CORN
- May corn up 6 @ 7.59
- Russia continues its attacks and concerns are increasing regarding spring planting in Ukraine
- Canadian Pacific Railway is reportedly operating again
- Ukrainian officials are encouraging the planting of cereals instead of corn this year
- May corn on China’s Dalian Exchange is around the equivalent of $11.55 per bushel
SOYBEANS
- May soybeans up 22 @ 17.18
- Meal and oil are higher at midday, supporting soybeans
- Brazil soybean harvest is about 70% complete
- Disruption of sunflower oil production out of Ukraine is a bullish influence for soybeans
- May soybeans on China’s Dalian Exchange are around the equivalent of $22.63 per bushel
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WHEAT
- May wheat down 6 @ 11.13, May KC down 3 @ 11.14, May MNPLS up 4 @ 11.00
- Recent moisture in the US southern plains is the best that area has seen in several months
- Ukraine’s winter wheat harvest remains a major concern – some might be harvested but Russians have not hesitated to target civilians
- Ukraine wheat exports (among others) have been banned to protect their food security
CATTLE
- Apr LC down 0.600 @ 138.825 & Apr FC down 0.400 @ 160.175
- Cash may not be better than steady this week
- Feedlots may be willing to hold out for higher prices
- Choice cuts up 1.47 and select down 0.61
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 3/22: up 0.20 @ 155.13
HOGS
- Apr hogs up 1.175 @ 102.025 & Apr pork cutout up 1.500 @ 107.625
- Increase in cash and cutouts yesterday indicates that packers need supply
- Cold Storage report released today at 2 PM central
- Deferred contracts (June onward) have made new highs today
- National Direct Afternoon report increased 5.59
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/23: down 0.03 @ 101.77
Author
Brandon Doherty