TFM Midday Update 5-6-21

CORN

  • July Corn up 5 @ 7.13 & Dec corn up 15 @ 6.19
  • Weekly export sales at 137,300 mt
  • Brazil Safrinha crops continue to dry down over next 10 days
  • Argentina expected another frost/freeze in central/southern areas
  • Corn exports suggest US balance sheet getting tight
  • Ethanol demand continues to improve
  • O/I: Lost 8,778 positions in July futures

SOYBEANS

  • July up 23 @ 15.66 & Nov up 17 @ 12.68
  • Weekly export sales 165,300 mt
  • Demand stays tight as crushers bidding up for soybeans
  • Malaysian palm oil continues to surge both from demand & Covid-19 effects
  • Not expecting to see USDA change US carryout number next Wed
  • O/I: Lost 5,799 positions in July futures

WHEAT

  • July wheat down 2 @ 7.41, July KC down 1 @ 7.15, July MNPLS up 13 @ 7.79
  • Weekly export sales were reduced by 95,600 mt
  • Northwestern US Plains will get much needed rain Fri/Sat
  • Concerns for eastern Russia getting too much rain
  • High price of corn continues to support and drive wheat futures
  • O/I: Gained 1,607 positions in July wheat & gained 7 positions in KC July wheat

CATTLE

  • June LC down 0.02 @ 114.40 & August FC down 2.15 @ 143.07
  • Weekly export sales 16,900 mt
  • Boxed beef price continues to increase as packers need to satisfy demand
  • Asking prices around $119
  • Cattle slaughter projected at 120K
  • Cash index for May 4, down 0.21 @ 132.25
  • Open interest lost 2,771 for June futures & gained 75 for Aug FC

HOGS

  • June hogs up 0.05 @ 114.75 & June Pork Cutout down 0.05 @ 120.07
  • Export sales of 48,200 mt
  • Supplies tightening more rapidly than anticipated – slaughter declining
  • Hog slaughter projected at 486K
  • Cash lean index for May 3; up 0.27 @ 107.37
  • O/I: Lost 2,835 for June hogs & June pork cutout lost 65 positions

Author

Amberlee Bratcher

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