Fundamentals

Market Outlook

Your farm to market report. Click to see individual daily market reports. Market reports are updated daily, by 4:00 PM CST. Scroll to see all individual fundamental studies.

Corn

Daily corn commentary, marketing recommendations, and market outlook.

Corn Outlook

Soybean

Daily soybean commentary, marketing recommendations, and market outlook.

Soybean Outlook

Wheat

Daily wheat commentary, marketing recommendations, and market outlook.

Wheat Outlook

Livestock

Daily livestock commentary, marketing recommendations, and market outlook.

Cattle and Hog Outlook

Quick Studies

Crop Progress suggests aggressive corn planting last week.

Nationwide corn planting advanced from 49% complete to now 70% over the past week. The expectation was 68%. This was quite an effort. It was the second best planting gain for that week in 11 years.

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Corn and soybean basis have widened.

The first two weeks of May generally show a wider divergence in basis between tight supply years and heavy supply years. In heavy supply years basis generally does not appreciate into the later part of the marketing year. That seems to be the case for 2024.

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Brazil's second crop corn areas remain dry.

Brazil's second crop corn areas have now returned to sharp moisture deficits for now four weeks in a row. Here's a table showing a simple average in inches.

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Five weeks in a row with cattle weights +3% year/year.

The weekly Actual Slaughter report this morning detailed meat production statistics for the first week of May.

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Climate Prediction Center's updated forecasts ease yield concern.

The general long term weather narrative for 2024 was one of above normal temperatures for all and below normal moisture during the summer for the Plains and much of the Western Cornbelt. This forecast had been in general agreement among government and private forecasters, with some moderate differences.

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Beef sales are on target. Pork sales remain at a deficit.

Beef export sales of 15,132 tonnes were reported. This was -13% from last year. Beef sales have been on a good run recently except for last week's -26% and this week's -13%. Year to date sales have improved from -13% year/year back in March to now -7% That is on USDA’s whole-year goal of -7%.

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Soybean sales continue to struggle.

Brazil's pricing advantage remains in place. However, it has significantly narrowed.

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