CORN

• May up 12 @ 5.81 & Dec up 7 @ 5.04
• Dec 21 corn putting in contract highs today of 5.05 ¾ thus far
• 4% of corn crop planted
• China imported (Q1) about 6.7 million tons, puts them at pace above USDA guess
• Cool dry weather across Midwest, optimal for planting progress
• Argentina expected good summer crop maturation/harvest weather over next 7 days
• O/I: Lost 47,343 positions in May futures

SOYBEANS

• May up 11 @ 13.93 & Nov up 6 @ 12.58
• Brazil soybean export prices firming
• Oil trying to lead the recovery in soybean sector today
• US soybean basis continues to firm as buyers try to bid up for beans
• Crop moisture stress evident in Brazil – rain on the way but need more

WHEAT

• May up 5 @ 6.33, KC May up 7 @ 5.86, MNPLS May up 4 @ 6.47
• Winter wheat crop rated 53% good/excellent
• Soft wheat plantings at 11% vs 6% 5-year average
• N. Dakota getting some snow – however not enough to relieve drought
• US HRW wheat areas will get rain Thursday-Saturday
• O/I: Lost 11,690 positions in May wheat & lost 10,475 positions in KC May wheat

CATTLE

• June LC down .62 @ 121.47 & May FC down .92 @ 148.77
• Argentina seeing food inflation, could slow beef exports
• Prices continue to falter even as boxed beef prices increase
• Today’s slaughter est. at 119K head
• No cash trade reported yet for the week
• Cash index for April 9; up 1.45 @ 143.36
• Open interest lost 1659 for June futures & lost 725 for May FC

HOGS

• June Hogs up .80 @ 106.95 & June pork Cutout up .75 @ 113.75
• Still concerns regarding ASF in China, esp. southern regions
• Traders buying yesterday’s break today
• Hog slaughter estimated at 477K head
• Cash lean index for April 8, up .43 @ 101.37
• O/I: Gain 264 for June hogs & June pork cutout gained 3 positions

Author

Amberlee Bratcher