CORN
- Jul corn down 12 @ 7.72
- The 2-week forecast is warm and dry across most of the Midwest – should allow for increased corn planting
- Crude oil is lower with Saudi Arabia lowering their prices, and reduced demand out of China due to lockdowns
- Argentina and central Brazil are still struggling with a lack of rain
- September corn on China’s Dalian Exchange is around the equivalent of $11.29 per bushel
SOYBEANS
- Jul soybeans down 33 @ 15.89
- High crush margins are still incentivizing to soybean processors
- Rising covid cases in China are affecting their economy with reports of about 328 million people on lockdown in 40 cities
- The Buenos Aires Grain Exchange said Argentina’s soybean harvest is 55% complete but only 12% of the crop is rated good to excellent
- July soybeans on China’s Dalian Exchange are around the equivalent of $21.39 per bushel
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WHEAT
- Jul wheat down 5 @ 11.03, Jul KC up 4 @ 11.75, & Jul MNPLS up 1 @ 12.10
- Heat and dryness in Europe may push wheat prices higher
- Some lingering rains across parts of the Northern Plains may further delay spring wheat planting
- The 7-day forecast for the southwestern plains is mostly dry – HRW wheat conditions are already poor and this will not help
- MPLS wheat continues to make new highs
CATTLE
- Jun LC up 0.125 @ 132.875 & May FC down 0.050 @ 159.500
- Live cattle were lower Friday, despite lower corn futures (and a similar trend today)
- Packers have some cattle bought ahead so may be less aggressive this week
- High food prices may be causing consumers to purchase fewer high-end cuts of beef
- Choice cuts down 0.74 and select down 0.75
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 5/6: down 0.08 @ 155.51
HOGS
- Jun hogs down 2.600 @ 101.500 & Jun pork cutout unchanged @ 110.650
- African swine fever has been found in Rome
- Seasonally, pork demand should start to increase
- Friday, futures were weaker on lower cash and cutouts
- National Direct Afternoon report declined 1.59
- Hog slaughter projected at 478K
- CME Lean Hog Index for 5/9: down 0.05 @ 100.91
Author
Brandon Doherty