The CME and Total Farm Marketing offices will be closed Friday, April 7, 2023, in observance of Good Friday
CORN
- May corn up 3 @ 6.57
- Private exporters reported sales of 125,000 mt of corn for delivery to unknown during the 22/23 marketing year
- There may be some new concerns regarding the banking crisis after the Swiss government said they will investigate the merger of Credit Suisse and UBS
- May corn is at or near overbought levels (on some technical indicators)
- Corn futures are firming at midday, despite overnight weakness
SOYBEANS
- May soybeans up 2 @ 15.19
- Private exporters reported sales of 276,000 mt of soybeans for delivery to unknown during the 22/23 marketing year
- Next Tuesday, April 11, will be the monthly WASDE report – it is expected to show tight soybean carryout
- Brazil soybean export prices continue to trend lower
- May soybean meal has lost $50 per ton over the past 4 weeks or so
- Brazil soybean harvest is said to be about 80% complete
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WHEAT
- May Chi wheat down 8 @ 6.83, May KC down 8 @ 8.64, & May MNPLS down 11 @ 8.78
- The GFS weather model shows some rains forecasted for the southern plains – the European model forecast has most of that in the eastern areas
- The western part of the HRW wheat area is experiencing high winds and low humidity which are affecting the crop
- Russia continues to have cheap wheat for export
- Melting snow next week in the northern plains could cause flooding issues that delay spring fieldwork
CATTLE
- Apr LC up 0.475 @ 168.075 & Apr FC up 0.075 @ 198.025
- Feedlots may hold out for higher prices this week after the strength in boxed beef
- Packers may be willing to bid up after the cash increase last week
- Tightening supply should provide support, but the economy & demand could still be concerns down the road
- Choice cuts up 2.85 and select up 3.77
- Cattle slaughter projected at 126K
- CME Feeder Cattle Index for 4/4: up 1.34 @ 193.02
HOGS
- Apr hogs up 1.675 @ 73.900 & Apr pork cutout up 1.100 @ 79.000
- Selling pressure continues to be the theme in hog futures as stops are triggered
- Hog futures are very oversold and due for an upside correction
- Slaughter pace is strong and is preventing supply from backing up
- Funds seem comfortable to continue to hold their record short position
- National Direct Afternoon report declined 0.28
- Hog slaughter projected at 477K
- CME Lean Hog Index for 4/5: down 0.52 @ 74.68