CORN
- May up 1 @ 5.51 & Dec down 4 @ 4.74
- Argentina’s key summer crop areas received significant rain overnight
- Private export sales of 1.156M mt of corn delivery to China
- A close above 5.53 ½ would leave 5.90 ½ as next target
- US farmers expected to plant close to 93 million acres of corn for 2021
SOYBEANS
- May down 1 @ 14.18 & Nov down 3 @ 12.40
- Soybean oil seeing correction today pressuring soybean futures
- Brazil rains keep falling helping crop conditions but still slowing harvest
- Concern over lower Chinese soybean demand due to the spread of African swine fever
- March 31 report focus moving forward – soybean stocks should be lower than last yr
- US soybean crush was well below the trade expectations sinking to 155.158 million bu
WHEAT
- May down 4 @ 6.32, May KC down 6 @ 6.05, May MNPLS down 4 @ 6.35
- US NW plains will continue to be dry for next 10 days
- US HRW wheat improvements expected to be significant in next 14 days
- Choppy to lower trade as reports of crop improving in US continue
- 38% of Kansas winter wheat good/excellent – up 2% from last week
CATTLE
- April LC down .42 @ 118.70 & April FC down .37 @ 143.55
- Futures jumped yesterday without any support from cash market
- Cash bids still very elusive – asking prices around 116-117
- Today’s slaughter est. at 119K head
- Feeder Cattle Index for Mar 12, down 20 @ 133.93
- Open interest lost 4140 for April futures & lost 810 contracts for April FC
HOGS
- April hogs up 2.10 @ 92.65 & April Pork Cutout up 1.97 @ 102.40
- Strong demand needs to be met & only way is to increase prices to keep hogs coming to market
- Deferred contracts show $100 hogs this morning
- Hog slaughter estimated at 493K head
- Cash lean index for March 11, up .75 @ 88.40
- O/I: Lost 2627 positions for April hogs & pork cutout futures gained 8 positions