CORN
- July Corn up 7 @ 7.26 & Dec corn up 2 @ 6.27
- Dec corn continues to rally to new contract highs
- Forecast remains hot/dry for Brazil corn
- Will USDA lower Brazil crop below 90 mmt from 109 mmt?
- US – heavy rains for much of Corn Belt
- Argentina corn harvest 23% complete – 5-year average 32%
- O/I: Gained 2,228 positions in July futures
SOYBEANS
- July up 12 @ 15.82 & Nov up 15 @ 14.24
- Nov sets new contract high of 14.29
- World veg oil markets continue to surge pushing futures higher
- Stout demand & issues in EU rapeseed area add support
- Cash soy bids above $16 as buyers desperate to find soybeans
- Argentine harvest at 53% complete
- O/I: Lost 1,446 positions in July futures
WHEAT
- July wheat up 2 @ 7.56, July KC up 6 @ 7.24, July MNPLS up 5 @ 7.84
- Paris milling wheat futures are up again for 4th day in a row
- French soft wheat conditions still at 81% good/excellent
- Drought in US Plains continues to be the big story in wheat
- Russian wheat production forecast lower to 79 mmt
- O/I: Gained 24 positions in July wheat & lost 577 positions in KC July wheat
CATTLE
- June LC up 1.35 @ 116.82 & August FC up 2.85 @ 146.25
- Packers need cattle may force them to increase bids next week
- FC up today despite corn moving higher
- Asking prices around $119
- Cattle slaughter projected at 115K
- Cash index for May 5; down 0.99 @ 131.56
- Open interest lost 4,486 for June futures & lost 241 for Aug FC
HOGS
- June hogs down 1.30 @ 113.17 & June Pork Cutout down 1.02 @ 119.00
- End of the week profit-taking happening today
- Tightening supplies will keep packers searching and bidding aggressively
- Hog slaughter projected at 474K
- Cash lean index for May 4; up 0.52 @ 107.89
- O/I: Lost 3,778 for June hogs & June pork cutout lost 10 positions
Author
Amberlee Bratcher