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