The CME and Total Farm Marketing offices will be closed Friday, April 15, 2022, in observance of Good Friday
CORN
- May corn down 6 @ 7.70
- Consumer Price Index hit 8.5% in February, meaning inflation is the highest in 40 years (which could be bullish for commodities)
- EPA issued an emergency waiver to allow E15 ethanol blend during the summer months
- The increase in ethanol blend may add only 25 mb to the crush
- 2-4 inches of rain expected in the Corn Belt within the next 10 days
SOYBEANS
- May soybeans down 17 @ 16.53
- Soybean oil gaining more of the crush value – lower Black Sea veg oil exports are leading to India importing more palm oil
- Soybeans may need more demand to push over the $17 level
- CONAB said Brazil’s soybean harvest is 85% complete
- Argentina truckers are on strike due to higher fuel prices
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WHEAT
- May wheat up 2 @ 11.06, May KC up 1 @ 11.63, May MNPLS up 1 @ 11.57
- The 14-day weather map shows rain moving across about 2/3 of the southern plains
- New crop Paris milling wheat futures are making new contract highs
- Putin made comments that peace talks are at a dead end, increasing concern about Ukraine’s agriculture production and exports
- Egypt was originally tendering for wheat from European sources only but late yesterday announced they are accepting offers from Russia as well
CATTLE
- Jun LC up 0.700 @ 137.000 & May FC up 1.950 @ 162.875
- The winter storm moving across the country may affect cattle operations and with a lot of calves on the ground there could be considerable losses
- The high cost of feed may cause feedlots to move cattle quickly
- Demand remains strong
- Choice cuts up 1.36 and select up 0.42
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 4/12: up 0.14 @ 155.81
HOGS
- Jun hogs down 1.150 @ 117.325 & Jun pork cutout down 0.975 @ 124.200
- Supply fundamentals have not changed
- May hogs are at a large premium to the index and will be the front month next week
- The Jun and Jul contracts still have a small gap on the chart above current levels
- National Direct Afternoon Report increased 1.97
- Hog slaughter projected at 476K
- CME Lean Hog Index for 4/12: down 0.43 @ 99.63
Author
Brandon Doherty