TFM Midday Update 3-4-21

CORN

  • May corn up 3 @ 5.39 & Dec corn up 4 @ 4.78
  • Weekly export sales of 115.9K mt – marketing year low – well below trade expectation
  • Brazil Safrinha Corn 39% planted versus 67% last year
  • Concerns of dryness remain for Argentina
  • US Ethanol production bounced back after thawing from a deep freeze last week

SOYBEANS

  • May up 20 @ 14.28 & Nov up 9 @ 11.08
  • Weekly export sales of 334K mt – middle of the range of trade expectation
  • Argentina soybeans rated 15% good/excellent
  • Brazil soybean harvest 25% vs 40% last year
  • Weather in Brazil will be mostly favorable – though rains will slow some areas for harvest

WHEAT

  • May up 4 @ 6.60, May KC up 5 @ 6.31, May MNPLS up 5 @ 6.48
  • Weekly export sales of 219.2K mt – up 31% from last week – lower end of trade expectations
  • 2021/22 US winter wheat production 33.3 million tons – unchanged from last update
  • Most Ukrainian winter grain crops are in excellent condition thanks to favorable weather
  • EU futures fell yesterday on lack of export demand and US prices falling

CATTLE

  • April LC down .20 @ 119.20 & March FC down .65 @ 136.35
  • Weekly export Beef – Net sales of 22,600 MT up from last week
  • Probing for low enough price level to encourage demand
  • Today’s slaughter est. at 121K head
  • Feeder Cattle Index for Mar 2, down .37 @ 137.17
  • Open interest lost 3866 for April futures & lost 753 for March FC

HOGS

  • April Hogs down .22 @ 87.70 & April Pork Cutout down .75 @ 94.15
  • Weekly export Pork – Net sales of 59,600 up from last week
  • Sharp break in hams may spark selling
  • Hog slaughter estimated at 496K head
  • Cash lean index for March 1 up .73 @ 82.63
  • O/I: Lost 2257 positions for April hogs & pork cutout futures gained 13 positions

Author

Amberlee Bratcher

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