CORN
- July Corn up 4 @ 6.84 & Dec corn down 8 @ 6.01
- US forecast shows limited rain potential for central corn belt
- Temps in plains expected to be 90-100 over next 2 weeks
- US census export numbers suggest corn exports could be understated
- China’s corn prices $11 per bu. – more imports likely
- Ethanol production for week ending June 4 – up 3.19% from last week
- Due to weather, Brazil production expected drop 10-12 mmt
- O/I: Lost 29,068 positions in July futures
SOYBEANS
- July down 23 @ 15.56 & Nov down 23 @ 14.34
- Brazil soy exports seen reaching 11 million tns in June
- Soybean crushing hits 6-year high in April
- Argentine farmers sales of 20/21 soybeans down from last year
- Crop stressed in US northern mid-west
- Rains in S. Brazil expected to improve conditions
- O/I: Lost 12,617 positions in July futures
WHEAT
- July wheat down 8 @ 6.76, July KC down 6 @ 6.24, July MNPLS down 23 @ 7.48
- France’s soft wheat stockpiles expected to rise on lower feed demand
- Russia cuts wheat exports nearly 30% month-on- month in April
- Favorable conditions for filling & harvest in central & southern plains
- Needed rains landing in northern plains through Friday – but turn dry after
- Conditions for spring wheat have improved
- O/I: Lost 13,784 positions in July wheat & lost 7,162 positions in KC July wheat
CATTLE
- Aug LC up .17 @ 118.00 & August FC up .05 @ 149.30
- Cash appears to be steady despite weakness in boxed beef
- Funds continue to liquidate positions
- Sales in the south at 119-120
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for June 7: down .95 @ 140.12
- Open interest lost 1,453 for Aug LC & gained 76 for Aug FC
HOGS
- July hogs down .52 @ 121.27 & June Pork Cutout up .35 @ 134.95
- Packers are not shy about needing hogs as prices increase
- Traders to continue buy breaks – market trend still upward
- Hog slaughter projected at 483K
- Cash lean index for June 4: up 1.76 @ 116.51
- O/I: Lost 4,946 for July hogs & June pork cutout lost 37 positions
Author
Amberlee Bratcher