CORN
- July Corn down 16 @ 6.58 Dec down 3 @ 5.54
- Funds lifted 65,000 contracts of corn yesterday
- Still too hot & dry in Brazil – could see much higher demand than USDA projects
- Coast guard reopens Mississippi River to barge traffic
- Private export sales of 1.360M mt – delivery China
- O/I: Lost 11,596 positions in July futures
SOYBEANS
- July up 9 @ 15.93 & Nov up 11 @ 14.07
- Soybeans & meal recovering today from yesterday’s price slaughter
- Soybean stocks still extremely tight – likely tighter than current 120 mb ending stock
- Rumor is Brazilian beans are headed to US as crushers need supplies
- Northern plains still remain drought ridden and spreading
- O/I: Lost 12,751 positions in July futures
WHEAT
- July wheat up 10 @ 7.11, July KC up 5 @ 6.62, July MNPLS up 8 @ 7.48
- All wheat futures up today after yesterdays grave fall
- Heavy rains still projected for much of central plains
- Northern plains are still dry making the drought worse
- Russian Ag Econ group pegs Russian crop at 81.7 less than USDA
- French wheat still rated 79% good/excellent
- O/I: Lost 4,242 positions in July wheat & lost 3,985 positions in KC July wheat
CATTLE
- June LC up .42 @ 116.02 & August FC up .02 @ 150.52
- June cattle have substantial discount to cash
- Knee-jerk reaction of trade based on rumor of beef plant not running may be done
- Bids at 119 – Asks around 120 – still quiet trade
- Feeder Cattle cash index for May 12; up .44 @ 131.01
- Cattle slaughter projected at 116K
- Open interest lost 6,925 for June futures & lost 500 for Aug FC
HOGS
- June hogs down .10 @ 110.00 & June Pork Cutout down .07 @ 115.60
- June & August have back filled previous gaps left on charts
- Pork cutouts significantly higher yesterday offsetting lower cash
- Hog slaughter projected at 478K
- Cash lean index for May 11; up .22 @ 110.95
- O/I: Lost 6,075 for June hogs & June pork cutout lost 27 positions
Author
Amberlee Bratcher