CORN
- May corn down 8 @ 7.50
- USDA reported an increase of 38.6 mb of corn export sales in 21/22 and an increase of 0.2 mb in 22/23
- US ethanol production is up 11% in 21/22 from last year
- The invasion of Ukraine began a month ago but is still affecting the market
- Brazil’s second corn crop may get beneficial rains over the next week (with less in Argentina)
SOYBEANS
- May soybeans down 9 @ 17.10
- USDA reported an increase of 15.1 mb of soybean export sales and a decrease of 0.5 mb for 22/23
- Private exporters reported export sales of 318,200 mt of soybeans for delivery to unknown during the 21/22 marketing year
- Yesterday May soybeans closed over $17 for the first time
- The Brazilian real posted the highest close in over 1-1/2 years which may affect their exports
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WHEAT
- May wheat down 11 @ 10.95, May KC down 7 @ 11.04, May MNPLS up 6 @ 10.95
- USDA reported an increase of 5.7 mb of wheat export sales for 21/22 and an increase of 13.5 mb for 22/23
- Oklahoma, Kansas, and Nebraska received moisture this week but most of Texas remains dry
- There is fear that Putin will use chemical weapons in Ukraine
- Some Ukrainian wheat production will likely occur but exports seem unlikely at this time
CATTLE
- Apr LC up 0.225 @ 139.650 & Apr FC up 0.725 @ 162.500
- Feedlots did not hold out for higher cash
- Packers are able to purchase what they need and contract some ahead
- Cattle on Feed report due for release tomorrow
- Choice cuts up 1.63 and select up 1.35
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 3/23: down 0.16 @ 154.97
HOGS
- Apr hogs up 0.125 @ 102.675 & Apr pork cutout up 0.100 @ 108.300
- Yesterday’s gains were not supported by cash or cutouts
- Some contracts have gaps below the market, which may need to be filled
- February cold storage pegged at 480.4 million pounds (down 1% from last year)
- National Direct Afternoon report declined 0.54
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/24: down 0.56 @ 101.21
Author
Brandon Doherty