CORN

• July Corn up 5 @ 6.49 & Dec down 1 @ 5.42
• Brazil’s Safrinha corn areas will get rain Friday & Saturday
• Daily export sales of 128K mt of corn delivery to Mexico
• Weekly grain inspections at 744,940 bushels
• May 14^th, Funds sold 25,000 positions
• US basis still strong – .80-1.00 over July futures
• O/I: Lost 11,321 positions in July futures

SOYBEANS

• July up 7 @ 15.93 & Nov down 5 @ 13.95
• Weekly grain inspections for export at 113,470 bushels
• May 14^th, Funds sold 5,000
• US basis still strong .70-1.10 over July futures
• Soybean oil futures – contract high of 68.30 on July
• Rumors still stand that 200K mt of Brazilian bean headed to US

WHEAT

• July wheat down 5 @ 7.02, July KC down 6 @ 6.52, July MNPLS down 28 @ 7.13
• Northern Plains will get rain later this week
• Too much rain will continue to fall in W. Russia this week
• Weekly grain inspections for export at 241,960 bushels
• May 14^th, Funds buyers of 3,000 of SRW wheat
• US basis still strong .95-1.10 over July futures for SRW
• O/I: Lost 52 positions in July wheat & gained 250 positions in KC July wheat

CATTLE

• June LC down .32 @ 114.95 & August FC down .10 @ 151.05
• Lower corn prices may provide support for cash
• Packers may start with lower bids due to reduced slaughter
• Feeder Cattle cash index for May 13; up .72 @ 131.73
• Cattle slaughter projected at 119K

HOGS

• June hogs down .72 @ 107.92 & June Pork Cutout up .07 @ 115.32
• Saturday hog slaughter numbers are becoming less – expected to continue
• Trader looking to pork cutout values to determine price direction
• Hog slaughter projected at 480K
• Cash lean index for May 12; down .01 @ 110.94
• O/I: Lost 4,635 for June hogs & June pork cutout lost 10 positions

Author

Amberlee Bratcher