CORN
- May corn up 7 @ 5.41 & Dec up 2 @ 4.82
- Argentina rainfall will be greatest next week from Tues – Thursday
- Crop stress in parts of Argentina will reach a peak over next several days
- Bulls nervous over possible long liquidation trend
- Weekly exports of 395.5MT – down 48% from prior 4-week average
- CONAB projects Brazil corn crop at 108.068 MT versus 105.481 MT in Feb
SOYBEANS
- May up 5 @ 14.15 & Nov up 5 @ 12.44
- Funds traders tighten up on longs; USDA lacks trigger to buy
- Weekly exports of 350,600 MT – up 32% from last week
- CONAB projects Brazil soybean crop at 135.131 MT versus 133.817 in Feb
- China’s soymeal futures fell yesterday on concerns over demand ASF continue in pigs
- Brazilian exports in Feb down 40% – rains continue to delay harvesting
WHEAT
- May Chi down 9 @ 6.43, May KC down 13 @ 6.03, May MNPLS down 7 @ 6.33
- Egypt bought 360,000 tonnes of Romanian wheat in tender
- Stormy weather in the central 2/3’s of Great Plains Friday – Monday
- Despite rains, drought in northwest US Plains will not change
- Futures move lower as USDA news not enough to cause tightness
- Weekly exports of 329.6 MT – up 50% from last week
CATTLE
- Apr LC down 0.42 @ 118.35 & Apr FC down 1.10 @ 140.62
- Feedlots need to move cattle & higher prices are not part of the equations
- Exports sales of 20,900 MT
- Today’s slaughter est. at 121K head
- Asking prices around 115-116 – light trade in Nebraska @ 114
- Feeder Cattle Index for Mar 9, down .03 @ 133.99
- Open interest lost 12208 for Apr futures & lost 182 contracts for Apr FC
HOGS
- Apr hogs up 2.32 @ 91.10 & Apr pork cutout up 2.57 @ 100.57
- Despite new strain of ASF – packers have ample supplies for now
- Export sales of 32,400 MT
- Hog slaughter estimated at 495K head
- Cash lean index for March 8, up 0.76 @ 86.08
- O/I: Lost 8060 positions for Apr hogs & pork cutout futures lost 21 positions