Market Snapshot | March 18, 2022

( )

Corn futures are 8 to 14 cents lower in old-crop contracts at midmorning.

Nearby soybeans are 11 to 15 cents lower, nearby soymeal is nearly $2 lower and nearby soyoil nearly 300 points lower.

Wheat futures are sharply lower, led by declines of around 35 cents in nearby SRW contracts.

Live cattle and feeder cattle futures are higher at midmorning.  

  • Live cattle futures are modestly higher on renewed strength in the cash market, while feeders are gaining support from weaker corn prices.
  • USDA-reported live steers averaged $139.96 through yesterday morning, up $1.66 from last week's average. Other sources reported moderate cash trade at $138 in the Southern Plains yesterday and signaled most feedlots in the northern market continued to pass on steady prices in hopes packers would raise bids.
  • Choice beef cutout values fell $1.03 yesterday to $257.05 but movement was strong at 148 loads.
  • June live cattle is on track for a second consecutive weekly gain after ending last week at $132.95. Initial resistance is seen at the 100-day moving average around $137.30 and this week’s high at $137.60.

Lean hog futures are lower after sinking to fresh lows for the week.

  • April lean hog futures are heading for a weekly decline on followthrough pressure from yesterday’s weak close. Declines are being limited by the lead month’s discount to the CME lean hog index.
  • The lean hog index is up 36 cents to $100.77, near a six-month high posted a week ago. The cash market is in a seasonally weak period, but tight animal supplies should provide longer-term price support.
  • Pork cutout values rose 18 cents yesterday to $105.20, the highest since March 9. Movement totaled 293 loads.
  • April lean hogs fell as low as $99.75 and are down from $102.725 at the end of last week.
 

Latest News

H&P Report negative compared to pre-report expectations
H&P Report negative compared to pre-report expectations

Nearly every category topped the average pre-report estimates.

After the Bell | March 28, 2024
After the Bell | March 28, 2024

After the Bell | March 28, 2024

Pro Farmer's Daily Advice Monitor
Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.

PF Report Reaction: Bullish USDA data for corn
PF Report Reaction: Bullish USDA data for corn

Corn planting intentions and March 1 stocks came in lower than expected.

Report Snapshot: USDA shows lighter-than-expected corn acres and stocks
Report Snapshot: USDA shows lighter-than-expected corn acres and stocks

USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.