CORN
- May corn up 25 @ 6.80 & Dec corn up 17 @ 5.68
- Export inspections 1.951M mt up from last weeks 1.524M mt
- Corn up limit today as S. American weather still too dry
- Managed money 383K contracts long
- Argentina considering increase in grain export taxes
- O/I: Lost 63,365 positions in May futures
SOYBEANS
- May up 23 @ 15.63 & Nov up 16 @ 13.58
- Export inspections 233K mt up from last week’s 183K mt
- Soybeans fueled by corn & Malaysian palm oil futures
- Supplies remain incredibly tight & demand still strong
- Export daily sale of 120,00 mt of soybeans to unknown delivery
- Managed money 172,544 contracts long
- O/I: Lost 32,798 positions in May futures
WHEAT
- May up 33 @ 7.43, KC May up 32 @ 7.06, MNPLS May up 25 @ 7.43
- Export inspections 564K mt down from last week’s 613K mt
- Paris milling futures higher again today – new contract high
- Global wheat prices increasing – planting delays in Russia
- Southwestern plains & hard red winter wheat areas getting very little rain next 14 days
- Managed money 18K contracts long KC wheat and 1500 contracts long Chicago
- O/I: Lost 8863 positions in May wheat & lost 2384 positions in KC May wheat
CATTLE
- June LC up .07 @ 115.80 & May FC down 1.42 @ 136.25
- Cattle on Feed placements lower than expected
- Feeder cattle pressured by limit up corn
- Today’s slaughter est. at 119K head
- Cash trade needs to improve this week
- Cash index for April for 22, down 1.17 @ 136.36
- Open interest lost 648 for June futures & lost 635 for May FC
HOGS
- June hogs down .15 @ 105.57 & June Pork Cutout down .92 @ 111.30
- Cash continues to improve as packers remain aggressive
- Lower cutouts Friday might mean prices are reaching threshold – sideways trade ahead?
- Hog slaughter estimated at 484K head
- Cash lean index for April 21; up .87 @ 105.99
- O/I: Lost 1185 for June hogs & June pork cutout lost 8 positions
Author
Amberlee Bratcher