TFM Midday Update 4-16-21

CORN

  • May down 4 @ 5.85 & Dec down 1 @ 5.11
  • Prices mixed today but over a nice finish for the week
  • Brazil corn still at risk
  • Slow start the US growing season in focus
  • Ethanol margins should remains stable as more drivers hit the road
  • Tight supplies & demand continue to keep prices strong
  • O/I: Lost 34,877 positions in May futures

SOYBEANS

  • May up 8 @ 14.26 & Nov up 5 @ 12.74
  • Bean meal & oil helping support prices today
  • NOPA crush little short of expectations however still strong numbers
  • S. American harvest continuing – Argentina stable short-term
  • Nov making valiant effort to challenge high of $12.85 – up to 12.82 today
  • O/I: Lost 10,219 positions in May futures

WHEAT

  • May down 4 @ 6.49, May KC down 1 @ 6.06, May MNPLS up 1 @ 6.64
  • Concerns over US cold & dry weather offsetting rains in the plains for now
  • Dollar continues to falter – low today so far 91.48
  • Paris milling futures put in another contract high today
  • Tensions still rise in Russia/Ukraine – need close monitoring in the next week
  • O/I: Lost 10,696 positions in May wheat & lost 4839 positions in KC May wheat

CATTLE

  • June LC up .10 @ 119.75 & May FC down .17 @ 144.25
  • Cash cattle traded higher – packers still need cattle and willing to pay for it
  • Boxed beef indicates demand remains strong
  • Today’s slaughter est. at 114K head
  • Cash trade late Wednesday at $121 – expected higher next week
  • Cash index for April 14; @ 142.30
  • Open interest lost 1,061 for June futures & lost 298 for May FC

HOGS

  • June Hogs down 1.17 @ 103.50 & June pork cutout up .17 ! 11.60
  • Cash hogs higher with port cutouts very strong
  • Marketing year low exports still sending shock through futures
  • Hog slaughter estimated at 480K head
  • Cash lean index for April 13; up .32 @ 102.70
  • O/I: Gained 95 for June hogs & June pork cutout lost 4 positions

Author

Amberlee Bratcher

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