CORN
- March up 5 @ 5.39 & Dec down 1 @ 4.47
- After yesterday’s liquidation, futures are choppy with a high of 5.46 for the day
- Argentine truckers ending 20 day strikes, equates cheaper corn offers for April-May window
- Rains in Brazil continue to push second-crop corn planting out further
- CONAB revised Brazilian crop to 105.5 mmt – that’s still 3.5 mmt less than USDA predictions
- Funds liquidated some positions, but still likely close to 360K contracts long
- Weekly export sales at 1.448M mt – down 81% from last week
SOYBEANS
- March up 17 @ 13.71 & Nov up 10 @ 10.66
- After yesterday’s hard liquidation, futures are up with a high of 13.79 ¾ for today
- End in Argentine truck strike & lack of raising export taxes pressured market yesterday
- CONAD project’s Brazil production to be 133.8 mmt – new, record-large production number
- China is closed for Chinese New Year for 10 days – sales may be quiet
- Weekly export sales at 804.7K mt – down 2% from last week
WHEAT
- March down 2 @ 6.33, KC March down 2 @ 6.12, & Mar MNPLS down 1 @ 6.29
- Wheat futures choppy today, a high of 6.44 for Chicago & 6.25 for KC
- Russian farmers are rushing wheat to market ahead of export taxes
- Paris milling futures are stable for today but have been down all week
- Bitter cold out west in the US still casts a doubt on potential winterkill
- Weekly export sales 591K mt – down 8% from last week
CATTLE
- April LC up .40 @ 123.10 & March FC up .42 @ 139.92
- Disappointing export sales of 17,500 mt
- Coldest plains weather on Monday, demand still in question
- Today’s slaughter est. at 116K head
- Cash trade last seen at 114 in Kansas & @ 135.65 up .02 for 2/9 for FC cash index
- O/I: -4 contracts for April LC & O/I: -707 contracts for March FC
HOGS
- April hogs up .52 @ 82.35 & April Pork Cutout up .65 @ 88.65
- Last trading date for Feb hogs & pork cutout Friday, 2/12
- Aug hog key reversal from extreme overbought
- Export sales of 36,900 mt – increases primarily from China
- Hog slaughter estimated at 495K head
- Cash lean index @ 71.07 up .67 for 2/8
- O/I: -953 positions for April hogs & pork cutout futures +60 positions
Author
Amberlee Bratcher