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Corn futures are mostly 2 to 3 cents higher in most contracts at midday. The USDA reported private export sales of 210,000 MT of 17/18 corn to South Korea through their daily system this morning. Dr. Michael Cordonnier trimmed his Argentina corn estimate another 1 MMT to 43 MMT, while leaving his Brazil projection at 86 MMT. According to DTN, the national average corn price on Monday was 33 cents above last year at $3.53 1/4. That puts the basis 3 1/4 cents above this time last year at -31 cents, with the March contract is set to expire on Wednesday

Mar 18 Corn is at $3.87, up 2 3/4 cents,

May 18 Corn is at $3.93 1/4, up 2 1/2 cents,

Jul 18 Corn is at $4.01, up 2 1/2 cents

Sep 18 Corn is at $4.05 1/4, up 2 1/2 cents

Soybean futures are trading 6 to 7 cents higher in the front months on Tuesday. Nearby Soymeal futures are up $1.80/ton, with front month soy oil 14 points higher. NOPA will release their monthly US crush report for February crush among its members this Thursday. Argentina’s soybean production estimate was reduced another 2 MMT to 43 MMT by Dr. Cordonnier, with the Brazil estimate still at 114 MMT. The national average cash price for soybeans was at $9.61 3/4 as of Monday evening according to DTN. That would put the average basis 2 1/4 cents weaker than a year ago at -71 1/2 cents when comparing too soon to expire March.

Mar 18 Soybeans are at $10.39 1/4, up 6 cents,

May 18 Soybeans are at $10.47 1/2, up 6 1/2 cents,

Jul 18 Soybeans are at $10.57 3/4, up 6 3/4 cents,

Aug 18 Soybeans are at $10.59, up 6 3/4 cents,

Mar 18 Soybean Meal is at $371.60, up $1.80

Mar 18 Soybean Oil is at $31.56, up $0.14

Wheat futures are steady to a penny higher in most CBT contracts, as nearby March is up 9 on thin trade. Both KC and MPLS are up 2 to 4 cents in most contracts, with March also showing low volume. Winter wheat conditions in OK (+15) and TX (+18) improved over the past week to 208 and 231 respectively on the Brugler500 index. The gd/ex ratings were up 3 at 13% in TX, and 7% in OK, 1% higher. Conditions in KS however, deteriorated another 6 points to 243, with the 12% of the crop at gd/ex, down 1 from last week. Taiwan mills purchased 92,465 MT of US wheat on Tuesday. Japan is seeking 119,610 MT of US, Canadian and Australian wheat in their weekly MOA tender that closes on Thursday. Of the total 32,285 MT is to be sourced from the US.

May 18 CBOT Wheat is at $4.91, up 1/4 cent,

May 18 KCBT Wheat is at $5.25 3/4, up 3 1/2 cents,

May 18 MGEX Wheat is at $6.27, up 2 1/2 cents

Live cattle futures are showing another round of losses on Tuesday. Feeder cattle futures are down 85 cents to $1.225. The CME feeder cattle index was down 64 cents on March 8 at $143.34. Wholesale boxed beef values were mixed on Tuesday morning. Choice boxes were up 11 cents at $224.01, with Select boxes down 19 cents at $217.30. The Ch/Se spread is now at $6.71. Estimated FI cattle slaughter was at 113,000 head on Monday, 6,000 head fewer than last week and 1,000 head below than the same week in 2017. Wednesday’s online FCE auction has just 113 head listed for sale, all from Kansas.

Apr 18 Cattle are at $121.175, down $0.375,

Jun 18 Cattle are at $112.775, down $0.500,

Aug 18 Cattle are at $110.325, down $0.500,

Mar 18 Feeder Cattle are at $141.200, down $0.975

Apr 18 Feeder Cattle are at $141.725, down $0.850

May 18 Feeder Cattle are at $142.875, down $1.225

Lean hog futures are mostly 40 to 50 cents in the green at midday. The CME Lean Hog Index on March 9 was down 47 cents from the previous day to $67.05. The USDA pork carcass cutout value was 97 cents higher at $75.85 in the Tuesday AM report. The loin, ham, and belly cuts were reported higher. The national base hog weighted average price was $1 lower at $59.50 on Tuesday morning. The USDA estimated FI hog slaughter at 460,000 head on Monday. That is up 10,000 head from the previous week and 21,000 head more than the same week last year.

Apr 18 Hogs are at $68.100, up $0.425,

May 18 Hogs are at $71.700, up $0.475

Jun 18 Hogs are at $77.525, up $0.475

Cotton futures are posting sharp losses in most nearby contracts, with May down 100 points. The Cotlook A index was down 50 points from the previous day on March 12 at 93.90 cents/lb. Cash sales on the Seam were reported at 2,272 bales on Monday, with prices averaging 70.73 cents/lb. The Adjusted World Price (AWP) was updated to 74.13 cents/lb, down 104 points from last week. China sold 24,300 MT of the near 30,000 MT offered at an auction of state reserves on Tuesday.

May 18 Cotton is at 82.28, down 100 points,

Jul 18 Cotton is at 82.5, down 71 points

Dec 18 Cotton is at 78.180, down 54 points

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