CORN
- Jul Corn up 18 @ 7.29 & Dec corn up 6 @ 6.16
- Corn planting progress 67% in US – average 52%
- Crop emergence 20% – cool weather delayed in some areas
- In the past 2 days, China bought 93.7 mb (canceled 13.4)
- US basis still extremely tight and on the rise
- Brazil crop areas have continued to wilt with lack of rain/high temps
- O/I: Lost 6,381 positions in Jul futures
SOYBEANS
- Jul up 32 @ 16.19 & Nov up 16 @ 14.31
- World veg oils made a correction and lending support
- US planting 42% complete – fastest start in 12 years
- Emergence is 10% ahead of 4% average
- Drought continues to compromise northern Plains
- O/I: Lost 5,612 positions in July futures
WHEAT
- Jul wheat up 13 @ 7.43, Jul KC up 12 @ 7.15, Jul MNPLS up 16 @ 7.69
- Not enough rains in Montana & Dakotas to counter drought
- Unlikely – but wheat needs to pick up in exports to meet USDA projections
- Spring wheat planting now 70% and 29% emerged
- North Dakota topsoil moisture at 80% less than adequate
- Winter wheat rating at 49% – 1% up from last week
- O/I: Lost 3,472 positions in Jul wheat & gained 80 positions in KC Jul wheat
CATTLE
- Jun LC down 0.22 @ 118.00 & Aug FC down 0.55 @ 148.15
- Strength in boxed beef will require packers to satisfy demand
- No cash bids/offers yet – packers don’t want to bid higher
- Cattle slaughter projected at 1219K
- Feeder Cattle Cash index for May 7; down 0.68 @ 130.15
- Open interest lost 7,413 for Jun futures & gained 180 for Aug FC
HOGS
- Jun hogs down 1.07 @ 111.02 & Jun Pork Cutout down 1.47 @ 116.57
- No indication demand has slowed or hogs have become more abundant
- Lower cash is of some concern – close to resistance?
- Hog slaughter projected at 484K
- Cash Lean Index for May 6; up 0.67 @ 109.22
- O/I: Lost 7,977 for Jun hogs & Jun pork cutout lost 2 positions