CORN
- May corn down 13 @ 7.41
- April crude oil traded over $130 per barrel
- Demand likely to switch to Europe and the US with shipments out of Ukraine stopped
- Reports that Russia is allowing civilian evacuations from some major cities
- The Rosario Exchange estimated Argentina’s corn production at 48 mmt
SOYBEANS
- May soybeans up 11 @ 16.71
- Europe and the US talking about stopping purchases of Russian crude oil, causing soybean oil to go higher
- US old crop soybeans are currently the world’s cheapest
- CONAB will release Brazilian production estimates on Thursday
- Dryness in central Brazil is helping the soybean harvest (but could stress the safrinha corn crop)
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WHEAT
- May wheat up 85 @ 12.94, May KC down 6 @ 12.09, May MNPLS up 23 @ 11.70
- Wheat had limit up moves for the past 5 sessions
- Wheat expanded limit is 85 cents today
- USDA report out on Wednesday – we’ll see how / if they address drop in exports from the Black Sea
- Paris milling wheat futures at one point were up 56 Euros per metric ton (about the equivalent of $1.66)
CATTLE
- Apr LC up 0.925 @ 136.700 & Apr FC up 2.375 @ 159.625
- Cattle futures are oversold but may be seeing the start of a correction
- Feedlots wanted to move cattle due to rising grain prices
- Cash may struggle again this week
- Choice cuts down 0.02 and select up 0.62
- Cattle slaughter projected at 121K
- CME Feeder Cattle Index for 3/4: down 1.59 @ 156.19
HOGS
- Apr hogs down 0.425 @ 100.025 & Apr pork cutout up 1.175 @ 106.825
- April – July contracts closed limit down on Friday
- Market is seeing follow through selling today
- Futures are close to becoming oversold
- Chinese Ministry of Agriculture said African Swine Fever has again been detected
- National Direct Afternoon report increased 3.01
- Hog slaughter projected at 476K
- CME Lean Hog Index for 3/7: down 0.13 @ 99.57
Author
Brandon Doherty