CORN

• May corn down 7 @ 5.39 & Dec down 3 @ 4.78
• USDA puts US corn ending stocks 1.502 unchanged from Feb
• USDA projects S. American production same as last month
• USDA projects world ending stocks at 287.7 mmt versus 286.5 mmt
• Rains in Brazil expected to push 30% of Safrinha crop seeding past optimal planting time

SOYBEANS

• May down 9 @ 14.24 & Nov down 4 @ 12.50
• Soybean oil market again hits new contract highs pushing soybeans with it prior to USDA report
• USDA lowers US stockpiles to 119 mb versus 120 mb
• USDA  projects world ending stocks increased to 83.7 mmt versus 83.4 mmt last month
• USDA projects Brazil’s production to increase to 134 mmt & Argentina’s to decrease to 47.5 mmt

WHEAT

• Chi May up 1 @ 6.48, KC May down 3 @ 6.18, May MNPLS up 3 @ 6.45
• USDA projects US ending stocks unchanged from last month at 836 mmt
• USDA projects world ending stocks decrease to 301.2 mmt
• USD on the rise has been pressuring wheat prices this week
• Rains in the Plains continue to be the story for the bears
• Crop conditions fell 1% in Kansas to 36% good/excellent

CATTLE

• Apr LC up 0.22 @ 119.55 & Apr FC up 2.15 @ 141.82
• Demand looking to increase in hopes that restrictions on restaurants lighten
• No reports of any sales in cash market for LC
• Today’s slaughter est. at 120K head
• Feeder Cattle Index for Mar 5, down 0.93 @ 133.92
• Open interest lost 8973 for April futures & lost 472 contracts for April FC

HOGS

• Apr hogs up 1.12 @ 88.42 & Apr Pork Cutout up 2.12 @ 97.40
• Packers continue to look for hogs & willing to pay higher prices
• High pork prices may begin having impact on demand
• Hog slaughter estimated at 495K head
• Cash lean index for March 4, up 0.51 @ 84.57
• O/I: Lost 7320 positions for April hogs & pork cutout futures lost 18 positions

Author

Amberlee Bratcher