The CME and Total Farm Marketing offices will be closed Monday, May 31, 2021 in observance of Memorial Day
CORN
- July corn up 34 @ 6.58 & Dec corn up 25 @ 5.45
- Export sales 555,900 MT – up from last week
- Daily export sales of 152,400 mt of corn – destination unknown
- Ethanol data from yesterday shows inventory falling to lowest level in 4 yrs
- Weather still favorable for US corn
- Remainder of Brazil & Argentina dry
- Argentine port workers call off strike over Covid vaccines
- O/I: Lost 6,144 positions in July futures
SOYBEANS
- July up 25 @ 15.28 & Nov up 25 @ 13.72
- Export sales of 55,900 MT
- Brazil remains on record pace for soybean exports thru May
- US basis continues to slip as processors have needs met through July
- Weather still favorable for 80% of crop that already planted
- Soybean balance sheet still very tight
- O/I: Lost 2,451 positions in July futures
WHEAT
- July wheat up 21 @ 6.69, July KC up 20 @ 6.19, July MNPLS up 23 @ 7.04
- Export sales 29,500 MT – not impressive but not unexpected
- Wheat oversold and being supported by move in corn today
- Rains still falling in HRW and SRW areas
- Flash flooding likely in Kansas & Missouri
- Paris milling futures are rallying adding support
- O/I: Lost 2,305 positions in July wheat & lost 3,105 positions in KC July wheat
CATTLE
- June LC up .25 @ 116.70 & August FC down 2.10 @ 153.10
- Export sales of 27,900 MT up 19% from last week
- Grain prices on the rise today pressure FC market
- Cash maintaining at 119-129 – indicating support under market
- Cattle slaughter projected at 121K
- Feeder Cattle cash index for May 25: down .04 @ 136.35
- Open interest lost 3,848 for June futures & lost 316 for Aug FC
HOGS
- June Hogs up .25 115.52 @ & June pork cutout up .12 @ 125.05
- Export sales of 45,900 MT up from last week
- Pork demand expected to stay strong over next month
- Prices continue to put in contract highs with no top yet
- Hog slaughter projected at 482K
- Cash lean index for May 24: down .39 @ 112.20
- O/I: Lost 1,830 for June hogs & June pork cutout lost 8 positions
Author
Amberlee Bratcher