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Corn futures are trading 2 to 3 cents lower in the front months at midday. The USDA reported that 1.505 MMT of corn was inspected for export during the week of 4/12. That was down 22.45% from last week’s MY high but 12.41% larger than this time last year. This afternoon’s USDA Crop Progress report is expected to show little progress in corn planting with the below average soil temps. Some sources expect US planting to be 4% completed. The CFTC report on Friday afternoon showed the managed money spec funds adding 34,700 contracts to their net long position in the week ending 4/10/18.

May 18 Corn is at $3.84, down 2 1/4 cents,

Jul 18 Corn is at $3.92 1/4, down 2 1/4 cents,

Sep 18 Corn is at $3.99 1/4, down 2 1/4 cents

Dec 18 Corn is at $4.08 1/4, down 2 1/2 cents



Soybean futures are mostly 2 to 4 1/4 cent lower on Monday, despite an impressive NOPA report. Soy meal are down $1.70/ton, with front month soy oil 16 points lower. This morning’s Export Inspections report indicated that 444,987 MT of soybeans were shipped for the week that ended on April 12. That was 16.74% larger than the previous week but 2.11% lower than a year ago for this week. The monthly NOPA report showed the group’s members crushing a record 171.858 mbu of soybeans during March. That was well above estimates, as it was 11.8% larger than February and 12.28% above March 2017. Stocks of soy oil grew by almost 10.86% from last month at 1.946 billion pounds, below expectations. Safras & Mercado updated their soybean production estimate for Brazil to 119.2 MMT.

May 18 Soybeans are at $10.50, down 4 1/4 cents,

Jul 18 Soybeans are at $10.61 1/4, down 3 3/4 cents,

Aug 18 Soybeans are at $10.61 3/4, down 2 3/4 cents,

Sep 18 Soybeans are at $10.53, down 2 1/2 cents,

May 18 Soybean Meal is at $381.10, down $1.70

May 18 Soybean Oil is at $31.32, down $0.16



Wheat futures are currently 7 to 9 cents lower in the CBT and MPLS contracts, with KC down 14 to 15 1/4 cents. The 5-day QPF shows the Western half of the Southern Plains catching some much needed rains later this week. All wheat export shipments for the week of 4/12 were shown at 483,058 MT by the USDA this morning. That was 11.95% above the week prior but 29.53% lower than this week in 2017. The managed money spec funds cut back their CFTC net short position in Chicago wheat by 18,546 contracts in the week ending 4/10, leaving them at -54,872 ahead of the late week sell off.

May 18 CBOT Wheat is at $4.64 1/2, down 8 cents,

May 18 KCBT Wheat is at $4.80 1/2, down 15 1/4 cents,

May 18 MGEX Wheat is at $6.08 1/2, down 8 1/2 cents



Live cattle futures are trading $1.25 to $2.125 higher on Monday, thanks to the firm cash cattle trade late on Friday. Feeder cattle futures are up $1.35 to $1.825. The CME feeder cattle index was up 66 cents on April 12 at $136.42. Wholesale boxed beef values were mixed on Monday morning. Choice boxes were 47 cents lower at $212.14, with Select boxes up 64 cents at $200.55. Estimated weekly FI cattle slaughter was 605,000 head last week. That is 10,000 below the previous week but up 16,000 head from the same week in 2017. Cash trade picked up after Friday’s futures close with sales of $120-121 reported, with some confirmed @ $122. Managed money trimmed their CFTC cattle net long position to only 27,255 contracts as of Tuesday, down 9,395 from the previous week.

Apr 18 Cattle are at $118.375, up $1.825,

Jun 18 Cattle are at $105.775, up $2.125,

Aug 18 Cattle are at $105.525, up $1.250,

Apr 18 Feeder Cattle are at $140.975, up $1.600

May 18 Feeder Cattle are at $142.200, up $1.825

Aug 18 Feeder Cattle are at $146.450, up $1.350



Lean hog futures are mixed at midday, with nearby May down 45 cents and other front months up 15 to 30 cents. The CME Lean Hog Index was up 26 cents from the previous day on April 12 to $53.23. The USDA pork carcass cutout value was up 89 cents at $67.22 this morning, with the belly the only cut reported lower. The national base hog weighted average price was 3 cents lower at $50.10. The IA/MN region was $3.41 lower, with the WCB down $3.30 The USDA estimated FI hog slaughter at 2.385 million head through Saturday. That was up 50,000 head from last week and 158,000 from the same point last year.

May 18 Hogs are at $69.250, down $0.450,

Jun 18 Hogs are at $77.950, up $0.300

Jul 18 Hogs are at $79.725, up $0.150



Cotton futures are currently mixed at midday. Nearby May is down 15 points, with July 4 points higher. The USDA Adjusted World Price (AWP) was updated to 74.32 cents/lb, up 2.32 cents from the previous week. The Cotlook A index was down 10 points from the previous day at 92.95 cents/lb. Cash sales of 14,450 bales were reported at an average price of 73.27 cents/lb on Friday. CFTC data shows the spec fund longs added 210 contracts to their net long position in the week ending April 10, taking it to 76,276 contracts of futures and options.

May 18 Cotton is at 83.26, down 15 points,

Jul 18 Cotton is at 83.39, up 4 points

Dec 18 Cotton is at 78.520, down 39 points



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