TFM Midday Update 4-26-2021

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

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