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- March up 8 @ 5.25 & Dec down 3 @ 4.54
- Corn open interest surged by nearly 40,000 contracts yesterday.
- Market continues to push higher after yesterday’s bullish USDA report.
- S. American weather in Argentina remains questionable.
- US exports expected to climb as still cheapest corn globally.
- Argentina removed export daily cap after farmers continue to strike in response.
- Ethanol production report for the week averaged 941K barrels – down 14.06 from last yr
- Jan down 5 @ 14.16 & Nov up 1 @ 11.77
- Soybeans having a small set back but after yesterday’s report should still push higher.
- Soybean meal is also down today after setting new contract high yesterday
- Funds estimated to have bought another 15,000 contracts yesterday
- Daily export sales 464K mt – delivery unknown
- All of Brazil’s most important growing areas will receive rain within next 10 days
- March down 6 @ 6.59, Mar KC down 1 @ 6.22, Mar MNPLS up 1 @ 6.30
- Not much new news for wheat today, fellow feed grains continue to push higher
- Russia proposed raising the export tax to 45 Euros starting March 15th
- Weather remains cold in the plains, but not cold enough to risk winterkill right now
- Southern Russia will receive periods of much needed snow over next 10 days
- Food security may emerge as a factor to support prices moving forward
- Feb LC down .32 @ 112.15 & Jan FC up .37 @ 133.60
- Higher feed prices & production costs add pressure to market
- Packers are quickly backing away from last week’s price levels with corn rally
- Today’s slaughter est. at 119K head
- Early bids developing around 109 for LC & @ 135.63, up .28 for 1/7 for FC cash index
- O/I: -8351 contracts for Feb LC & O/I: +254 contracts for Jan FC
- February Hogs down 1.27 @ 67.22 & Feb Pork Cut out down .82 @ 77.72
- Sell off in futures on abrupt tumble in pork cutout – ham cuts falling $14+ yesterday
- Concerns higher feed prices & pork price uncertainty add to weakness
- Hog slaughter estimated at 493K & Saturday runs are expected near 256K head
- Cash lean index @ 64.49, up .58 for 1/11
- O/I: -7558 positions for hogs & pork cutout futures +94 positions