CORN
- July corn up 5 @ 6.78 & Dec corn down 2 @ 5.61
- Ethanol margins continue to battle between corn values
- Rains moving through short-term slow planting progress
- Export inspections strong at 2.139M mt
- Corn basis holding firm in US
- July corn puts in contract highs today @ 6.98
- O/I: Gained 1,163 positions in July futures
SOYBEANS
- July down 11 @ 15.22 & Nov down 5 @ 12.13
- Meal & oil putting pressure on soybean futures today
- US planting progress projected to be 1/3 done
- Export inspections weak at 143,418 mt
- S. America continues to see shipping progress
- O/I: Gained 2,038 positions in July futures
WHEAT
- July wheat down 6 @ 7.23, July KC down 6 @ 6.97, July MNPLS flat @ 7.63
- Spring wheat still too dry no improvement in sight
- US dollar down today currently 90.95
- Spring wheat planting is well ahead of normal pace
- Weekly export inspections improved to 509,932 mt
- Seasonal weather in plains should boost growth
- O/I: Gained 1476 positions in July wheat & gained 58 positions in KC July wheat
CATTLE
- June LC down .45 @ 116.12 & August FC up .22 @ 146.97
- Futures have established a sideways trend for now
- Boxed beef strong futures remain support in spite of cash values
- Today’s slaughter est. at 115K head
- Light cash trade seen 118-119
- Cash index for April for 29; down .94 @ 134.13
- Open interest lost 2,938 for June futures & gained 208 for Aug FC
HOGS
- June hogs up 1.92 @ 111.65 & June Pork Cutout up 2.20 @ 117.45
- Packers remain aggressive due to higher cutouts & strong demand
- Hogs putting in new contract highs today
- Hog slaughter estimated at 478K head
- Cash lean index for April 28; down .12 @ 106.89
- O/I: Lost 862 for June hogs & June pork cutout gained 10 positions