Market Snapshot | June 1, 2022

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Corn futures are sharply lower at midmorning, led by a drop of about 29 cents in the July contract.

Soy complex futures are mostly lower, with nearby soybeans down around 6 cents, nearby soymeal down more than $3.00 and nearby soyoil down around 10 points.

  • The soy complex is under pressure in sympathy with sharp declines in corn and wheat, but losses have been limited by fresh export business.
  • USDA reported daily soybean sales of 132,000 MT to China – split evenly between 2021-22 and 2022-23. These are the first daily soybean sales since May 23.
  • Late yesterday, USDA reported 66% of the U.S. soybean crop planted as of Sunday, up from 50% a week earlier and one percentage point behind the five-year average. Plantings fell slightly short of the average analyst estimate of about 67%. Only 23% of North Dakota’s crop had been planted.
  • USDA later today is expected to report U.S. soybean crushing totaled 180.5 million bu. in April, which would be down 6.4% from March but up 6.3% from last year, and the second highest tally for the month behind 2020.
  • July soybeans fell as low as $16.76 before finding support just above Monday’s low of $16.73 3/4 and recovering some of the initial declines.

Wheat futures are sharply lower, led by declines of nearly 50 cents in nearby SRW contracts.

Live cattle and feeder cattle futures are sharply higher at midmorning.

Hog futures are higher, led by gains of more than $2 in the July contracts.

  • Nearby hog futures rose in a corrective rebound from Tuesday’s sharp declines, with strengthening cash fundamentals continuing to support prices.
  • The CME lean hog index is up 22 cents to $105.15, the highest since late August.
  • Pork cutout values rose $1.55 Tuesday to $107.71 on strong movement of 342 loads. Initial wholesale activity following the holiday weekend suggests Memorial Day meat clearance was strong, though traders will watch pork cutout movement closely this week to see if demand will be sustained.
 

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