CORN
- May corn up 32 @ 7.57
- USDA reported an increase of 19.1 mb of corn export sales for 21/22 and 8.8 mb for 22/23
- Chinese government officials have issued orders to prioritize commodity and energy supplies
- Crude oil trade was over $116 per barrel at one point
- Paraguay and central Brazil remain dry – there is concern about the second safrinha crop
SOYBEANS
- May soybeans up 31 @ 16.94
- USDA reported an increase of 31.5 mb of soybean export sales for 21/22 and 50.9 mb for 22/23
- Argentina and southern Brazil are getting rains which may help stabilize the crop
- Soybean oil is hitting record highs
- South American production is still expected to be lower than the last USDA estimates
- India’s sunflower oil imports were down 54% in February (vs January) – they may purchase more soybean oil as a replacement
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WHEAT
- May wheat up 75 @ 11.34, May KC up 75 @ 11.50-1/4, May MNPLS up 59 @ 11.17
- USDA reported an increase of 11.0 mb of wheat export sales for 21/22 and 2.6 mb for 22/23
- Talk that Russia is trying to ship grain and food out of the Baltics
- Paris milling wheat has been higher for 4 days in a row
- Wheat buyers are looking for alternatives (when they normally buy from Russia)
- Dryness in the US southern plains continues with an absence of rain for the next week
CATTLE
- Apr LC down 1.575 @ 138.525 & Apr FC down 2.100 @ 160.900
- Avian flu has been confirmed in Connecticut and Iowa – no direct impact to cattle but could affect livestock in general
- Cash trade was $2 lower than last week
- Cattle futures have become oversold
- Choice cuts down 0.96 and select down 0.18
- Cattle slaughter projected at 123K
- CME Feeder Cattle Index for 3/2: down 0.42 @ 159.25
HOGS
- Apr hogs down 0.150 @ 106.150 & Apr pork cutout down 0.425 @ 112.125
- Hog futures may be forming a head and shoulders chart pattern
- Fundamentals have not changed with supplies tightening
- Strong cash may indicate strong demand
- National Direct Afternoon Report increased 3.72
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/3: up 0.18 @ 99.84