CORN
- May down 7 @ 5.70 & Dec down 3 @ 4.93
- Corn lower after as market repositions after friendly USDA report Friday
- Argentina 6-10 day forecast as some mixed model – but mostly dry
- Global corn could remain tight into 2022
- Export inspections 1.596 mmt
- Record yield may still leave ending stocks tight
SOYBEANS
- May down 20 @ 13.82 & Nov down 15 @ 12.48
- Soybeans waiting on report – refusing to trade higher until stocks are known
- Daily export sales of 132K mt to China & 110K mt to Bangladesh
- Brazil 6-10 forecast sees rain to fall across most areas
- Export inspections 327,799 mt
- Focus shift to new crop outlook and away from soyoil
WHEAT
- May down 9 @ 6.29, May KC down 4 @ 5.82, May MNPLS down 10 @ 6.44
- Dry out look for Dakotas but some rain this week, more upside expected
- US ending stocks last week rose 16 mb to 852 mb
- World ending stocks for wheat still plentiful
- Export inspections 458,432 mt9 mt
- Need to keep close eye on tensions in Ukraine/Russia this week
CATTLE
- June LC up .05 @ 122.60 & May FC down up .55 @ 150.17
- Cattle has been choppy today as market tries to find traction for the week
- Feeder cattle at ease as corn prices see minor set back
- Today’s slaughter est. at 116K head
- Cash trade last week high as 123 but bulk of trade at 121
- Cash index for April 8; up .53 @ 141.79
- Open interest lost 3310 for June futures & lost 1528 for May FC
HOGS
- June hogs down .55 @ 108.37 & June Pork Cutout up .32 @ 115.37
- Friday’s reduced pork production outlook & increased export forecast – bullish for futures
- Packers remain aggressive
- Hog slaughter estimated at 492K head
- Cash lean index for April 7, up .47 @ 100.94
- O/I: Gained 845 positions for June hogs & pork cutout futures gained 3 positions
Author
Amberlee Bratcher