CORN

• May up 3 @ 5.57 & Dec down 3 @ 4.85
• Friday’s WASDE report expect to see higher exports
• US corn export sales have reached 2.587 billion bushels with 5 months to go
• Corn inspections last week were 75.3 mb
• Vaccines continues to give hope to economic rebound
• China corn prices continue to slide lower
• Corn planting at normal pace 29% planted
• Funds thought to be 380K contracts long

SOYBEANS

• May up 14 @ 14.27 & Nov up 7 @ 12.76
• Soybean oil continues to push soybean futures higher
• Trade expects USDA to raise US exports in Friday’s report
• Brazil soy prices still 84 cents cheaper than US
• Argentina expected heavy rains, create harvest delays
• Technically Nov soybeans look to forming a bull flag chart pattern – breakout to the top coming?

WHEAT

• May up 4 @ 6.22, May KC down 2 @ 5.60, May MNPLS up 7 @ 6.14
• Dryness in the northern plains threatens spring wheat planting & emergence
• First weekly crop condition for winter wheat – reported at 53% good/excellent – 62% this time last year
• Big concern from crop condition report – 16% rated poor/very poor.
• Yesterday 130K mt of wheat sold to unknown destination (thought to be China)
• Market waiting for today’s results of Egypt’s weekend tender to see if Russian export tax is a factor

CATTLE

• June LC up .35 @ 124.77 & April FC up .17 @ 146.62
• Contract highs being established keep trend moving higher
• Futures still hold strong premium to cash – to keep futures up cash needs to catch up
• Today’s slaughter est. at 120K head
• Cash sales quiet for the week thus far – asking prices at 121 in the South.
• Feeder Cattle Index for April 2, down .83 @ 139.80
• Open interest gained 2,343 for June futures & lost 370 contracts for April FC

HOGS

• April Hogs down .72 @ 101.72 & April Pork Cutout down .62 @ 111.77
• Trend is up as hog supplies tighten
• Some traders taking profit in light of lower cutouts
• Hog slaughter estimated at 494K head
• Cash lean index for April 1, up .41 @ 99.38
• O/I: Lost 1539 positions for April hogs & pork cutout futures lost 7 positions

Author

Amberlee Bratcher