CORN
- May corn down 12 @ 7.51
- Reports of Russia asking for military aid from China
- China has locked down the city of Shenzhen, a very active port city (due to covid)
- Rains in central Brazil should help the corn crop, but dryness in Argentina could stress late planted corn
- Private exporters reported 159,000 mt of corn for delivery to Mexico during the 21/22 marketing year
SOYBEANS
- May soybeans up 11 @ 16.87
- Talk of Argentina having stopped offering export licenses for soymeal and soyoil
- Argentina exports 41% of the world’s soybean meal and 48% of the world’s soybean oil
- Brazil soybeans may not be available after September (due to a lower crop)
- New crop export commitments are the largest on record for early March (at 280.9 mb)
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WHEAT
- May wheat up 40 @ 11.46, May KC up 45 @ 11.34, May MNPLS up 19 @ 10.89
- Wheat is rebounding at midday after a lower start
- Chances of light showers in the US southern Plains over the next few days
- Possible ceasefire talk from Russia again, however they continue to advance and attack
- Russia has started to resume exports of wheat out of the Black Sea
CATTLE
- Apr LC up 3.200 @ 140.500 & Apr FC up 4.300 @ 162.275
- Beef demand is strong but consumers are purchasing fewer higher end cuts
- Due to higher grain prices, feedlots may not hold out for higher cash
- Packers may be less aggressive this week with some cattle purchased ahead
- Choice cuts up 0.77 and select up 1.74
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 3/11: down 0.50 @ 152.56
HOGS
- Apr hogs down 0.850 @ 101.875 & Apr pork cutout down 0.725 @ 107.600
- Packers may be aggressive, bidding higher due to tight supplies
- Friday cash and cutouts were not supportive to futures
- Inflation may impact pork demand
- National Direct Afternoon report declined 1.65
- Hog slaughter projected at 473K
- CME Lean Hog Index for 3/14: up 0.85 @ 100.76
Author
Brandon Doherty