CORN
- March down 6 @ 5.25 & Dec down 4 @ 4.56
- Export inspections 876.7K mt versus 1.130M mt last week
- Daily export sales of 128K mt to Japan & 100K mt to Israel
- Big demand from China may help support more buying
- Argentina’s rainfall last week helped but outlook to turn drier than expected
- Ukraine also contemplating corn export restrictions
- Argentine government weighs higher export taxes
SOYBEANS
- March down 24 @ 13..92 & Nov down 7 @ 11.90
- Export inspections 2.058M mt versus 1.778M mt last week
- Daily export sales of 132K mt to China
- Brazil weather improved but east-central & northeastern Brazil still too dry
- Soybeans fall on Pal oil futures collapsing – will bean oil right behind it
- NOPA crush at 183.2 mb under the expected 185 however still record high
WHEAT
- March down 3 @ 6.72, KC Mar down 1 @ 6.43, Mar MPNL down 1 @ 6.51
- Export inspections 276.8K mt versus 279.3K mt last week
- Russia tax supportive & China demand strong
- Bitter cold to hit Ukraine & N. Russia however little damage due to snow coverage
- Northwestern US Plains could potentially see damaging weather for winter wheat
- Paris milling futures gapped higher, pulling wheat with it, however trending lower
CATTLE
- Feb LC up .80 @ 113.50 & Jan FC up .10 @ 134.67
- Weights up and weather not as bad as feared
- Lack of consistent support in boxed beef & cash cattle is keeping upside limited
- Today’s slaughter est. at 118K head
- Cash trade quiet for LC & @ 134.05, down .18 for 1/15 for FC cash index
- O/I: -3801 contracts for Feb LC & O/I: -318 contracts for Jan FC
HOGS
- February Hogs down .95 @ 66.97 & Feb Pork Cutouts down .92 @ 77.92
- Technical action improves but upside appears limited
- Inability to stabilize pork cutout values led to aggressive wide price swings in market
- Hog slaughter estimated at 496K
- Cash lean index @ 65.56, up .39 for 1/15
- O/I: +6790 positions for hogs & pork cutout futures unchanged
Author
Amberlee Bratcher