TFM Midday Update 02-25-2022

CORN

  • Mar corn down 33 @ 6.62
  • USDA reported an increase of 41.0 mb of corn export sales for 21/22
  • Managed funds may be exiting long positions due to the Russian invasion
  • Russia has reportedly promised China that if they take over Ukraine, China will get the Ukrainian corn they are due
  • Weather is improving somewhat in South America

SOYBEANS

  • Mar soybeans down 54 @ 16.08
  • USDA reported an increase of 45.3 mb of soybean export sales for 21/22 and an increase of 31.8 mb for 22/23
  • South American crop reductions still may force China to buy soybeans from the US
  • The Buenos Aires Grain Exchange lowered Argentina’s soybean crop condition to 24% good to excellent (vs 31% last week)
  • March soybeans on China’s Dalian exchange are at an all time high – around the equivalent of $24.11 per bushel

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WHEAT

  • Mar wheat down 65 @ 8.61, Mar KC down 75 @ 8.88, Mar MNPLS down 63 @ 9.67
  • USDA reported an increase of 19.0 mb of wheat export sales for 21/22
  • Russian troops are near the Ukrainian capital, with talk that they intend to take over
  • If shipping out of the Black Sea is disrupted it could greatly affect wheat prices
  • Paris milling wheat futures are sharply lower

CATTLE

  • Apr LC down 0.100 @ 142.200 Mar FC up 0.725 @ 159.825
  • Cattle on Feed report due for release this afternoon
  • Feeder cattle gapped significantly lower on the charts – some of the gaps have been filled today
  • Cash cattle trade was steady with last week
  • Choice cuts down 1.64 and select down 4.41
  • Cattle slaughter projected at 119K
  • CME Feeder Cattle Index for 2/24: down 0.44 @ 161.82

HOGS

  • Apr hogs down 1.450 @ 104.075 & Apr pork cutout down 1.475 @ 111.450
  • Hog futures succumbed to selling pressure and an overbought situation
  • Cutouts were up 5.01 yesterday, which may provide some support
  • National Direct Afternoon report declined 6.97
  • Hog slaughter projected at 477K
  • CME Lean Hog Index for 2/25: down 0.12 @ 98.04

Author

Brandon Doherty

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