CORN
- May corn up 17 @ 8.07
- The Buenos Aires Grain Exchange rated Argentina’s corn crop 23% good to excellent (vs 25% previously)
- A lot of snow in the northern plains and Canada could cause delays (though they need the moisture)
- Argentina and central Brazil are dry which could impact late crops / safrinha corn
- More Russian shelling took place in Ukraine over the weekend
SOYBEANS
- May soybeans up 27 @ 17.09
- The Buenos Aires Grain Exchange rated Argentina’s soybean crop 20% good to excellent (vs 21% previously)
- Rising covid cases and lockdowns in China still causing concern about their import demand of commodities
- May soybeans on China’s Dalian Exchange are around the equivalent of $22.00 per bushel
- USDA announced on Friday sales of 30.8 mb of soybeans (mostly to China)
- Friday’s NOPA crush came in at 181.8 mb (in line with expectations but up 2% from last year)
Like what you’re reading?
Sign up for our other free daily TFM Market Updates and stay in the know!
WHEAT
- May wheat up 27 @ 11.23, May KC up 29 @ 11.83, May MNPLS up 30 @ 11.74
- HRW wheat areas remain mostly dry
- Winter wheat crop ratings this afternoon expected to be lower
- The rains forecast for the southern plains are probably not as impressive as they looked last week – moisture looks like it will favor the eastern areas
- Russian military continued to fire on northern and western Ukraine cities over the weekend (Lviv and Kyiv)
- Temperatures in Texas expected in the 90s this week
CATTLE
- Jun LC up 0.550 @ 136.975 & May FC down 0.850 @ 160.925
- Packers may be aggressive this week if there are not enough market ready cattle
- New highs in corn may discourage feedlots to hold out for higher prices
- Choice cuts up 0.76 and select down 0.81
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 4/14: up 0.09 @ 155.95
HOGS
- Jun hogs up 2.400 @ 120.875 & Jun pork cutout up 1.750 @ 126.825
- May hogs are now the front month and are at a large premium to cash
- China was listed as a buyer on last week’s export sales report
- Packers are less aggressive due to sufficient supply
- National Direct Afternoon Report increased 1.83
- Hog slaughter projected at 346K
- CME Lean Hog Index for 4/18: up 0.79 @ 99.98