CORN
- May corn up 7 @ 7.58
- Ukraine war continues and President Zelensky will address the UN to ask for more help
- China’s recent purchase of over 1 mmt of US corn is positive to the market – rumors that they have bought an additional 2-3 mmt might be announced soon
- Current conditions are too wet in parts of the eastern Midwest which may delay corn plantings
SOYBEANS
- May soybeans up 24 @ 16.26
- China is on holiday but is expected to come back and start buying US soybeans as early as Wednesday
- Brazil FOB prices are competitive until August – then they are above US
- Higher meal and oil are supporting soybeans
- Shanghai, China remains in quarantine due to rising covid cases
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WHEAT
- May wheat up 38 @ 10.48, May KC up 43 @ 10.81, May MNPLS up 25 @ 11.10
- There is talk of more sanctions against Russia because of war crimes
- US winter wheat crop rated 30% good to excellent (vs 40% expected and 53% last year)
- April – May weather outlook is warm and dry for the western HRW areas – this may expand further east in May
CATTLE
- Apr LC down 0.850 @ 137.150 & Apr FC down 1.475 @ 156.900
- Monday cash trade steady with last week
- Early trade could indicate that packers need cattle and may be more aggressive
- Higher grain prices are not supportive to cattle futures
- Choice cuts up 0.90 and select down 0.82
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 4/4: up 0.10 at 156.15
HOGS
- Apr hogs down 0.225 @ 99.225 & Apr pork cutout unchanged @ 106.500
- Fundamentals are still supportive long term
- Concern about exports as China has locked down several cities due to covid outbreaks
- National Direct Afternoon report declined 1.38
- Hog slaughter projected at 478K
- CME Lean Hog Index for 4/5: down 0.22 @ 102.41
Author
Brandon Doherty