Corn May +7 800 (785-802); Jly +9 798; Dec +9 734 (714-34)

Bean May -12 1703 (1686-1723); JLy -13 1675; Nov -11 1494 (1478-1511)

  Meal May -6 452 (452-60); Dec -3 413

  Oil  May -52 8274 (8021-8457); Dec +11 7260

Wheat May -3 1062 (1046-80); Jly -3 1072 (1056-89)

   KC May +2 1145; MGE +16 1177

Oats -6 715

Rice +9 1630

 

LC Apr -335 13910; Aug -305 13732; Oct -207 14407

FC Apr -140 15655; Aug -240 17450; Oct -165 17985

LH May -405 10780; Aug -337 11470; Oct -145 9680

Milk Apr unch 2432; May +18 2473; Jun +12 2490

CBOT futures closed mixed with some pretty wide trading ranges on early weakness and late strength. A sharp drop in energy futures (Chinese COVID lockdowns) weighed on corn and soybean futures overnight. Strong corn export inspections reported this morning turned that market around. Continued planting delays for corn was supportive. Soybean oil was pressured by Indonesia clarifying it still planned to export crude palm oil. KC/Chicago wheat closed little changed but MGEX spring wheat shot higher as the northern Plains states are mired in snow and flooding that will delay planting. The U.S. winter wheat condition deteriorated 2-3 points week/week.

NEW PRICE LIMITS
Effective May 2, 2022, Corn’s daily limit increases from 35 cents to 50 cents/bushel with an expanded limit of 75 cents. The soybean limit increases from 90 cents to $1.15/bushel; expanded limit will be $1.75. Chicago and KC Wheat futures limit drops from 85 cents to 70 cents/bushel; the expanded limit will be $1.05. New limits for soybean meal will be $30/ton and for soybean oil, 5 cents/pound.

U.S Crop Progress
Corn is 7% planted vs 4% last week and 15% 5-yr avg.

Soybeans are 3% planted vs 1% last week and 5% 5-yr avg.

Winter Wheat Condition:
  27% good/excellent vs 30% week ago and 49% year ago.
  39% poor/v.poor vs 37% week ago and 19% year ago.

 

 

Cattle futures closed strongly lower with nearby Live Cattle futures down sharply – over $3.00/cwt. LC actually gapped lower at the open and finished even lower. Cattle were pressured by Friday’s bearishly construed Cattle on Feed Report showing higher-than-expected March placements. The April 1 on-feed inventory is the largest for this date since the data series began in 1996. Also negative was the Cold Storage report putting March frozen beef stocks were record high. Choice beef slipped 1.31 to 266.60 and Select gained 1.75 to 256.52.  Beef movement was very low at 67 loads.  USDA reported moderate negotiated cash trading in the TX Panhandle at steady prices with last week -- $140/cwt. Last week, KS traded $140/cwt but NE/CO and western Cornbelt traded $144-146/cwt. The weekly 5-market average last week was $143/cwt. The weekly average dressed price was $231.90/cwt.

Lean hog futures closed sharply lower, pressured by the Live Cattle market and growing frozen pork supplies as China becomes less of a buyer. The Cold Storage report showed March 31^st pork stocks up 2% from a month earlier and up 8% from 3/31/21. The huge premium of futures to the cash index has been cut considerably. June LH was the only LH contract to close down the daily limit. However, that means all contracts have a daily limit of $7.00 tomorrow. FOB Plant Pork ended down 5.49 at 105.79, lower than the morning quote of 108.96. Pork movement was strong at 294 loads.

US$ +.6% 101.74

Dow +238 34049

SP +24 4296

NAS +166 13005

Tran +165 15232

 VIX -1.19  27.02

 

WTI -345 9862

Brent -408 10257

Gas -6 322

NG +30 696

HO +2 366

Gold -35 1899

Slvr -57 2369

 

2-yr -.087 2.628%

5-yr -.090 2.859%

10yr -.088 2.818%

30yr -.058 2.886%

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