CORN
- May corn up 13 @ 7.15 & Dec up 2 @ 5.48
- Cash bids above delivery value – zero deliveries for May expiration
- 7-day forecast still hot & dry for in Brazil
- Believed Brazilian corn will drop below 100 mmt
- US corn demand remains very strong amidst tight supplies
- Argentine harvest at 19%
- O/I: Lost 14,254 positions in May futures
SOYBEANS
- May up 5 @ 15.48 & Nov up 5 @ 12.11
- Rumors of China cancellations of Brazilian soybeans
- Lower demand veg oil out of India due to Covid-19
- Argetina’s soybean harvest 30% complete
- Estimates for March soybean crush to hit 188.4 mb (last year 192 mb)
- O/I: Lost 12,042 positions in May futures
WHEAT
- May down 8 @ 7.29, KC down 5 @ 6.83, MNPLS up 3 @ 7.38
- Weather issues still key driver of market
- Dryness still prevalent and spreading in northern plains/Dakotas
- Cold weather putting EU’s French wheat crop in jeopardy
- Drought monitor continues to show spring wheat areas worsen
- 7-day forecast has minor rains for HRW areas
- Ukraine expected to produce 27.7 mmt for new crop wheat
- O/I: Lost 6518 positions in May wheat & lost 280 positions in KC May wheat
CATTLE
- June LC up .27 @ 116.32 & May down .50 @ 135.35
- Demand remains strong & boxed beef higher yesterday
- Weakening cash is a large hurdle for futures
- Today’s slaughter est. at 115K head
- Light cash trade seen 118-119
- Cash index for April for 27; down .15 @ 135.07
- Open interest lost 2,574 for June futures & lost 390 for May FC
HOGS
- June hogs up 2.90 @ 109.62 & June Pork Cutout @ 2.62 @ 115.25
- Tightening supplies expected to be the trend moving forward
- Exports may need to increase in order to keep supply from backing into domestic market
- Hog slaughter estimated at 478K head
- Cash lean index for April 27; down .38 @ 107.01
- O/I: Gained 317 for June hogs & June pork cutout lost 3 positions
Author
Amberlee Bratcher