AgriCharts Market Commentary

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Corn

Corn futures are trading fractionally higher in most contracts at midday. The USDA indicated new crop corn export sales of just 526,867 MT for the week of 9/14 in this morning’s Export sales report. That was well short of expectations, and just half of what was reported last week. Mexico was the lead buyer, purchasing nearly half of the total sales at 264,100 MT. China sold 804,412 MT of the 952,771 MT of 2013 and 2014 corn offered at their auction of state reserves on Thursday.

Dec 17 Corn is at $3.50 1/4, up 1/4 cent,

Mar 18 Corn is at $3.63, up 1/2 cent,

May 18 Corn is at $3.71 1/2, up 1/2 cent

Jul 18 Corn is at $3.78, up 1/4 cent

Soybeans

Soybean futures are currently steady to 3/4 cent in the green on Thursday. Oct soy meal is up $2.50/ton, with nearby bean oil down 5 points. The USDA announced a private export sale of 132,000 MT of soybeans to China for 17/18 delivery through their daily reporting system. This morning’s Export Sales report showed robust new crop soybean sales of 2.338 MMT for the week of September 14, well ahead of most expectations. That was 45% larger than a week ago and 129.5% ahead of the same week in 2016. China was the purchaser of nearly 1.4 MMT, with unknown destinations following with 528,800 MT. Export sales of soy meal came in at 172,433 MT, with a majority from 17/18. Soy oil sales were reported 8,455 MT.

Nov 17 Soybeans are at $9.70 3/4, up 3/4 cent,

Jan 18 Soybeans are at $9.81 1/4, up 3/4 cent,

Mar 18 Soybeans are at $9.90 1/4, up 1/2 cent,

May 18 Soybeans are at $9.98 3/4, up 3/4 cent,

Oct 17 Soybean Meal is at $308.80, up $2.50

Oct 17 Soybean Oil is at $34.22, down $0.45

Wheat

Wheat futures are mostly 1 to 3 cents higher in the nearby KC and CBT contracts, with MPLS up 4 to 6 cents in the front months. All wheat export sales for 17/18 during the week of September 14 edged into the range of expectations at 307,214 MT, 3% lower than the previous week and 45.2% behind this time a year ago. The lead buyer was the Philippines, with 77,900 MT purchased. A trade delegation from Taiwan agreed to purchase $576 million in US wheat, with most of that expected to come from ID, MT and ND.

Dec 17 CBOT Wheat is at $4.52 3/4, up 3 cents,

Dec 17 KCBT Wheat is at $4.50 1/2, up 2 1/2 cents,

Dec 17 MGEX Wheat is at $6.27 1/2, up 6 cents

Cattle

Live cattle futures are down 25 to 90 cents in the nearby contracts. Feeder cattle futuresare $1.075 to $1.35 lower at midday. The CME feeder cattle index was down a penny from the previous day at $150.46 on September 19.Wholesale beef prices were lower in the Thursday morning report. Choice was down 25 cents at $191.79, while select boxes were 31 cents lower at $188.31. FI cattle slaughter was estimated at 346,000 through Wednesday, which is 4,000 fewer than last week and 6,000 larger than the same week in 2016. Cash bids of $104 in NE are being reported this morning, following yesterday $106+ trade on the FCE. They are being passed. Friday’s Cattle on Feed report is expected to show August placements 3.2% lower than last year, with August marketings 6% ahead of 2016 marketings. The USDA reported 2017 beef export sales for the week of Sept 14 at 12,474 MT, down 15.3% from a week ago and well above last year. There was also 496 MT of 2018 export business during that week.

Oct 17 Cattle are at $110.050, down $0.900,

Dec 17 Cattle are at $115.850, down $0.400,

Feb 18 Cattle are at $118.800, down $0.250,

Sep 17 Feeder Cattle are at $152.900, down $1.075

Oct 17 Feeder Cattle are at $155.925, down $1.350

Nov 17 Feeder Cattle are at $156.300, down $1.250

Lean Hogs

Lean hog futures are posting $1.075 to $1.35 losses on Thursday. The CME Lean Hog Index for 9/19 was 96 cents lower than the previous day at $61.92. The USDA pork carcass cutout value was $2.19 lower at $74.13 in the Thursday morning report. All cuts were reported lower, with the rib down $8.81 and the picnic $4.09 lower. The national base hog carcass was down 66 cents in the AM report at $49.55. Estimated week to date FI hog slaughter was 1,361,000 through Wednesday, 10,000 head larger than last week and 42,000 larger than the same week in 2016. This morning’s USDA report indicated 2017 pork export sales of 20,113 MT for the week of 9/14, 33.5% larger than a week ago and 38% above this time last year.

Oct 17 Hogs are at $57.300, down $1.350,

Dec 17 Hogs are at $58.175, down $1.750

Feb 18 Hogs are at $63.425, down $1.075

Cotton

Cotton futures are mostly 68 to 99 points lower on Thursday, with nearby Oct showing no volume. The Fed left interest rates UNCH yesterday, but suggested that there could be another rate rise before the end of the year. They also will begin unwinding the long term debt portfolio in October. All upland cotton 17/18 export sales of 219,850 RB were reported by the USDA this morning, with an additional 37,136 RB reported for 18/19 sales. Sales for 17/18 were well above last week and 11.08% larger than this week last year.The Cotlook A index for September 20 was down 35 points from the previous day at 79.35 cents/lb. China sold another 29,500 MT of cotton in Thursday’s auction of state reserves that saw 30,000 MT offered.

Dec 17 Cotton is at 68.26, down 99 points

Mar 18 Cotton is at 67.71, down 80 points

May 18 Cotton is at 68.350, down 68 points


Market Commentary provided by:

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