CORN
- May up 12 @ 5.92 & Dec up 5 @ 5.09
- May challenging contract high of 5.95 today – Dec putting in another contract high
- Very strong internal cash basis for corn right now
- Concern over dry weather in Brazil’s safrinha corn area
- Tightening cash supplies are forcing end-users to push for cash corn
- Ethanol up as demand picks up with vaccines rollouts
- O/I: Lost 44,040 positions in May futures
SOYBEANS
- May up 20 @ 14.10 & Nov up 13 @ 12.64
- Global veg oil markets continue to recover
- Ukraine’s government may curb exports of sunflower oil due to tight supplies
- Brazil continues to supply the world with soybeans
- NOPA crush today expected to show near-record crush numbers – estimate 179.2
- Basis continues to rise as end-users seek limited supply
- O/I: Lost 11,859 positions in May futures
WHEAT
- May up 20 @ 6.50, KC May up 20 @ 6.05, May MNPLS up 12 @ 6.61
- Paris milling wheat up again on concerns cold snap may have an impact on crop
- US showers in plains helped minimally – but forecast dry for 14 days
- Nebraska & Kansas should get beneficial rains this week
- EU & Black Sea new crop still continues to be above average
- O/I: Lost 9,190 positions in May wheat & lost 5,437 positions in KC May wheat
CATTLE
- Jun LC down 1.27 @ 119.67 & May FC down 1.80 @ 145.52
- Weakness expected to be temporary with demand still strong
- Higher grain prices continue to pressure futures
- Today’s slaughter est. at 119K head
- Cash trade expected to be higher – asking around 125
- Cash index for April 12; up 0.30 @ 143.66
- Open interest lost 2124 for June futures & lost 874 for May FC
HOGS
- Jun hogs up 0.35 @ 106.55 & Jun pork cutout up 0.30 @ 113.62
- Traders still buying front-month futures even with discount to cash
- Still a price gap in June hogs – when/will it fill?
- Hog slaughter estimated at 491K head
- Cash lean index for April 9, up 0.52 @ 101.89
- O/I: Gain 278 for June hogs & June pork cutout gained 12 positions
Author
Amberlee Bratcher