TFM Midday Update 03-30-2023

CORN

May corn down 2 @ 6.48
Corn is unchanged to lower despite another flash sale as tomorrow’s report has grain prices trading quietly
Private exporters reported sales of another 178,000 mt of corn for delivery to China during the 22/23 marketing year
The USDA reported increases of 40.8 mb of corn export sales for 22/23 and an increase of 0.9 mb for 23/24
Last week’s export shipments were 26.3 mb and were below the 46.9 mb needed each week to meet the USDA’s estimates

May soybeans down 3 @ 14.75
Soybeans are trading lower to unchanged as well after decent export sales and anticipation of tomorrow’s report
The USDA reported increases of 12.8 mb of soybean export sales for 22/23 and 0.1 mb for 23/24, decent numbers considering the time of year
Last week’s export shipments for soybeans were 38.2 mb and were well above the 16.5 mb needed each week to meet the USDA’s estimates
Tomorrow’s Acreage report will give better insight into potential production, but now some analysts are expecting just 84.5 million acres of beans planted instead of 87.5

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May Chi wheat down 9 @ 6.96, May KC down 3 @ 8.67, & May MNPLS down 1 @ 8.78
Wheat is trading lower after poor export sales, but may get a boost from tomorrow’s stocks and acreage report if wheat acres are reduced
The USDA reported an increase of 5.6 mb of wheat export sales for 22/23 and an increase of 1.4 mb for 23/24
Last week’s export shipments of 13.9 mb were better than usual, but still below the 16.3 mb needed to achieve the USDA’s estimates
Crop ratings for HRW wheat in the southwestern Plains have fallen with Texas at 18% good to excellent and the poor to very poor rating at 48% due to drought

Apr LC up 1.400 @ 167.250 & Apr FC up 0.525 @ 198.725
Both live and feeder cattle are higher again today despite declines in boxed beef and poor export sales
Higher cash is expected this week and feeder futures work to narrow the premium between the cash market
Choice cuts down 0.34 and select down 1.46
Cattle slaughter projected at 125K
CME Feeder Cattle Index for 3/29: up 0.03 @ 191.27

Apr hogs up 0.075 @ 76.825 & Apr pork cutout down 0.225 @ 81.625
Hogs are trading higher today ahead of the hogs and pigs report while cash moved lower, and the cutouts gained 0.26 led higher by a jump in bellies
The average trade estimate for all hogs and pigs on March 1 is 100.3% of last year, kept for breeding is at 100.6%, and marketing at 100.3%
National Direct Afternoon report declined 0.13
Hog slaughter projected at 484K
CME Lean Hog Index for 3/30: down 0.25 @ 76.00

Amanda Brill