TFM Midday Update 03-16-2023

CORN

May corn up 2 @ 6.29
USDA reported an increase of 48.7 mb of corn export sales for 22/23 and 7.2 mb for 23/24
Private exporters reported sales of 641,000 mt of corn for delivery to China during the 22/23 marketing year (this is the 3rd sale in as many days)
The Swiss Bank gave $54 billion to Credit Suisse, potentially easing some of the banking concerns
Nearby corn futures are exiting oversold conditions for now

May soybeans down 6 @ 14.83
USDA reported an increase of 24.4 mb of soybean export sales for 22/23 and 2.4 mb for 23/24
Talk of a lower Argentina crop and crush could send some of that business to the US
Lower energy prices yesterday may be weighing on veg oil markets
Buenos Aires Grain Exchange will have a crop condition update today, which is expected to show another decline
NOPA crush came out at 165.4 mb (down from 179 mb in January, but up slightly from 165 mb in February of last year)

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May Chi wheat down 10 @ 6.93, May KC down 9 @ 8.11, & May MNPLS down 8 @ 8.44
USDA reported an increase of 12.4 mb of wheat export sales for 22/23 and 5.7 mb for 23/24
There is still no word on the Black Sea export deal, which expires in 2 days
As of February 28, funds were net short over 90,000 contracts (due to delays in release of the CoT report this is the most recent data)
GASC in Egypt announced a tender for wheat during the mid to late-April timeframe

Apr LC up 1.000 @ 162.550 & Apr FC up 2.200 @ 195.450
Global economic concerns have been weighing on the livestock markets
Cattle futures are rebounding this morning, potentially in anticipation of a friendly Cattle on Feed report tomorrow
Some cash trade was $1 lower in both the north and south
Choice cuts down 1.64 and select down 1.93
Cattle slaughter projected at 126K
CME Feeder Cattle Index for 3/16: down 0.12 @ 189.39

Brandon Doherty