CORN

• Mar up 7 @ 5.31 & Dec up 3 @ 4.56
• Export net sales of 1.437M mt – up 92% from last week
• Argentina still looks okay for this week, but next week hotter weather is expected
• Funds net buyers of 20K contracts & O/I +16000 contracts
• Outlook for better demand & smaller production supports prices
• Argentine farmers finally end strike after gov’t lifted caps & bans

SOYBEANS

• Jan up 2 @ 11.13, Mar up 21 @ 14.27, Nov up 21 @ 11.96
• Most of Brazil’s most important grain areas will receive rain at one time or another this week
• Funds net sellers of 8K contracts & O/I +2500 contracts
• Export net sales of 908,00 MT
• Despite the palm oil futures gapping lower, soybeans & meal push back and rally through
• Brazil Ag agency puts Brazil’s crop at 133.7 mmt vs USDA’s 133 mmt

WHEAT

• Mar up 11 @ 6.72, Mar KC up 11 @ 6.36, Mar MNPLS up 11 @ 6.47
• Export net sales of 221,900 mt – down 19% from last week
• Winterkill is not much of a threat to the US for next 10 days & S. Russia getting snow/moisture
• Funds net sellers of 4K contracts SRW wheat & O/I +2700K contracts & HRW -1100 contracts
• Argentina raised wheat crop to 17 mmt – still 500K mt lower than USDA
• Paris Milling futures & EU prices continue to pull on US wheat prices

CATTLE

• Feb LC down 0.40 @ 111.85 & Jan FC down 0.92 @ 132.65
• Export net sales of 16,800 MT – primarily exported to Japan & S. Korea
• Markets down as traders continued concern over production costs, demand, cash values
• Today’s slaughter est. at 116K head
• Cash trade still developing around 108/109 LC & @ 135.05, down 0.18 for 1/12 for FC cash index
• O/I: -8817 contracts for Feb LC & O/I: -396 contracts for Jan FC

HOGS

• Feb Hogs down 0.10 @ 66.72 & Feb Pork Cutouts down 0.20 @ 77.60
• Export net sales of 23,800 MT – primarily to Mexico
• Futures continue to struggle as 15 per cwt loss saw in pork bellies yesterday
• Lack of strong export demand from China continues to pressure futures
• Hog slaughter estimated at 93K & Saturday runs are expected near 256K head
• Cash lean index @ 65.48, up 0.99 for 1/12
• O/I: -7195 positions for hogs & pork cutout futures -40 positions

Author

Amberlee Bratcher