CORN
- July Corn up 8 @ 6.61 & Dec corn up 7 @ 5.44
- Rains moving through Eastern corn belt today
- US planting at 80% complete and 41% emerged
- Demand for corn still very strong – Brazil & China corn still very high
- Ethanol margins continue to improve
- Brazil Safrinha corn still stressed by drought
- Managed money still estimated 250K long
- O/I: Lost 13,235 positions in July futures
SOYBEANS
- July down 14 @ 15.72 @ Nov down 2 @ 19.95
- Veg oil markets continue to lend support to futures
- July soybeans high today at 16.04
- July bean oil over 70 cents since 2008
- US planting 61% complete – 2nd fastest pace on record
- China beans at 18.48 – still pushes them to import beans
- O/I: Lost 5,268 positions in July futures
WHEAT
- July wheat up 2 @ 7.02, July KC up 1@ 6.52 , July MNPLS up 3 @ 7.18
- Wheat futures up minimally today – but up for now
- Rains projected in the Norther Plains where drought remains
- Winter wheat conditions fell 1% to 48% – good/excellent
- Spring wheat seeding at 85% complete – well ahead of 71% pace
- Inflation still a concern in Russian prices- even higher export tax imposed 6/2
- O/I: Lost 300 positions in July wheat & gained 11 positions in KC July wheat
CATTLE
- June LC up 1.40 @ 116.75 & August FC down .82 @ 151.92
- Futures looking for support – need higher cash prices
- Slower chains speeds are slowing amount of cattle purchased
- Feeder Cattle cash index for May 14, up 2.17 @ 133.90
- Asking prices around $121 – no cash trade yet
- Cattle slaughter projected at 119K
- Open interest lost 4,662 for June futures & gained 24 for Aug FC
HOGS
- June hogs up .80 @ 109.45 & June Pork Cutout up 1.30 @ 116.75
- Demand continues to remain strong which should support prices
- There is now a gap to the upside in June/July futures needing to be filed
- Hog slaughter projected at 481K
- Cash lean index for May 13; down .01 @ 110.93
- O/I: Lost 2,958 for June hogs & June pork cutout gained 24 positions
Author
Amberlee Bratcher