CORN
- May corn up 12 @ 7.47
- Private exporters reported sales of 1,084,000 mt of corn for delivery to China (676,000 during the 21/22 marketing year and 408,000 during 22/23)
- Some war premium may be put back into the market as Russian troops continue their attacks on southern parts of Ukraine
- Central Brazil will remain dry for the next 10 days, which could stress the second corn crop
SOYBEANS
- May soybeans up 19 @ 16.02
- Gains in meal prices are supporting soybeans
- Last week’s report suggested farmers intend to plant a record-high 91.0 million acres
- China’s increase in covid cases continues to raise concerns about its imports of energies and commodities
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WHEAT
- May wheat up 23 @ 10.08, May KC up 24 @ 10.37, May MNPLS up 16 @ 10.81
- Russian attacks on Odessa (Ukraine) ports could slow any exports coming out of the Black Sea
- It remains dry across the US southern plains and the outlook suggests it will stay that way for early spring
- Winter wheat crop ratings this afternoon are likely to show stress in HRW areas
CATTLE
- Apr LC down 0.700 @ 137.950 & Apr FC down 1.950 @ 159.625
- Cash last week was steady to higher
- Beef demand generally rises in April which may make packers more aggressive
- Choice cuts down 1.25 and select up 0.18
- Cattle slaughter projected at 119K
- CME Feeder Cattle Index for 4/1: up 0.29 @ 156.05
HOGS
- Apr hogs down 1.325 @ 99.975 & Apr pork cutout down 0.625 @ 107.050
- Cutouts were 4.12 lower and unsupportive to futures
- Several chart gaps have been closed
- National Direct Afternoon report declined 1.45
- Last week’s weakness in cash may indicate that packers have enough supply for now
- Hog slaughter projected at 475K
- CME Lean Hog Index for 4/4: down 0.50 @ 102.63
Author
Brandon Doherty