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