TFM Midday Update 04-26-2022

CORN

May corn unchanged @ 8.00
Corn inspections pegged at 65 mb with total inspections now at 1.373 bb
Corn planting 7% done vs 15% average
Both the 6-10 and 8-14 day forecasts show showers in the Midwest
Weather looks ok in most of Europe and the Black Sea
Dryness in central Brazil is still raising concern about the safrinha corn crop
News outlets are reporting increased Russian attacks on central and western Ukraine cities

May soybeans up 3 @ 17.06
Soybean inspections pegged at 22.1 mb with total inspections now at 1.712 bb
Private exporters reported 132,000 mt of soybeans for delivery to China and 133,000 mt of soybeans for delivery to unknown
Soybean planting 3% done vs 5% average
May soybeans on China’s Dalian exchange dropped 2.9%, which may be due to the rise in covid cases and cities being locked down (though they are still expensive, around the equivalent of $21.46 per bushel)

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May wheat up 16 @ 10.78, May KC up 11 @ 11.56, & May MNPLS up 1 @ 11.78
Wheat inspections pegged at 10.6 mb, with total inspections now at 675 mb
Winter wheat crop rated 27% good to excellent (vs 30% last week and 49% last year)
Spring wheat 13% planted vs 15% average
Some reports suggest that areas of southwest Kansas, southeast Colorado, and the Oklahoma / Texas panhandles will produce zero wheat due to drought
Continued wet and cold weather in the northern Plains looks to further delay spring wheat planting there

Jun LC up 0.450 @ 135.875 & May FC up 0.050 @ 161.350
Higher than expected placements on the Cattle on Feed report contributed to weakness in cattle futures
April live cattle futures expire on Friday
Chart gaps now above the market may need to be filled
Choice cuts down 1.31 and select up 1.75
CME Feeder Cattle Index for 4/25: up 1.31 @ 156.52

Brandon Doherty