CORN
- Jul Corn down 6 @ 7.17 & Dec corn down 9 @ 6.01
- US ending stocks for 2020-21 – 1,257 mil bu
- US ending stocks for 2021-22 – 1,507 mil bu
- US production for 2021-22 14,990 mil bu
- World ending stocks 284 million mt for 2020-21
- World ending stocks 292 million mt for 2021-22
- Argentina production unchanged & Brazil to 102 million mt (109 in April)
- Daily export sale reports of 100,000 mt of corn to Mexico
- Ethanol production for last wk averaged 979K barrels per day – 2.84% from last week
SOYBEANS
- Jul up 31 @ 16.46 & Nov up 15 @ 14.45
- US ending stocks for 2020-21 – 119 mil bu
- US ending stocks for 2021-22 – 140 mil bu
- US production for 2021-22 4,405 mil bu
- World ending stocks 87 million mt for 2020-21
- World ending stocks 91 million mt for 2021-22
- Argentina production 47 million mt (47.5 in April) mt & Brazil unchanged
- Veg oil prices continue to surge adding support to futures
- Prices at levels not seen since 2012’s drought
WHEAT
- Jul wheat down 8 @ 7.33, Jul KC down 12 @ 6.97, Jul MNPLS down 4 @ 7.65
- US ending stocks for 2020-21 – 872 mil bu
- US ending stocks for 2021-22 – 774 mil bu
- US production for 2021-22 1,872 mil bu
- World ending stocks 295 million mt for 2020-21
- Paris milling futures down but still close to their highs
- Worsening drought conditions in Plains continue to be point of focus & concern in futures
CATTLE
- Jun LC up 0.50 @ 119.12 & Aug FC up 1.30 @ 150.15
- Cattle continues to climb higher in spite of grain prices
- Strong demand needs to be met – packers may finally bid higher
- No cash bids/offers yet – packers don’t want to bid higher
- Cattle slaughter projected at 118K
- Open interest lost 8,133 for Jun futures & gained 28 for Aug FC
HOGS
- Jun hogs up 0.85 @ 112.00 & Jun Pork Cutout up 0.55 @ 117.47
- No indication demand has slowed or hogs have become more abundant
- Buyers appear to be buying recent break – fundamentals still bullish
- Hog slaughter projected at 484K
- Cash lean index for May 7; up 0.88 @ 110.10
- O/I: Lost 8,103 for Jun hogs & Jun pork cutout lost 57 positions
Author
Amberlee Bratcher