The CME and Total Farm Marketing offices will be closed Monday, May 31, 2021 in observance of Memorial Day
CORN
- July corn down 8 @ 6.56 & Dec corn down 6 @ 5.48
- Rumors still circulate about China buying but no proof yet
- Brazil corn still a major concern – devoid of moisture
- US showers are moving across Midwest & plains
- Argentina harvest 31%
- Funds still roughly 260K long
- O/I: Lost 9,208 positions in July futures
SOYBEANS
- July down 9 @ 15.27 & Nov down 6 @ 13.72
- Soymeal & oil today are adding pressure to all soy complex
- US basis continues to drop as processors living month to month
- Most of soybean crop should be developing well
- Argentine harvest at 91%
- Funds still roughly 80K long
- O/I: Lost 3,126 positions in July futures
WHEAT
- July wheat down 9 @ 6.66, July KC down 14 @ 6.11, July MNPLS up 7 @ 7.24
- MNPLS wheat up with drought/freeze concerns support market
- Frost/freeze warnings for North Dakota & Minnesota through the weekend
- Too much rain in some areas & drought to remain in plains
- Likely USDA will lower old-crop exports by 25 mb in June report
- EU commission raised EU crop 1.4 mmt to 126.2 mmt
- O/I: Lost 6,656 positions in July wheat & lost 1,001 positions in KC July wheat
CATTLE
- June LC down .05 @ 116.30 & August FC up .12 @ 152.97
- Steady cash should keep futures supported
- Packers cannot afford to risk lower bids & not receive sufficient cattle
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for May 26: up .22 @ 136.57
- Open interest lost 2,156 for June futures & gained 180 for Aug FC
HOGS
- June hogs up 1.40 @ 117.12 & June pork cutout up 1.60 @ 126.87
- June hog futures continue to make new highs
- China continues to purchase pork – demand staying strong
- Hog slaughter projected at 437K
- Cash lean index for May 25: up .30 @ 112.50
- O/I: Lost 2,194 for June hogs & June pork cutout lost 10 positions