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