CORN
- May corn up 9 @ 5.47 & Dec up 8 @ 4.76
- Informa reduced Brazil corn production to 108.6 million tns
- Informa increased Argentina’s production to 17.6 million tns
- Argentina will remain dry – Rains in Brazil continue to delay 2nd corn planting
- Daily export sales of 175K mt to Japan announced today
- Crop insurance prices insured at 4.58
SOYBEANS
- May up 19 @ 14.10 & Nov up 10 @12.28
- Informa increased Brazil production forecast to 136 million tns
- Informa increased Argentina soybean to 49 million tns
- Some rains in Brazil continue to slow harvest – 25% complete
- USDA reported 197 million bushels of soybeans crushed in January
- Crop insurance prices insured at 11.87
WHEAT
- May up 17 @ 6.68, May KC up 16 @ 6.30, May MNPLS up 13 @ 6.46
- Oklahoma, Kansas, & Nebraska all report lower winter wheat conditions since end of Jan
- Colorado & Texas reported improvement to winter wheat
- Informa increased Ukraine’s production forecast to 3.5 million tns – equal to last year
- Some rains built into forecast – Central Kansas hopefully get some much needed rains
- Yesterday marks the beginning of Russian export tax expanding from 25 euro/tonne to 50 euros
CATTLE
- April LC up .30 @ 119.27 & March FC down 1.25 @ 135.95
- Fundamental weakness pressures market
- Corn rallying again today keeping FC traders leery
- Today’s slaughter est. at 121K head
- Cash trade quiet for Cattle – asking prices around 116
- Feeder Cattle Index for Feb 25, down .57 @ 138.91
- Open interest lost 4583 for April futures & lost 556 for March FC
HOGS
- April Hogs down 1.82 @ 85.82 & April Pork Cutout down 1.45 @ 93.00
- Fluctuating pork cutout values pressure futures
- Prices drop as China claims it will work to stabilize its hog production from disease
- Hog slaughter estimated at 497K head
- Cash lean index for Feb 25, up .75 @ 80.70
Author
Amberlee Bratcher