USDA Data Steer Commodity Markets as Corn Slips, Soybeans and Cattle Advance

Overview

• Futures closed Friday with corn lower, soybeans higher on soymeal strength, wheat softer, live cattle at fresh contract highs, hogs mostly lower, and cotton little changed.
• USDA’s April WASDE, a monthly supply‑and‑demand report, kept U.S. corn ending stocks at 2.127 billion bushels, raised world corn and wheat inventories, and shifted soybeans toward more crush and fewer exports to keep soybean carryout at 350 million bushels.
• Export Sales released Thursday showed strong old‑crop corn bookings at 1.36 million metric tons for the week and total U.S. corn commitments at 71.387 MMT, alongside flash sales of 126,640 MT of corn to unknown buyers and 100,000 MT of soybean meal to Italy.
• Positioning data out Friday showed funds cutting 49,342 contracts from their corn net long and adding to live cattle longs, a mix that helped pressure corn prices and support cattle, while soybean spec longs were trimmed and bean oil longs hit a record.
• Traders balanced brisk U.S. corn business against larger global stock estimates, a tension that kept corn under pressure this week even as cotton stayed firm on steady sales and cattle cash trade near $246 to $250 signaled tight supplies for packers and feedlots.