CORN
- Jul corn down 15 @ 6.73 & Dec corn down 8 @ 5.68
- US crop rating at 76% good/excellent
- 3rd highest first-week rating since 2010
- Corn 95% planted and 81% emerged
- 7-day forecast offers little rain & hot/dry for the Corn Belt
- Stone X projects Brazil corn production at 89.7 mmmt
- O/I: Lost 7,508 positions in Jul futures
SOYBEANS
- Jul up 7 @ 15.55 & Nov up 9 @ 14.06
- Veg oils bounce back adding support to soybeans
- US planting progress at 84% – 62% emerged
- Next Monday first crop rating will be released
- April crush numbers were 169.8 mb – down from 171 mb expected
- Soaring temps with little rain starting impact beans in Plains
- O/I: Lost 4,732 positions in July futures
WHEAT
- Jul wheat down 6 @ 6.87, Jul KC down 6 @ 6.31, Jul MNPLS up 11 @ 7.83
- MNPLS wheat continues to push higher on falling crop ratings
- Spring wheat good/excellent rating fell to 43% (80% last year)
- Spring wheat planting 97% with 80% emerged
- Winter wheat rated at 48% good/excellent
- US Temps in the 90-100’s expected to remain for 2 weeks in Plains
- O/I: Lost 4,610 positions in Jul wheat & lost 1,964 positions in KC Jul wheat
CATTLE
- Jun LC up 2.47 @ 116.02 & Aug FC up 1.45 @ 150.60
- JBS expected to be mostly back online today
- Live cattle filled their gap on the charts this morning
- Rumors of cash trade developing around 120 – should lend support
- Cattle slaughter projected at 105K
- Feeder Cattle cash index for May 31: up 0.21 @ 136.46
- Open interest lost 3,674 for Jun futures & lost 531 for Aug FC
HOGS
- Jun hogs down 0.72 @ 117.95 & Jun pork cutout down 1.10 @ 130.25
- Yesterday’s cyberattack has had an impact on hog slaughter & 20% of the hog processing in US
- Hogs put in new highs yesterday – trend still upward for now
- Hog slaughter projected at 483K
- Cash lean index for May 27: up 0.36 @ 113.44
- O/I: Lost 1,815 for Jun hogs & Jun pork cutout lost 43 positions