The CME and Total Farm Marketing offices will be closed Friday, April 2, 2021, in observance of Good Friday.
CORN
- May corn up 25 @ 5.64 & Dec corn up 24 @ 4.77
- March 1 stocks 7.770 mb – trade guess of 7.778 mb
- Prospective Planting report acres 91.1 million acres – trade expectation 93.1 million acres
- Despite plunge in ethanol production – demand still expected to stay strong
- Tomorrow’s exports need to be strong despite corn sales running at record pace
- Weather in S. America remains overall dry – stress to Brazil 2nd corn crop
SOYBEANS
- May up 59 @ 14.25 @ Nov up 64 @ 12.51
- Soybeans will trade with a 1.05 trade limit today
- Planting intentions report acres 87.6 million acres – trade guess around 90 million acres
- March 1 soy stocks 1.564 mb — trade guess 1.561 mb
- COVID-19 issues are re-emerging in Brazil & the EU
WHEAT
- May wheat up 12 @ 6.14, May KC wheat up 14 @ 5.72, May MNPLS down 1 @ 6.00
- Wheat acres at 46.3 million acres – trade guess around 45 million acres
- March 1 wheat stocks 1.314 mb versus trade guess 1.2 mb
- Trade looking for drastic decline in wheat – didn’t happen
- Will funds re-own KC wheat
CATTLE
- Jun cattle unchanged @ 122.25 & Apr FC down 1.75 @ 145.07
- Cutouts exploded higher Tuesday indicating strong demand still in place
- Futures hold large premium to cash – may hold until cash catches up
- Today’s slaughter est. at 121K head
- Cash trade quiet – bids 118-120 in the South
- Feeder Cattle Index for March 29, up 0.89 @ 139.75
- Open interest gained 959 for June futures & lost 542 contracts for April FC
HOGS
- Apr hogs down 0.25 @ 100.670 & Apr pork cutout down 0.25 @ 110.35
- Jun/Jul hogs made contracts high after closing chart gaps
- Packers may hold back now that cutout gains have slowed
- Hog slaughter estimated at 492K head
- Cash lean index for March 26, up 1.41 @ 97.38
- O/I: Lost 1776 positions for Apr hogs & pork cutout futures lost 4 positions
Author
Amberlee Bratcher