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Midday Update


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Midday Update

·         At midday, corn is +4, soybeans are +9, Chicago wheat is +5, KC wheat is +1, Minneapolis wheat +5, May feeders +1.450, Jun fat cattle +1.300, May hogs +.300.

·         After overnight and morning markets traded both sides, managed money has been slowly coming back at midday and into the grains.

·         Due to late planting and drought conditions, South Africa continues to cut their forecast of corn production to 7.05 mln mt.  A decline of 29% from last year.

·         China’s Ministry of Agriculture indicated yesterday that it would export 1.7MMTs of corn in the current crop year and 2.3 MMTs next year.  This would suggest that China would shift from being the world’s largest feedgrain importer in 14/15, to a net feedgrain exporter.


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