CORN
- May down 6 @ 5.40 & Dec down 8 @ 4.53
- Argentina weather expected to favorable for next 10 days
- Daily export sales of 100,800 mt of corn – unknown delivery
- China domestic corn prices lower – indicative of adequate supplies for now?
- Weather in Brazil is bound to stress 2nd corn crop
- Corn following the trend of fellow grains ahead of large acres expected in tomorrow’s USDA report
SOYBEANS
- May down 10 @ 13.82 & Nov down 9 @ 11.08
- Brazil weather favorably mixed for the next 10 days
- Brazil soybeans reported 71% harvested versus 76% this time last year
- Bean oil once again pushing futures lower today
- Futures slip below 50-day moving average for 1st time since August 2020
- Funds have lightened up – plenty of room to add longs if tomorrow’s report bullish
WHEAT
- May down 15 @ 6.02, KC May down 10 @ 5.58, MNPLS down 6 @ 6.05
- Hard wheat tour to begin May 18-20
- Almost all of the US Plains in need of water – market not reacting to that currently
- Freezes expected this week for key wheat production areas in US – no damage expected
- Kansas wheat improved to 50% good/excellent versus last week 45%
- Ukraine topsoil rated A+ & rains in S. Russia create optimal conditions
CATTLE
- Jun cattle down 0.62 @ 122.05 & Apr FC up 0.02 @ 147.10
- May see profit-taking due to 3-day holiday weekend & end of 1st quarter
- Beef cutouts expected to move higher – moderate box movement
- Today’s slaughter est. at 120K head
- Cash trade quiet – bids 118-120 in the south
- Feeder Cattle Index for March 26, up 2.10 @ 138.85
- Open interest gained 3873 for Jun futures & lost 4 contracts for Apr FC
HOGS
- Apr hogs up 0.02 @ 100.40 & Apr pork cutout up 0.60 @ 110.25
- Hogs higher as pork ribs & pork bellies rose higher yesterday
- Spot hog & cash remain firm
- Hog slaughter estimated at 492K head
- Cash Lean Index for March 25, up 1.38 @ 95.97
- O/I: Lost 901 positions for Apr hogs & pork cutout futures lost 5 positions
Author
Amberlee Bratcher