CORN

• July corn up 3 @ 6.99 & Dec corn up 11 @ 5.91
• Expanding drought in Brazil expected to remain next 10 days+
• Production estimates projecting Brazil corn 100mmt-90mmt
• US corn basis continues to firm as end users need grain
• Cash corn over 7.00 in many locations
• Heavy rains in S.E plains & Ohio valley – slowing field work
• O/I: Lost 9,220 positions in July futures

SOYBEANS

• July up 5 @ 15.44 & Nov up 13 @ 13.76
• Surging Veg oil values continue to support entire soy complex
• Demand continues to be strong from China
• Argentina rumor is that low river levels slowed exports increasing costs
• US soybean planting at 24% – near record high pace
• Old crop supplies still tight – demand rationing still needs to occur
• O/I: Lost 4,971 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 up .75 @ 114.30 & August FC up .60 @ 143.77
• Cattle weight declined – means cattle are being pulled forward
• Futures are oversold – today could be beginning of correction
• Light cash trade seen 118-119
• Cash index for May 3; up .13 @ 132.76
• Open interest lost 6,385 for June futures & gained 197 for Aug FC

HOGS

• June hogs up .75 @ 114.30 & June Pork Cutout up .60 @ 119.75
• New highs every day – strong demand and tight supplies
• Packers continues to be aggressive – where is consumer resistance?
• Cash lean index for May 3; up .27 @ 107.37
• O/I: Lost 2,702 for June hogs & June pork cutout lost 3 positions

Author

Amberlee Bratcher