CORN
- July down 17 @ 6.41 & Dec down 17 @ 5.25
- Prices pressured by wheat & soybeans today
- Since May 5, China booked over 8 million mt of new-crop corn
- Internal China prices still above $11 bu
- Brazil’s crop rated 23% good/excellent – 31% rated poor
- Ethanol production expected to remain high
- O/I: Lost 13,235 positions in July futures
SOYBEANS
- July down 48 @ 15.26 @ Nov down 42 @ 13.57
- Soy processors have lowered basis by 10-30 cents
- Disappoint NOPA crush for April – 160.3 mb
- Rains projected to finally fall in N. Plains
- Battle for new-crop acreages continues
- Tight stocks & demand leaves no room for production errors
- O/I: Lost 5,268 positions in July futures
WHEAT
- July wheat down 21 @ 6.76 , July KC down 21 @ 6.26, July MNPLS down 25 @ 6.89
- Prices continue to fall as rains projected for N. Plains
- Wheat Quality Crop Tour pegs Kansas wheat yield at 59.2 bu per acre
- Rains continue to fall on Texas, Oklahoma, and Kansas
- New crop in the EU & Black Sea off to great start
- O/I: Lost 300 positions in July wheat & gained 11 positions in KC July wheat
CATTLE
- June LC down .05 @ 116.70 & August FC up 1.22 @ 153.15
- Cash trading steady to higher provided much needed boost
- Beef exports sales need to improve within the next month
- Feeder Cattle cash index for May 17; down .20 @ 133.70
- Southern live deals were at $119 to mostly $120
- Cattle slaughter projected at 120K
- Open interest lost 3,291 for June futures & gained 49 for Aug FC
HOGS
- June hogs up .30 @ 110.92 & June Pork Cutout up .67 @ 118.25
- Cash was finally higher again – possibly indicating packer swill be more aggressive
- If exports slow – could give sufficient supply to satisfy demand
- Hog slaughter projected at 480K
- Cash lean index for May 14; up .49 @ 111.42
- O/I: Lost 3,783 for June hogs & June pork cutout lost 45 positions
Author
Amberlee Bratcher