Market Snapshot | March 23, 2022

( )

Corn futures are around a nickel higher at midmorning, led by nearby contracts’ jump near two-week highs.

May soybeans are up more than 20 cents, nearby soymeal is up nearly $5 and nearby soyoil is up over 100 points.

Wheat futures are mostly lower at midmorning after fading from overnight gains.

  • Nearby HRW and SRW futures pulled back from earlier gains on profit-taking, with expectations for further moisture relief in the U.S. Plains also limiting buyer interest.
  • Disruptions from the Russia/Ukraine war continue to support prices. Ukraine’s spring crop-sowing area may be cut more than half from 2021 levels to 7 million hectares, the country’s ag minister said earlier this week. Prior to the invasion, seedings were expected to reach 15 million hectares.
  • Ukrainian ports remained closed and the country is likely to export just 200,000 MT of wheat during March-June, according to analyst APK-Inform, which cut its 2021-22 forecast for Ukrainian wheat exports 4.2 MMT to 18.3 MMT.
  • May SRW wheat is trading within yesterday’s range, with initial resistance seen at yesterday’s high of $11.69 1/4, also a two-week high, and support at yesterday’s low of $11.02 1/4. May HRW and spring wheat contracts are also holding within yesterday’s ranges.

Live and feeder cattle futures are lower at midmorning.

Lean hog futures have pulled back from an opening surge to contract highs but remain sharply higher

  • Hog futures gapped higher at today’s open behind continued strength in cash fundamentals, with the CME lean hog index off slightly but still near a six-month high.
  • The CME lean hog index price slipped 3 cents to $101.77, still at a premium of about 50 cents to nearby April futures.
  • Wholesale pork remains firm. Pork cutout values jumped $5.10 yesterday to $106.71, near a two-week high and led by a gain of nearly $13 in hams. Movement totaled 273 loads.
  • June lean hogs reached a contract high at $124.45 and left a gap on the daily chart between yesterday’s high at $120.225 and today’s low at $121.20.
 

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.