CORN
- May down 4 @ 5.89 & Dec flat @ 5.11
- Weekly export sales 327.7K mt – down 57% from last week
- US expected to be cool/colder than normal through April – could slow planting pace
- Argentina will continue to dry – however rains next week will keep harvest behind
- S. American weather continues to threaten Brazil safrinha crop
- O/I: Lost 35,296positions in May futures
SOYBEANS
- May up 6 @ 14.16 & Nov up 5 @ 12.69
- March soybean NOPA crush numbers 177.984 million bushels – 2nd highest March crush ever
- Export sales of 90,400 mt
- Rumors in S. America that farmers are defaulting on SB sales
- Brazilian weather still too dry
- O/I: Lost 6,302 positions in May futures
WHEAT
- May up 3 @ 6.51, KC May down 1 @ 6.01, May MNPLS up 3 @ 6.64
- Export sales of only 56,600 mt – lowest for marketing year
- US HRW winter will get snow/rain today & tomorrow
- Need to keep close eye on tensions between Ukraine & Russia
- Drought in Dakotas continues to be the talk of the wheat sector for now
- O/I: Lost 19,411 positions in May wheat & lost 9,512 positions in KC May wheat
CATTLE
- June LC down 1.17 @ 188.87 & May FC down 1.42 @ 143.97
- Export sales of 15,700 mt – down 14% from last week
- US west-central plains livestock stress expected from heavy snow & cold temps
- Today’s slaughter est. at 115K head
- Cash trade late yesterday at $121 – expected to move higher
- Cash index for April 13; down .10 @ 143.56
- Open interest lost 2093 for June futures & lost 667 for May FC
HOGS
- June Hogs down 3.00 @ 104.70 & June pork cutout down 2.32 @ 112.47
- Net export sales of 17,200 mt – marketing year low
- Choppy action of cash & cutouts could be an indicator of a top
- Hog slaughter estimated at 479K head
- Cash lean index for April 12, up .49 @ 102.38
- O/I: Gained 845 for June hogs & June pork cutout gained 6 positions