CORN
- May corn down 7 @ 7.53
- The US and EU are expected to announce a new set of sanctions against Russia today
- The safrinha corn in southern Brazil is expected to get beneficial rain over the next 7 days (with lighter amounts in Argentina and central Brazil)
- CONAB will release an update tomorrow with their Brazil production numbers
- The eastern Midwest is forecasted to remain wet for most of April which could delay plantings
SOYBEANS
- May soybeans down 7 @ 16.24
- Private exporters reported sales of 132,000 mt of soybeans for delivery to China during the 21/22 marketing year
- Covid cases are reportedly rising in China, causing concern about their import demand
- There are no FOB offers out of Brazil after August which may make the US the main exporter this fall
- May soybeans on China’s Dalian Exchange are around the equivalent of $21.24 per bushel
Like what you’re reading?
Sign up for our other free daily TFM Market Updates and stay in the know!
WHEAT
- May wheat down 10 @ 10.35, May KC down 5 @ 10.78, May MNPLS down 9 @ 11.03
- There is increased concern about the rebuilding of Russian troops in eastern Ukraine, and those troops heading south to export points
- US wheat exports have been lagging but could pick up down the road if the war continues
- The European weather model suggests June – August will be dry in the western Corn Belt and the Plains
- The Climate Prediction Center suggests that drought in the HRW region will continue at least through June
CATTLE
- Apr LC up 0.700 @ 137.500 & Apr FC up 0.525 @ 156.650
- Steady cash yesterday
- Feedlots may not want to hold out for higher prices due to rising feed costs
- Both live and feeder cattle futures are at or near oversold levels
- Choice cuts up 3.49 and select up 1.20
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 4/5: down 0.39 @ 155.76
HOGS
- Apr hogs up 0.425 @ 98.100 & Apr pork cutout up 0.150 @ 105.00
- Lack of support from cash or cutouts yesterday
- Packers may be less aggressive as they have been able to purchase hogs at lower prices
- Hog futures are at or near oversold levels
- National Direct Afternoon report declined 1.38
- Hog slaughter projected at 469K
- CME Lean Hog Index for 4/6: down 0.75 @ 101.66
Author
Brandon Doherty