS
- Apr hogs down 3.050 @ 109.025 & Apr pork cutout down 2.625 @ 115.950
- Higher grain prices may have an impact on the market
- Futures are overbought but may be showing sell signals at midday
- April futures are at a large premium to cash
- National Direct Afternoon report increased 6.77
- Hog slaughter projected at 478K
- CME Lean Hog Index for 2/23: up 2.93 @ 98.16
Author
Brandon Doherty