Brian Grete

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Traders continue to fear China will cancel U.S. soybean purchases as outstanding sales are well above ‘normal.’
LimelightPlayerUtil.initEmbed(‘limelight_player_796706'); Corn is 1 to 3 cents higher and soybeans are around 30 cents higher. But wheat futures have softened. Cattle are higher and hogs are weaker.
While the number of cattle placed on feed was up sharply from year-ago, May 2015 placements were light, so it makes this year’s number appear artificially big.
LimelightPlayerUtil.initEmbed(‘limelight_player_517650'); Soybeans are 18 to 20 cents lower, with corn marginally to 1 cent firmer. Wheat is marginally to 3 cents lower. Cattle are sharply to limit lower and hogs are slightly lower.
USDA’s Cattle on Feed Report showed feedlot inventories up around 1% at 10.853 million head as of April 1, which was in line with expectations.
LimelightPlayerUtil.initEmbed(‘limelight_player_561365'); Corn is narrowly mixed, soybeans are marginally to 1 cent lower and wheat is favoring a weaker tone. Livestock futures are mostly higher.
Front-month oat futures have rallied more than $1 since the beginning of the year and are now at an unusual premium to front-month corn futures.
Some Chinese cancellations are widely expected, but the talk of such is still weighing on futures.
All three categories came in on the bullish side of the pre-report estimates, with the Placements category being the most friendly.
Traders did a good job anticipating this month’s feedlot snapshot.