CORN
- May up 4 @ 5.83 & Dec up 3 @ 4.98
- Corn higher as May futures looking to challenge contract highs
- December futures looking to break 5.00 if report bullish
- Corn exports expected to increase – dropping US ending stocks
- Corn harvest has reached 12% in Argentina – behind pace
- Brazil corn production raised by CONAB to record 109 mmt despite dry weather
- O/I: Lost 19,900 positions in May futures
SOYBEANS
- May down 3 @ 14.11 & Nov down 2 @ 12.70
- Soybeans waiting on report – refusing to trade higher until stocks are known
- Brazilian soy production record large looming over prices
- Brazil taken over the export market for now due to discount to US soy
- Basis still very tight within US
- O/I: Lost 15,253 positions in May futures
WHEAT
- May up 14 @ 6.43, KC May up 12 @ 5.89, MNPLS May up 11 @ 6.51
- Wheat pushing ahead alongside corn today
- Extreme drought continue to expand in northern plainsf
- China still rumored to have bought US wheat – no confirmation yet
- French wheat still rated 87% good/excellent
- Concern over tensions between Russia & Ukraine mounting regarding future exports
- O/I: Lost 7746 positions in May wheat & lost 8217 positions in KC May wheat
CATTLE
- June LC down .127 @ 123.75 & May FC down 2.34 @ 149.25
- Feeders down as corn continues to rally
- Live cattle trading lower as cash appears to be done for the week
- Today’s slaughter est. at 118K head
- Cash trade this week 120-121
- Open interest lost 3125 for June futures & lost 1165 for May FC
HOGS
- April Hogs down .15 @ 103.325 & April pork Cutout down .40 @ 111.75
- Pork exports were not as strong as expected & China not a major buyer
- Cutouts should provide solid support & keep trend higher for hogs overall
- Hog slaughter estimated at 491K head
- Cash lean index for April 6, up .13 @ 100.47
- O/I: Lost 1690 positions for April hogs & pork cutout futures lost 68 positions
Author
Amberlee Bratcher