CORN
- May corn up 1 @ 8.16
- USDA reported an increase of 34.1 mb of corn export sales for 21/22 and an increase of 33.2 mb for 22/23
- Private exporters reported 1,088,000 mt of corn for delivery to China (476,000 during 21/22 and 612,000 during 22/23)
- More rain forecasted in the US Midwest over the next 10 days could slow plantings
- Some analysts are lowering the Brazil 2nd corn crop estimate to 108 mmt (vs the USDA’s 116 mmt)
- September corn on China’s Dalian Exchange is around the equivalent of $11.56 per bushel
SOYBEANS
- May soybeans down 13 @ 17.13
- USDA reported an increase of 17.7 mb of soybean export sales for 21/22 and an increase of 21.3 mb for 22/23
- Indonesia last night announced a ban on all palm oil exports
- Strong crush margins are supportive to soybeans
- Brazil may be out of the soybean export market August 1st which may help US soybean demand
- On Friday the Energy Department will issue an update on plant capacity for renewable diesel
- May soybeans on China’s Dalian Exchange are around the equivalent of $21.50 per bushel
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WHEAT
- May wheat down 1 @ 10.79, May KC down 2 @ 11.46, & May MNPLS down 1 @ 11.98
- USDA reported an increase of 1.2 mb of wheat export sales for 21/22 and an increase of 4.6 mb for 22/23
- Rain in the northern Plains and Canada may slow plantings of the spring wheat crop there – this may somewhat offset the higher estimate of Canadian wheat acres
- Mixed forecast for the US southern plains – European model shows showers in some of the driest areas, but the American model remains dry
- USDA is expected to again lower the HRW wheat crop ratings on Monday
CATTLE
- Jun LC down 1.225 @ 133.800 & May FC up 0.750 @ 158.100
- Cash cattle traded steady yesterday
- Packers have been purchasing some cattle ahead
- Chart gaps above the market may need to be filled
- Export sales of 11,400 mt down 24% from last week
- Choice cuts down 2.26 and select down 3.91
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 4/27: up 0.09 @ 156.21
HOGS
- Jun hogs down 0.750 @ 109.600 & Jun pork cutout down 0.900 @ 116.100
- The front month May contract continues to converge with cash
- Export sales of 31,500 mt up 19% from the 4 week average
- Consumer demand is lackluster – pressuring futures
- National Direct Afternoon report increased 1.70
- Hog slaughter projected at 481K
- CME Lean Hog Index for 4/28: down 0.55 @ 102.34
Author
Brandon Doherty