CORN
- July Corn up 11 @ 6.69 & Dec corn up 16 @ 5.55
- Exports to 277,600 MT – down from last week
- Daily sales of 1.224M MT – delivery to China
- Brazil corn rose to highest level ever – 8.33 per bu
- Ethanol production last week averaged 1.032 million barrels per day
- Argentine port workers are on strike again
- O/I: Lost 4,807 positions in July futures
SOYBEANS
- July up 6 @ 15.44 @ Nov up 5 @ 13.75
- Exports to 84,200 MT – down 11% from last week
- Soybean market pressured by outside markets & threat of higher interest rates
- Resurgence of COVID-19 in Asian countries may threaten demand
- Some processors dropping bids by 20-30 cents on disappointing crush #s
- China’s soy prices dropped but not enough to stifle imports
- Funds remain 108K contracts long
- O/I: Lost 8,785 positions in July futures
WHEAT
- July wheat up 8 @ 6.87, July KC up 3 @ 6.36, July MNPLS up 4 @ 7.01
- Weekly export sales at 121,000 MT – up noticeably from last week
- Markets still pressured due to rains falling on S. Plains & N. Plains
- Wheat Quality Crop Tour – continue to find impressive yields
- Tour put hard wheat tour combined yield at 57.9 bpa
- Could see record yields out of Kansas this year
- O/I: Lost 4,401 positions in July wheat & lost 2,340 positions in KC July wheat
CATTLE
- June LC down .27 @ 116.62 & August FC down 1.65 @ 151.22
- Cash cattle should be steady this week
- Ban by Argentina of beef exports aide US exports – 56,900 MT
- Feeder Cattle cash index for May 18; up .10 @ 133.80
- Asking prices around $121 – no cash trade yet
- Cattle slaughter projected at 119K
- Open interest lost 3,207 for June futures & gained 125 for Aug FC
HOGS
- June hogs up 1.32 @ 112.35 & June Pork Cutout up 1.35 @ 119.45
- Hogs weights decreasing indicating marketings are current
- Exports this week at 19,000 MT – up 29% from last week
- Hog slaughter projected at 479K
- Cash lean index for May 17: up .37 @ 111.79
- O/I: Lost 1,850 for June hogs & June pork cutout unchanged positions
Author
Amberlee Bratcher