CORN
- March down 14 @ 5.42 & Dec down 7 @ 4.48
- A close monitoring of rain distribution in Argentina still warranted – some areas still too dry
- Corn stock outlook yesterday from USDA higher than expected, sparked sell-off in futures
- Argentine truckers ended a 20-day strike that had blocked access to ports in Buenos Aires
- Export sales – 132K mt of corn for delivery unknown – cancelled shipment
- Ethanol production for last wk 937K barrels per day – down 9.29% from last yr
SOYBEANS
- March down 34 @ 13.67 & Nov down 21 @ 11.69
- Conditions in Brazil will continue to be favorable
- US farmers expected to plant record or near record soybean crop for 2021-22
- Malaysian palm oil inventories rise more than expected in Jan. as exports slump
- Beans following corn, after market disappointed in USDA report yesterday
- Ending stocks at 120 mb – lowest US number since 2014
- All eyes – inclusive of USDA’s waiting to see S. American crop harvest & production numbers
WHEAT
- March down 17 @ 6.32, Mar KC down 17 @ 6.15, Mar MNPLS down 9 @ 6.28
- US delivered 1.8 mt of wheat in Jan – 4% above the 5 year average Jan exports
- Russia exported 3 mt of wheat in Jan. down 13% from a month ago
- USDA was actually slightly bullish yesterday but wheat continues to trend with corn
- Bitter cold headed for plains & Midwest – key growing areas should be protected by snow coverage
- Paris milling futures trend lower for 10th day in a row
CATTLE
- April LC down 1.05 @ 122.77 & March FC down .32 @ 138.32
- Premium to cash & overbought – key reversal may spark selling
- After yesterday’s rally – profit taking pushing market lower today
- Today’s slaughter est. at 117K head
- Cash trade last seen at 114 & @ 135.63 up .16 for 2/8 for FC cash index
- O/I: -1630 contracts for Feb LC & O/I: -1106 contracts for March FC
HOGS
- April hogs up .105 @ 90.82 & April Pork Cutout up 1.02 @ 88.15
- May need set-back with overbought conditions & China demand uncertain
- Chinese Yuan now 6.43 to the USD – gives US pork prices more room to rise on export market
- Last trading date for Feb hogs & pork cutout Friday, 2/12
- Hog slaughter estimated at 496K head
- Cash lean index @ 71.07 up .67 for 2/8