CORN
- May corn down 1 @ 7.47
- Corn inspections totaled 45.1 mb
- Crude oil lower due to concern about demand and inflation
- South America is mostly dry, except for central Brazil, which is helping the second corn crop
- Talk of Ukraine corn plantings being down as much as 40%
- Ag Rural says Brazil’s second corn crop is 94% planted (vs 74% last year)
SOYBEANS
- May soybeans down 21 @ 16.50
- Soybean inspections totaled 28.4 mb
- Brazil may not have soybeans for export after September
- Argentina has banned soybean meal and oil export licenses
- China continues to lock down cities due to increasing covid cases (causing concern about commodity imports)
- NOPA February crush expected to be about 165.0 mb
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WHEAT
- May wheat up 28 @ 11.24, May KC up 29 @ 11.29, May MNPLS up 20 @ 10.90
- Wheat inspections totaled 10.4 mb (this is behind the 12.3 mb needed per week to meet the USDA’s goal)
- Wheat crop ratings declined in Kansas, Texas, and Colorado (but were up in Oklahoma)
- About 95% of Ukraine’s wheat crop is winter wheat
- Some chance for moisture in the US southern plains over the next week or two
CATTLE
- Apr LC down 0.250 @ 140.075 & Apr FC down 0.150 @ 162.250
- Discovery of avian flu in several US states could ultimately impact beef demand positively
- Inflation is also impacting demand for beef
- Anticipation for steady cash this week
- Choice cuts up 0.80 and select up 0.83
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 3/14: down 0.25 @ 152.31
HOGS
- Apr hogs down 0.400 @ 101.800 & Apr pork cutout down 0.125 @ 107.750
- Stronger cash to start the week may indicate packers will be aggressive
- Pork demand is in a slower period of the year
- Inflation also remains a concern for pork demand
- National Direct Afternoon report increased 0.63
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/15: up 0.09 @ 100.85
Author
Brandon Doherty