CORN
- May corn up 35 @ 7.25-3/4
- Export inspections totaled 60.8 mb
- USDA Supply and Demand report out next week – South American crop reductions are expected
- Ukraine is putting up strong resistance against Russian troops
- Putin has issued a nuclear alert
- Grain shipments out of the Black Sea region could potentially be delayed for months
SOYBEANS
- May soybeans up 43 @ 16.80
- Export inspections totaled 27.0 mb
- Malaysian palm oil is at new record highs and supporting soybean oil
- Ukraine is the #1 sunflower seed oil producer – a major component of the world veg oil mix
- Brazil’s soybean harvest is estimated to be 42% complete (vs 33% last week)
- The Foreign Agricultural Service revised its estimate of Argentina’s soybean production to 41 mmt (down 4 mmt from USDA’s February estimate)
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WHEAT
- May wheat up 50 @ 9.84, May KC up 50 @ 10.03, May MNPLS up 47 @ 10.41
- Export inspections totaled 14.9 mb
- GASC in Egypt cancelled their wheat tender due to a lack of offers
- Chi and KC wheat put in new contract highs
- Paris milling wheat is sharply higher
- Winter wheat conditions down 1% in Kansas to 25% good to excellent, and Oklahoma up 2% to 11% good to excellent
CATTLE
- Apr LC down 0.400 @ 141.025 & Apr FC down 1.900 @ 160.100
- Spillover weakness from feeders affected live cattle
- Feeder cattle are strongly reacting to increasing grain prices
- Packers still need cattle due to slaughter pace
- Choice cuts down 0.76 and select down 2.00
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 2/28: down 0.67 @ 159.91
HOGS
- Apr hogs up 2.05 @ 105.550 & Apr pork cutout up 1.825 @ 112.925
- Futures are no longer overbought, which may bring back buying interest
- Tightening of hog supplies throughout the year is expected to provide support
- National Direct Afternoon report gained 1.62
- Hog slaughter projected at 477K
- CME Lean Hog Index for 3/1: up 0.69 @ 99.09
Author
Brandon Doherty