CORN
- May corn down 29 @ 7.19
- Corn inspections pegged at 63.2 mb with totals now at 1.143 bb
- Peace talks between Russia and Ukraine are pressuring the market
- Central and western Ukrainian farmers may be able to plant spring crops (if the peace talks go well) but there is still concern about the logistics of moving grain
- Thursday’s stocks and acreage reports may provide some direction to the market
SOYBEANS
- May soybeans down 23 @ 16.41
- Soybean inspections pegged at 23.1 mb with totals now at 1.596 bb
- Lockdowns in China are causing concerns about their imports of energies and commodities
- Talk that Chinese hog producers are trying to use cheaper options (vs soybean meal) and that their imports of soybeans will be lower than the USDA’s 94 mmt
- The Brazilian Association of Vegetable Oils lowered Brazilian soy production to 125.3 mmt (vs the USDA at 127 mmt)
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WHEAT
- May wheat down 44 @ 10.13, May KC down 40 @ 10.31, May MNPLS down 31 @ 10.49
- Wheat inspections pegged at 12.5 mb with totals now at 621 mb
- Russia may focus on eastern and southern Ukraine, allowing central and western farmers to harvest winter wheat (and plant spring crops)
- Funds may be selling wheat in anticipation of a Russian ceasefire
- Winter wheat crop conditions declined in Colorado, Montana, Texas, and Oklahoma (but improved in Kansas)
CATTLE
- Apr LC up 0.550 @ 140.850 & Apr FC up 2.275 @ 163.10
- Despite an overall bearish Cattle on Feed report, futures are holding well
- Large placement number on the report indicates there will be ample supply to the market
- Choice cuts up 1.23 and select up 4.18
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 3/28: up 0.29 @ 155.11
HOGS
- Apr hogs down 1.675 @ 105.900 & Apr pork cutout down 0.825 @ 110.875
- Hogs and Pigs report due for release tomorrow
- Market may be seeing profit-taking ahead of the report
- Chart gaps still remain under the market and may need to be filled
- National Direct Afternoon report declined 2.95
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/29: up 0.68 @ 102.93
Author
Brandon Doherty