CORN
- May corn down 6 @ 5.50 & Dec down 1 @ 4.75
- Ethanol expected to rebound with trade looking for better margins into 2nd QTR
- Need more export-sale confirmations
- Export sales this week were disappointing at 999.2K mt
- Double crop planting in Brazil is still behind usual pace
- Argentine corn expected to be 20-25 cents cheaper than US
SOYBEANS
- May down 11 @ 14.14 & Nov down 2 @ 12.36
- Cash market remains strong
- Export sales this week only 455.9K mt
- Weather still too wet in central & northern Brazil
- Rumors of Brazilian farmers defaulting on sales made on cheaper prices
WHEAT
- May down 8 @ 6.77, May KC down 11 @ 6.51, May MNPLS down 5 @ 6.51
- Plains expected to trend back to drought/warmer weather in 7-10 day forecast
- Weekly export sales were only 339.1K mt
- USD currently at 89.81 – lowest in Jan 7
- Export sales extremely disappointing pulling futures down for the morning
- Prices in EU soar, winter kill fears, and cold in Russia keep futures supported
CATTLE
- April LC down .27 @ 121.95 and March FC up .07 @ 140.45
- Boxed beef prices up .31 @ 240.29 & Select up .55 @ 230.53
- Export sales of 22,900 mt for the week
- Today’s slaughter est. at 122K head
- Bids at 114 & FC index for 2/22 down .72 @ 140.39
- Open interest lost 1665 for April futures & gained 728 for March FC
HOGS
- April up .07 @ 89.50 & April Pork Cutout down .15 @ 94.52
- Several mutations of African swine fever now in China – less deadly, harder to detect
- Export sales of 33,300 mt reported this week – down 10% from last week
- Hog slaughter estimated at 496K head
- Cash lean index for 2/22 up .42 @ 78.16
- O/I: Gained 508 positions for April hogs & pork cutout futures gained 266 positions
Author
Amberlee Bratcher