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Corn futures are trading 4 to 7 cents higher after closing 9 to 10 cents higher yesterday. Preliminary OI was up 16,092 lots indicating fresh fund buying. There were 3 deliveries put out against the Mar 14 contract overnight brining the MTD total to 824 contracts. A sharply lower dollar index, combined with a very solid export sales report combined to boost prices yesterday. USDA put the actual weekly export sales at 1,682,500 MT (including 164,500 MT to Japan for 2014/15).
Soybean futures are trading 16 to 19 cents higher after closing 12 to 17 cents higher on Thursday Preliminary OI was up 4,781 contracts. There were 0 deliveries put out against the Mar 14 contract overnight, with the month to date total at 140 contracts.. The US Attache in Paraguay cut the Soybean crop estimate by 1.2 MMT to 8.1MMT. Exports were cut 2.2 MMT. Weekly USDA export sales for soybeans were expected to be between 600,000 MT – 1.3 MMT. USDA put the actual figure at 1,029,400 MT (including 256,700 MT for 2014/15). Some Chinese cancellations were reported, but new bookings to unknown destinations were more than enough to offset the cancelled shipments.
Wheat futures are trading 9 to 13 cents higher after a higher close yesterday. Preliminary OI in CBOT wheat was up 550 contracts. There have been no deliveries against the Mar 14 CBOT contract. The trade average-guess for US wheat ending stocks in the March 10 USDA report is 570 million bushels, according to a Bloomberg survey. Weekly USDA export sales for wheat were expected to be between 250 – 700,000 MT yesterday. USDA put the actual figures at 556,100 MT for 2013/14.
Cattle futures are trading 7 to 17 cents lower after a slightly lower settle the previous session. Estimated week to date slaughter was reported at 442,000 head compared to 448,000 head last week. Boxed beef prices were higher again with choice cuts up $1.07 at $235.58 while select cuts were up $1.07 at $233.00. The Choice/Select spread is at $2.73. Cash cattle trade has run $147-150 in the South, and $237-240 in the North. The CME Feeder Cattle Index was down 0.05 at 172.26.
Lean Hogs are trading 15 to 57 cents lower after a higher settle on Thursday. The pork carcass cutout was $1.09 higher yesterday at $110.14. Estimated week to date slaughter was reported at 1,637,000 head compared to 1,698,000 head last week. Cash hog prices from the ECB were up $1.19 on Thursday, while values from the WCB were up $3.04. Prices from IA/MN marketing areas are up $2.98. The CME Lean Hog Index was up $1.92 at $100.87.
Cotton futures are trading 130 to 134 points higher after a sharply higher close yesterday. There were no deliveries overnight against the March 14 contract. March cotton expires today. The US Dollar Index was sharply lower, down 0.59% at 79.64. ICE Certified stocks were reported 258,061RB, with 0 new certs, 2,285 decerts and 2,599 bales awaiting review. USDA put weekly export sales for Cotton at 230,300 running bales, including 207,700 RB of upland (old and new crop) and 22,600 RB of pima.