CORN
- March down 5 @ 5.20 & Dec down 8 @ 4.46
- Argentina dry yesterday & limited rainfall expected for the rest of the week
- Corn exports running 82% ahead a year ago
- Brazil corn exports expected to reach 2.398 mt in Jan versus 2.121 mt in previous forecast
- Funds taking profit, who are record long corn, adding pressure to prices
- Ukraine grain exporters are fighting proposed limit on corn exports
SOYBEANS
- March down 18 @ 13.67 & Nov down 18 @ 11.71
- Crop conditions in Brazil still rated favorable for most of the country.
- Palm oil prices down on shrinking Jan exports
- Soybean exports running 78% ahead a year ago
- CME raises margin requirements on futures from 2,750 to 2,950
- China’s soybean imports from the US in 2020 rose by 52.8% from last year
WHEAT
- March down 3 @ 6.68, KC Mar down 5 @ 6.38, MNPLS March down 6 @ 6.46
- Bitter cold in S. Russia induced no crop damage due to snow coverage
- Wheat exports running 3% behind a year ago
- Wheat following corn’s lead, down as much 15 cents, but fighting its way back
- US Hard winter wheat is now more competitive with EU wheat
- Once Russia tax is imposed starting Feb 15 – US exports could be on the rise
CATTLE
- Feb LC up .10 @ 113.52 & Jan FC up .55 @ 134.95
- Jump in beef may support more upward movement for Feb futures
- Cattle on feed out 2:00 p.m. CT on Friday – market looking for friendly report
- Today’s slaughter est. at 119K head
- Asking prices around 113 for LC & @ 133.43, down 1.55 for 1/18 for FC cash index
- O/I: -4312 contracts for Feb LC & O/I: -666 contracts for Jan FC
HOGS
- February Hogs up .92 @ 67.40 & Feb Pork Cutout up .97 @ 78.40
- Pork weakness is a bearish force & June breaks uptrend channel
- Fall in feed grains help support hog futures for the day
- 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