TFM Midday Update 3-3-21

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

Author

Amberlee Bratcher

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