Provided by Stewart-Peterson Inc.
CORN
- Mar corn up 2 @ 6.77
- Argentina had some scattered rain over the weekend but there is more in the forecast this coming weekend with coverage for maybe 2/3 of the country
- Egypt is tendering for US corn
- China’s population in 2022 declined for the first time since the 1960’s
- Brazil has shipped 2.5 mmt of corn so far in January
SOYBEANS
- Mar soybeans down 2 @ 15.26
- China’s 2022 GDP was below estimates at a 3% increase which may offer some resistance to commodity markets (in 2021 it was 8.1%)
- China’s purchases of US soybeans in 22/23 are up 15% from last year
- Last week the Rosario Exchange lowered Argentina soy production by 12 mmt (to 37 mmt)
- Argentina’s soybean crop is rated only 7% good to excellent
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WHEAT
- Mar Chi wheat down 3 @ 7.41, Mar KC down 2 @ 8.42, & Mar MNPLS down 3 @ 9.09
- Some areas of the US southern plains have chances for precipitation in the 6-10 day forecast
- There is still uncertainty on Ukraine’s crop size, domestic use, and what they will be able to export
- A Russian statistical agency raised the estimate of their wheat crop to 104.4 mmt (up 13 mmt from the USDA)
- Paris milling wheat futures are at the lowest levels since March 2022
- Russia is apparently intentionally slowing down inspections of Ukrainian wheat exports out of the Black Sea
CATTLE
- Feb LC down 0.975 @ 156.750 & Jan FC down 1.050 @ 180.200
- Cash cattle traded lower last week ($1 lower in the south and $2 lower in the north)
- Despite lower cash last week, futures closed higher for the week
- Upcoming Cattle on Feed report this Friday
- Choice cuts up 0.81 and select down 0.34
- Cattle slaughter projected at 128K
- CME Feeder Cattle Index for 1/13: down 0.33 @ 182.03
HOGS
- Feb hogs up 0.125 @ 78.775 & Feb pork cutout down 0.125 @ 86.775
- China’s 2022 pork production was up 4.6%
- Hog futures are oversold and may be due for a correction
- Slaughter pace remains strong, but cash shows continued weakness
- National Direct Afternoon report declined 0.63
- Hog slaughter projected at 492K
- CME Lean Hog Index for 1/17: down 1.15 @ 74.34
Author
Brandon Doherty