CORN
- May corn up 1 @ 6.67
- On Friday, May corn posted the highest close in more than a month.
- Russia is reportedly threatening to walk away from the Black Sea grain deal unless sanctions are lifted.
- The winter storm moving across much of the Midwest may bring planting delays and offer bullish support to the market.
- There are rumors that China may be replacing Ukraine corn with US corn.
SOYBEANS
- May soybeans up 11 @ 15.11
- There are still general concerns about the world economy slowing, as well as what the Fed will do regarding interest rates.
- The lower Argentina crop is supportive, but Brazil’s record crop continues to offer resistance and competition for US exports.
- There are rumors that a couple Brazilian cargoes of soybeans are enroute for the southeast US coast.
- China has a 3-year plan to reduce soymeal feed usage from 14.5% to 13% (by 2025).
WHEAT
- May Chi wheat up 4 @ 6.86, May KC down 7 @ 8.72, & May MNPLS down 3 @ 8.73
- There is talk that Poland and Hungary have banned imports of Ukrainian grain because it is reducing profitability to their farmers. However, the EU reportedly did not accept that ban.
- Chicago wheat is trading near the lowest level in more than 1.5 years.
- Russia is said to be delaying or blocking inspections of vessels in Turkish waters.
- Over the weekend, below freezing temperatures hit parts of Colorado, Nebraska, and Kansas.
CATTLE
- Apr LC up 0.425 @ 175.175 & Apr FC up 2.125 @ 205.525
- Both live and feeder cattle are overbought (by some technical indicators).
- Cash is anticipated to be higher this week.
- Tightening supplies and lower weights indicate cattle are being pulled forward.
- Boxed beef prices continue to increase.
- Choice cuts up 2.20 and select up 0.49.
- Cattle slaughter projected at 124K.
- CME Feeder Cattle Index for 4/14: up 1.54 @ 201.31
HOGS
- Apr hogs up 0.075 @ 71.825 & Apr pork cutout down 0.175 @ 77.500
- April futures expire today – May will become the front month.
- Higher cutouts on Friday could lend support today.
- Funds are said to hold a record short position of 29,288 contracts.
- National Direct Afternoon report declined 0.30.
- Hog slaughter projected at 482K.
- CME Lean Hog Index for 4/17: down 0.32 @ 71.63
Author
Brandon Doherty