CORN
- May up 1 @ 5.48 and Dec down 1 @ 4.65
- Argentina rainfall overnight welcomed & widespread
- Good weather is holding market in consolidation phase
- Chinese imports of Australian wheat have exploded despite their ongoing political tension
- Funds liquidated around 35K this week ahead of USDA report
- Traders focused on stocks of corn & domestic feed usage next week
SOYBEANS
- May down 11 @ 14.02 & Nov down 4 @ 12.10
- Brazil’s biggest issue is weather in the middle & latter part of April – too dry?
- Consolidation continues; meal looks cheaper; oil hits peak
- Soybeans being pressured by outside markets as new lockdowns in EU/Germany
- Argentine soybean harvest has begun in central areas
- Buenos Aires Exchange projects Argentine production at 44 mmt – down 3.5 mmt form USDA’s
WHEAT
- May up 1 @ 6.14, KC May up 3 @ 5.70, MNPLS down 1 @ 6.17
- Northern Plains to get frost/freeze next week – most crops will likely be okay
- US HRW wheat areas will also dry down in next 10 days
- Probing for low from oversold conditions this week
- Falling global wheat prices & lack of exports continue to pressure futures
CATTLE
- June cattle down 0.05 @ 121.02 & April FC up 0.02 @ 144.25
- Strong cash cattle & higher boxed beef supports higher prices
- Futures close to putting in contract highs
- Today’s slaughter est. at 119K head
- Cattle sales reported in Nebraska & Colorado @ 116
- Feeder Cattle Index for March 24, up .58 @ 135.62
- Open interest gained 1086 for June futures & lost 516 contracts for April FC
HOGS
- April Hogs up 0.72 @ 100.40 & April Pork Cutout up 1.22 @ 110.02
- Hogs & Pigs report bullish, indicating tighter numbers than anticipated
- April chart left several gaps – however a top doesn’t seem in yet
- Hog slaughter estimated at 491K head
- Cash lean index for March 23, up .38 @ 93.85
- O/I: Lost 98 positions for April hogs & pork cutout futures lost 2 positions