CORN
- May corn down 10 @ 5.34 & Dec corn down 3 @ 4.72
- Choppy trade this week – little change in fundamentals today
- S. Brazil & Argentina still above normal temps and too dry in areas
- Demand concerns persist but recover in ethanol may support
- Ethanol production for week ending Feb 26th averaged 849K barrels per day – down 21.32% from last year
SOYBEANS
- May down 10 @ 14.02 & Nov down 9 @ 12.20
- Up in overnight trade down today as bean oil add pressure
- Rain in Brazil will be beneficial for crop development – still adding to delays for harvest
- More swine flu in China add to demand concerns
- Record Brazilian crop certainly keeping the market choppy
WHEAT
- May down 13 @ 6.52, May KC down 11 @ 6.23, May MNPLS down 5 @ 6.40
- Paris milling wheat futures down today
- Wheat following pressure from corn & soybeans
- Drought in US plains still lend support to uncertainty around US productions
- Short-term weather is more favorable than long – may add short-term selling
CATTLE
- April LC up .07 @ 119.50 & March down .07 @ 136.45
- Boxed beef prices plummeted yesterday
- Futures oversold – today maybe traders re-establishing long positions
- Today’s slaughter est. at 122K head
- Feeder Cattle Index for Mar 1, down .81 @ 137.54
- Open interest lost 951 for April futures & lost 570 for March FC
HOGS
- April Hogs up 2.55 @ 87.90 & April Pork Cutout up 1.70 @ 94.72
- Export to China may stay stronger than anticipated
- Support in April hogs may emerge at 84.82
- Hog slaughter estimated at 495K head
- Cash lean index for Feb 26, up 1.20 @ 81.90
- O/I: Lost 2998 positions for April hogs & pork cutout futures lost 132 positions