CORN
- March down 5 @ 5.44 & Dec down 1 @ 4.47
- Brazil’s 2020 production forecast at 109 million tonnes – 6 million above last yr
- Argentina’s 2020 production forecast at 46.5 million tonnes, 4.5 million less than last yr
- Argentina crop weather remains favorably rated especially for a La Nina year
- Daily export sale of 115K mt – delivery Mexico
- Bears pushing market lower as Brazil harvest nears
- Nebraska producers concerned that feeders cannot buy summer corn
- Corn export trade estimate for Thursday 1M-1.350M mt
SOYBEANS
- March down 10 @ 13.55 & Nov down 2 @ 11.52
- Brazil’s production for 2020 forecast at 133 million tones, 5 million above last yr
- Argentina’s 2020 production forecast at 48 million tonnes, 1.7 million less than last yr
- Brazil’s driest region remains in the northeast, rest of Brazil received adequate rains
- No new sales combined with S. American harvest pressure prices
- USDA says 194 million bu. of US soybeans crushed in December
- Soybean export trade estimate for Thursday 1.1M-2.125M mt
WHEAT
- March down 4 @ 6.47, March KC down 2 @ 6.23, March MNPLS down 1 @ 6.31
- Russia & Ukraine weather will be warmer than usual allowing for snow to melt
- US bracing for arctic surge to hit this weekend and early next week in Plains & Midwest
- Strength in US dollar pressuring prices alongside corn down today
- Wheat export trade estimates for Thursday – 350-550K mt
CATTLE
- Feb LC up .85 @ 115.72 & March FC up .87 @ 138.80
- In position to at least experience a technical correction
- Boxed beef cutout up at 235.68– choice/select 10.57
- Today’s slaughter est. at 119K head
- Cash trade last seen at 113 & @ 136.43 up .41 for 1/29 for FC cash index
- O/I: -2199contracts for Feb LC & O/I: -652 contracts for March FC
HOGS
- February Hogs up 1.25 @ 70.80 & Feb Pork Cutout up .50 @ 82.90
- Seems to be plenty of pork available if China imports slow
- April’s high of 77.60 holding key resistance
- Hog slaughter estimated at 495K head
- Cash lean index @ 68.27 up .86 for 1/29
- O/I: -1490 positions for hogs & pork cutout futures +80 positions
Author
Amberlee Bratcher