TFM Midday Update 5-4-21

CORN

  • July corn up 20 @ 7.00 & Dec corn up 14 @ 5.77
  • Brazil crop unchanged and under stress
  • Crop estimates continue to drop for Brazil due to warm/dry weather
  • US new crop taken on greater significance in world markets
  • Planting now 46% complete in US
  • Still no deliveries against May contract with cash bids well above delivery
  • O/I: Lost 11,088 positions in July futures

SOYBEANS

  • July up 14 @ 15.38 & Nov up 13 @ 13.58
  • Soybeans fueled by soybean oil – challenging recent highs
  • EU rapeseed prices are at a record levels
  • Tight supply & big demand continues to support futures
  • US soybean planting reported at 24% – fastest pace in 12 years
  • Soybean crush for April at 188.2 mb – 192.mb a year ago
  • O/I: Lost 3,461 positions in July futures

WHEAT

  • July wheat up 4 @ 7.30, July KC up 4 @ 6.86, July MNPLS up 5 @ 7.64
  • Choppy trade day today but up for now
  • Winter wheat conditions drop to 48% good/excellent
  • Spring wheat planting rose to 49%
  • Dakotas continues to struggle with extreme drought
  • Some scattered rains expected in Eastern OK, KS, and CO
  • O/I: Gained 89 positions in July wheat & gained 1,909 positions in KC July wheat

CATTLE

  • June LC down 2.20 @ 113.12 & August FC down 4.10 @ 142.70
  • Feedlots are hoping for at lest steady prices this week
  • Strong demand & higher boxed beef makes cash look too cheap
  • Today’s slaughter est. at 119K head
  • Lower cash expected this week, asks of 119
  • Cash index for April for 30, down 1.50 @ 132.63
  • Open interest lost 4,045 for June futures & gained 301 for Aug FC

HOGS

  • June hogs up .15 @ 112.80 & June Pork Cutout up .45 @ 118.75
  • Hogs refuse to topple with strong demand and tight supplies
  • Consumers show no indications of price resistance yet
  • Hog slaughter estimated at 484K head
  • Cash lean index for April 29; stead, 106.89
  • O/I: Lost 1,850 for June hogs & June pork cutout lost 1 positions

Author

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Amberlee Bratcher

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