CORN
- May down 1 @ 6.49 & Dec down 4 @ 5.48
- Funds long 560,000 contracts of corn
- Matif corn futures making 8 year high
- Argentina crop weather will continue to be positive for next 2 weeks
- Stress to Safrinha corn in Brazil expected to worsen
- Heavy rains expected in Eastern Corn Belt next week
- O/I: Lost 17,219 positions in May futures
SOYBEANS
- May up 10 @ 15.43 & Nov up 4 @ 13.42
- Funds long 219,000 contracts of soybeans
- Positive US crush margins – carryout might come down from USDA #
- Surging veg oil markets have helped push soybeans this week
- Margins increased by CME to 3350
- O/I: Lost 16,025 positions in May futures
WHEAT
- May down 5 @ 7.04, KC May down 2 @ 6.65, MNPLS May up 6 @ 7.15
- Funds long 35,000 contracts of Chicago wheat
- Spring wheat areas are still too dry & in Europe
- Paris milling futures fall today after 8 days in a row higher
- Drought keeping MNPLS wheat up – new contract highs
- O/I: Lost 5,488 positions in May wheat & lost 4,267 positions in KC May wheat
CATTLE
- Jun LC down 0.10 @ 115.75 & May FC up 0.52 @ 137.55
- Cattle on feed released today at 2:00 CT
- Many fear the top may be in for cattle
- Today’s slaughter est. at 118K head
- Cash trade lower this week from 118-119
- Cash index for April for 21; down 0.80 @ 137.53
- Open interest lost 2940 for June futures & lost 646 for May FC
HOGS
- Jun hogs up 1.75 @ 105.30 & Jun Pork Cutout up 1.47 @ 111.92
- China March production up 28% from Feb
- Higher cash & cutouts should provide support despite grain prices
- Hog slaughter estimated at 481K head
- Cash lean index for April 20; up 0.70 @ 105.12
- O/I: Lost 352 for June hogs & June pork cutout gain/lost 0 positions
Author
Amberlee Bratcher