CORN
- March down 2 @ 5.50 & Dec down 1 @ 4.50
- Could see record weekly sales today after China buying last week
- Corn exports at 7.436M – marketing year high
- Argentina will experience net drying through weekend
- US ethanol production for last week was 936K bls per day down 13.4 from last yr
- Trade estimate for USDA’s corn ending stocks: US: 1.392 versus Jan’s 1.552
SOYBEANS
- March up 5 @ 13.76 & Nov up 3 @ 11.59
- Strong demand continues to suggest extremely tight ending stocks
- Delay of 2nd crop could delay shipments of soybeans out of Brazil
- Soybean exports at 824K mt – up 77% from last week
- Brazil weather is expected to be mostly good for next 2 weeks
- Trade estimate for USDA’s soybean ending stocks: US – 123 mb versus Jan’s 140 mb
WHEAT
- March down 11 @ 6.37, March KC wheat down 7 @ 6.18, Mar MNPLS down 1 @ 6.34
- With supply, may take weather issues or up in grains to add more support
- Cold temps next week not expected to damage the wheat crop
- Wheat exports at 643.1k MT – up 69% from last week
- Putin says Russia’s situation in global food market is worsening.
- Trade estimate for USDA’s wheat ending stocks US: 834 mb versus Jan’s 836 mb
CATTLE
- Feb LC up .32 @ 115.80 & March FC up 1.17 @ 139.70
- With high weights, will need beef prices to trend up
- Beef exports at 29,800 mt – increases primarily for S. Korea
- Today’s slaughter est. at 113K head
- Cash trade asking 115 for LC & 136.44 up .04 for 2/2 for FC cash index
- O/I: -2576 contracts for Feb LC & O/I: +114 contracts for March FC
HOGS
- February Hogs down .87 @ 71.52 & Feb Pork Cutout down 1.60 @ 81.50
- Strong upside momentum as traders see demand surge into spring
- Pork exports at 46,300 – increases primarily for China
- USD dollar going higher could damper confidence in global demand
- Hog slaughter estimated at 493K head
- Cash lean index @ 69.17, up .30 for 2/2
- O/I: -1692 positions for hogs & pork cutout futures +170 positions
Author
Amberlee Bratcher