CORN
- Jul corn unchanged @ 7.94-1/4
- USDA reported an increase of 30.8 mb of corn export sales for 21/22 and an increase of 29.1 mb for 22/23
- 7-day forecast for Brazil and Argentina is mostly dry (may stress Brazil’s safrinha corn)
- September corn on China’s Dalian Exchange is around the equivalent of $11.60 per bushel
- Next week the Midwest could see a drier/warmer pattern which would help in getting the corn crop planted
SOYBEANS
- Jul soybeans up 11 @ 16.51
- USDA reported an increase of 27.0 mb of soybean export sales for 21/22 and an increase of 15.0 mb for 22/23
- China is back from holiday and they may return to purchasing US soybeans
- Concern about China’s economy still exists after disappointing PMI data
- July soybeans on China’s Dalian Exchange are around the equivalent of $21.75 per bushel
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WHEAT
- Jul wheat up 21 @ 10.98, Jul KC up 33 @ 11.56, & Jul MNPLS up 14 @ 11.91
- USDA reported an increase of 4.4 mb of wheat export sales for 21/22 and an increase of 1.6 mb for 22/23
- Triple-digit temperatures are expected in Texas soon – drought is still a big concern there
- India’s government reduced its wheat crop production estimate to 105 mmt (from 111.3 mmt)
- In addition to India, Pakistan and Bangladesh may have lower wheat crops
CATTLE
- Jun LC down 0.250 @ 134.575 & May FC down 1.775 @ 160.475
- Relatively high corn prices may keep pressure on cattle
- Cash has been steady
- Live cattle futures still have large chart gaps above the market
- Beef export sales at 14,600 mt (up 28% from previous week)
- Choice cuts up 0.19 and select up 0.34
- Cattle slaughter projected at 126K
- CME Feeder Cattle Index for 5/4: down 0.02 @ 155.75
HOGS
- Jun hogs up 0.875 @ 105.975 & Jun pork cutout down 0.200 @ 111.850
- Hogs may be correcting from an oversold situation
- Demand should pick up seasonally over the coming months
- Porn export sales at 23,800 mt (down 24% from previous week)
- Packers bought aggressively yesterday
- National Direct Afternoon report increased 8.34
- Hog slaughter projected at 481K
- CME Lean Hog Index for 5/5: down 0.11 @ 101.04