CORN
- Mar corn down 4 @ 6.46
- Uncertainty surrounds Ukraine’s ability to export and plant corn this year given the escalation of the war
- Argentina’s 10 day forecast calls for more hot and dry conditions
- Crop scouts in Argentina are estimating the corn crop to be 6 mmt below the USDA
- Corn planting in Mato Grosso, Brazil is said to be making good progress in the face of wet conditions
SOYBEANS
- Mar soybeans down 9 @ 15.20
- Argentina’s lower soybean crop is raising talk about potentially switching some meal demand to the US
- 30% of Brazil’s soybeans are estimated to be harvested (compared to 42% at this time last year)
- Argentina’s soybean crop is rated just 3% good to excellent
- Argentina may import soybeans from Paraguay to fulfill their crush needs
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WHEAT
- Mar Chi wheat down 10 @ 6.98, Mar KC down 16 @ 8.26, & Mar MNPLS down 7 @ 8.78
- The Texas panhandle region experienced dust storms and high winds on Sunday
- US exports continue to be poor as Russian wheat prices are much cheaper
- A tender for US and Canadian wheat comes from South Korea, looking to obtain 85,000 mt for May
- Iraq is said to have purchased 250,000 mt of wheat from Australia
CATTLE
- Apr LC up 0.400 @ 165.775 & Apr FC up 1.600 @ 195.175
- Cash was higher than expected last week
- Poor export sales last week may weigh on the market
- Cattle on Feed report results: on feed at 96%, placements at 96%, marketings at 104%
- Choice cuts down 0.63 and select up 1.21
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 2/24: up 20 @ 182.77
HOGS
- Apr hogs down 0.950 @ 85.075 & Apr pork cutout down 0.550 @ 92.275
- Strong exports sales last week at 51,900 mt
- International demand is increasing which may make packers more aggressive
- China has been purchasing significant amounts of pork
- National Direct Afternoon report increased 0.15
- Hog slaughter projected at 479K
- CME Lean Hog Index for 2/27: down 0.24 @ 77.49
Author
Brandon Doherty