CORN
- July Corn up 1 6.64 & Dec corn down 3 @ 5.48
- Corn demand remains incredibly strong
- Improved weather in the US cause for prices not rallying
- Total China purchases for May are over 420 mb of new-crop
- Corn futures being pressured by fall in wheat
- Rain in Brazil expected to be too little too late
- O/I: Lost 8,276 positions in July futures
SOYBEANS
- July up 6 @ 15.39 & Nov down 1 @ 13.68
- Soybeans plunged this morning but trying to fight back
- Veg oils are correcting in unison and putting pressure on soybeans
- Lockdowns in Asia has market spooked regarding future demand
- Brazil soybeans continue to supply China
- US soybean basis declining
- O/I: Lost 975 positions in July futures
WHEAT
- July wheat down 3 @ 6.71, July KC down 2 @ 6.23, July MNPLS up 2 @ 6.98
- Much needed rain/snow hitting northern plains
- Red winter areas have received adequate moisture – more rain will not be a good thing
- Kansas wheat tour ended with record yield of 58.1 bpa – average is 43.1 bpa
- Kansas production expected to be 365 mb versus 281 mb last year
- France’s wheat rated 79% good/excellent
- Parts of Russia turning hot/dry – will monitor closely
- O/I: Lost 1,138 positions in July wheat & lost 163 positions in KC July wheat
CATTLE
- June LC up .30 @ 116.90 & August FC up .60 @ 151.67
- Cash able to hold steady this week
- Packers might buy more aggressively late today
- Feeder Cattle cash index for May 19; up .06 @ 133.86
- Cash trade 119-120 so far this week trade has been light
- Cattle slaughter projected at 117K
- Open interest lost 4,057 for June futures & lost 302 for Aug FC
HOGS
- June hogs up 1.27 @ 113.62 & June Pork Cutout up 2.20 @ 122.20
- Hog futures look to revisit the highs again
- Traders seem confident to buy back in with supplies still tight
- Hog slaughter projected at 469K
- Cash lean index for May 18; down .17 @ 111.62
- O/I: Lost 2,187 for June hogs & June pork cutout lost 79 positions