CORN
- July corn down 40 @ 6.74 & Dec down 40 @ 5.53
- Weekly exports saw reductions of 113,400 mt
- Yesterday’s reporting showing ending stocks higher than expected
- Corn futures continue to plunge lower after USDA report
- USDA lowered Brazil’s corn crop to 102 million mt
- 91.1 million acres & yield of 179.5 – USDA projects crop at 14.990 bb
- Last week’s ethanol production rose by 27,000 barrels
- Brazil’s corn crop continue to wilt due to heat and no rain
SOYBEANS
- July down 65 @ 15.76 & Nov down 77 @ 13.67
- Weekly export sales of 94,300 mt
- Yesterday’s report not bearish but soybeans following corn
- This week high of 16.70 not holding
- USDA raised new-crop carryout to tight 140 mb
- 4.405 bb crop was estimated for 2021 growing season
- Biofuel and food usage ramps up even more keeping demand in place
WHEAT
- July wheat down 37 @ 6.92, July KC down 38 @ 6.52, July MNPLS down 36 @ 7.28
- Weekly export sales of 30,300 mt
- Corn toppling pulling wheat along side for the morning
- Winter wheat production was 10% than a year ago at 1.283 bb per USDA
- New crop ending stocks at 774 mb – about 12 mb higher than trade guess
- World wheat production 789 mmt however demand almost equal to
CATTLE
- June LC down 3.90 @ 114.70 & August FC down 1.72 @ 148.77
- Weekly export sales of 13,100 mt
- Cattle down when corn down limit concerning
- Bids at 119 however today’s move will not help support those bids
- Feeder Cattle cash index for May 11; up .12 @ 130.57
- Cattle slaughter projected at 119K
HOGS
- June hogs down 2.22 @ 109.82 & June Pork Cutout down 2.07 @ 115.70
- Weekly export sales of 14,700
- Packers aggressively looking for hogs
- Hog slaughter projected at 483K
- Cash lean index for May 10; up .63 @ 110.73
Author
Amberlee Bratcher