Home Market Market Watch Midday Update

Midday Update



Midday Update

·         Export shipments for week ending April 30 (mln bu); corn 41.4 (strong), grain sorghum 10.8 (strong), soybeans 6.3, wheat 12

·         Soyoil prices surged this morning on rumors that China was shopping for it, but trade chatter says most of the interest has been directed at Argentine supplies.

·         Midwest cash hog markets were mostly steady to $1 higher, although some markets in Ohio were up to $2 higher.

·         USDA is scheduled to release its weekly crop progress data at 3 p.m. CDT this afternoon. A Reuters survey of trade participants reveals expectations that the corn crop will be 49% planted as of Sunday, soybean planting at 11%, spring wheat at 72% and winter wheat at 43% Good to Excellent.

·         Water Street’s submitted estimates were for corn planting to be at 52%, soybean planting at 14%, spring wheat planting at 71% and winter wheat at 43% Good to Excellent.

·         Corn futures are a penny lower on rapid planting progress, good growing conditions and ample supplies.

·         Soybean futures are a dime higher, but are easing back after failing to test Friday’s high.

·         Wheat futures are 2 cents weaker on ample global supplies.

·         Live cattle futures are $0.85 to $1.30 higher on the strength of last week’s cash. Boxed beef prices are higher this morning.

·         Feeder cattle are $1.10 to $1.65 higher on the strength of the fat cattle market, cash feeders and weaker corn prices.

·         Lean hog futures are generally $0.50 to $1 higher on strength in the cash and product markets. Product prices are breaking lower this morning.


All opinions expressed in this commentary are solely those of Water Street Advisory. This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. There is significant risk of loss involved in commodity futures and options trading and may not be suitable for all investors.




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Arlan Suderman | Senior Market Analyst
WATER STREET ADVISORY® | www.waterstreet.org
(316) 729-4599 | asuderman@waterstreet.org

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