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Corn futures are mostly 1 to 2 cents higher this morning. They closed the Monday session with most contracts fractionally to 1 1/4 cents higher. The USDA reported private export sales of 107,752 MT of 17/18 corn to Japan and 254,800 MT to unknown destinations through their daily system Monday morning. The USDA Export Inspections report showed 1.377 MMT in shipments during the week of 3/8. That was 40.57% larger than the previous week, but down 12.1% from the same week last year. Inspections YTD are now lagging last year by 29.74% at 20.323 MMT. China increased their processing capacity for corn by 33 MMT to 137 MMT during 2017, in an effort to trim their large and ageing carryover stocks. There were 441 contracts put out against March futures deliveries overnight, with the Dreyfus house account stopping 418 of them.

Soybean futures are trading 2 to 4 cents higher this morning. They ended Monday with gains of 1 3/4 to 6 cents. Nearby Soymeal futures were down $1.90/ton, with front month soy oil up 14 points. Monday morning’s Export Inspections report indicated that 910,237 MT of soybean shipments went out the week of March 8. That was down 10.22% from the prior week, but 34.25% larger than the equivalent week last year. Shipments so far in the 17/18 MY have totaled 39.705 MMT, down 11.88% from a year ago. Safras & Mercado estimates that the Brazilian soybean crop will hit 117.3 MMT in 17/18. That is 1.7 MMT larger than their February projection.

Wheat futures are currently 3 to 4 cents higher in all three markets. They posted fractional to 2 cent gains in most CBT and KC contracts yesterday while MPLS was 6 to 8 cents higher. 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. Export Inspections for the week ending 3/8 were 389,358 MT in the USDA Export Inspections report. That lags the previous week by 2.89% and was 29% behind the same week last year. Iraq is seeking 50,000 MT of wheat from the US, Australia, or Canada, with the tender closing March 13.

Live cattle futures finished the Monday session with most contracts 20 cents to $1.575 lower. Feeder cattle futures were down 22.5 to 57.5 cents. The CME feeder cattle index was down 64 cents on March 8 at $143.34. Wholesale boxed beef values were mixed on Monday afternoon. Choice boxes were down 24 cents at $223.90, with Select boxes up 23 cents at $217.49. The Ch/Se spread narrowed to $6.41. 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.

Lean hog futures were down a nickel to 77.5 cents in most contracts yesterday, with back months higher. The CME Lean Hog Index on March 7 was down 12 cents from the previous day to $67.52. The USDA pork carcass cutout value was $1.45 higher at $74.88 in the Monday PM report. The loin and picnic were the only cuts reported lower, as the belly was up $7.22. The national base hog weighted average price was 88 cents lower at $60.53 on Monday afternoon. 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.

Cotton futures are 12 to 38 points higher this morning. They were steady to 124 points lower in the nearby contracts on Monday, with back months slightly higher. As of March 8, 18.984 million bales of upland cotton had been classed. During that week, there were 140,741 bales classed in the Upland category. The Cotlook A index was up 220 points from the previous day on March 9 at 94.40 cents/lb. The Adjusted World Price (AWP) was updated to 74.13 cents/lb, down 104 points from last week. China sold 93.63% of the near 30,000 MT offered at an auction of state reserves on Monday.

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