Market Snapshot | March 2, 2022

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Corn futures are mixed at midmorning, with nearby contracts up sharply and deferreds lower.

Soy complex futures are lower, with old-crop soybeans down 14 to 20 cents.

  • Soybean futures fell in a corrective, profit-taking setback following sharp recent gains. Soybeans are less of a factor in the Russia/Ukraine region compared with corn and wheat, though global vegetable oil supplies remain a concern.
  • USDA reported daily soybean sales of 264,000 MT to “unknown destinations,” including 198,000 MT is for delivery during the 2021-22 marketing year and 66,000 MT for 2022-23. USDA also reported daily soybean sales of 266,000 MT to China, including 198,000 MT is for 2021-22 and 68,000 MT for 2022-23.
  • Since Jan. 28, USDA has reported a combined 5.464 MMT of soybean sales to China or unknown destinations, a more than seven-fold increase compared to the sales the previous month.
  • Reuters reported China booked at least five cargoes of U.S. old-crop soybeans for delivery in April-May, which is likely some of the daily sales. “While prices of U.S. and Brazil beans were almost the same, logistics for U.S. cargoes were faster,” one trader said.
  • StoneX lowered its forecast for Brazil's 2021-22 soybean crop to 121.17 MMT, down 4.2% from its February projection as drought cut yield prospects.
  • May soybeans fell as low as $16.55 3/4 overnight after surging 53 1/4 cents yesterday to $16.90.

Wheat futures are sharply higher, with May HRW and SRW contracts locked at the expanded 75-cent limit.

Live cattle futures are lower at midmorning, while feeder cattle are higher.

Lean hog futures are lower at midmorning with moderate to sharp losses in most contracts.

 

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