CORN
- May corn up 5 @ 6.37
- Private exporters reported sales of 204,000 mt of corn for delivery to China during the 22/23 marketing year
- Corn is potentially being pulled higher by the sharply higher wheat market this morning
- Fed Chairman Powell said that he expects another interest rate increase at the May meeting
- The banking system and it’s impact on global commodity market is still a concern
- The Buenos Aires Grain Exchange said Argentina’s corn crop is only 6% good to excellent
SOYBEANS
- May soybeans up 1 @ 14.20
- Soy prices in China hit a one year low
- Yesterday US May soybeans hit a new four month low
- After filling the chart gap yesterday, November soybeans are recovering this morning
- Soybeans are technically oversold and stochastics are close to a potential buy signal
- African swine fever in northern China may limit their feed needs
- European banking problems are also an issue with Deutsche Bank falling 12% overnight
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WHEAT
- May Chi wheat up 17 @ 6.79, May KC up 19 @ 8.39, & May MNPLS up 6 @ 8.47
- Wheat is sharply higher this morning after unconfirmed rumors that Russia will limit or halt wheat and sunflower exports
- Paris milling wheat futures are higher for the first time in 7 sessions
- US wheat stocks are at 15 year lows and the EU has the second lowest stocks in more than 20 years
- Much of US HRW wheat remains in drought on the latest drought monitor map
CATTLE
- Apr LC up 0.150 @ 162.300 & Apr FC down 0.825 @ 194.175
- Mixed boxed beef is still a concern
- Cash trading was light with $1 lower in the southern and $1 higher in the north
- Packers may try to improve margins by buying cattle at lower prices
- Cattle futures should find support from the discount to cash
- Choice cuts up 1.48 and select down 0.93
- Cattle slaughter projected at 117K
- CME Feeder Cattle Index for 3/23: up 0.09 @ 187.78
HOGS
- Apr hogs up 1.425 @ 77.175 & Apr pork cutout up 0.800 @ 82.975
- Hog futures may be experiencing some short covering
- Quarterly hogs and pigs report next week
- Slaughter pace is strong with enough market ready hogs available
- Futures are oversold and may be seeing the start of a correction
- National Direct Afternoon report declined 0.92
- Hog slaughter projected at 479K
- CME Lean Hog Index for 3/24: down 0.44 @ 77.39
Author
Brandon Doherty