TFM Midday Update 04-22-2021

CORN

  • May up 25 @ 6.50 & Dec up 15 @ 5.51
  • Weekly export net sales at 387,500 MT
  • Outlook for S. Brazil looks mostly dry into 1st week of May
  • Brazil corn prices have moved higher to equate 7.35 bu
  • Argentina on tap for heavy rains which will slow harvest
  • O/I: Lost 19,855 positions in May futures

SOYBEANS

  • May up 37 @ 15.34 & Nov up 27 @ 13.37
  • Weekly export net sales at 64,300 MT
  • Soybean harvest winding down in Brazil
  • Brazil beans still 30-40 cent discount to US
  • Basis in US as high as 70 over in some parts of the country
  • O/I: Lost 14,153 positions in May futures

WHEAT

  • May up 29 @ 7.01, KC May up 29 @ 6.60, MNPLS May up 28 @ 7.07
  • Weekly export net sales at 240,200 MT
  • Contract highs hit in all 3 wheat markets
  • World wheat prices move higher this week
  • Russian & Ukraine tensions continue to threaten export market globally
  • Drought remains in US northern Plains – no relief in sight
  • O/I: Lost 4,766 positions in May wheat & lost 2,625 positions in KC May wheat

CATTLE

  • June LC down 0.67 @ 116.55 & May FC down 2.45 @ 137.15
  • Weekly export net sales at 24,600 MT
  • Boxed beef still showing significant gain – reflecting strong demand
  • Today’s slaughter est. at 118K head
  • Cash trade expected to stay steady around 120-121
  • Cash index for April for 20; down 0.15 @ 138.33
  • Open interest lost 2450 for June futures & lost 514 for May FC

HOGS

  • June hogs down up 0.17 @ 104.70 & June Pork Cutout up 0.45 @ 112.12
  • Weekly export net sales reported reductions of 22,100 MT
  • China indicated pork imports will continue to increase over 2020 levels
  • Hog slaughter estimated at 489K head
  • Cash lean index for April 19; up 0.66 @ 104.42
  • O/I: Lost 17 for June hogs & June pork cutout lost 12 positions

Author

Amberlee Bratcher

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates