CORN

• May corn up 11 @ 7.40
• Black Sea ports have been closed until the invasion ends
• April crude oil traded over $112 / barrel
• StoneX Brazil left their corn production estimate unchanged at 116.1 mmt
• Ukraine accounts for about 16% of the world corn trade

SOYBEANS

• May soybeans down 17 @ 16.73
• Private exporters reported 264,000 mt of soybeans for delivery to unknown and 266,000 mt of soybeans for delivery to China
• StoneX Brazil decreased its soybean production to 121.2 mmt (from 126.5 mmt a month ago)
• Ukraine war is impacting world veg oil market
• Reports that Russia and Ukraine want to talk today may be causing lower prices in grains

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WHEAT

• May wheat up 75 @ 10.59, May KC up 75 @ 10.78, May MNPLS up 53 @ 11.07
• Russia is attacking key cities in Ukraine
• May KC wheat is trading over $10 for the first time since 2008
• As much as 12-15 mmt of wheat may not be exported out of the Black Sea region
• Paris milling wheat futures are around the equivalent of $11.77 per bushel
• Expanding drought conditions in the US southern plains remain a bullish factor

CATTLE

• Apr LC down 0.650 @ 139.875 & Apr FC up 0.975 @ 160.775
• Due to high grain prices, feedlots may not want to hold out
• Slaughter pace is in line with last year
• Boxed beef weakness continues – may make packers less aggressive
• Choice cuts down 0.83 and select down 1.89
• Cattle slaughter projected at 123K
• CME Feeder Cattle Index for 3/1: down 0.24 @ 159.67

HOGS

• Apr hogs down 1.175 @ 105.025 & Apr pork cutout down 1.275 @ 111.600
• Fundamentals have not changed with supplies tightening
• Higher cash expected today
• National Direct Afternoon report increased 5.11
• Cutouts fell 4.08 – causing some weakness
• Hog slaughter projected at 478K
• CME Lean Hog Index for 3/2: up 0.57 @ 99.66

Author

Brandon Doherty