CORN
- May down 1 @ 5.38 & Dec down 4 @ 4.79
- Second corn crop planting in Brazil is still weeks behind schedule
- CONAB estimated record-large safrinha corn crop yesterday at 82.8 mmt
- Argentina’s crop condition declined to 17% good to excellent – poor/very poor rose to 28%
- Rumors of China buying more US corn but no confirmation yet
- Funds still expected to be roughly 340K contracts long
- Mar futures go off of the board today – currently down 10 @ 5.44
SOYBEANS
- May down 9 @ 14.03 & Nov down 7 @ 12.36
- CONAB estimated record-large 135.13 mmt of soybeans for S. America
- Argentina’s crop rated 6% good/excellent – poor/very poor rose to 31%
- Weather in Argentina features possibly heavy rains next week
- Continued heavy rains in Brazil may decline both yield & quality of crop
- Funds still expected to be roughly 130K+ contracts long
- Mar futures go off the board today – currently down 19 @ 13.96
WHEAT
- CHI May down 3 @ 6.39, KC May down 1 @ 6.04, MNPLS May down 1 @ 6.33
- Rains in the Plains continue to keep a thumb on futures
- Russia’s export tax puts them out of the game – so far Romania seems to be choice of tender
- Wheat conditions continue to excel in both EU & Black Sea Region
- Freezes returning to Plains this weekend not expected to hurt current crop
- China scooping up supplies of US white wheat to feed livestock
- Mar futures go off of the board today – currently down 14 @ 6.36
CATTLE
- Apr LC up 0.67 @ 119.20 & Apr FC up 1.72 @ 143.00
- Possible livestock losses in southwest S. Dakota & eastern Wyoming due to snow/cold
- Futures may struggle to push higher if cash prices don’t start to follow
- Today’s slaughter est. at 116K head
- Asking prices around 115-116 – light trade in Nebraska @ 114
- Feeder Cattle Index for Mar 10, down 0.14 @ 133.85
- Open interest lost 7871 for Apr futures & lost 293 contracts for Apr FC
HOGS
- Apr hogs down 0.12 @ 91.37 & Apr pork cutout down 0.55 @ 100.25
- China expected to remain significant buyer of pork
- Packers may move into a less aggressive posture after increase of cash
- Hog slaughter estimated at 493K head
- Cash Lean Index for March 9, up 0.68 @ 86.76
- O/I: Lost 4794 positions for Apr hogs & pork cutout futures gained 8 positions
Author
Amberlee Bratcher