News Source: BRUG

Wheat Gaining through Midday

Wheat markets are trading 1 to 5 cents higher. There were zero delivery notices vs. Chicago March wheat overnight, but there were 289 put out against KC March as some of the strong hands weren’t.

Export Sales data showed 219,226 MT of wheat were booked on the week ending 2/25. That was up 30% wk/wk but down from 542k from the same week last year. Mexico was the top purchaser. China reportedly booked 65,900 MT, but 65k of the purchase was switched from a previous sale to unknown. Accumulated wheat exports on the weekly report now trail last season by 3.5% as 17.63 MMT (647.7 mbu) have been shipped MYTD. USDA’s forecast is for 985 mbu. Outside of the weekly Export Sales report, Taiwan purchased 100,410 MT of U.S. wheat from their tender.  

--- provided by Brugler Marketing & Management

  1. Cash SRW Wheat is at $6.30 1/2, up 2 4/5 cents,
  2. May 21 CBOT Wheat is at $6.58 3/4, up 2 3/4 cents,
  3. Jul 21 CBOT Wheat is at $6.47 3/4, up 1 1/4 cents,
  4. Cash HRW Wheat is at $5.93 1/3, up 3 1/2 cents,
  5. May 21 KCBT Wheat is at $6.29 3/4, up 3 3/4 cents,
  6. Jul 21 KCBT Wheat is at $6.34 1/2, up 3 1/2 cents,
  7. May 21 MGEX Wheat is at $6.48, up 5 cents,

Beans Gaining Double Digits

Soybean futures are 12 to 24 cents per bushel higher at midday. There were again no delivery notices against March soybeans overnight. Brazilian soybean prices in Real terms hit record highs yesterday, due to the weakness in the currency. Many of the beans were sold earlier at much lower prices.

Weekly Export Sales data showed 334,039 MT of old crop beans were booked on the week ending 2/25. China canceled another 61,736 MT of bookings. New crop soybean sales were reported at 199,361 MT bringing the total forward book to 4.863 MMT.

CBT Soymeal futures are up $2.30/ton, but the bullish driver for the complext is soy oil. Soy Oil futures are up 155 points in nearby March, worth about 18 cents per bushel in product value.

Soymeal weekly export sales were reported at 187,417 MT, a 17% increase on the week but down 40% yr/yr. Total soymeal commitments are 8.133 MMT or 52% of USDA’s Feb forecast. For soybean oil the weekly data release showed 5,456 MT of sales. BO commitments for 2020/21 are 597,932 MT or 48% of USDA’s forecast.  

--- provided by Brugler Marketing & Management

  1. May 21 Soybeans are at $14.27 1/4, up 19 3/4 cents,
  2. Nearby Cash(cmdtyView) is at $13.90 4/9, up 19 64/79 cents,
  3. Nov 21 Soybeans are at $12.35 1/4, up 11 1/4 cents,
  1. New Crop Cash (cmdtyView) is at $11.82 1/1, up 11 27/73 cents,

Hogs Trading Both Directions

Front month Lean Hog futures closed yesterday with triple digit gains. They are on both sides today. The CME Lean Hog Index was 64 cents higher on 3/2 to $83.27. USDA’s National Average Base Hog price was a sharp $5.31 higher this morning to $84.73.

USDA’s weekly Export Sales report showed a 21-week high 59,615 MTs of pork booked for the week ending 2/25. China purchased 47% of this week’s total sales,  but is the destination for just 27% of 2021’s 668,688 MT total commitments. 

Pork Cutout futures ended $1.10 to $1.87 higher on Wednesday, with June now also above $100/cwt. USDA’s National Pork Carcass Cutout Value was quoted at $97.43 in the AM report, up by $6.02. Picnics and bellies were both double digits higher, up $10.51 and $18.50 cwt. respectively. USDA estimates federally inspected hog slaughter for the week through Wednesday at 1.487m head. That is 3,000 head above the same week last year’s pace.

--- provided by Brugler Marketing & Management

  1. Apr 21 Hogs are at $88.025, up $0.100,
  2. Jun 21 Hogs are at $95.000, up $0.150
  3. Apr 21 Pork Cutout is at $94.150, down $0.750,

Thursday Recovery in Corn

Corn futures are 2 to 4 cents higher at midday, with the 2021/22 contracts stronger. There have still been no delivery notices against the March corn futures. The oldest long has been waiting since November 12 for delivery.

USDA’s weekly Export Sales report showed corn bookings were well below expectations with a net 115,888 MT booked in the week ending 2/25. New crop corn sales were also a low 38,839 MT. Commitments to unknown destinations were cut by 1.767 MMT vs. last week. The week’s corn export shipments were a MY high of 2.01 MMT, bringing MYTD corn exports to 26.17 MMT (1.03 bbu). That is 39.6% of USDA’s Feb forecast, and commitments sit at 89.5% of the full year corn export forecast. Algeria is tendering for 30,000 MT of optional origin corn. S. Korea purchased 68k MT of optional origin corn in their international tender.

For sorghum, USDA reported a net reduction of 52,193 MT for the week ending 2/25.  

 --- provided by Brugler Marketing & Management



  1. May 21 Corn is at $5.37 3/4, up 2 1/2 cents,
  2. Nearby Cash(cmdtyView) is at $5.21 1/3, up 2 12/25 cents,
  3. Dec 21 Corn is at $4.77 1/2, up 4 cents,
  1. New Crop Cash (cmdtyView) is at $4.49 2/3, up 3 49/50 cents,

Cotton Gaining on Thursday

Cotton futures have overcome earlier losses and are trading 60 to 70 points higher. Yesterday the board closed 251 to 254 points in the red. New crop contracts were 144 points weaker with Dec near 85.01 cents.

The weekly Export Sales data release showed 169,041 RBs of cotton booked on the week ending 2/25. That was down 32% wk/wk and was 21% below cotton sales from the same week last year. Total 2021/22 commitments now trail last season by 0.5% with 13.578m RBs.  

USDA’s Daily Spot Quotations report for 3/3 had 2,192 bales sold at spot. The Cotlook A index for 3/3 pulled back 60 points to 96.15 cents/lb. The AWP for cotton is 75.76 cents/lb, and will be updated after the close.

--- provided by Brugler Marketing & Management

  1. May 21 Cotton is at 89.12, up 67 points,
  2. Dec 21 Cotton is at 85.61, up 60 points

Cattle Complex Mixed at Midday

Live Cattle futures are 15 lower to 30 cents higher at midday, with only April in negative territory. Cash cattle trade is being reported at $114 live and $180 dressed, steady with last week. Feeder Cattle futures are 20 to 80 cents lower, being hurt by higher feed costs. The 3/2 Feeder Cattle Index from CME was $137.17, down another 37 cents.

USDA reported 22,615 MT of beef sold on the week ending 2/25 in the weekly Export Sales report. Sales to China were 19.8% of the total. China’s beef commitments account for 13.5% of the total on the books.

Wholesale Boxed Beef prices were mixed in the AM report, with Choice $0.88 stronger and Select down another $2.01. USDA estimated the week’s FI cattle slaughter at 364k head. That trailed the same week last year by 5,000 head.

--- provided by Brugler Marketing & Management

  1. Apr 21 Cattle are at $119.275, down $0.125,
  2. Aug 21 Cattle are at $116.925, up $0.025,
  3. Mar 21 Feeder Cattle are at $136.325, down $0.675
  1. Apr 21 Feeder Cattle are at $140.350, down $0.950

Soybeans 3 to 8 Cents Higher Ahead of Export News

Ahead of USDA’s Export Sales report Soybean futures are 3 to 8 cents higher, led by nearby March. Yesterday beans closed 3 1/4 to 7 1/4 cents in the red. There were again no delivery notices against March soybeans overnight. Brazilian soybean prices in Real terms hit record highs yesterday, due to the weakness in the currency. Many of the beans were sold earlier at much lower prices.

CBT Soymeal futures closed the midweek session $2.70 to $3.10/ton weaker. Soy Oil futures however, rallied off midday losses to close 8 to 12 points higher.

Ahead of USDA’s weekly Export Sales report, traders estimate between 100,000 and 500,000 MT of old crop beans were sold in the week ending 2/25. New crop bean bookings are expected to be below 300,000 MT. For meal, estimates range 100,000 to 300,00 MT, and pre-report estimates call for less than 25k MT of soy oil sales.

--- provided by Brugler Marketing & Management

Wheat Futures Bounce Again

Wheat futures markets in the US are trading 1 to 3 cents per bushel higher to start the Thursday session. Domestic wheat futures closed the midweek session in the red, with CBT SRW Wheat futures down 8 1/2 to 11 1/4 cents. KC HRW Wheat futures gave back 9 to 9 1/2 cents. MPLS HRS Wheat futures closed down by 2 1/4 to 4 3/4 cents. There were zero delivery notices vs. Chicago March wheat overnight, but there were 289 put out against KC March as some of the strong hands weren’t.

Trade export sales estimates call for USDA to show between 100,000 and 500,000 MT of old crop sold on the week ending 2/25. New crop bookings are estimated to come in below 100k MT.  There were rumors of Chinese interest in SRW yesterday, so traders will be watching for any confirmation by USDA under the daily reporting system.

--- provided by Brugler Marketing & Management

Corn Fractionally Mixed in Early Going

Corn futures are fractionally mixed this morning, with the 2021/22 contracts to the plus side. At the close yesterday, prices were 8 3/4 to 10 1/2 cents lower. There have still been no delivery notices against the March corn futures. The oldest long has been waiting since November 12 for delivery. New crop futures settled 2 to 3 1/4 cents lower yesterday with Sept at a 16 1/4 cent premium to Dec.

Traders’ corn export sales estimates are for between 400,000 and 800,000 MT for the week ending 2/25. New crop bookings are estimated between 50k and 500k MT. The actual USDA data will be out shortly. 

Ethanol production averaged 849k barrels per day for the week ending 2/24. That wasn’t a full recovery vs. the 911,000 bpd before the cold snap, but was well above last week’ 659k. Continued weak production drew down ethanol stocks another 360,000 barrels to 22.425m barrels.

 --- provided by Brugler Marketing & Managemen

Cattle Futures Hover While Beef Declines

At the close yesterday, front month Live Cattle futures were 2 to 7 cents weaker nearby and 10 to 65 cents higher in the deferred contracts. The weekly FCE auction sold 757 of the 1,802 head listed for $114-$114.25. Outside of the FCE, cash cattle trade is being reported at $114 live and $180 dressed, steady with last week. Feeder Cattle futures added to midday gains and ended the session $0.47 to $1.22 higher. The 3/1 Feeder Cattle Index from CME was $137.54, down 81 cents.

Wholesale Boxed Beef prices were lower in the PM update with Choice $1.65 lower and Select down $1.93. USDA estimated the week’s FI cattle slaughter at 364k head. That trailed the same week last year by 5,000 head.

--- provided by Brugler Marketing & Management

Hogs Rally to Offset Earlier Losses

Front month Lean Hog futures had triple digit gains on Wednesday. The CME Lean Hog Index was $82.63 on March 1, up 73 cents. USDA’s National Average Base Hog price was $1.82 higher in the evening quote at $82.75. The WCB base hog price was $85.19, but prices were withheld for the ECB due to confidentiality.

Pork Cutout futures ended $1.10 to $1.87 higher on Wednesday, with June now also above $100/cwt. USDA’s National Pork Carcass Cutout Value was quoted at $91.41 in the PM report, down $3.46. Hams were the biggest mover, dropping $8.50 to $77.10 cwt. USDA estimates federally inspected hog slaughter for the week through Wednesday at 1.487m head. That is 3,000 head above the same week last year’s pace.

--- provided by Brugler Marketing & Management

Cotton Futures Still in Correction

Cotton futures start the Thursday session 17 to 30 points lower, with thinly traded October an outlier at -72.  Yesterday the board closed 251 to 254 points in the red. New crop contracts were 144 points weaker with Dec near 85.01 cents.

The online cotton trading platform The Seam reported 2,237 bales were sold on March second for an average gross price of 83.11 cents. USDA’s Daily Spot Quotations report for 3/3 had 2,192 bales sold at spot. ICE certified stocks on 3/2 was firm at 99,789. The Cotlook A index for 3/2 was back up 240 points to 96.75 cents/lb. The AWP for cotton is 75.76 cents/lb, and will be updated after the close.

Cattle Close Mixed Mostly Higher

At the close for the midweek session, front month Live Cattle futures were 2 to 7 cents weaker nearby and 10 to 65 cents higher in the deferred contracts. The weekly FCE sold 757 of the 1,802 head listed for $114-$114.25. Asks were generally $114-$115, but one NE pen asked $116. Outside of the FCE, cash cattle trade is being reported at $114 live and $180 dressed, steady with last week. Feeder Cattle futures added to midday gains and ended the session $0.47 to $1.22 higher. The 3/1 Feeder Cattle Index from CME was $137.54, down 81 cents.

Wholesale Boxed Beef prices were lower in the PM update with Choice $1.65 lower and Select down $1.93. USDA estimates the week’s FI cattle slaughter at 364k head. That trails the same week last year by 5,000 head.

--- provided by Brugler Marketing & Management

  1. ·Apr 21 Cattle closed at $119.400, down $0.025,
  2. ·Aug 21 Cattle closed at $116.900, up $0.100,
  3. ·Mar 21 Feeder Cattle closed at $137.000, up $0.475
  1. ·Apr 21 Feeder Cattle closed at $141.300, up $0.825

Corn Closes Midweek in Red

Front month Corn futures ended the Wednesday session with 8 3/4 to 10 1/2 cent losses. There remain no delivery notices against the March corn futures. New crop trading left the board 2 to 3 1/4 cents lower with Sept a 16 1/4 cent premium to Dec.

Ethanol production averaged 849k barrels per day for the week ending 2/24. That wasn’t a full recovery to 911k bpd before the cold snap but was well above 659k LW. Continued weak production drew ethanol stocks even lower on the week to 22.425m barrels, down an additional 360k.

Traders’ corn export sales estimates are for between 400,000 and 800,000 MT for the week ending 2/25. New crop bookings are estimated between 50k and 500k MT.

 --- provided by Brugler Marketing & Management

  1. ·Mar 21 Corn closed at $5.50 1/4, down 10 1/2 cents,
  2. ·May 21 Corn closed at $5.35 1/4, down 9 3/4 cents,
  3. ·Nearby Cash(cmdtyView) was $5.18 7/8, down 9 3/4 cents,
  4. ·Dec 21 Corn closed at $4.73 1/2, down 2 1/4 cents,
  5. ·New Crop Cash (cmdtyView) was $4.45 5/7, down 2 3/23 cents,

Beans Lower for Wednesday Close

Domestic Soybean futures rallied off midday lows but were still 3 1/4 to 7 1/4 cents in the red at the close. There were no delivery notices against March soybeans overnight. There are 149 warehouse receipts registered for delivery. May Dalian Soybean Futures posted a new contract high of 6,096 yuan/MT (~ $25.70/bu). The lesser traded, but more export competitive, No2 beans did not post LOC highs, but were up 16 yuan to 4,218 (~ $17.75/bu) in May contracts. Domestic new crop soybean futures on CBoT were also weaker but losses were limited to 5 3/4 cents

CBoT Soymeal futures closed the day $2.70 to $3.10/ton weaker. Soy Oil futures however, rallied off midday losses to close 8 to 12 points higher. New crop Canadian Canola Prices are back above CAD $600/MT after three days of recovery. The front month record high is still $852.10 from 2/24.  

Ahead of USDA’s weekly Export Sales report, traders estimate between 100,000 and 500,000 MT of beans were sold on the week ending 2/25. New crop bean bookings are expected to be below 300k MT. For meal, estimates show a range of 100,000 to 300,00 MT. And pre report estimates are for less than 25k MT of soy oil sales.

--- provided by Brugler Marketing & Management

  1. ·Mar 21 Soybeans closed at $14.10 3/4, down 3 1/4 cents,
  2. ·May 21 Soybeans closed at $14.07 1/2, down 5 cents,
  3. ·Nearby Cash(cmdtyView) was $13.70 5/8, down 4 13/20 cents,
  4. ·Nov 21 Soybeans closed at $12.24, down 5 3/4 cents,
  5. ·New Crop Cash (cmdtyView) was $11.71 4/7, down 5 19/25 cents,

Wednesday Weakness for Wheat

Domestic wheat futures closed the midweek session in the red as back and forth action continued through Wednesday. CBT SRW Wheat futures ended the session 8 1/2 to 11 1/4 cents lower. KC HRW Wheat futures gave back 9 to 9 1/2 cents. MPLS HRS Wheat futures closed down by 2 1/4 to 4 3/4 cents. There were zero delivery notices vs. Chicago and KC wheat overnight, as the stoppers kept all of those KC receipts.

Export sales estimates are for USDA to show between 100,000 and 500,000 MT sold on the week ending 2/25. New crop bookings are estimated to come in below 100k MT. Philippines are tendering for 145,000 MT of wheat. Japan bought 82,937 MT of wheat from U.S. and Canada in the weekly MOA tender.

--- provided by Brugler Marketing & Management

  1. ·Cash SRW Wheat was $6.27 5/7, down 10 1/2 cents,
  2. ·Mar 21 CBOT Wheat closed at $6.52, down 11 1/4 cents,
  3. ·Jul 21 CBOT Wheat closed at $6.46 1/2, down 8 1/2 cents,
  4. ·Cash HRW Wheat was $5.89 5/6, down 9 3/10 cents,
  5. ·Mar 21 KCBT Wheat closed at $6.17 1/2, down 9 1/2 cents,
  6. ·Jul 21 KCBT Wheat closed at $6.31, down 9 1/2 cents,
  7. ·Mar 21 MGEX Wheat closed at $6.35 1/2, down 4 3/4 cents,

Cotton Weakens Triple Digits on Wednesday

At the close, Cotton futures were 251 to 254 points in the red. New crop contracts were 144 points weaker with Dec near 85.01 cents. ICE reported 10 new deliveries issued against March cotton futures, bringing the MTD deliveries to 91 (Wells Fargo stopping 69 of them).

The online cotton trading platform The Seam reported 2,237 bales were sold on March second for an average gross price of 83.11 cents. USDA’s Daily Spot Quotations report for 3/3 had 2,192 bales sold at spot. USDA’s basis remained 4.89 cents under in the DSQ report. ICE certified stocks on 3/2 was firm at 99,789. The Cotlook A index for 3/2 was back up 240 points to 96.75 cents/lb. The AWP for cotton is 75.76 cents/lb, and will be updated after tomorrow’s close.

--- provided by Brugler Marketing & Management

  1. ·May 21 Cotton closed at 88.45, down 254 points,
  2. ·Dec 21 Cotton closed at 85.01, down 144 points

Hogs Close Higher for Midweek

Front month Lean Hog futures were off the midday highs at Wednesday’s close, but held on to triple digit gains. The CME Lean Hog Index was $81.90 on the 26th, up $1.20. USDA’s National Average Base Hog price was $1.82 higher this evening to $82.75. The WCB base hog price was $85.19, but prices were withheld for the ECB due to confidentiality.

Pork Cutout futures ended $1.10 to $1.87 higher on Wednesday, with June now also above $100/cwt. USDA’s National Pork Carcass Cutout Value was quoted at $91.41 in the PM report, down $3.46. Hams were the biggest mover, dropping $8.50 to $77.10 cwt. USDA estimates federally inspected hog slaughter for the week through Wednesday at 1.487m head. That is 3,000 head above the same week last year’s pace.

China’s Farm Ministry confirmed the ASF cases in a transport of piglets in Yunnan. The report did not specify further contamination, but identifying the outbreak is fueling industry concerns that the disease was never irradicated. September Dalian Live Hog futures were back up to 28,097 yuan/MT (~ $1.97/lb).

 --- provided by Brugler Marketing & Management

  1. ·Apr 21 Hogs closed at $87.925, up $2.575,
  2. ·Jun 21 Hogs closed at $94.850, up $1.375
  3. ·Apr 21 Pork Cutout closed at $95.025, up $2.000,

Cotton Down Triple Digits

Midweek cotton futures are trading with triple digit losses of 242 to 243 points so far. New crop contracts are 174 points weaker with Dec near 84.71 cents. ICE reported 10 new deliveries issued against March cotton futures, bringing the MTD deliveries to 91 (Wells Fargo stopping 69 of them).

The online cotton trading platform The Seam reported 5,381 bales sold on March first for an average gross price of 85.51 cents. USDA’s Daily Spot Quotations report for 3/2 had 4,791 bales sold at spot. ICE certified stocks were bales lighter on 3/1 to 99,789. The Cotlook A index for 3/2 was back up 240 points to 96.75 cents/lb. The AWP for cotton is 75.76 cents/lb.

--- provided by Brugler Marketing & Management

Cotton Prices by Barchart

Wheat Fades Double Digits

Back and forth action in the domestic wheat markets continues, with double digit losses at midday. CBT wheat futures are near $6.52 for May and $6.41 for Sept with 10 to 13 3/4 cent losses. KC wheat futures are down 11 cents so far, May near $6.23 and Sept at $6.34/bu. Spring wheat prices are down 5 1/4 to 6 1/2 cents so far. There were zero delivery notices vs. Chicago and KC wheat overnight, as the stoppers kept all of those KC receipts.

NOAA’s 5 day QPF shows rain development along the southern border of KS into OK, with accumulated precip topping at 1 1/2”. The U.S. drought monitor index still has D0-D3 conditions for NW KS and the TX Panhandle.

The EU’s accumulated wheat exports were to 17.56 MMT, down 18.2% from last season’s pace. Algeria issued an international wheat tender for 50k MT. Pakistan is tendering for 300,000 MT of optional origin wheat. Philippines are tendering for 145,000 MT of wheat. Japan bought 82,937 MT of wheat from U.S. and Canada in the weekly MOA tender.

--- provided by Brugler Marketing & Management

SRW Wheat Prices by Barchart

HRW Wheat Prices by Barchart

HRS Wheat Prices by Barchart

Lean Hogs Recovering at Midday

Front month lean hog futures trading is back up after Tuesday’s turnaround. April is near $87.80 with a $2.45 gain, the other front months are $1.02 to $1.32 higher. The CME Lean Hog Index was $81.90 on the 26th, up $1.20. USDA’s National Average Base Hog price was $1 higher this morning to $79.42. The WCB base hog price was $82.25, well above their $78.69 5-day average. Prices were withheld for the ECB due to confidentiality.

Pork cutout futures are $1.07 to $1.70 higher, with June now above $100 cwt as well. USDA’s National Pork Carcass Cutout Value was quoted at $94.22 this morning, down 65 cents. Bellies were up $5.39 in the Am report, but didn’t offset drops in the other cuts. USDA estimates federally inspected hog slaughter at 497,000 head for Tuesday. WTD hog slaughter was 990,000 head. Last year’s slaughter was 988k head through Tuesday.

China’s Farm Ministry confirmed the ASF cases in a transport of piglets in Yunnan. The report did not specify further contamination, but identifying the outbreak is fueling industry concerns that the disease was never irradicated. September hog futures on the Dalian were back up to 28,097 yuan/MT (~ $1.97/lb).

 --- provided by Brugler Marketing & Management

Lean Hog Prices by Barchart

Pork Cutout Prices by Barchart

Dalian Live Hog Prices by Barchart

Corn Pulls Back on Wednesday

Front month corn futures are trading 9 1/2 to 10 cents lower. There were no delivery notices against March corn futures overnight, and there are no warehouse receipts currently registered for delivery. March is near $5.50 3/4 for midday, and May is near $5.34 3/4. New crop trading has the board 3 to 4 3/4 cents lower with Sept a 15 1/2 cent premium to Dec.

Ethanol production didn’t fully recover in the week ending 2/26, as EIA data showed 849k barrels were produced per day – midway between 659k LW and 911k before the cold snap. Continued weak production drew ethanol stocks even lower on the week to 22.425m barrels down an additional 360k.

 --- provided by Brugler Marketing & Management

Corn Prices by Barchart

Beans Weaker on Wednesday

Soybean futures are down 8 1/4 to 12 3/4 cents at midday, with May near $14.02. There were no delivery notices against March soybeans overnight. There are 149 warehouse receipts registered for delivery. May Dalian Soybean Futures posted a new contract high of 6,096 yuan/MT (~ $25.70/bu). New crop U.S. soybean futures are also weaker with losses limited to 9 cents so far.  The new crop soy/corn ratio at 2.582:1 still favors expanded soybean acres.

Soymeal prices are trading $4.90 to $5.10/ton in the red, and soy oil prices are down 7 to 11 points at midday. Canadian canola futures are back above CAD $600/MT after three days of recovery. The front month record high is still $617.50 from 2/24.

--- provided by Brugler Marketing & Management

Soybean Prices

Soymeal Prices by Barchart

Soy Oil Prices by Barchart

Canadian Canola Prices by Barchart

Cattle Market Inching Higher for Midweek

Front month live cattle futures are firm at midday, trading within a nickel of UNCH through August. October and December are 17 and 12 cents in the black at midday respectively. The weekly FCE sold 757 of the 1,802 head listed for $114. Asks were generally $114-$115, but one NE pen asked $116. Outside of the FCE, cash cattle trade is being reported at $114 live and $180 dressed, steady with last week. Feeder cattle are working higher with futures gains limited to 32 cents so far. The 3/1 Feeder Cattle Index from CME was $137.54, down 81 cents.

Wholesale Boxed Beef prices were mixed in the AM update with Choice $1.37 lower and Select up 23 cents. USDA estimates Tuesday’s FI cattle slaughter at 123k head. WTD slaughter is up from 241k LW but down from 247k head LY.

--- provided by Brugler Marketing & Management

Live Cattle Prices by Barchart

Feeder Cattle Prices by Barchart

Soybeans Fade Tuesday Gains

After closing with double digit gains on Turnaround Tuesday, beans begin midweek trading with most contracts 3 to 5 cents lower. Thinly traded March is up a penny. There were no delivery notices against March soybeans overnight. There are 149 warehouse receipts registered for delivery. New crop futures were also up double digits, but only by 10 to 12 cents. The new crop soy/corn ratio at 2.585:1 still favors expanded soybean acres. Market focus continues to be on South American harvest progress and US acreage intentions. USDA’s Planting Intentions survey is currently underway, although results won’t be released until the end of the month.

Soymeal prices ended the Tuesday session $3.10 to $3.90/ton higher. March was $423.30/ton as open interest wanes through deliveries to 2,643 contracts as of Monday. For front month soybean oil, prices ended 43 to 50 points in the black. March settled at 51.27 cents/lb and preliminary OI was 1,124 contracts as of Monday.

--- provided by Brugler Marketing & Management

Soybean Prices by Barchart

Soymeal Prices by Barchart

Soy Oil Prices by Barchart

Corn Down 2 to 6 Cents Overnight

Overnight adjustments in corn futures have prices 2 to 6 cents lower to start the midweek session. Corn closed 5 3/4 to 6 3/4 cents higher on Turnaround Tuesday. March futures were up 13 1/4 cents to $5.60 3/4.  There were no delivery notices against March corn futures overnight, and there are no warehouse receipts currently registered for delivery.New crop trading led to 7 cent gains for December, settling at $4.75 3/4 cents. Front month corn basis from cmdtyView was quoted at 16 3/4 cents under May at the close. New crop basis is 28 cents under Dec.

EIA data will be released later today, with expectations of a production rebound closer to January and early February levels. Ethanol producers averaged just 659k bpd on the week ending 2/19 as energy shortages and power outages caused by the polar vortex crippled production.

 --- provided by Brugler Marketing & Management

Corn Prices by Barchart

Cattle Futures Bounce Despite Beef Weakness

Live cattle futures ended the session 20 to 45 cents in the black on Tuesday. April and June added a 4th consecutive lower intraday low. Since February 16, a 10 trading day move, there have been 6 lower lows for a net decline of $6.38 in the April.  Cash cattle sales have yet to surface. Feeder cattle rallied back from the triple digit midday losses, but still closed 32 to 67 cents weaker. The 3/1 Feeder Cattle Index from CME was $137.54, down 81 cents.

Wholesale Boxed Beef prices were lower again on Tuesday afternoon, tightening the Chc/Sel spread to $8.51. That is still the second highest for this date, going back to 2002. Choice boxes fell $4.35 cwt. to $234.68 and Select boxes were down $1.47. USDA estimates Tuesday’s FI cattle slaughter at 123k head. WTD slaughter is up from 241k LW but down from 247k head LY.

--- provided by Brugler Marketing & Management

Live Cattle Prices by Barchart

Feeder Cattle Prices by Barchart

Hogs Give Back Some February Gains

Turnaround Tuesday lean hog trading left futures triple digits weaker through the June contract. April closed at $85.35 and May was $87.92 at the close. The CME Lean Hog Index was $81.90 on the 26th, up $1.20. USDA’s National Average Afternoon Base Hog price was $2.28 higher in the PM update to $80.93.

Pork cutout futures were also triple digits weaker, led by a $1.60 drop to $100 flat in July contracts. USDA’s National Pork Carcass Cutout Value was $94.87 on Tuesday, up $2.50 on stronger hams and loins. USDA estimates federally inspected hog slaughter at 497,000 head for Tuesday. WTD hog slaughter was 990,000 head after revising Monday’s kill back to 493k. Last year’s slaughter was 988k head through Tuesday.

--- provided by Brugler Marketing & Management

Lean Hog Prices by Barchart

Pork Cutout Prices by Barchart

Cotton Futures 50 to 97 Points Lower

Midweek cotton trading begins with futures 50 to 97 points lower after also seeing losses yesterday. At the close for Tuesday, front month cotton futures were 54 to 82 points weaker. March closed at 89.44 cents. ICE reported 3 new deliveries issued against March cotton futures, bringing the MTD deliveries to 81 (Wells Fargo stopping 66 of them). New crop December was 34 points lower to 86.45.

The online cotton trading platform The Seam reported 5,381 bales sold on March first for an average gross price of 85.51 cents. USDA’s Daily Spot Quotations report for 3/2 had 4,791 bales sold at spot. ICE certified stocks were bales lighter on 3/1 to 99,789. The Cotlook A index for 3/1 was another 75 points weaker at 94.35 cents/lb. The AWP for cotton is 75.76 cents/lb.

--- provided by Brugler Marketing & Management

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Wheat Markets 3 to 7 Cents Lower Early

Wheat futures are 3 to 7 cents lower in early Wednesday trading, with Minneapolis the firmest of the three markets. Yesterday, Turnaround Tuesday buying resulted in wheat futures markets rising above both the Friday and Monday closes in Chicago. Chicago SRW prices were 10 to 16 cents higher, with May at $6.66 1/4. May HRW closed at $6.35 1/4, up 12 cents. The other HRW front months were 11 3/4 cents higher. Spring wheat prices were up 9 3/4 to 12 cents at the close. There were zero delivery notices vs. Chicago and KC wheat overnight, as the stoppers kept all of those KC receipts.

EU’s accumulated wheat exports were to 17.56 MMT, down 18.2% from last season’s pace. Japan is tendering for 82,937 MT of wheat. Algeria issued an international wheat tender for 50k MT. Pakistan is tendering for 300,000 MT of optional origin wheat.

--- provided by Brugler Marketing & Management

SRW Wheat Prices by Barchart

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Double Digit Bounce Back for Beans

Turnaround Tuesday buying resulted in 13 1/2 to 21 1/2 cent gains for front month beans. The gains fully erased Monday’s drop for old crop. New crop futures were also up double digits, but only by 10 to 12 cents widening the inverse. November soybeans closed at $12.29 3/4, leaving the new crop soy corn ratio at 2.585.

Soymeal prices ended the Tuesday session $3.10 to $3.90/ton higher. March was $423.30/ton as open interest wanes through deliveries to 2,643 contracts as of Monday. For front month soybean oil, prices ended 43 to 50 points in the black. March settled at 51.27 cents/lb and preliminary OI was 1,124 contracts as of Monday. Market focus continues to be on South American harvest progress and US acreage intentions. USDA’s Planting Intentions survey is currently underway, although results won’t be released until the end of the month.

--- provided by Brugler Marketing & Management

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Corn Close in Black on Turnaround Tuesday

Turnaround Tuesday action left corn futures 5 3/4 to 6 3/4 cents higher at the close. March futures were up 13 1/4 cents to $5.60 3/4. New crop trading led to 7 cent gains with December now at $4.75 3/4 cents. Front month corn basis from cmdtyView was quoted at 16 3/4 cents under May at the close. New crop basis is 28 cents under Dec.

USDA flashed a 175,000 MT corn sale to Japan for 2021/22 delivery. The Texas state crop report indicated that 3% of the intended corn crop has been planted there. That lags the 7% average pace, due to producer decisions to delay starting until after the record cold snap in February. There were again zero delivery notices against March futures overnight. The oldest long is dated October 26.

  --- provided by Brugler Marketing & Management

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Cattle Futures Gain on Tuesday

Live cattle futures ended the session 20 to 45 cents in the black on Tuesday. Prior to closing in the black, however, the April and June added a 3rd consecutive lower low from the Feb 16 high. During the same 10 trading day move, there have been 6 lower lows for a net swing of $2.07. Cash cattle sales have yet to surface through Tuesday. Feeder cattle rallied back from the triple digit midday losses, but still closed 32 to 67 cents weaker. The 2/25 CME Feeder Cattle Index was $138.91, down from $139.48.

Wholesale Boxed Beef prices were lower again this afternoon, tightening the Chc/Sel spread to $8.51. That is still the second highest for this date, going back to 2002. Choice boxes fell $4.35 cwt. to $234.68 and Select boxes were down $1.47. USDA estimates Tuesday’s FI cattle slaughter at 123k head. WTD slaughter is up from 241k LW but down from 247k head LY.

--- provided by Brugler Marketing & Management

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Feeder Cattle Prices by Barchart

Wheat Closes with Double Digit Gains

Turnaround Tuesday left the wheat futures markets above both the Friday and Monday closes in Chicago. Chicago SRW prices were 10 to 16 cents higher, with May at $6.66 1/4. May HRW closed at $6.35 1/4, up 12 cents. The other HRW front months were 11 3/4 cents higher. Spring wheat prices were up 9 3/4 to 12 cents at the close. March OI continues to wane through the delivery process, showing 1,263 contracts still open for Chicago, 519 for KC, and 136 for MPLS as of March 1st.

ABARES preliminary new crop wheat output for Australia is 25 MMT, the Chief Commodity Forecaster cited dry weather concerns and yield impacts as La Nina winds down for the 25% drop off in production yr/yr.  Planting will begin in a few weeks, so this is a very preliminary number. EU’s accumulated wheat exports were to 17.56 MMT (65% of USDA’s forecast) through Feb 28. That is down 18.2% from last season’s pace, but USDA’s WAOB estimates a 29.7% full year drop as of the Feb report. Japan is tendering for 82,937 MT of wheat. Algeria issued an international wheat tender for 50k MT. Pakistan is tendering for 300,000 MT of optional origin wheat.

--- provided by Brugler Marketing & Management

SRW Wheat Prices by Barchart

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Hogs Close in Red

Turnaround Tuesday lean hog trading left futures triple digits weaker through June contracts. April closed at $85.35 and May was $87.92 at the close. The CME Lean Hog Index was $80.70 on the 25th, up from $79.95. USDA’s National Average Afternoon Base Hog price was $2.28 higher in the PM update to $80.93.

Pork cutout futures were also triple digits weaker, led by a $1.60 drop to $100 flat in July contracts. USDA’s National Pork Carcass Cutout Value was $94.87 this afternoon, up $2.50 on stronger hams and loins. USDA estimates federally inspected hog slaughter at 497,000 head for Tuesday. WTD hog slaughter was 990,000 head after revising Monday’s kill back to 493k. Last year’s slaughter was 988k head through Tuesday.

--- provided by Brugler Marketing & Management

Lean Hog Prices by Barchart

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Cotton Closes in Red on Tuesday

After partially recovering from hard selling on Thursday with triple digit Monday gains, front month cotton futures ended the Tuesday session 54 to 82 points weaker. March closed at 89.44 cents. ICE reported 3 new deliveries issued against March cotton futures, bringing the MTD deliveries to 81 (Wells Fargo stopping 66 of them). New crop December was 34 points lower to 86.45.

The online cotton trading platform The Seam reported 5,381 bales sold on March first for an average gross price of 85.51 cents. USDA’s Daily Spot Quotations report for 3/2 had 4,791 bales sold at spot, mostly SE and W. TX. ICE certified stocks were bales lighter on 3/1 to 99,789. The Cotlook A index for 3/1 was another 75 points weaker at 94.35 cents/lb. The AWP for cotton is 75.76 cents/lb, effective through Thursday.

--- provided by Brugler Marketing & Management

Cotton Prices by Barchart

Wheat Recovering on Tuesday

Wheat markets are recovering from sharp losses yesterday with double digit gains through midday. CBT prices are back up 11 1/2 to 19 1/2 cents so far led by in deliveries March at $6.63. HRW wheat futures are 11 3/4 to 16 1/2 cents higher erasing yesterday’s losses. Minneapolis spring wheat is up 9 3/4 to 10 3/4 cents. There were a huge 1,268 deliveries against KC March wheat on Monday, but only 77 were put out for today. Wells and JPM clients continued to be the stoppers. There were again zero deliveries against March CBT wheat.

State crop condition reports showed Oklahoma wheat dropping slightly following the winter storm, to 46% good/ex from 48% the previous week. Texas wheat was rated 28% good/ex vs. 30% the previous week.

ABARES preliminary new crop wheat output is 25 MMT, the Chief Commodity Forecaster cited dry weather concerns and yield impacts for the 25% drop off in production yr/yr. EU’s accumulated wheat exports were to 17.56 MMT (65% of USDA’s forecast) through Feb 28. That is down 18.2% from last season’s pace, with WAOB’s Feb estimate calling for a full year 29.7% drop from 19/20. Japan is tendering for 82,937 MT of wheat. Algeria issued an international wheat tender for 50k MT. Pakistan is tendering for 300,000 MT of optional origin wheat.

--- provided by Brugler Marketing & Management

SRW Wheat Prices by Barchart

HRW Wheat Prices by Barchart

HRS Wheat Prices by Barchart

Cotton Weakening on Turnaround Tuesday

After recovering from hard selling on Thursday with triple digit Monday gains, front month cotton futures are 56 to 89 points weaker on Turnaround Tuesday. March is near 89.70 cents at midday. ICE reported 3 new deliveries issued against March cotton futures, bringing the MTD deliveries to 81 (Wells Fargo stopping 66 of them).

USDA’s Daily Spot Quotations report for 3/1 had 2,421 bales sold. The reported average price was 86.68 cents for a consistent -489 point basis. ICE certified stocks were 340 bales lighter on 2/26 to 99,789. The Cotlook A index for 3/1 was another 75 points weaker at 94.35 cents/lb. The AWP for cotton is 75.76 cents/lb, effective through Thursday.

--- provided by Brugler Marketing & Management

Cotton Prices by Barchart

Corn Higher on Turnaround Tuesday

Tuesday midday prices are back up by 6 1/2 to 8 cents. March futures are 13 1/2 cents in the black with preliminary OI at 16,588 contracts as of March 1. There have been no deliveries issued against March corn to date. New crop contracts are still 53-70 cent inverse.

USDA flashed a 175,000 MT corn sale to Japan for 2021/22 delivery. The monthly USDA Grain Crush report showed 415.8 mbu of corn used for ethanol production in Jan. That was 3.7% below December’s use and was 11.43% below Jan 2020. DDGS production in January was 1.75m tons, down from 1.79 in December. 

The Texas state crop report indicated that 3% of the intended corn crop has been planted there. That lags the 7% average pace, due to producer decisions to delay starting until after the record cold snap in February. There were again zero delivery notices against March futures overnight. The oldest long is dated October 26.

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Beans Double Digits Higher

Turnaround Tuesday in the soy complex has futures cancelling Monday’s selloff. Soybeans are 11 1/4 to 18 cents higher so far, with May near $14.09/bu. New crop beans are in the black as well, but the 7 1/2 to 10 1/4 cent gains are widening the inverse. A stronger US dollar was a bearish influence yesterday and last night, but the currency has faded this morning.

Soymeal prices are $2.80 to $3.40/ton higher at midday, and soy oil futures are up 45 to 51 points. USDA’s Monthly Fats and Oils report (after the close) showed 196.5 mbu of soybeans were processed in January. That was the second largest crush for any month. 2020/21 crush through Jan is 5.64% above last season’s pace. USDA’s Feb forecast was for a yr/yr increase of 1.61%. There were zero deliveries overnight against March soybean futures. The oldest long dates back to December 22.

--- provided by Brugler Marketing & Management

Soybean Prices by Barchart

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