CORN
- May up 16 @ 6.22 & Dec up 8 @ 5.37
- Ethanol productions for the week ending 4/16 averaged 941K same as last week
- Strong cash and tight basis keep prices putting in contract highs 3 days in a row
- Late planted crops in Brazil will suffer due to dryness
- Brazil’s 20/21 crop could reach a record of 107. mt
- O/I: Lost 24,852 positions in May futures
SOYBEANS
- May up 19 @ 14.91 & Nov up 12 @ 13.12
- Argentina crop could be 51.5 million tonnes
- Veg oils continue to push futures higher in soybean complex
- China continues to reflect strong demand for soybeans
- US basis continues to soar as buyers look for limited old crop beans
- O/I: Lost 19739 positions in May futures
WHEAT
- May up 15 @ 6.75, KC May up 11 @ 6.32, MNPLS May up 10 @ 6.80
- US wheat damage occurred overnight in Oklahoma & Texas
- Rain prospects for northern Plains could improve in early May but dry until then
- Paris milling futures rose today on dryness & cold temps
- Recent frost & freezes in EU have induced damage
- O/I: Lost 6060 positions in May wheat & lost 4925 positions in KC May wheat
CATTLE
- Jun LC down 1.75 @ 117.40 & May FC down 2.80 @ 139.975
- Cattle on Feed out tomorrow – guess is placements up 33.7% from last year
- Prices continue to slip despite strong demand & higher boxed beef prices
- Today’s slaughter est. at 120K head
- Cash trade expected to stay steady around 120-121
- Cash index for April 19; down 1.65 @ 138.48
- Open interest lost 2404 for June futures & lost 1112 for May FC
HOGS
- Jun hogs down 0.42 @ 107.65 & Jun Pork Cutout down 1.95 @ 111.225
- Tightening supplies keeping packers aggressive
- Profit-taking likely to explain away today’s move lower
- Hog slaughter estimated at 489K head
- Cash lean index for April 16; up 0.52 @ 103.76
- O/I: Lost 744 for Jun hogs & Jun pork cutout gained 2 positions
Author
Amberlee Bratcher