The CME and Total Farm Marketing offices will be closed Friday, April 2, 2021, in observance of Good Friday.

CORN

• May corn down 3-1/2 @ 5.60-3/4 & Dec corn up 4 @ 4.81
• March 1 stocks 7.770 bb – trade guess of 7.778 bb
• Prospective Planting report acres 91.1 million acres – trade expectation 93.1 million acres
• Old and new crop gapped higher in the overnight, surging to new contract highs
• Expectations for a further tightening of the corn balance sheet as export sales remain at a record large pace
• Mostly dry forecast for Safrinha corn growing area in central Brazil
• DTN national corn index closed at $5.54
• Markets are closed tomorrow; Friday, April 2nd

SOYBEANS

• May down 23 @ 14.14 & Nov up 5 @ 12.61-1/4
• Planting intentions report acres 87.6 million acres – trade guess around 90 million acres
• March 1 soy stocks 1.564 bb — trade guess 1.561 bb
• COVID-19 issues are re-emerging in Brazil & the EU
• Today’s limit is expanded to $1.05 per bushel
• Brazil has taken over the export front as Chinese demand has been insatiable
• DTN national soybean index closed at $14.05
• Markets are closed tomorrow; Friday, April 2nd

WHEAT

• May wheat down 12 @ 6.06, May KC wheat down 15-1/4 @ 5.60-3/4, May MNPLS down 12-1/4 @ 5.98-1/2
• Wheat acres at 46.3 million acres – trade guess around 45 million acres
• March 1 wheat stocks 1.314 bb versus trade guess 1.2 bb
• Little friendly news for wheat in the USDA report, but benefited by surging corn market
• South Korean flour mills reported to have purchased 65,000 mt of milling wheat from the US for July-August shipment
• Weather concerns – incoming warm temps and dryness in southern and northern Plains exacerbating drought in those areas
• Markets are closed tomorrow; Friday, April 2nd

CATTLE

• Jun cattle up 0.150 @ 123.05 & Apr FC up 0.450 @ 144.325
• Cutout closes yesterday: choice at $2.47.12, select $238.13
• Cattle futures showed strength in light of bullish prospective plantings report
• Demand outlook is positive with seasonal price rally solidly under way
• Yesterday’s slaughter was 119K head
• Markets are closed tomorrow; Friday, April 2nd

HOGS

• Apr hogs up 0.475 @ 101.525 & Apr pork cutout up 0.350 @ 111.200
• Cash Lean Index up 0.46 at 98.50
• Did not perform quite as well as cattle but held up despite the strength in grains
• Traders believe higher prices will continue to materialize due to current fundamentals pointing higher
• Projected Saturday slaughter was unable to be obtained on Wednesday
• Yesterday’s slaughter was 492K head
• Markets are closed tomorrow; Friday, April 2nd

Author

Brandon Doherty