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