Provided by Stewart-Peterson Inc.
CORN
- Mar corn up 1 @ 6.86
- Corn inspections were 30.5 mb, with total 22/23 inspections now at 424 mb
- Stock market was lower yesterday on disappointing Goldman Sachs earnings
- Parts of Argentina are getting about ½ inch of rain but more is needed
- Ukraine is offering corn for export at a dollar below the US
- Yesterday March corn posted the highest close in 2 months
- March corn on China’s Dalian exchange is around the equivalent of $10.87 per bushel
SOYBEANS
- Mar soybeans down 9 @ 15.31
- Soybean inspections were 76.2 mb, with total 22/23 inspections now at 1,182 mb
- Brazil weather looks to turn a little drier in northern and central areas which should help with harvest there
- The market is still concerned about demand (especially from China)
- December NOPA crush was lower than expected at 177.5 mb (184 mb expected)
- March soybeans on China’s Dalian exchange are around the equivalent of $20.15 per bushel
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WHEAT
- Mar Chi wheat up 1 @ 7.53, Mar KC up 1 @ 8.57, & Mar MNPLS up 1 @ 9.17
- Wheat inspections were at 11.8 mb, with total 22/23 inspections now at 456 mb
- There is snow in Nebraska and rain in Kansas, Oklahoma, and Missouri
- The southern plains may receive more moisture this weekend
- Yesterday Paris milling wheat futures hit the lowest level since March
- Algeria’s purchase of 570-600,000 mt of wheat is likely to be sourced (mostly) from Russia
CATTLE
- Feb LC UNCH @ 157.000 & Mar FC up 0.225 @ 181.525
- Cattle closed lower in all contracts, in part due to the effect of lower cash
- Cash may trade lower again this week
- Higher corn prices may lead to feedlots holding out for steady cash
- Packers have some contracted ahead for this week and may be less aggressive
- Cattle on Feed report will be released on Friday
- Choice cuts down 0.77 and select down 2.02
- Cattle slaughter projected at 117K
- CME Feeder Cattle Index for 1/17: down 0.98 @ 181.05
HOGS
- Feb hogs down 0.925 @ 77.925 & Feb pork cutout down 1.400 @ 85.200
- The weaker trend in cutouts continues with a loss of 3.15 yesterday
- February futures remain at a premium to the index
- Hog futures are at or near oversold levels
- National Direct Afternoon report up 0.22
- Hog slaughter projected at 472K
- CME Lean Hog Index for 1/18: down 0.16 @ 74.18
Author
Brandon Doherty