Corn futures closed in the green after trading mixed during the session. Sharply lower crude oil and equity markets along with a firmer U.S. dollar hung over the market today but the bearish tone was offset by uncertainty surrounding a potential Russia/Ukraine conflict which offered support. USDA announced a flash sale of 150,000 metric tons of U.S. corn to unknown for 21/22 this morning. In addition, USDA released weekly export inspections with corn totaling 43.9 mln. bu., a slight uptick from last week’s 48.7 mln. China was the leading destination, taking 13.7 mln. bu. This week’s corn total did lag the 56.1 mln. bu. weekly average needed to meet USDA’s current export forecast. Friday afternoon, USDA released updated Cattle of Feed numbers estimating 12.037 mln. cattle on feed, up 70,000 head vs. a year ago and 94,000 more than the average estimate. Temperatures remain cold across the heart of the Cornbelt. Midwest weather models indicate clipper events which are expected to bring artic air to the region this week. This will likely continue to plague IL river conditions. Cold weather and ice formation continues to impact the IL River and are expected to cause delays throughout the balance of the month. That said, traffic is currently moving fairly well given the circumstances. The Federal Reserve will meet this week (starting tomorrow). Fed watchers believe The Central Bank plans to raise rates in March.
Soybeans
Soybean futures closed lower today. March futures broke below $14.00 during the session but were able to close at $14.03. The weakness was primarily attributed to rains over key growing regions in Argentina and areas of southern Brazil. Spillover pressure from lower crude oil & the equities also added to the bearish tone. Isolated showers are expected to continue in Brazil the next two days before becoming more widespread midweek, while periods of rain are forecasted for Argentina through midweek followed by drier conditions. USDA announced sales totaling 136,000 metric tons of U.S. soybeans to China this morning which were split evenly for 21/22 and 22/23 followed by weekly U.S. bean export inspections which totaled 47.7 mln. bu. China was the leading destination, taking 23.5 mln. bu. YTD U.S. bean shipments trail last year’s pace by nearly 24%.
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