CORN

• May corn down 8 @ 5.37 & Dec down 3 @ 4.81
• Market not in favor of USDA’s failure to raise US corn exports
• Wetter forecast ahead for Argentina
• USDA not changing US ending stocks yesterday was a disappointment
• 50% of safrinha corn complete in S. America – yield risk increasing with delays
• Corn exports will continue to surge amid increasing demands

SOYBEANS

• May down 17 @ 14.23 & Nov down 21 @ 12.41
• USDA raised Brazil’s production to a record of 135 mmt yesterday
• Rain is expected to continue in Brazil & challenge harvest pace
• CME raising position limits which gives funds more firepower to add to longs if they chose
• Seeing some fund liquidation today

WHEAT

• Chi May down 5 @ 6.51, KC May down 10 @ 6.16, May MNPLS down 6 @ 6.40
• Yesterday’s USDA was friendly for wheat – global stocks declining versus trade expected increase
• Prices down today once again as rains in the plains pressure prices
• USDA confirmed a projected record wheat crop for Australia at 33 mmt

CATTLE

• Apr LC down 0.60 @ 119.05 & Apr FC down 0.10 @ 141.97
• Beef cutouts expected to be mixed with light/moderate box movement
• Today’s slaughter est. at 121K head
• Asking prices around 115-116 – light trade in Nebraska @ 114
• Feeder Cattle Index for Mar 9, up 0.01 @ 134.02
• Open interest lost 9718 for April futures & lost 380 contracts for Apr FC

HOGS

• Apr hogs up 0.10 @ 88.45 & Apr Pork Cutout up 0.30 @ 97.57
• Demand fundamentals into the spring remain positive
• Hog slaughter estimated at 496K head
• Cash lean index for March 5, up 0.75 @ 85.32
• O/I: Lost 6048 positions for Apr hogs & pork cutout futures gained 60 positions

Author

Amberlee Bratcher