CORN
- May corn up 12 @ 7.45
- USDA reported an increase of 84.4 mb of corn export sales in 21/22
- USDA raised corn exports by 75 mb but this may not account for Ukraine exports being stopped indefinitely
- There is around 10 mmt of Ukraine corn, and 10 mmt of South American corn that likely won’t be shipped
SOYBEANS
- May soybeans up 17 @ 16.89
- USDA reported an increase of 81.0 mb of soybean export sales for 21/22, and an increase of 32.9 mb for 22/23
- USDA may still be 6-10 mmt too high on Brazil and Argentina combined soybean production estimates
- WASDE report increased US soybean exports by 40 mb (to 2.090 bb)
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WHEAT
- May wheat down 1.16 @ 10.85, May KC down 69 @ 10.46, May MNPLS down 27 @ 10.56
- USDA reported an increase of 11.3 mb of wheat export sales for 21/22
- USDA raised world wheat stocks despite the war in Ukraine
- There is around 15 mmt of wheat that likely won’t be shipped out of the Black Sea
- USDA dropped US wheat exports by 10 mb
CATTLE
- Apr LC down 0.050 @ 137.525 & Apr FC down 1.625 @ 158.525
- Cattle supplies expected to tighten, however USDA increased beef production on the WASDE report
- Corn futures are up again, which may pressure cattle
- Cash trade this week lower than expected
- Choice cuts up 0.26 and select down 0.15
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 3/9: down 0.22 @ 153.89
HOGS
- Apr hogs down 1.025 @ 100.125 & Apr pork cutout down 0.575 @ 106.425
- Hog supplies expected to tighten throughout the year
- USDA reduced their pork production estimate by 65 million pounds
- National Direct Afternoon report declined 0.49
- Hog slaughter projected at 480K
- CME Lean Hog Index for 3/10: up 0.26 @ 99.26
Author
Brandon Doherty