CORN
- May corn down 5 @ 5.44 & Dec down 4 @ 4.69
- Corn down following yesterday’s losses on weak exports
- Some improvement in Argentine corn adding pressure
- Prospect for better rains in S. America for March 1-8
- Argentine corn now 20-30 cents lower than US
SOYBEANS
- May down 12 @ 13.95 & Nov down 12 @ 12.18
- Key reversal from yesterday putting in contract highs
- Soybean meal and oil also falling dramatically
- Better chances for rain in S. Brazil & Argentina
- Feb revenue insurance pricing period ends today
WHEAT
- May down 12 @ 6.59, May KC down 16 @ 6.35, May MNPLS down 10 @ 6.39
- Following Paris milling futures – wheat falls today as well
- IGC raised Russian and Australian wheat crops this week
- Exports were disappointing yesterday
- Hard red spring wheat acres expected to drop next year
- Drought still a major concern in plains moving into spring
CATTLE
- April LC down 1.27 @ 120.40 & March FC down 1.75 @ 138.67
- Bids around 114 & ask around 116
- Beef cutouts expected to be lower with light to moderate box movement
- Today’s slaughter est. at 118K head
- Bids at 114 & FC index for 2/22 down .72 @ 140.39
- Feeder Cattle Index for Feb 24, down .63 @ 139.48
- Open interest lost 1665 for April futures & gained 728 for March FC
HOGS
- April down 1.12 @ 88.62 & April Pork Cutout down 1.10 @ 94.00
- Market hopeful that demand will encourage higher trade throughout complex
- Pork cutout cash values continue to move higher
- Hog slaughter estimated at 494K head
- Cash lean index for Feb 23, up .96 @ 79.12
- O/I: Gained 508 positions for April hogs & pork cutout futures gained 266 positions
Author
Amberlee Bratcher