CORN
- May corn down 10 @ 7.44
- Some war premium is being taken out of the market with news that peace talks may start soon in Turkey
- Private exporters reported 127,920 mt of corn for delivery to unknown (77,120 during 21/22 and 50,800 during 22/23)
- Stocks and Acres report out Thursday should provide some direction to the market
- Brazil’s second corn crop is receiving beneficial moisture
SOYBEANS
- May soybeans down 36 @ 16.74
- Private exporters reported 132,000 mt of soybeans for delivery to China during the 21/22 marketing year
- Crude oil is lower this morning, taking veg oils with it (due to news of a covid lockdown in Shanghai, China)
- Soybean harvest in Mato Grosso, Brazil is reportedly 99.7% complete
- Argentina will get some rains this week but is then expected to turn dry again
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WHEAT
- May wheat down 52 @ 10.50, May KC down 49 @ 10.62, May MNPLS down 37 @ 10.67
- Russian missiles continued to be fired in Ukraine over the weekend, but peace talks will reportedly take place in Istanbul, Turkey
- US wheat export commitments are still down 24% from last year
- Moisture in the US southern plains was beneficial but mid-April could return to a warm and dry pattern
CATTLE
- Apr LC down 0.475 @ 140.000 & Apr FC down 0.600 @ 160.975
- Cattle on Feed report: on feed at 101% (vs 101.1%), placements at 109% (vs 106.5%), marketings at 105% (vs 104.2%)
- Placement number may indicate more cattle available, delaying the anticipation of tighter supplies
- Cattle on Feed report may have been somewhat factored into the market
- Choice cuts up 0.23 and select down 0.45
- Cattle slaughter projected at 123K
- CME Feeder Cattle Index for 3/25: up 0.13 @ 154.82
HOGS
- Apr hogs up 0.825 @ 108.300 & Apr pork cutout up 0.525 @ 112.250
- On Friday, all contracts other than April made new highs
- Quarterly Hogs and Pigs report will be released Wednesday
- Chart gaps below the market may need to be filled
- Packers expected to be aggressive this week
- Hog slaughter projected at 475K
- CME Lean Hog Index for 3/28: up 0.75 @ 102.25
Author
Brandon Doherty