CORN
- May up 6 @ 5.91 & Dec up 7 @ 5.19
- Weekly grain export inspections 1.524M mt
- Still mixed concerns over Safrinha corn as rain not expected until end of week
- New crop corn surges to high of 5.20
- Argentina expected to get rains which will further delay harvest
- Ethanol prices continue to rise with profitable margins
- Funds reported 402K contracts long
- O/I: Lost 30,123 positions in May futures
SOYBEANS
- May up 12 @ 14.45 & Nov up 9 @ 12.83
- Weekly grain export inspections 183,969 mt
- Brazil rainfall expected to be erratic & light than usual for centeral/south Brazil
- Veg oil prices strength continue to push soybeans higher
- Mato Grosso now 100% harvested – expected 35.7 mmt (record crop)
- O/I: Lost 7,692 positions in May futures
WHEAT
- May up 3 @ 6.56, KC May up 6 @ 6.15, May MPLS up 2 @ 6.66
- KC and MPLS wheat headed for 5th consecutive day higher
- Weekly grain export inspections 613,595 – above trade expectations
- Cold weather in US central Plains will bring frost/freeze to many winter wheat areas
- Plains and northern Plains still remain in drought
- Still concerns over recent frost/freezes in Europe have left more damage behind to crops
- O/I: Lost 3,214 positions in May wheat & lost 3,742 positions in KC May wheat
CATTLE
- Jun LC down 1.10 @ 118.07 & May FC down 2.27 @ 141.45
- Despite strong demand, cattle trading down for the 8th day in a row
- Market appears oversold – boxed beef prices very strong last week
- Today’s slaughter est. at 118K head
- Cash bulk of cash trade last week was $121 – nothing today yet
- Cash index for April for 15; down 0.62 @ 141.68
- Open interest lost 357 for June futures & lost 738 for May FC
HOGS
- Jun hogs up 2.37 @ 104.02 & Jun pork cutout up 1.60 @ 111.00
- Packers paying higher prices looking for market-ready hogs
- Hog carcass value at 112.09 – almost 50% above a year ago
- Hog slaughter estimated at 489K head
- Cash lean index for April 14; up 0.33 @ 103.03
- O/I: Lost 3,254 for Jun hogs & Jun pork cutout lost/gained 0 positions
Author
Amberlee Bratcher