The CME and Total Farm Marketing offices will be closed Monday, February 21, 2022 in observance of Presidents Day
CORN
- Mar corn up 4 @ 6.54
- Argentina, Paraguay, and southern Brazil will be warm and dry for at least the next week
- Rains continue in northern Brazil, delaying planting of the safrinha corn
- Corn export commitments total 1.832 bb (USDA is estimating 2.425 bb in 21/22)
- Private corn acreage estimates range from 91-93 million acres
SOYBEANS
- Mar soybeans up 8 @ 16.00
- Private exporters reported sales of 198,000 mt of soybeans for delivery to unknown destinations (66,000 during 21/22 and 132,000 for 22/23)
- Private soybean acreage estimates range from 87-89 million acres
- Continued rains in northern Brazil are delaying soybean harvest and causing quality concerns
- Soybean export commitments total 1.767 bb (USDA is estimating 2.050 bb in 21/22)
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WHEAT
- Mar wheat up 7 @ 8.05, Mar KC up 14 @ 8.37, Mar MNPLS up 3 @ 9.60
- NOAA released their 3-month outlook, which suggests dry and warm conditions for the US southern Plains
- There continues to be a strong presence of troops on the Russia / Ukraine border
- US officials say a Russian invasion of Ukraine is imminent, but Russia says they are de-escalating
- Wheat export commitments total 642 mb (USDA is estimating 810 mb in 21/22)
- Egypt bought 180,000 mt of wheat from Romania on Thursday
CATTLE
- Apr LC down 0.475 @ 146.300 & Mar FC down 0.625 @ 165.575
- Weekly export sales were pegged at 23,000 mt
- An outbreak of avian flu found in Indiana – this could affect beef and pork demand
- Cattle futures have been consolidating
- Choice cuts down 0.03 and select down 1.23
- Cattle slaughter projected at 119K
- CME Feeder Cattle Index for 2/17: down 0.45 @ 162.14
HOGS
- Apr hogs up 1.175 @ 108.750 & Apr pork cutout up 1.775 @ 115.425
- Hog futures gapped higher on today’s session
- Futures remain overbought and due for a correction
- No cash price released on yesterday’s National Direct Afternoon report
- Cutouts were up 10.02 – indicating strong demand
- Hog slaughter projected at 469K
- CME Lean Hog Index for 2/18: up 0.90 @ 94.24
Author
Brandon Doherty