1-21-23

China this week starting today is on Holiday break (Lunar New Year)

Wed. 25th Cold storage report

Cattle On Feed 

Feed     97%            Est 96.8

Place    92%                91.5

Mrkt      94%                94.7

So nothing exciting about the report

MHO April Cattle range

Low 157.80-156.40

High 162.65-163.15

4 week avg April Cattle is 160.65

China said Indonesia will allow 11 Brazilian beef plants to export into 

the country. Ministry added they may clear another 8 meat packers to sell

after the Lunar New Year holiday.

March Corn

4 week avg is 668.50

Last yrs. range for front month Corn the half is 693

Weekly avgs. 13 week = 665.75  26 week = 663.50  52 week = 690.25

Monthly  12 month avg = 693.50

Gaps for CH High end 730.25-732.75    Low end 595-591

Support CH 670.75    666.50    662.25 and IF we close under 662    655.50

Dec. Corn

4 week avg. 598.75

20 day ma 599.50    50 day = 602.25    100 day = 612.50

Support 591.50-587.50

March Beans

4 week avg. 1508.50

Last yrs. range front month Beans the half is 1544.25    

Weekly avgs.  13 week 1470.50    26 = 1453    52 = 1534.50

Res: 1524 and 1534-1545 and 1562.50 and 1593

Nov. Beans

4 week avg. 1389.25

IMHO yearly range could be any of these numbers

Support 1318 and 1203 and 1142 Low end

Res: 1465 and 1510 and 1579 High end

Start of the year

CH 678..50     CZ 610.75    SF 1519.25    SH 1524    SX 1416.75    WH 792

Feb I look for the seasonal break (crop ins. month and brazil will

get into harvest)

Also USDA Acreage outlook comes out. near the end of the month

The World wants to fight inflation and that includes food prices.

You will here me say buy puts to put a floor under the market which

leaves you your up open.

Rain makes grain and this year its going to be more important than ever

We too have a very good crop year and more corn and bean acres.