TOP STORIES:

Soybean Export Inspections Slide Extends

Inspections of U.S. soybean exports are down again this week, in response to China being out of the market in observance of the Lunar New Year.

In its weekly export inspection report released Monday, the U.S. Department of Agriculture reported that export inspections of U.S. soybeans totaled 721,845 metric tons for the week ending Feb. 18. That's down from 922,181 tons the previous week.

Wheat Climbs on Global Interest in U.S. Supplies

Wheat for March delivery rose 2.2% to $6.69 3/4 a bushel on the Chicago Board of Trade Monday amid indications of higher demand for U.S. wheat from international buyers.

Wheat futures led grains higher on indications of greater interest in U.S. exports by international buyers, said ED&F Man Capital. It cited countries like Jordan, Pakistan and Tunisia in the market. The strength in prices is expected to continue throughout the week. "Feels like we'll test contract highs this week," said the firm.

STORIES OF INTEREST:

Dry Spring and Hot Summer Forecast for US Growing Areas -- Market Talk

14:11 ET - Last week's forecast for 2021 US planting acreage by the USDA showed a record large of 182M acres in corn and soybeans. However, the USDA cautioned, this forecast is predicated on friendly weather conditions in US growing areas--something that may not be the case, according to Jim Roemer of Best Weather. According to data from Best Weather, dry and hot conditions could affect crops in the Corn Belt and the Delta in May through July. "Western corn belt to have a hot, dry summer due to La Nina and my analog years with respect to the recent Polar Vortex, which will retreat in March," Roemer says. (kirk.maltais@wsj.com; @kirkmaltais)

Country Fresh Wants to Sell Assets Out of Bankruptcy by April -- Market Talk

1455 ET - Country Fresh Holding, a supplier of fresh-cut fruits and vegetables and ready-to-go meals, plans to get approval to sell the bankrupt company's assets out of bankruptcy by the end of next month. The proposed bid deadline for the assets is March 19, with a potential auction scheduled for March 22, followed by a court hearing on March 26 to consider selling all or most of the assets in the US and Canada, court records show. Country Fresh, part of the Fresh Food Group, named private-equity firm Stellex Capital Management LLC as the lead bidder in exchange for $30M in cash and $25M in secured debt. Country Fresh filed for chapter 11 protection last week after facing a cash crunch due to economic pressures largely stemming from the coronavirus pandemic. (aisha.al-muslim@wsj.com; @aishaalmuslim)

THE MARKETS:

Cattle Finish Lower After Supply Data -- Market Talk

1534 ET - Live cattle futures on the CME finished lower, with the most-active contract finishing down 0.5% to $1.2305 per pound. The drop in futures comes as Friday's Cattle on Feed report showed results that suggested a larger supply of cattle than anticipated. "The February cattle on feed report contained some unexpected numbers," says Karl Setzer of AgriVisor. "Cattle placements in January were higher than expected at 2.02 million, 103% of the number from a year ago." Cattle futures have recently traveled higher on lower slaughter levels amid bitterly cold temperatures in the Midwest. Lean hog futures, meanwhile, closed trading up 0.7% to 85.125 cents per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

02-22-21 1743ET