CORN
- May corn up 25 cent @ 7.05 & Dec corn up 4 @ 5.73
- Daily export sale of 101,600 mt of corn to unknown destination
- Brazil still too dry – talk of lower corn crop being inevitable
- Talk of China is in need of US new crop corn
- US corn 17% planted
- O/I: Lost 40739 positions in May futures
SOYBEANS
- May up ¾ cent @ 15.69 & Nov down 3 @ 13.59
- Will ASF impacts China’s need for soybean imports?
- Old crop soybeans touched $16 in overnight
- Tight stocks and rising demand from domestic crushers
- US soybeans 8% planted
- O/I: Lost 20995 positions in May futures
WHEAT
- May up 5 @ 7.44, KC May up 13 @ 7.14, MNPLS May up 9 @ 7.51
- Plains still remain dry – feeding bulls
- Old crop corn up limit again today lends more support to wheat futures
- USDA lowered overall wheat rating from 54% last week to 49%
- 28% of spring wheat is planted – ahead of the 19% 5 year average
- Ukraine plantings are behind schedule due to cold
- O/I: Lost -54 positions in May wheat & lost -5300 positions in KC May wheat
CATTLE
- June LC up .60 @ 116.87 & May down .02 @ 137.25
- Cattle on feed seems to be inviting buyers back
- 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 1,960 for June futures & lost 602 for May FC
HOGS
- June hogs up .02 @ 106.87 & June Pork Cutout flat @ 112.97
- Hogs continue to bounce back despite grain rally
- At best hogs move higher – appears demand should keep prices at least sideways
- Hog slaughter estimated at 487K head
- Cash lean index for April 22; up .52 @ 106.51
- O/I: Lost 427 for June hogs & June pork cutout lost 2 positions
Author
Amberlee Bratcher