CORN
- May corn down 2 @ 6.84 & Dec down 7 @ 5.39
- Brazil’s Safrinha corn will remain dry – production concerns rise
- Northwestern parts of corn belt will see rains delaying fieldwork
- Fear corn may have topped out due to being higher than global corn
- Weekly exports 521K mt
- O/I: Lost 40,932 positions in May futures
SOYBEANS
- May up down 15 @ 15.42 & Nov down 12 @ 13.15
- US cash basis is still strong given tight supplies
- US soybean crush margins remain positive
- Weekly exports 292K mt
- Higher prices ahead? Nov has only topped out twice in April
- O/I: Lost 33,432 positions in May futures
WHEAT
- May up 1 @ 7.26, KC down 7 @ 6.82, MNPLS up 7 @ 7.31
- Western Russia & parts of Ukraine are too wet
- Northern plains continue to remain too dry and worsen
- Weekly exports 223K mt
- Ukraine likely to increase wheat harvest to 27.7 mt in 2021
- Paris milling futures slightly lower this week after contract highs Tues.
- O/I: Lost 66 positions in May wheat & lost 3,931 positions in KC May wheat
CATTLE
- June LC up .37 @ 115.82 & May up 1.55 @ 136.52
- Futures oversold and traders buying the recent move down
- Weekly exports 23,600 mt
- Today’s slaughter est. at 120K head
- Some cash trade seen 118-119
- Cash index for April for 27; down .15 @ 135.07
- Open interest lost 2,574 for June futures & lost 390 for May FC
HOGS
- June hogs down 2.27 @ 106.85 & June Pork Cutout down 1.75 @ 112.75
- Packers are still aggressively buying – volatility is high
- Higher feeder prices may limit production keeping supplies tight
- Weekly exports 35,600 mt
- Hog slaughter estimated at 486K head
- Cash lean index for April 26; up .22 @ 107.39
- O/I: Lost 877 for June hogs & June pork cutout gained 57 positions
Author
Amberlee Bratcher