CORN
- Jul corn up 28 @ 6.85 & Dec corn up 28 @ 5.74
- Weekly grain inspections for exports 2.049M mt versus 1.727M last week
- Managed money net position: 268K long
- Weather expected to turn hot for June/July – effects on yield?
- Recent cold/frost poses threat to crop & need for replant
- Brazil Ag projects corn crop pegged at 95.2 mmt – USDA at 102 mmt in May
- O/I: Lost 10,549 positions in July futures
SOYBEANS
- Jul up 15 @ 15.45 & Nov up 21 @ 13.94
- Weekly grain inspections for exports 192,221 mt versus 193K last week
- Brazil on drought alert, faces worst dry spell in 91 years
- Managed money net position: 139K long
- Futures surge on dry and hot forecasts for northern Plains
- US basis continues to soften as processors seem to have short-term needs met
- O/I: Lost 2,211 positions in July futures
WHEAT
- Jul wheat up 27 @ 6.90, Jul KC up 27 @ 6.40, Jul MNPLS up 40 @ 7.68
- Weekly grain inspections for exports 256,496 mt versus 573K last wk
- US northern Plains will dry down & become very hot this week
- Managed money net position: 4534 long Chicago & 23,501 long KC
- Dry weather in the Plains also pushes wheat higher today
- Chatter continues, will wheat replace corn as a feed grain?
- S. Russian & Ukraine are now getting rains – perhaps too much rain
- O/I: Lost 4,140 positions in Jul wheat & lost 2,482 positions in KC Jul wheat
CATTLE
- Jun LC up 0.90 @ 118.15 & Aug FC down 1.32 @ 150.00
- New expanded limits on cattle – market looks for gap lower on JBS hack news
- Packers seem comfortable at current prices as they continue to buy here
- Cattle slaughter projected at 94K
- Feeder Cattle cash index for May 27: down 0.45 @ 136.12
- Open interest lost 2,238 for Jun futures & lost 204 for Aug FC
HOGS
- Jun hogs up 0.90 @ 118.15 & Jun pork cutout up 4.37 @ 131.22
- New highs continue to push higher – Jun hogs above Jun cattle
- Strong pork demand typically stays strong from a seasonal aspect
- Hog slaughter projected at 399K
- Cash lean index for May 26: up 0.58 @ 113.08
- O/I: Lost 3,514 for Jun hogs & Jun pork cutout lost 15 positions
Author
Amberlee Bratcher