CORN
- May corn down 4 @ 7.47
- Corn inspections at 62.3 mb (total inspections now at 976 mb)
- USDA Supply and Demand report tomorrow – will they address changes due to the war in Ukraine?
- Unconfirmed rumors that China is looking to buy US corn
- May corn on China’s Dalian exchange is around the equivalent of $11.62 per bushel
SOYBEANS
- May soybeans up 30 @ 16.90
- Soybean inspections at 28.2 mb (total inspections now at 1.520 mb)
- Private exporters reported 132,000 mt of soybeans for delivery to China during the 22/23 marketing year and 126,000 mt of soybeans for delivery to unknown during the 21/22 marketing year
- Ag Rural revised their Brazilian soybean crop estimate to 122.8 mmt (vs the USDA’s 134 mmt)
- Argentina’s forecast is for more rain this week which may help late planted crops
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WHEAT
- May wheat down 72 @ 12.22, May KC down 1.01 @ 11.51, May MNPLS down 60 @ 11.37-1/2
- Wheat inspections at 12.6 mb (total inspections now at 582 mb)
- Private exporters reported 193,000 mt of HRS wheat for delivery to the Philippines during the 22/23 marketing year
- US Department of Defense suggested that the war in Ukraine could last for months
- Romania said they have enough wheat domestically, with no plans to restrict exports
CATTLE
- Apr LC up 1.400 @ 139.300 & Apr FC up 1.625 @ 161.300
- Recent boxed beef weakness may indicate consumers are purchasing fewer high-end cuts
- Cash will likely not trade higher this week
- High feed prices will keep feedlots willing to move cattle sooner rather than later
- Choice cuts up 0.38 and select up 1.81
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 3/7: down 0.82 @ 155.37
HOGS
- Apr hogs up 1.450 @ 101.725 & Apr pork cutout up 1.325 @ 107.500
- Hog futures are rebounding at midday
- Strong cash yesterday means packers need hogs
- Fundamentals have not changed with the anticipation of tighter supplies
- National Direct Afternoon report increased 2.95
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/8: down 0.29 @ 99.28
Author
Brandon Doherty