CORN
- Jul Corn down 15 @ 7.16 & Dec corn down 23 @ 6.13
- Weekly grain inspections 1.707M mt
- Cancellations 280K tons of corn & 1,020M tons sold to China
- Brazil expected to receive some short-relief from rains
- Good rains in Corn Belt over weekend
- O/I: Gained 8,176 positions in July futures
SOYBEANS
- Jul down 3 @ 15.86 & Nov down 22 @ 14.11
- Weekly grain inspections 125,111 mt
- Palm oil down helping add pressure to futures
- World demand remains stout
- US domestic demand continues to remain very tight
- O/I: Lost 8,127 positions in Jul futures
WHEAT
- Jul wheat down 28 @ 7.33, Jul KC down 28 @ 7.08, Jul MNPLS up 4 @ 7.89
- Weekly grain inspections 545,587 mt
- Euornext Sep Wheat down at 244.50 as rain fuels selloff
- Wet weather expected to return to western Russia this week
- More rain received in Dakotas than expected – still nowhere close to enough
- O/I: Gained 12 positions in Jul wheat & lost 2,048 positions in KC Jul wheat
CATTLE
- Jun LC up 2.17 @ 118.20 & Aug FC up 3.57 @ 147.85
- Packers may be willing to purchase cattle at a steady pace this week
- Live cattle futures rise could help encourage cash prices
- Cattle slaughter projected at 119K
- Cash index for May 6; down 0.72 @ 130.83
- Open interest lost 9,875 for June futures & gained 4 for Aug FC
HOGS
- Jun hogs down 0.82 @ 112.02 & Jun Pork Cutout down 1.10 @ 117.90
- Cash weakness expected to be short-lived
- Packers should be aggressive early, looking for market-ready hogs
- Hog slaughter projected at 481K
- Cash Lean Index for May 5; up 0.66 @ 108.55
- O/I: Lost 7,027 for June hogs & June pork cutout lost 37 positions
Author
Amberlee Bratcher