Corn Jly +3 791 (783-801); Dec +17 753 (734-55)

Bean Jly +7 1614 (1590-1627); Nov +8 1480

  Meal Jly -2 396 (395-406); Dec +1 388

  Oil  Jly -93 8252; Dec -33 7518

Wheat Jly +66 1179 (1103-83); Dec +64 1186

   KC Jly +69 1270; MGE +60 limit 1316

Oats Jly +21 624

Rice +17 1717

 

LC Jun -192 13165; Aug -187 13277; Oct -207 13985

FC May -127 15687; Aug -347 16652; Oct -347 17255

LH May -82 10010; Jly -370 9785; Oct -142 8790

Milk May +6 2495; Jun +26 2407; Jly +25 2403

CBOT futures closed mixed with wheat leading the way higher, followed by new-crop corn futures. USDA’s midday reports were bullish for wheat and corn. USDA’s winter wheat crop forecast came in 65 million bushels below trade expectations. KC HRW wheat ended sharply higher with the May contract making a new 14-year high. MGEX wheat was limit up and Chicago SRW wheat busted above the 2-month sideways range. July Chicago Wheat is still a dollar below the contract high set on March 8, 2022. USDA forecasts 2022/23 U.S. wheat exports at only 775 million bushels – reportedly the lowest since 1971/72. The 2022/23 season avg farm price is projected to be $10.75, up from $7.70 for 2021/22.

New-crop corn futures soared due to USDA lowering the expected national corn yield to 177 bu/acre, or 2.6 bushels lower than traders expected; it’s also 4 bu/acre below last month’s trendline projection. New-crop corn made new life-of-contract high closes. The 2022/23 average farm price is forecast at $6.75/bushel, up from $5.90 this year. Corn and soybean weekly export sales reported this morning were marketing year lows; in the end this didn’t matter. Soybean futures closed slightly higher even as soybean oil retreated from recent gains. USDA projects the 2022 soybean crop at a RECORD 4.640 billion bushels due to the huge acreage increase. Soybean Meal continues weak with July SM making a new low for the April/May downturn. The 2022/23 average farm price for soybeans is forecast at $14.40/bushel, up from $13.25 in 2021/22.

Live cattle closed lower and feeder futures ended sharply lower due to the sharp corn rally. Live cattle dropped despite a stronger boxed beef market and a marketing-year high for weekly beef exports. Traders remain concerned about beef demand. Choice beef ended up 2.12 at 257.20 and Select up 2.18 at 244.36. Beef movement was light at 137 loads. Negotiated cash trade was not established. 
Effective June 1, 2022, CME LC and FC futures will have higher daily trading limits. Live Cattle goes from 5 cents/lb to 5.75 cents/lb; expanded limit of 8.5 cents/lb. Feeder Cattle goes from 6.25 cents/lb to 7.0 cents/lb; expanded limit of 10.5 cents/lb.

Lean hog futures closed lower to sharply lower as futures continue the downtrend. FOB Plant Pork dropped .89 to 98.60 compared to a gain of 1.23 in the morning. Movement was a strong 337 loads. From yesterday’s email – “Technically, the charts appear to have 'head-and-shoulders' tops that may project June/July futures down to $95 or less. It depends on where you draw the "neckline". 

US$ +.7% 104.75

Dow -104 31730

SP -5 3930

NAS +7 11371

Tran +30 14321

  VIX -.72 31.84

 

WTI +90 10493

Brent +40 10791

Gas +11 380

NG +2 766

HO -2 393

Gold -33 1821

Slvr -92 2065

2-yr -.049 2.580%

5-yr -.039 2.838%

10yr -.058 2.855%

30yr -.019 3.023%

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