CORN
- May corn down 1 @ 6.16
- Private estimates for Argentina’s corn (and soybean) crops are still below the USDA on last week’s WASDE report
- Russia said that talks to extend the Black Sea export corridor will begin between them and the UN today in Geneva
- Issues with US banks are causing concerns and the FDIC came out with a $19 trillion plan to make all deposits good in all banks
- Argentina’s corn harvest is reported at 3% complete
SOYBEANS
- May soybeans down 5 @ 15.02
- There were rumors Friday that China cancelled a 1 mmt soybean purchase from Argentina (because of their lower crop) and instead bought US soybeans
- Argentina may have to import a record number of soybeans to get their crush numbers near what the USDA is estimating
- Argentina is still dry and Brazil is still getting showers in the central region
- Sharply lower crude oil may be weighing on soybeans
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WHEAT
- May Chi wheat up 15 @ 6.94, May KC up 10 @ 8.08, & May MNPLS up 11 @ 8.36
- Wheat has been pressured by lower Russian prices and higher ending stocks in both Russia and Europe
- Paris milling wheat futures are higher for the first time in 7 days
- Saudi Arabia is said to have purchased 480,000 mt of wheat, likely to be sourced from Europe and Russia
- Drought remains a concern in the US southern plains
CATTLE
- Apr LC down 1.425 @ 162.850 & Apr FC down 1.475 @ 196.175
- Traders are cautious, with concern that the market may have reached a top
- Seasonal demand slowdown might pressure prices
- Cattle supplies are tight and look to remain that way, which may support futures
- Choice cuts up 0.31 and select down 4.51
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 3/10: up 0.11 @ 188.83
HOGS
- Apr hogs down 1.450 @ 86.000 & Apr pork cutout down 1.600 @ 92.700
- April futures have an inverted head and shoulders chart pattern
- Cash and cutouts were unsupportive at the end of the week
- April futures are at a premium to the index which may limit upside potential
- National Direct Afternoon report declined 0.41
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/13: up 0.23 @ 79.62
Author
Brandon Doherty