Mixed Monday morning grain trade to start off the Holiday week.
The overnight trade showed a mixture of buying and selling pressure as the market balances the rain forecast for South America’s dry regions with the improved soybean and corn seedings. Brazil is expected to raise a soybean crop that could exceed 150 MMTs which would offset any shortfalls in Argentina production due to lack of moisture. The frigid central plains weather and lack of snow cover has some concern on the drought stricken HRW wheat with winter kill possibilities.
Ukraine experienced a furry of drone attacks overnight in the city of Kiev and surrounding cities infrastructure from Russia. Russian President Putin is likely heading to Belarus to try and convince president Lukashenko to join his was efforts against Ukraine even though the Belarus president has stated he does not want anything to do with Putin’s war on Ukraine.
Exports from Russia are down due to severe wintry weather being experienced over there, slowing barge loading and making vessel travel harder.
The overnight weather models have taken some key rains out of the South American forecast that were supposed to fall on Sunday. A dryer and hot forecast does remain, however, there is rain set to come later in the week for the dry areas that will also see lower temperatures again.
Cattle futures ended on a nice rally to end the trading week. This Friday is the cattle on feed report when we should see low trading interest due to the holiday weekend. Boxed beef was all over the board last week but ultimately ended the week higher. Fed cattle was about a dollar higher across the nation last week giving the market a nice jump into the weekend that looks to be sustainable through the week ahead.