News Source: BRUG

Corn Closes Up Double Digits

Corn Rows of from Below

After see-saw trading through the early portion, Friday’s action came to a close with corn futures 9 1/4 to 13 1/2 cents higher. New crop December corn rallied 65 cents on the week, but the inverse from July prices only tightened by 20 1/4 cents. December is up more than 40% from the March 31 low. 

USDA announced some large corn export sales activity this morning, as China purchased 1.36 MMT (53 mbu) of new crop corn. Private exporters also sold 188,468 MT to unknown destinations, which is to be split 87k MT for old crop and 102k MT for new crop delivery. 

The weekly Commitment of Traders report showed managed money OI declined 16,591 contracts through the week ending 5/4. Long liquidation outweighed short buy backs and the group’s net long position decreased 6,115 contracts to 372,548. Commercials extended their net short through lighter OI as well, up 12,044 to 722,640 contracts on net as of May 4th. 

Traders surveyed expect USDA to cut Brazil’s corn crop by 5.8 MMT on average to 103.2 MMT. Some analysts expect USDA to go as low as 99 MMT for Brazil’s 20/21 corn output, and the highest estimate is for a 2.5 MMT cut. 

May 21 Corn  closed at $7.72 3/4, up 13 1/4 cents,

Jul 21 Corn  closed at $7.32 1/4, up 13 1/2 cents,

Nearby Cash  was $7.46 5/7, up 13 7/8 cents,

Dec 21 Corn  closed at $6.36 1/2, up 11 cents,

New Crop Cash  was $6.11 1/4, up 11 cents,

Wheat Prices Higher for Weekend

Wheat in the blue sky under the sun

Going into the weekend, wheat futures posted more gains. SRW futures ended the session up by 7 3/4 to 9 1/4 cents. KC wheat closed with 10 cent old crop gains and 8 3/4 to 10 cent new crop gains. Minneapolis spring wheat went into the weekend break with gains of 7 to 8 1/4 cents. 

The weekly CoT report showed SRW spec funds reduced their net long by 2,676 contracts to 10,723 through the week ending 5/4. That came on 5,556 contracts lighter OI. PMPUs also reduced their OI during the week by 20,749 contracts, leaving commercials 2,517 contracts less net short. In HRW, CFTC data showed managed money funds were 3,962 contracts more net long on 5/4 from net new buying. Managed money funds were also net buyers in HRS through the reporting week, increasing the net long 1,827 contracts to 15,906. 

Trader estimates averaged 294.7 MMT for global old crop wheat carryout ahead of next Wednesday’s WASDE update. That would be down 0.8 MMT from the April figure if realized. The trade expects USDA to set the initial 21/22 world wheat carryout at 279.4 MMT, with a  wide range of estimates between 283 and 320 MMT. 

StatsCan released grain stocks data as of March 31 this morning showing 16.231 MMT of wheat supply. That compares to 18.781 MMT of wheat stocks in March 2020. Russia’s IKAR reduced their 21/22 wheat output forecast by 500k MT to 79 MMT. 

Cash SRW Wheat  was $7.35 3/8, up 8 3/8 cents,

Jul 21 CBOT Wheat  closed at $7.61 3/4, up 8 1/2 cents,

Cash HRW Wheat  was $7.07 1/5, up 10 cents,

Jul 21 KCBT Wheat  closed at $7.36 3/4, up 10 cents,

Jul 21 MGEX Wheat  closed at $7.97 1/2, up 7 cents,

Lean Hogs Mixed for Weekend

Pig Resting in Pen Hay

ean hog futures closed mixed after trading both directions on Friday. The summer delivery months were down triple digits, while May, October and December stayed higher with gains of at least 27 cents. USDA’s National Average Base Hog price for Friday was $113.70, after a $2.72 drop. The May 5th CME Lean Hog Index was $108.55, up by another 66 cents.  

Pork cutout futures closed mostly lower, as May was up 57 cents but the other nearbys were $0.47 to $1.25 in the red. USDA’s National Pork Carcass Cutout Value was 7 cents weaker in the PM report to $113.79. Most of the primal cuts were higher, though offset by a $5.21 reduction to ham value. USDA estimated the week’s FI hog slaughter through Saturday at 2.408m head. That’s down 46,000 head wk/wk. 

The CoT report showed little adjusting from lean hog specs through the week ending 5/4. With 550 fewer contracts open, managed money was reported 71,577 contracts net long. 

May 21 Hogs  closed at $111.975, up $0.575,

Jul 21 Hogs  closed at $113.550, down $1.100

May 21 Pork Cutout  closed at $114.550, up $0.575,

Cattle Market Closes Mostly Higher

Brown Cow in Field

Front month cattle futures gave back most of the early session gains, and went into the weekend mixed but mostly higher. October and December contracts were UNCH to 2 cents in the red, but June was up 55 cents. USDA reported catch up Friday sales in KS for $119. The full range of cash sales for the week was $117 to $119, though most were $119. At the close for the week, feeder cattle had given back the $2 midday gains to close up by 27 to 87 cents. The thin May maintained a triple digit gain of $1.25. The CME Feeder Cattle Index for May 6th was down by another 73 cents to $130.83.     

Wholesale Boxed Beef prices were mixed in the Friday report. Choice boxes were down 49 cents to $305.88 but Select was 91 cents stronger to $290.27. Both were up more than 2% for the week as a whole. USDA quoted Choice rib primals at $5.22 cwt. The week’s cattle slaughter through Saturday was estimated at 638,000 head.That is down from 649,000 head last week. YTD slaughter is to 11.92m head.  

The weekly CFTC data release showed net selling from cattle specs through the week ending May 4th. That reduced the groups net long by 6,030 contracts to 48,865 – the lowest since January. For feeders, managed money’s new selling flipped the group to net short by 913 contracts. T

Jun 21 Cattle  closed at $116.025, up $0.550,

Oct 21 Cattle  closed at $123.450, down $0.025,

May 21 Feeder Cattle  closed at $131.725, up $1.250

Aug 21 Feeder Cattle  closed at $144.275, up $0.875

Beans Rally 20+ Into Weekend

Large pile of soybeans

At the end of the last trade day of the week, soybean futures were up by 21 3/4 to 25 cents in the most active months. That was mostly led by new crop, as the inverse from July to November tightened to $1.56/bu. Soymeal futures closed the session near the highs with gains of at least $14.20/ton nearby. Some of this was unwinding of oil/meal spreads. BO futures also closed in the black with Friday gain of 13 to 14 points. 

CFTC data showed managed money soybean traders were 174,799 contracts net long on 5/4. That was a 5,215 contract weaker net long wk/wk via long liquidation. On net commercial’s position did not change much, still 283,920 contracts net short, though OI was down 33,943 contracts (4%) on the week. For soymeal, the additional 6,500 contracts of spec open interest washed out and funds were still 54,150 contracts net long on 5/4. Spec funds reduced their soybean oil net long through the week by 5,082 contracts to 87,505. 

Canadian canola stocks were reported at 6.572 MMT as of March 31. StatsCan data states that is 37.7% tighter yr/yr. Canadian Canola Prices continue to set fresh all time highs, with in delivery May contracts breeching $1,000 CAD/MT. Soybean stocks were also 30% tighter compared to 2020, with 1.967 MMT of bean stocks in Canada as of 3/31. 

May 21 Soybeans  closed at $16.21, up 15 1/2 cents,

Jul 21 Soybeans  closed at $15.89 3/4, up 20 1/4 cents,

Nearby Cash  was $15.99 1/6, up 20 1/4 cents,

Nov 21 Soybeans  closed at $14.33 1/2, up 24 1/2 cents,

New Crop Cash  was $13.84 1/8, up 24 5/8 cents,

Cotton Mixed at Close

Cotton Fabric and Textiles on Spools

Cotton futures go into the weekend with a mixed close on Friday. Old crop prices were 92 points weaker in July and 31 points weaker for the thin October. New crop December and March contracts came back from midday losses and ended the last trade day of the week 10 to 17 points higher. The Dollar Index was sharply lower on Friday, down by 72 points to 90.23. 

Data from the Commitment of Traders report showed managed money funds were net sellers of cotton during the week that ended May 4. On net, the group was 493 contracts less long to 58,175. 

USDA’s Daily Spot Quotations report for 5/7 showed 3,647 bales were sold at spot. The weekly Cotton Market Review said the week’s average spot price was 84.03 c/lb, compared to 84.92 c/lb last week. The Cotlook A index from May 6th was unchanged at 92.30 cents/lb. The AWP for cotton was lowered by 2.32 cents to 71.39 cents/lb. 

Jul 21 Cotton  closed at 89.66, down 92 points,

Dec 21 Cotton  closed at 86.89, up 17 points,

Mar 22 Cotton  closed at 85.92, up 10 points

Cotton Pulls Back on Friday

Cotton fabric with texture

Through midday, cotton futures are pulling back from the triple digit Thursday gains. July is down 180 points so far, after filling the expiration gap. New crop prices are down 66 to 85 points at midday. The Dollar Index is sharply lower through midday on Friday, down by 72 points to 90.231. 

USDA’s Daily Spot Quotations report for 5/6 showed 918 bales were sold at spot, bringing the season’s total to 1.351 million. The Cotlook A index from May 6th was unchanged at 92.30 cents/lb. The AWP for cotton was lowered by 2.32 cents to 71.39 cents/lb. 

Jul 21 Cotton  is at 88.8, down 178 points,

Dec 21 Cotton  is at 85.88, down 84 points,

Mar 22 Cotton  is at 84.97, down 85 points

Lean Hogs Mixed at Midday

Pigs feeding from trough in pen

Lean hog futures are trading both directions so far for the last trade day of the week. May, October and December contracts are in the black with gains of as much as 87 cents. The other nearbys are lower, led by a $1.15 drop in June. USDA’s National Average Base Hog price for Friday morning was $109.81, after a $1.47 drop. The May 5th CME Lean Hog Index was $108.55, up by another 66 cents.  

Pork cutout futures are also mixed at midday, within 85 cents of UNCH. USDA’s National Pork Carcass Cutout Value was $3.36 stronger on Friday morning to $117.22. Bellies were up the most, with a $22.16 increase to $189.12 cwt. USDA estimated the week’s hog slaughter through Thursday at 1.933 m head. That is down 2,000 head wk/wk.

May 21 Hogs  are at $111.700, up $0.300,

Jul 21 Hogs  are at $114.550, down $0.100

Jun 21 Pork Cutout  is at $119.000, down $1.025,

Soy Market Higher so far

young soy bean growing summertime

So far soybeans are trading with midday gains of 9 1/4 to 14 cents. May beans are fractionally lower, with preliminary OI at 1,227 as of 5/6. CME reported 132 deliveries issued against May beans. MTD deliveries were reported at 366 contracts. 

Soymeal futures are trading $3.40 to $6.30/ton higher at midday. CME reported 9 meal deliveries issued yesterday, MTD May meal deliveries total 36 contracts. Soybean oil futures are adding 58 to 62 points to the upside. May bean oil deliveries are up to 1,371 contracts after another 2 were issued yesterday. 

Pre report estimates ahead of USDA’s May WASDE show that on average the trade is looking for a 2.2 mbu cut to bean carryout, with the average of estimates for 117.8 mbu. The initial new crop carryout is expected between 110 mbu and 200 mbu with an average of 133.2. Traders expect the initial new crop production at 4.431 bbu off a 50.9 average expected yield. 

Canadian canola stocks were reported at 6.572 MMT as of March 31. StatsCan data states that is 37.7% tighter yr/yr. Canadian Canola Prices continue to set fresh all time highs, with in delivery May contracts breeching $1,000 CAD/MT. Soybean stocks were also 30% tighter compared to 2020, with 1.967 MMT of bean stocks in Canada as of 3/31. 

May 21 Soybeans  are at $16.05, down 1/2 cent,

Jul 21 Soybeans  are at $15.78 3/4, up 9 1/4 cents,

Nearby Cash  is at $15.88 2/7, up 9 3/8 cents,

Nov 21 Soybeans  are at $14.21 3/4, up 12 3/4 cents,

New Crop Cash  is at $13.72 1/3, up 12 7/8 cents,

Corn Futures Bouncing at Midday

Sweet corn still in the husk

Friday corn trading saw “buy the rumor, sell the fact” profit taking in the morning, but prices are bouncing back at midday. Old crop futures are 5 cents stronger in July. There continues to be no deliveries issued against May corn or May ethanol futures. New crop prices are fractionally mixed at midday. 

USDA announced some large corn export sales activity this morning, as China purchased 1.36 MMT (53 mbu) of new crop corn. Private exporters also sold 188,468 MT to unknown destinations, which is to be split 87k MT for old crop and 102k MT for new crop delivery. Outside of the flash announcements, South Korea purchased 276k MT of optional origin corn in their tender. 

Ahead of Wednesday’s initial new crop WASDE estimates, traders are looking for 15.029 billion bushels of corn production. The average expected yield is 179.4 bpa. Initial 21/22 corn carryout is estimated to be shown between 1.1 and 1.62 bbu, with an average of estimates for 1.327. Old crop carryout on average is expected to be cut by 76.8 mbu to 1.275 billion. 

Traders surveyed also expect USDA to cut Brazil’s corn crop by 5.8 MMT on average to 103.2 MMT. Some analysts expect USDA to go as low as 99 MMT for Brazil’s 20/21 corn output, and the high estimate is for a 2.5 MMT cut. 

May 21 Corn  is at $7.60 3/4, up 1 1/4 cents,

Jul 21 Corn  is at $7.23 3/4, up 5 cents,

Nearby Cash  is at $7.38, up 5 1/8 cents,

Dec 21 Corn  is at $6.25 1/4, down 1/4 cent,

New Crop Cash  is at $6.00, down 1/4 cent,

Wheat Futures in Black at Midday

Wheat and bread on table

Friday wheat trading has swung around UNCH, but prices are in the black at midday. CBT wheat futures are fractionally to 2 1/4 cents higher. Deliveries against May SRW stayed at 236 contracts through 5/6. KC HRW wheat futures are trading with midday gains of as much as 3 1/4 cents. CME reported 12 HRW deliveries issued yesterday, to bring the MTD deliveries to 1,130 contracts. MGE spring wheat futures are also back in the black at midday with gains of 3 1/2 to 4 1/4 cents. 

Trader estimates averaged 294.7 MMT for global old crop wheat carryout ahead of next Wednesday’s WASDE update. That would be down 0.8 MMT from the April figure if realized. The trade expects USDA to set the initial 21/22 world wheat carryout at 279.4 MMT, with the range of estimates between 283 and 320. 

StatsCan released grain stocks data as of March 31 this morning showing 16.231 MMT of wheat supply. That compares to 18.781 MMT of wheat stocks as of 3/31 in 2020. 

Russia’s IKAR reduced their 21/22 wheat output forecast by 500k MT to 79 MMT. 

Cash SRW Wheat  is at $7.28 1/5, up 1 1/4 cents,

Jul 21 CBOT Wheat  is at $7.54 1/2, up 1 1/4 cents,

Cash HRW Wheat  is at $7.00 2/3, up 3 1/2 cents,

Jul 21 KCBT Wheat  is at $7.30, up 3 1/4 cents,

Cattle Climbing Triple Digits

Cows in pen looking at camera

Fat cattle are trading with midday gains of $1.12 to $1.62 at midday. USDA noted cash sales through Thursday, with limited activity from $117 to $119. Feeder cattle are also up by triple digits, with gains of at least $2.40 so far. The 5/4 CME Feeder Cattle Index was down by 21 cents to $132.55.     

Wholesale Boxed Beef prices were mixed in the Friday morning report. Choice boxes were down 41 cents to $305.96 but Select was up another $3.04 to $292.40. USDA estimated FI cattle slaughter for the week through Thursday at 470,000 head. That is 7,000 head below last week’s pace.  

Jun 21 Cattle  are at $117.050, up $1.575,

Oct 21 Cattle  are at $124.850, up $1.375,

May 21 Feeder Cattle  are at $133.650, up $3.175

Aug 21 Feeder Cattle  are at $146.650, up $3.250

Cattle Pulled Higher on Strong Beef and Pork Demand

Cows grazing in a meadow sunshine

Live cattle futures climbed back from midday lows and closed the Thursday session as much as $1.05 in the black (June). There were reports of $119 cash cattle sales in TX. USDA noted limited activity from $117 to $119. Feeder cattle closed with triple digit losses of $1 to $1.92 in the front months. The 5/4 CME Feeder Cattle Index was down by 21 cents to $132.55.     

Wholesale Boxed Beef prices were higher again on Thursday afternoon. Choice boxes were up another $1.59 to $306.37 and Select was up $3.18 to $289.36. Choice rib primals were quoted at $519.28. USDA estimated FI cattle slaughter for the week through Thursday at 470,000 head. That is 7,000 head below last week’s pace.  

Jun 21 Cattle  closed at $115.475, up $1.050,

Oct 21 Cattle  closed at $123.475, up $0.375,

May 21 Feeder Cattle  closed at $130.475, down $1.000

Aug 21 Feeder Cattle  closed at $143.400, down $1.825

Corn Extends Rally in Early Friday Trading

Corn Field Sunny Sky Shoots

Corn futures are 5 to 11 cents higher heading into the last trade day of the week. Through Thursday July corn prices were up 33 3/4 cents for the week. On Thursday, the corn gains were led by new crop December which was up 3.43% at the close. Preliminary open interest shows massive new buying, up 23,190 contracts. The old to new crop inverse was still $1.34/bu as of yesterday’s close.  There have still be zero deliveries against May corn futures, with the oldest long still dated February 24. 

The Thursday Export Sales data showed 137,375 MT (86.4 mbu) of old crop bookings from the week ending 4/29. That was on the low end of estimates, and the lightest weekly sale since Feb 25. Corn shipments on the other hand were reported at a 7 week high of 2.195 MMT. Accumulated exports to 1.712 bbu, or 64% of the April forecast. Barring any changes made in the May forecast (scheduled for next Wednesday), shipments need to average 53.5 mbu/week. 

May 21 Corn  closed at $7.59 1/2, up 6 1/4 cents, and up 5 3/4 this morning

Jul 21 Corn  closed at $7.18 3/4, up 10 1/4 cents, and up another 8 this morning

Nearby Cash  was $7.32 6/7 yesterday, up 10 1/8 cents,

Dec 21 Corn  closed at $6.25 1/2, up 20 3/4 cents, and up 11 3/4 this morning

New Crop Cash  was $6.00 1/8 yesterday, up 20 7/8 cents,

Hog Futures Edge Higher Amid Mixed Cash Markets

Piglets in a_ pasture

Front month lean hog futures closed the Thursday session with 2 to 17 cent gains. October contracts ended 17 cents lower and December was UNCH. USDA’s National Average Afternoon Base Hog price was 51 cents weaker to $116.42. The May 4th CME Lean Hog Index was $107.89, up by another 52 cents.  

Pork cutout futures closed mixed as June dropped back a nickel but the other nearbys were as much as 22 cents stronger. USDA’s National Pork Carcass Cutout Value was $1.95 stronger on Thursday to $113.86. The primal cuts were mostly higher, though picnics pulled back by $2.50 cwt. USDA estimated the week’s hog slaughter through Thursday at 1.933 m head. That is down 2,000 head wk/wk.

May 21 Hogs  closed at $111.400, up $0.025,

Jul 21 Hogs  closed at $114.650, up $0.175

May 21 Pork Cutout  closed at $113.825, up $0.125,

Cotton Fades Thursday Gains

Cotton Grass Flower

Cotton traded lower overnight, fading the triple digit gains from Thursday. Futures are running 36 to 77 points lower this morning. At the close, old crop cotton futures were 325 points higher, and May futures expired at 89.48 cents/lb. New crop prices ended the session 114 to 171 points higher at the close. 

Cotton bookings were reported at 63,659 RBs, down 18% wk/wk and well below the +400k RBs sold during the same week last year. Cotton export shipments were a MY high and the largest since the week April 2020. Accumulated cotton exports remain at record pace with 11.3m RBs shipped through week 39. For new crop, USDA’s weekly update showed 61,227 RBs were sold, bringing the NMY forward book to 1.7m RBs. 

USDA’s initial Ag Attache estimate for India’s 21/22 cotton production was 29.5m bales. if realized that would be 400k bales higher than 20/21 on 100k HA lighter area. The Ag Attache sees India’s carryout at 16.48m bales, which would be the tightest stocks since 18/19. 

USDA’s Daily Spot Quotations report for 5/6 showed 918 bales were sold at spot, bringing the season’s total to 1.351 million. The 5/5 Cotlook A index was back down by 75 points to 92.30 cents/lb. The AWP for cotton was lowered by 2.32 cents to 71.39 cents/lb. 

Jul 21 Cotton  closed at 90.58, up 325 points, and down 77 this morning

Dec 21 Cotton  closed at 86.72, up 132 points, and down 60 this morning

Mar 22 Cotton  closed at 85.82, up 114 points, and down 36 this morning

Soybeans Extend Gains, New Highs in Palm and Canola Seen

fresh soy beans

Overnight soy trading has the board another 8 to 16 cents higher. Preliminary OI data suggests the double digit bean rally yesterday was net new buying, rising 5,943 contracts. The May to July inverse tightened to 36 cents/bu by the close, or a 2.3% discount. New crop futures saw November up 26 1/4 to above $14/bu. Soymeal futures closed the Thursday session with gains of $2.50 to $3.40/ton. Soybean oil futures rallied 89 to 130 points in the front months. 

Old crop soybean bookings from the weekly Export Sales report were 165,259 MT during the week ending 4/29. USDA reported weekly exports were 264,055 MT to bring the accumulated total to 56.33 MMT (2.07 bbu). New crop soybean sales were on the light end of estimates with 192,884 MT sold. Total forward sales are 6.82 MMT, which is up 456% from this point last season.

Soymeal sales were reported at 201,969 MT for the week ending 4/29. That was up 23% wk/wk and was up 53% from the same week last season. USDA reported 6,077 MT of soy oil, including a 3,000 MT cancellation from Colombia. BO exports were an 8 week high as 20k MT were shipped to S. Korea alone.  

There were 132 deliveries against May soybeans yesterday, all by the ADM house account. Stoppers included Dreyfus, Bunge and and a couple spec houses. The active June soybean contract at Dalian rallied Thursday as expected, but was still 4% below the April high. They were up 2% from the Friday close. US July beans at the Thursday close were also up 2% for the same period.   That got the US beans into life of contract highs. Canola and palm oil futures moved into new all time highs as well. 

May 21 Soybeans  closed at $16.05 1/2, up 23 1/2 cents, and are up 8 1/4 this morning

Jul 21 Soybeans  closed at $15.69 1/2, up 27 1/4 cents, and up 11 this morning

Nearby Cash  was $15.78 on Thursday, up 27 1/4 cents,

Nov 21 Soybeans  closed at $14.09, up 26 1/4 cents, and up 16 3/4 this morning

New Crop Cash  was $13.59 ½ on Thursday, up 26 3/8 cents,

Wheat Up in All Three US Markets

Baked wheat bread sliced

Wheat futures are 5 to 9 cents higher in early Friday trading. Thursday ended with wheat near the highs of the day. CBT wheat futures ended the session 8 ¾ to 11 3/4 cents in the black led by new crop. KC HRW wheat futures closed 8 to 9 3/4 cents higher. MGE spring wheat futures were 7 1/2 to 8 1/2 cents higher to new LOC highs through at least March 22. 

USDA reported net cancellations of 95,571 MT of old crop wheat, and 399,601 MT for new crop. Total forward sales ahead of the 21/22 season is 40% above the same point ahead of 2020/21 with 2.99 MMT on the books. Of that, 27% is HRW and 27% is HRS. For reference, last year forward sales ahead of this season were comprised of 44% HRW and 23% HRS by week 48. 

Cash SRW Wheat  was $7.26 on Thursday, up 9 7/8 cents,

Jul 21 CBOT Wheat  closed at $7.53 1/4, up 8 3/4 cents, and up another 7 3/4 this morning

Cash HRW Wheat  was $6.97 3/5 on Thursday, up 10 1/8 cents,

Jul 21 KCBT Wheat  closed at $7.26 3/4, up 9 3/4 cents, and up 9 1/2 this morning

Jul 21 MGEX Wheat  closed at $7.90 1/2, up 8 1/2 cents, and up 9 1/2 this morning

Hogs Higher on Thursday

Pig with dirt on snout ear tagged

Front month lean hog futures closed the Thursday session with 2 to 17 cent gains. October contracts ended 17 cents lower and December was UNCH. USDA’s National Average Afternoon Base Hog price was 51 cents weaker to $116.42. The May 4th CME Lean Hog Index was $107.89, up by another 52 cents.  

The weekly USDA Export Sales report showed 48,240 MT of pork sales during the week ending 4/29. That was up 35% wk/wk and the fourth largest weekly sale of the year. Mexico and China were the top buyers, each with more than 10k MT. Exports were 37k MT during the same week, bringing the YTD shipments to 676,860 MT. 

Pork cutout futures closed mixed as June dropped back a nickel but the other nearbys were as much as 22 cents stronger. USDA’s National Pork Carcass Cutout Value was $1.95 stronger on Thursday to $113.86. The primal cuts were mostly higher, though picnics pulled back by $2.50 cwt. USDA estimated the week’s hog slaughter through Thursday at 1.933 m head. That is down 2,000 head wk/wk.

May 21 Hogs  closed at $111.400, up $0.025,

Jul 21 Hogs  closed at $114.650, up $0.175

May 21 Pork Cutout  closed at $113.825, up $0.125,

Corn Futures Double Digits Stronger

Large cornfield with rows of crop

Corn futures rallied double digits on Thursday. Old crop July closed 10 1/4 cents higher, but is still 40 3/4 cents below May with 6 trade days before expiration. New crop December led the way higher with a 3.43% gain to the highest Dec contract price since 2012. 

USDA’s weekly corn Export Sales were a combined 243,547 MT. That was on the low end of expectations with 137k MT of old crop and 106k MT sold for 21/22 delivery. Corn shipments on the other hand were reported at a 7 week high of 2.195 MMT. That brought accumulated exports to 43.5 MMT or 1.713 bbu. Outside of the Export Sales report, South Korea issued an international tender for 276,000 MT of optional origin corn. 

USDA shows Brazil’s soil moisture ranges from 0% (insufficient) to 50% (adequate) across the second crop corn area. Mato Grosso do Sul, Goiás, Paraná, and São Paulo are the most dry according to the WMO map.  

May 21 Corn  closed at $7.59 1/2, up 6 1/4 cents,

Jul 21 Corn  closed at $7.18 3/4, up 10 1/4 cents,

Nearby Cash  was $7.32 6/7, up 10 1/8 cents,

Dec 21 Corn  closed at $6.25 1/2, up 20 3/4 cents,

New Crop Cash  was $6.00 1/8, up 20 7/8 cents,

Wheat Prices Gain on Thursday

Wheat field on a beautiful summer day

Thursday wheat futures closed near the highs with some double digit gains. CBT wheat futures ended the session 8 ¾ to 11 3/4 cents in the black led by new crop. KC HRW wheat futures closed 8 to 9 3/4 cents higher. MGE spring wheat futures were 7 1/2 to 8 1/2 cents higher to new LOC highs through at least March 22. 

USDA reported net cancelations of 95,571 MT of old crop wheat, with new sales to Mexico and Haiti and net cancelations from an unknown buyer. New crop wheat bookings were reported at 399,601 MT for the week. Unknown and Mexico were the top buyers. Total forward sales ahead of the 21/22 season is 40% above the same point ahead of 2020/21 with 2.99 MMT on the books. Of that, 27% is HRW and 27% is HRS. For reference, last year forward sales ahead of this season were comprised of 44% HRW and 23% HRS by week 48. 

Cash SRW Wheat  was $7.26 1/1, up 9 7/8 cents,

Jul 21 CBOT Wheat  closed at $7.53 1/4, up 8 3/4 cents,

Cash HRW Wheat  was $6.97 3/5, up 10 1/8 cents,

Jul 21 KCBT Wheat  closed at $7.26 3/4, up 9 3/4 cents,

Jul 21 MGEX Wheat  closed at $7.90 1/2, up 8 1/2 cents,

Triple Digit Gains for Cotton

Cotton Field with Trees in Backgound

Old crop cotton futures closed 325 points higher on Thursday. May futures expired at 89.48 cents/lb. New crop prices were 114 to 171 points higher at the close. The July to December inverse is back to 386 points after tightening through the early portion of the week. 

Cotton bookings from the week ending 4/29 came in at 63,659 RBs. That was down 18% wk/wk, and well below the +400k RBs sold during the same week last year. Cotton exports on the other hand were a MY high and the largest since the week ending 4/2 of 2020. Accumulated cotton exports remain at record pace with 11.3m RBs shipped through week 39. For new crop, USDA’s weekly update showed 61,227 RBs were sold, bringing the NMY forward book to 1.7m RBs. 

USDA’s initial Ag Attache estimate for India’s 21/22 cotton production was 29.5m bales. if realized that would be 400k bales higher than 20/21 on 100k HA lighter area. The Ag Attache sees India’s carryout at 16.48m bales, which would be the tightest stocks since 18/19. 

USDA’s Daily Spot Quotations report for 5/6 showed 918 bales were sold at spot, bringing the season’s total to 1.351 million. The 5/5 Cotlook A index was back down by 75 points to 92.30 cents/lb. The AWP for cotton was lowered by 2.32 cents to 71.39 cents/lb. 

Jul 21 Cotton  closed at 90.58, up 325 points,

Dec 21 Cotton  closed at 86.72, up 132 points,

Mar 22 Cotton  closed at 85.82, up 114 points

Soybeans Gain Double Digits

Large soybean field on a sunny day

At the Thursday close, soybean futures were 20 to 28 cents in the black. The May to July inverse tightened to 36 cents/bu by the close. New crop futures ended the session with November above $14/bu. Soymeal futures closed the Thursday session with gains of $2.50 to $3.40/ton. Soybean oil futures rallied 89 to 130 points in the front months.

Old crop soybean bookings from the weekly Export Sales report were 165,259 MT during the week ending 4/29. USDA reported weekly exports were 264,055 MT to bring the accumulated total to 56.33 MMT (2.07 bbu). New crop soybean sales were on the light end of estimates with 192,884 MT sold. Total forward sales are 6.82 MMT, which is up 456% from this point last season. New crop forward commitments are the largest for this week since 2014 ahead of the 14/15 MY. 

Soymeal sales were reported at 201,969 MT for the week ending 4/29. That was up 23% wk/wk and was up 53% from the same week last season. Soymeal sales for 21/22 delivery were 64,969 MT. USDA reported 6,077 MT of soy oil, including a 3,000 MT cancelation from Colombia. BO exports were an 8 week high as 20k MT were shipped to S. Korea alone.  

May 21 Soybeans  closed at $16.05 1/2, up 23 1/2 cents,

Jul 21 Soybeans  closed at $15.69 1/2, up 27 1/4 cents,

Nearby Cash  was $15.78 1/1, up 27 1/4 cents,

Nov 21 Soybeans  closed at $14.09, up 26 1/4 cents,

New Crop Cash  was $13.59 1/2, up 26 3/8 cents,

Cattle Mixed with Higher Fats

Close up of brown cow in pasture

Fat cattle futures climbed back from midday lows and closed the Thursday session in the black. June fats were the strongest on the day with a triple digit gain. There were reports of $119 sales in TX. USDA noted cash sales through Wednesday, with limited activity from $117 to $119. Cash business could pick up today and tomorrow. Feeder cattle closed with triple digit losses of $1 to $1.92 in the front months. The 5/4 CME Feeder Cattle Index was down by 21 cents to $132.55.     

USDA’s weekly Export Sales report showed 16,928 MT of beef bookings during the week ending 4/29. Japan was the top buyer with 27% of the total. That was down 28% wk/wk, but was still 80% above the same week in 2020. USDA reported accumulated beef shipments at 301k MT through 4/29. 

Wholesale Boxed Beef prices were higher again on Thursday afternoon. Choice boxes were up another $1.59 to $306.37 and Select was up $3.18 to $289.36. Choice rib primals were quoted at $519.28. USDA estimated FI cattle slaughter for the week through Thursday at 470,000 head. That is 7,000 head below last week’s pace.  

Jun 21 Cattle  closed at $115.475, up $1.050,

Oct 21 Cattle  closed at $123.475, up $0.375,

May 21 Feeder Cattle  closed at $130.475, down $1.000

Aug 21 Feeder Cattle  closed at $143.400, down $1.825

Lean Hogs Trading Higher

Piglets Sleeping Next to Each Other

Thursday lean hog futures are mixed to mostly higher. Gains through August are 7 to 32 cents so far, while the deferred contracts are down as much as 30 cents. USDA’s National Average Base Hog price was $111.28 after a $2.83 pullback.  The May 4th CME Lean Hog Index was $107.89, up by another 52 cents.  

The weekly USDA Export Sales report showed 48,240 MT of pork sales during the week ending 4/29. That was up 35% wk/wk and the fourth largest weekly sale of the year. Mexico and China were the top buyers, each with more than 10k MT. Exports were 37k MT during the same week, bringing the YTD shipments to 676,860 MT. 

Pork cutout futures closed are also mixed, within 67 cents of UNCH. USDA’s National Pork Carcass Cutout Value was $2.72 higher this morning at $114.63. USDA estimated FI hog slaughter at 1.45 million head, which is 2,000 head behind last week’s pace. 

May 21 Hogs  are at $111.375, unch,,

Jul 21 Hogs  are at $114.525, up $0.050

May 21 Pork Cutout  is at $113.825, up $0.125,

Wheat Trading Firmer at Midday

Field of wheat

Wheat futures are mostly higher so far for the Thursday session. CBT prices are a penny weaker to 1 1/4 cents higher. Front month KC wheat futures are fractionally to 1 1/4cents in the black so far. MGE wheat futures are up by as much as 2 1/4 cents. 

USDA reported net cancelations of 95,571 MT of old crop wheat, with new sales to Mexico and Haiti and net cancelations from an unknown buyer. New crop wheat bookings were reported at 399,601 MT for the week. Unknown and Mexico were the top buyers. Total forward sales ahead of the 21/22 season is 40% above the same point ahead of 2020/21 with 2.99 MMT on the books. Of that, 27% is HRW and 27% is HRS. For reference, last year forward sales ahead of this season were comprised of 44% HRW and 23% HRS by week 48. 

Cash SRW Wheat  is at $7.16, down 1 cents,

Jul 21 CBOT Wheat  is at $7.43 1/2, down 1 cent,

Cash HRW Wheat  is at $6.88, up 1/2 cent,

Jul 21 KCBT Wheat  is at $7.17 1/4, up 1/4 cent,

Jul 21 MGEX Wheat  is at $7.83 1/4, up 1 1/4 cents,

Cattle Mixed Mostly Lower

Two Cows Looking at Camera

Front month cattle futures are higher in June and August contracts, but down in the back months. Losses are 25 to 40 cents so far. There were reports of $119 sales in TX. USDA noted cash sales through Wednesday, with limited activity from $117 to $119. Cash business could pick up today and tomorrow. Feeder cattle are trading with midday losses of 37 cents to $2.05.  The 5/4 CME Feeder Cattle Index was down by 21 cents to $132.55.     

USDA’s weekly Export Sales report showed 16,928 MT of beef bookings during the week ending 4/29. Japan was the top buyer with 27% of the total. That was down 28% wk/wk, but was still 80% above the same week in 2020. USDA reported accumulated beef shipments at 301k MT through 4/29. 

Wholesale Boxed Beef prices were again stronger as USDA quoted Choice boxes $2.48 higher to $307.26 and Select at $290.13 after a $3.95 bump. USDA estimated FI cattle slaughter for the week through Wednesday at 355,000 head. That is down from 358,000 versus last week. 

Jun 21 Cattle  are at $114.525, up $0.100,

Oct 21 Cattle  are at $122.725, down $0.375,

May 21 Feeder Cattle  are at $130.800, down $0.675

Aug 21 Feeder Cattle  are at $143.075, down $2.150

Corn Continues Climbing

Corn Rows of from Below

Through midday corn futures are another 5 to 15 3/4 cents stronger, led again by new crop. December is up 2.56% at midday, tightening the inverse to less than $1 to July. 

USDA’s weekly corn Export Sales were a combined 243,547 MT. That was on the low end of expectations with 137k MT of old crop and 106k MT sold for 21/22 delivery. Corn shipments on the other hand were reported at a 7 week high of 2.195 MMT. That brought accumulated exports to 43.5 MMT or 1.713 bbu. Outside of the Export Sales report, South Korea issued an international tender for 276,000 MT of optional origin corn. 

Milo export sales were reported at just 212 MT as China canceled a 6,000 MT purchase. China was also the exclusive new crop buyer for the 55k MT reported. Accumulated sorghum exports were 5.5 MMT through 4/29, which is 74% of the April forecast. 

USDA shows Brazil’s soil moisture ranges from 0% (insufficient) to 50% (adequate) across the second crop corn area. Mato Grosso do Sul, Goiás, Paraná, and São Paulo are the most dry according to the WMO map.  

May 21 Corn  is at $7.54 1/4, up 1 cent,

Jul 21 Corn  is at $7.13 1/2, up 5 cents,

Nearby Cash  is at $7.27 1/2, up 4 3/4 cents,

Dec 21 Corn  is at $6.19 1/2, up 14 3/4 cents,

New Crop Cash  is at $5.94 1/6, up 14 7/8 cents,

Cotton Higher at Midday

Cotton Fabric and Textiles on Spools

Midday cotton futures are up triple digits in July, and 72 to 84 points higher for new crop. The July to December inverse is back to +3 cents after tightening through the early portion of the week. 

Cotton bookings from the week ending 4/29 came in at 63,659 RBs. That was down 18% wk/wk, and well below the +400k RBs sold during the same week last year. Cotton exports on the other hand were a MY high and the largest since the week ending 4/2 of 2020. Accumulated cotton exports remain at record pace with 11.3m RBs shipped through week 39. For new crop, USDA’s weekly update showed 61,227 RBs were sold, bringing the NMY forward book to 1.7m RBs. 

USDA’s 5/5 DSQ showed 262 bales were sold at spot. The 5/5 Cotlook A index was back down by 75 points to 92.30 cents/lb. The AWP for cotton for the week is 73.71 cents/lb, and will be updated after the close.     

Jul 21 Cotton  is at 89.6, up 227 points,

Dec 21 Cotton  is at 86.24, up 84 points,

Mar 22 Cotton  is at 85.47, up 79 points

Beans Continue Higher

Soybeans being harvested in the fall

Soybean futures are up double digits at midday, with gains of as much as 27 cents so far. Soymeal futures are also trading in the black with gains of $1.90 to $3.20/ton so far. Midday BO futures are up 62 to 108 points led by the deferreds. 

Old crop soybean bookings from the weekly Export Sales report were on the high end of modest expectations, as 165,259 MT were sold during the week ending 4/29. USDA reported weekly exports were 264,055 MT to bring the accumulated total to 56.33 MMT (2.07 bbu). New crop soybean sales were on the light end of estimates with 192,884 MT sold. Total forward sales are 6.82 MMT, which is up 456% from this point last season. New crop forward commitments are the largest for this week since 2014 ahead of the 14/15 MY. 

Soymeal sales were reported at 201,969 MT for the week ending 4/29. That was up 23% wk/wk and was up 53% from the same week last season. Soymeal sales for 21/22 delivery were 64,969 MT. USDA reported 6,077 MT of soy oil, including a 3,000 MT cancelation from Colombia. BO exports were an 8 week high as 20k MT were shipped to S. Korea alone.  

May 21 Soybeans  are at $16.04 3/4, up 22 3/4 cents,

Jul 21 Soybeans  are at $15.65 1/2, up 23 1/4 cents,

Nearby Cash  is at $15.75 1/6, up 23 3/8 cents,

Nov 21 Soybeans  are at $14.08, up 25 1/4 cents,

New Crop Cash  is at $13.58 3/8, up 25 3/8 cents,

Corn Futures Up 2 to 7 Ahead of Weekly Export Data

corn-3711186_1920

Overnight position adjustments have the Thursday board 2 to 7 cents higher ahead of USDA’s Export Sales report. New crop corn futures were more than 20 cents higher yesterday. A Brazilian crop shortfall from prolonged dryness continues as the main theme. September corn prices were 20 3/4 cents stronger on Wednesday, and old crop futures ended the day 11 3/4 cents higher for July. May contracts were up 8 1/2 cents which narrowed the July inverse to 44 3/4 cents. 

 

Export Sales estimates for corn show traders expect between 200,000 and 900,000 MT of old crop corn sold during the week ending 4/29. New crop corn bookings are estimated between 100k and 600k MT. 

 

EIA’s weekly data release showed that ethanol producers averaged 952,000 bpd of production through the week ending 4/30. That was up another 7,000 barrels per day and was a 4 week high. Ethanol stocks were 704k barrels higher, to 20.44m barrels. Gasoline stocks declined. 

 

May 21 Corn  closed at $7.53 1/4, up 8 1/2 cents, and up 2 3/4 this morning

Jul 21 Corn  closed at $7.08 1/2, up 11 3/4 cents, and up 4 1/2 this morning

Nearby Cash  was $7.22 ¾ yesterday, up 12 cents,

Dec 21 Corn  closed at $6.04 3/4, up 24 1/4 cents, and up 7 3/4 this morning

New Crop Cash  was $5.79 2/7 yesterday, up 24 1/4 cents,

Cattle Bulls Show Signs of Life

Cow in pen looking over gate ear tagged

Wednesday cattle trading ended with fats $1.10 to $1.65 higher. USDA noted cash sales for the week remain light through Wednesday, with limited activity from $117 to $119 so far. Feeder cattle traded with gains of $1.72 to $2.05 on the day.  The 5/3 CME Feeder Cattle Index was back up by 13 cents to $132.76.     

 

Wholesale Boxed Beef prices were again stronger as USDA quoted Choice boxes at $304.78 and Select at $286.18. Choice ribs were reported at $515.34 cwt. in the PM update. USDA estimated FI cattle slaughter for the week through Wednesday at 355,000 head. That is down from 358,000 versus last week, but not comparable to the same week last year as COVID related plant closures plagued the industry. 

 

Jun 21 Cattle  closed at $114.425, up $1.400,

Oct 21 Cattle  closed at $123.100, up $1.350,

May 21 Feeder Cattle  closed at $131.475, up $1.725

Aug 21 Feeder Cattle  closed at $145.225, up $2.050

Soybeans Post Double Digit Overnight Gains

Soybean pellets and soy milk

Soybeans are trading 12 to 19 cents per bushel higher this morning. Yesterday, the soy complex continued to rally with beans taking the lead. Old crop beans closed with 4 to 9 1/2 cent gains, whereas new crop ended the session up by 19 cents. Nov beans took out the late April high overnight, setting up a test of round number resistance at $14.00 after the new life of contract high. Soymeal futures closed the midweek session off the highs, with gains of $2.70 to $2.90/ton. BO futures were mixed on Wednesday on the CBT, with July down 12 points and August 34 points in the black. 

 

Delivery activity against May soybeans dwindled to only 7 contracts for today.  There were 0 meal deliveries.  Soy oil notices dropped to 35, all stopped by commercial house accounts. 

 

Ahead of USDA’s weekly Export Sales data release, traders are expecting between 100k MT of net cancelations and 200k MT of sales. New crop bean bookings are expected between 100,000 and 600,000 MT. For meal and oil, traders anticipate between 50k and 300k MT of meal booked during the week ending 4/29 and between net cancelations of 10k MT and net bookings of 25k MT for soy oil. 

 

Chinese futures at Dalian were expected to be sharply higher today, playing catch up with US prices after a multi-day holiday in China had the market closed. The July Dalian contract was up 2.5% from last week’s close. 

 

May 21 Soybeans  closed at $15.82, up 5 cents on Wednesday, and up 17 cents this morning

Jul 21 Soybeans  closed at $15.42 1/4, up 4 cents, and up 19 this morning

Nearby Cash  was $15.51 ¾ yesterday, up 3 3/4 cents,

Nov 21 Soybeans  closed at $13.82 3/4, up 19 1/2 cents, and up 12 3/4 this morning

New Crop Cash  was $13.32 yesterday, up 19 3/8 cents,

Cotton Futures Higher Heading into USDA Export News

Cotton Grass Flower

Thursday cotton is trading 16 to 91 points higher ahead of the weekly Export Sales report. At the close on Wednesday nearby cotton prices had gained 16 to 34 points. New crop prices were stronger on the day, and tightened the July/Dec inverse to less than a penny. May futures officially expire at the close today, though OI has been very low throughout the delivery process. 

 

USDA’s 5/5 DSQ showed 262 bales were sold at spot. The 5/4 Cotlook A index was up 115 points to 93.05 cents/lb. The AWP for cotton for the week is 73.71 cents/lb, and will be updated after the close.     

 

Jul 21 Cotton  closed at 87.33, up 16 points, and up 91 today

Oct 21 Cotton  closed at 87.01, up 34 points, and they are up 58 this morning

Dec 21 Cotton  closed at 85.4, up 34 points, and up 41 this morning

Wheat Futures Steady to Lower in Early Thursday Trade

Fields of wheat under a cloudy blue sky

Overnight wheat trading has that market steady to 4 cents lower heading into the break. Wheat futures were up by double digits on Wednesday led by KC. HRW wheat futures prices were 2.19% to 2.71% higher on the day. That rally did attract heavy deliveries (212) against the May futures. CBT wheat futures closed the day with gains of at least 17 cents through March 22. MGE HRS wheat futures ended the session 1.8% to 1.97% higher. 

 

Trader estimates ahead of the weekly Export Sales report call for less than 250k MT of old crop wheat bookings. New crop sales are expected between 100,000 and 500,000 MT from the week that ended 4/29.

 

BAGE put their initial 2021/22 Argentine wheat production forecast at 19 MMT. If realized that would match the 18/19 record crop and would be up from 17 MMT produced last season. 

 

Taiwan issued a tender for 89,425k MT of U.S. wheat. Thailand is seeking 455k MT of optional origin wheat. The Philippines also issued an international wheat tender for 60,000 MT.

 

Cash SRW Wheat  was $7.17 1/7 yesterday, up 18 7/8 cents,

Jul 21 CBOT Wheat  closed at $7.44 1/2, up 17 3/4 cents, and down 4 1/4 this morning

Cash HRW Wheat  was $6.87 ¼ yesterday, up 17 1/4 cents,

Jul 21 KCBT Wheat  closed at $7.17, up 17 3/4 cents, and up 1/4 this morning

Jul 21 MGEX Wheat  closed at $7.82, up 13 3/4 cents, and up 1/4 this morning

Hogs March to New Life of Contract Highs

Piglets napping

At the end of the Wednesday session lean hog futures were up by $0.22 to $1.32 setting fresh new LOC highs. USDA’s National Average Afternoon Base Hog price was $116.93 after another $1.73 increase. WCB hog prices were quoted at $121.21. The May 3rd CME Lean Hog Index was $107.37, up by 27 cents.  

 

Pork cutout futures closed the midweek session with gains of 50 cents to $1.25 led by the back months. USDA’s National Pork Carcass Cutout Value was 73 cents higher to $111.91 in the PM update. Pork rib primals continue their record run up with another $4.30 increase to $250.94 cwt. USDA estimated FI hog slaughter at 1.45 million head, which is 2,000 head behind last week’s pace. Week to date (WTD) slaughter pace is not comparable to the same week last year as COVID related plant closures affected the industry. 

 

May 21 Hogs  closed at $111.375, up $0.225,

Jul 21 Hogs  closed at $114.475, up $1.050

May 21 Pork Cutout  closed at $113.700, up $0.500,

Lean Hogs Close Higher

Pig with dirt on snout ear tagged

At the end of the Wednesday session lean hog futures were up by $0.22 to $1.32 setting fresh new LOC highs. USDA’s National Average Afternoon Base Hog price was $116.93 after another $1.73 increase. WCB hog prices were quoted at $121.21. The May 3rd CME Lean Hog Index was $107.37, up by 27 cents.  

 

Official Census data showed March pork exports were a new record of 728.8m lbs. The previous record was 680.8m lbs in December 2019. China was the top destination with 170.9m lbs, though March pork shipments to China were down 19.4m lbs yr/yr. 

 

Pork cutout futures closed the midweek session with gains of 50 cents to $1.25 led by the back months. USDA’s National Pork Carcass Cutout Value was 73 cents higher to $111.91 in the PM update. Pork rib primals continue the record run up with another $4.30 increase to $250.94 cwt. USDA estimated FI hog slaughter at 1.45 million head, which is 2,000 head behind last week’s pace. WTD slaughter pace is not comparable to the same week last year as COVID related plant closures affected the industry. 

 

May 21 Hogs  closed at $111.375, up $0.225,

Jul 21 Hogs  closed at $114.475, up $1.050

May 21 Pork Cutout  closed at $113.700, up $0.500,

Cattle Close with Triple Digit Gains

Close up shot of brown and white cow

Following losses to start the week, midweek cattle trading ended with fats $1.10 to $1.65 higher. USDA noted cash sales for the week remain light through Wednesday, with limited activity from $117 to $119. Wednesday’s online FCE auction sold 1,091 of the 1,683 head listed for a wtd average price of $118.65. Feeder cattle traded with gains of $1.72 to $2.05 on the day.  The 5/3 CME Feeder Cattle Index was back up by 13 cents to $132.76.     

 

Official US beef exports in March at 300m lbs. were a new all time high for any month, beating out 288.2m lbs shipped in August of 2018. Japan was the top destination for the month’s beef exports, though shipments to Japan were down 12.2% yr/yr. China was the 3rd largest destination, but March beef exports to China were a new record for any month of 43.1m lbs. 

 

Wholesale Boxed Beef prices were again stronger as USDA quoted Choice boxes at $304.78 and Select at $286.18. Choice ribs were reported at $515.34 cwt. in the PM update. USDA estimated FI cattle slaughter for the week through Wednesday at 355,000 head. That is down from 358,000 versus last week, but not comparable to the same week last year as COVID related plant closures affected the industry. 

 

Jun 21 Cattle  closed at $114.425, up $1.400,

Oct 21 Cattle  closed at $123.100, up $1.350,

May 21 Feeder Cattle  closed at $131.475, up $1.725

Aug 21 Feeder Cattle  closed at $145.225, up $2.050

 

Cotton Closes in Black

Cotton Field with Trees in Backgound

At the close, nearby cotton prices had gained 16 to 34 points. New crop prices were stronger on the day, and tightened the July/Dec inverse to 83 points. May futures officially expire tomorrow, though OI has been very tight through the delivery process. ICE reported another delivery against May cotton futures, bringing the MTD deliveries to 68 contracts – mostly issued by Wells Fargo. 

 

USDA’s 5/5 DSQ showed 262 bales were sold at spot. The monthly Cotton Price Statistics update showed USDA saw 79.89 c/lb as the average cash cotton price in April. USDA noted 36,866 bales were sold during the month. The 5/4 Cotlook A index was up 115 points to 93.05 cents/lb. The AWP for cotton for the week is 73.71 cents/lb, and will be updated after tomorrow’s close.     

 

Jul 21 Cotton  closed at 87.33, up 16 points,

Oct 21 Cotton  closed at 87.01, up 34 points,

Dec 21 Cotton  closed at 85.4, up 34 points

Corn Rallies Double Digit

grilled corn on wooden table

The midweek session wrapped up with new crop corn futures more than 20 cents higher than they went home on Tuesday. A Brazilian crop shortfall was the main theme. September corn prices were 20 3/4 cents stronger on Monday, and old crop futures ended the day 11 3/4 cents higher for July. May contracts were up 8 1/2 cents which narrowed the July inverse to 44 3/4 cents. 

 

USDA’s mandatory reporting system notified markets this morning of large export sales activity. Mexico purchased 184,100 MT of new crop corn. Private exporters also sold 147,320 MT of corn to unknown buyers – split 45.7k for old and 101.6k MT for 21/22 delivery. USDA also noted a 140k MT cancelation of an old crop Chinese purchase. 

 

Export Sales estimates for corn (USDA out tomorrow) show traders expect between 200,000 and 900,000 MT of old crop corn sold during the week ending 4/29. New crop corn bookings are estimated between 100k and 600k MT. 

 

EIA’s weekly data release showed that ethanol producers averaged 952,000 bpd of production through the week ending 4/30. That was up another 7,000 barrels per day and was a 4 week high. Ethanol stocks were 704k barrels higher, to 20.44m barrels. Gasoline stocks declined. 

 

May 21 Corn  closed at $7.53 1/4, up 8 1/2 cents,

Jul 21 Corn  closed at $7.08 1/2, up 11 3/4 cents,

Nearby Cash  was $7.22 3/4, up 12 cents,

Dec 21 Corn  closed at $6.04 3/4, up 24 1/4 cents,

New Crop Cash  was $5.79 2/7, up 24 1/4 cents,