CORN
- May corn up 24 cent @ 7.20 & Dec corn down 1 @ 5.61
- Rains replenish soil moisture across much of central and easter corn belt
- Argentine corn reported to be as much as 90 cents cheaper than US
- Brazil’s safrinha corn remain too dry
- Brazil corn production could drop under 100 mmt – under 109 mmt from USDA
- O/I: Lost 59690 positions in May futures
SOYBEANS
- May up 38 @ 15.88 & Nov up 5 @ 13.47
- Profit taking entered the market overnight/a.m.
- Veg oils also have followed suit
- Brazil’s soybean prices are down 4%
- Weather in easter Midwest improving – planting still slower
- O/I: Lost 24,878 positions in May futures
WHEAT
- May up 6 @ 7.39, KC up 2 @ 7.06, MNPLS up 5 @ 7.45
- Beneficial rains are moving across SRW areas
- Northern plains still in full drought and not getting better
- Ukrainian & Russian wheat are wetter for next 10 days
- German wheat 1.00 cheaper than US keeping exports weak
- O/I: Lost 180 positions in May wheat & lost 7,104 positions in KC May wheat
CATTLE
- June LC up .37 @ 115.90 & May down 1.52 @ 134.35
- June live cattle currently at discount to cash
- Strong demand & higher boxed beef should help support futures
- Today’s slaughter est. at 121K head
- Some cash trade seen 118-119
- Cash index for April for 26; down .28 @ 135.22
- Open interest lost 1,697 for June futures & lost 1000 for May FC
HOGS
- June hogs up 2.17 @ 108.85 & June Pork Cutout up 1.95 @ 114.75
- Strong cash & higher cutouts bring back buyers
- Futures look bullish – demand still very strong
- Hog slaughter estimated at 487K head
- Cash lean index for April 23; up .66 @ 107.17
- O/I: Lost 1411 for June hogs & June pork cutout lost 2 positions
Author
Amberlee Bratcher