CORN
- May corn down 13 @ 7.40
- Russia will reportedly ban exports on goods and raw materials
- Private exporters reported 100,000 mt of corn for delivery to Columbia during the 21/22 marketing year
- Brazil’s safrinha corn crop is 81% planted
- US and UK are planning to ban Russian oil imports
SOYBEANS
- May soybeans up 4 @ 16.94
- Private exporters reported 20,000 mt of soybean oil for delivery to unknown during the 21/22 marketing year
- Global vegetable oil markets are sharply higher
- US soybeans are currently the world’s cheapest
- Ban on imports of Russian oil could be beneficial for biofuel demand
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WHEAT
- May wheat down 84 @ 12.02, May KC down 77 @ 11.22, May MNPLS down 48 @ 10.96
- Long liquidation continues for all three classes of wheat at midday
- Russia is a major fertilizer exporter – with reports that they will be stopping exports of goods and raw materials this could be quite bullish for grains
- Last year, Ukraine accounted for 12% of world wheat exports
- There are chances for precipitation in the US southern plains over the next 2-3 weeks
CATTLE
- Apr LC down 0.575 @ 138.475 & Apr FC up 0.300 @ 160.625
- Volatility continues to affect cattle (and other commodities too)
- Corn prices are lower, which should be friendly to cattle
- Boxed beef continues to show weakness
- Choice cuts down 2.27 and select down 5.28
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 3/8: down 1.26 @ 154.11
HOGS
- Apr hogs down 2.050 @ 100.875 & Apr pork cutout down 2.150 @ 106.900
- Cash is higher as packers need hogs
- Cutouts declined 1.25, which was not supportive to futures
- National Direct Afternoon report increased 3.60
- Hog slaughter projected at 478K
- CME Lean Hog Index for 3/9: down 0.28 @ 99.00
Author
Brandon Doherty