TFM Midday Update 5-3-21

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

Author

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Amberlee Bratcher

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