CORN

• May up 15 @ 6.07 & Dec up 9 @ 5.29
• Contract highs today – May high of 6.11 & Dec high of 5.33
• Limited rain expected for driest areas of Brazil’s corn belt for 2 weeks
• US basis continues to surge as buyers keep searching for corn
• Ethanol prices moving higher again
• Widespread freeze in Midwest & S. Plains
• Daily export sales of 114K mt to Mexico
• O/I: Lost 30,460 positions in May futures

SOYBEANS

• May up 23 @ 14.73 & Nov up 17 @ 13.01
• Contract highs: May 14.85 & Nov 13.08
• Highest prices today see in over 8 years
• US soybeans still not competitive with Brazil until fall
• Domestic demand continues to squeeze US soy
• O/I: Lost 4755 positions in May futures

WHEAT

• May up 14 @ 6.66, KC May up 14 @ 6.26, MNPLS May up 14 @ 6.25
• Contract high: MNPLS May @ 6.82-3/4
• Ukraine & Russia tensions tighten
• Winter wheat conditions virtually unchanged at 53% good/excellent
• Dryness in UK, France, and Germany lends support
• Dryness & cold in the Plains still bullish this week
• O/I: Lost 6373 positions in May wheat & lost 2247 positions in KC May wheat

CATTLE

• June LC up 1.12 @ 119.72 & May FC up 0.77 @ 143.25
• Cattle rebounded a $1.00 of lows yesterday and market buying still today
• Boxed beef prices closed higher again yesterday
• Today’s slaughter est. at 119K head
• Cash trade expected to stay steady around 120-121
• Cash index for April for 16, down 1.55 @ 140.13
• Open interest lost 3314 for Jun futures & lost 799 for May FC

HOGS

• Jun hogs up 1.32 @ 105.65 & Jun Pork Cutouts up 1.52 @ 113.15
• Cash and cutouts continue to trend higher
• Strong demand still needs to be met – futures seemingly have no top yet
• Hog slaughter estimated at 491K head
• Cash lean index for April 15; up 0.21 @ 103.24
• O/I: Lost 134 for Jun hogs & Jun pork cutout lost 3 positions

Author

Amberlee Bratcher