CORN
- May corn up 9 @ 5.47 & Dec corn down 2 @ 4.76
- Weekly export inspections 2.203M mt versus 1.544M mt last week
- Argentina rainfall will expand across much of the nation this week
- A few showers in Argentina overnight – long term maps show good rain next Sunday/Monday
- Funds still long 350K+ contracts
- March 31 report looking for wheat acres around 93 million versus 91 last yr
SOYBEANS
- May up 5 @ 14.19 & Nov down 1 @ 12.43
- Weekly export inspections 518.7K mt versus 587.5K mt last week
- Brazil weather mostly good for late season crops however still slowly field progress for harvesting/planting
- Funds still long 160K contracts
- March 31st report looking for wheat acres around 90 million versus 83 last yr
- NOPA crush estimated to be 168.61 million bu of soybeans in February versus 166.28 million last year
WHEAT
- May up 4 @ 6.42, May KC up 4 @ 6.07, May MNPLS up 5 @ 6.38
- Weekly export inspections 683.4K mt versus 482.1K last week
- Central & parts S-western US plains received significant rain/snow
- Northwest US plains left dry through March 24th
- March 31st report looking for wheat acres around 45 million versus 44 last yr
CATTLE
- April LC up .42 @ 119.42 & April FC up .80 @ 144.02
- Market hopeful that as vaccines become more available in US demand will pick up moving into summer
- Western plains recover from storm but stay wet for 2 weeks
- Today’s slaughter est. at 114K head
- Cash market concerning – prices last week reported from 113-114 for LC
- Feeder Cattle Index for Mar 4, down 1.22 @ 134.85
- Open interest lost 5940 for April futures & lost 392 contracts for April FC
HOGS
- April hogs down .95 @ 90.45 & April pork cutout down .85 @ 99.92
- Key reversal in Aug hogs after 8 contract highs; needs a correction
- Hog slaughter estimated at 494K head
- Cash lean index for March 3, up .79 @ 84.06
- O/I: Lost 3944 positions for April hogs & pork cutout futures gained 12 positions
Author
Amberlee Bratcher