USDA’s lower-than-expected planting estimates were still offering support to new-crop prices Thursday, but old-crop prices fell back from Wednesday’s limit-up moves. May corn closed down 4 1/2 cents and May soybeans were down 34 3/4 cents, while December corn closed up 7 cents and November soybeans were up 7 1/2 cents. It was not an April Fools joke either; we saw plenty of spread trade throughout the day with the money moving out of the old crop contracts and into new crop.
Wheat was under heavy pressure on falling Paris milling futures and cheaper Black Sea cash values. Crude oil rallied on news that OPEC will raise production only slowly in May through July. Our attention will now turn to the April WASDE reports with volatility still expected in the trade moving forward through the next few weeks ahead.
The consistently higher trend in pork and lean hog prices continued unabated through the end of this trading week. Cattle futures prices had more of a wobble alongside volatility in the feed grains markets. Though futures trading is done for the week, cash cattle trade may still be headed for a Friday showdown. USDA reported a new marketing year high of pork sales today, this time 61,000 mt with China taking 29,700 mt. Beef sales totaled 18,700 mt last week.
Farm and Ranch Director Jesse Allen has the full closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
