CORN
- May up 9 @ 5.55 & Dec up 1 @ 4.69
- In Argentina – notable reduction in rainfall across southern half for last wk in March
- Argentine grains port hub of Rosario will start 24-hr strike today
- China is back strong this week, eliminating the questions of strong demand
- Daily export sales of 800K mt to China
- Brazil getting closer to wrapping up 2nd corn planting but really behind normal pace
SOYBEANS
- May up 21 @ 14.13 & Nov up 13 @ 12.19
- Brazil, much of the nation expected to trend drier into next week
- China’s soybean imports forecast to reach a record 100 MMT in 21/22
- Argentina continues to lower soybean crop ratings
- Rains continue to delay harvest but next week should be favorable for field work
- Bean oil continues to correct and helping support futures today as well.
WHEAT
- May down 6 @ 6.24, KC May down 3 @ 5.89, MNPLS May down 3 @ 6.22
- North-western plains remain in drought conditions
- Eastern plains continue to see ample rains/snow
- Crop condition of French soft wheat declined slightly to 87% good/excellent
- Rains in the US and good crop conditions globally continue to pressure wheat complex
CATTLE
- June LC down .85 @ 118.80 & April FC down 2.15 @ 139.17
- Sweeping key reversal from overbought conditions – buying opportunity?
- Cattle on Feed today – cattle placements expected to drop 2.4% from last yr
- Cattle sold for 114.25-114.50 Tuesday in Texas & Nebraska
- Today’s slaughter est. at 114K head
- Feeder Cattle Index for March 17, up .33 @ 133.95
- Open interest lost 2282 for June futures & lost 1117 contracts for April FC
HOGS
- April Hogs up .52 @ 94.82 & April Pork Cutout up .05 @ 104.30
- China will need less pork imports for 2nd half of 2021
- Packers may be near their spending limit
- Hog slaughter estimated at 492K head
- Cash lean index for March 16, up .65 @ 90.56
- O/I: Lost 3297 positions for April hogs & pork cutout futures gained 8 positions
Author
Amberlee Bratcher