CORN
- May corn up 5 @ 5.54 & Dec up 4 @ 4.88
- Argentina has been getting good rains this week
- US Midwest will be wet in coming week but outlook for spring planting favorable
- HIS Markit forecast US 2021 plantings at 94.2 million acres
- Plantings of Brazil’s second corn in the center-south region reached 86%
- Harvesting of summer crop in Brazil at 55% versus 52% last year
SOYBEANS
- May up 15 @ 14.32 & Nov up 13 @ 12.29
- Dry conditions in Brazil – good for bean harvest but could stress 2nd corn crop
- HIS Markit forecast US 2021 plantings at 89.73 million acres
- Brazil at 59% for soy harvest compared with 66% last season
- Rabobank put Brazilian crop at 133M tons versus 132.2M tons last forecast
- Soybean meal putting in contract highs in overnight/today on demand
WHEAT
- May up 13 @ 6.40, KC May up 6 5.84, May MNPLS up 9 @ 6.35
- WS HRW winter wheat production areas have received some needed rains on Monday
- US northern plains need significant rains without any expected on the horizons
- HIS Markit forecast US 2021 plantings at 45.281 million acres
- EU wheat futures in Paris fell to new 5-week low yesterday on lack of demand & favorable global conditions
- Wheat rating improve in Kansas, Oklahoma, Texas & Colorado
CATTLE
- June cattle up .80 @ 119.70 & April FC down .30 @ 19.12
- US stocks of beef in freezers totaled 510.896 million lbs – above last month
- Slower imports but surge in exports help to help support futures
- Today’s slaughter est. at 116K head
- Cattle sales last week at 114-115 – sales in Iowa at 116
- Feeder Cattle Index for Mar 19, up .23 @ 134.26
- Open interest gained 737 for June futures & lost 494 contracts for April FC
HOGS
- April Hogs up .85 @ 95.20 & April Pork Cutout up .85 @ 105.52
- US stocks of pork bellies in freezers totaled 37.974 million lbs – above last month
- Today’s trade supported by strong pork cutout values & cash market
- Hog slaughter estimated at 478K head
- Cash lean index for March 18, up .47 @ 91.71
- O/I: Lost 1876 positions for April hogs & pork cutout futures lost 36 positions
Author
Amberlee Bratcher