CORN

• May corn down 4 @ 5.42 & Dec corn up 1 @ 4.71
• Weekly export inspections 1.636M mt versus 1.266M mt last week
• Trade nervous with China pork supply & S. America harves
• Argentine crop’s stress will intensify this week

SOYBEANS

• May down 7 @ 13.97 & Nov up 5 @ 12.28
• Weekly export inspections 879.5K mt versus 803K mt last week
• Shift to drier trend in Argentina may lend support
• S. Brazil dryness will be eased this week
• Estimates for Jan crush at 195.6 million bushels

WHEAT

• May down 6 @ 6.53, May KC down 6 @ 6.27, May MNPLS down 3 @ 6.35
• Weekly export inspections 272.8K mt versus 324K last week
• No major weather concerns & talk of overbought technically
• Uncertainty surrounds what will actually be exported from Russia

CATTLE

• April LC down .67 @ 119.32 & March FC down 1.40 @ 137.27
• Beef production up 7.8% last week & may drag beef lower
• Beef cutouts are expected to be higher w/light box movement
• Today’s slaughter est. at 119K head
• Cash trade last week was light: 114-114.50
• Feeder Cattle Index for Feb 25, down .57 @ 138.91
• Open interest lost 3446 for April futures & lost 468 for March FC

HOGS

• April Hogs up 1.15 @ 88.30 & April Pork Cutout up 1.40 @ 94.57
• Start of a correction from extreme overbought situation
• April futures carries stiff premium over cash
• Hog slaughter estimated at 495K head
• Cash lean index for Feb 24, up .83 @ 79.95
• O/I: Lost 2194 positions for April hogs & pork cutout futures lost 112 positions

Author

Amberlee Bratcher