AgriCharts Market Commentary

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Corn

September 21, 2017

Corn futures closed Thursday with most contracts steady to a penny higher. 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. Weekly shipments hit 703,696 MT, down slightly from a week ago and 37.64% lower than the same time a year ago. 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 closed at $3.50 1/4, up 1/4 cent,

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

May 18 Corn closed at $3.71 1/4, up 1/4 cent

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

Soybeans

September 21, 2017

Soybean futures finished the Thursday trade session with most contracts fractionally higher. Oct soy meal was up $2.70/ton, with nearby bean oil 57 points lower. 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.Exports for that week were down 17.9% wk/wk and 5.5% lower than the previous year at 944,914 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. Soy meal shipments ran 154,309 MT, with soy oil totaling 15,876 MT.

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

Jan 18 Soybeans closed at $9.81, up 1/2 cent,

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

Jul 18 Soybeans closed at $10.05, up 1/4 cent,

Oct 17 Soybean Meal closed at $309.00, up $2.70,

Oct 17 Soybean Oil closed at $34.10, down $0.57

Wheat

September 21, 2017

Wheat futures ended Thursday with most contracts steady to 3 cents higher. 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. Wheat shipments during that week were reported at 427,688 MT, lagging a week ago by 2.63% and 22.47% lower than last year. 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. That helped Minneapolis a little bit.

Dec 17 CBOT Wheat closed at $4.52 1/2, up 2 3/4 cents,

Dec 17 KCBT Wheat closed at $4.49 1/2, up 1 1/2 cents,

Dec 17 MGEX Wheat closed at $6.24 1/4, up 2 3/4 cents

Cattle

September 21, 2017

Live cattle futures ended the day with nearby Oct 85 cents lower and back months higher. Feeder cattle futureswere mostly lower on Thursday, with nearby Sep down 80 cents. The CME feeder cattle index was up 65 cents from the previous day at $151.11 on September 20.Wholesale beef prices were lower in the Thursday afternoon report. Choice was down 53 cents at $191.51, while select boxes were 11 cents lower at $188.41. FI cattle slaughter was estimated at 464,000 through Thursday, which is 4,000 fewer than last week and 8,000 larger than the same week in 2016. Cash bids of $104 in NE were reported this morning, following yesterday $106+ trade on the FCE. They were mostly 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, with 496 MT of 2018 export business. Beef shipments came in at 15,367 MT, 19.95% larger than last week.

Oct 17 Cattle closed at $110.100, down $0.850,

Dec 17 Cattle closed at $116.200, down $0.050,

Feb 18 Cattle closed at $119.250, up $0.200,

Sep 17 Feeder Cattle closed at $153.175, down $0.800

Oct 17 Feeder Cattle closed at $155.875, down $1.400

Nov 17 Feeder Cattle closed at $156.825, down $0.725

Lean Hogs

September 21, 2017

Lean hog futures were down $1.025 to $2.125 in the front months, with deferred contracts lower. 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 $3.28 lower at $73.04 in the Thursday afternoon report. All cuts were reported lower, with the rib down $9.58 and the ham $5.23 lower. The national base hog carcass was down $1.12 in the AM report at $49.09. Estimated week to date FI hog slaughter was 1,816,000 through Thursday, 10,000 head larger than last week and 60,000 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. Exports of pork during that week were reported at 22,193 MT, 24.2% greater than last week.

Oct 17 Hogs closed at $57.325, down $1.325,

Dec 17 Hogs closed at $57.800, down $2.125

Feb 18 Hogs closed at $62.875, down $1.625

Cotton

September 21, 2017

Cotton futures settled Thursday with 26 to 100 point losses. 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. Upland cotton exports were up 61.92% wk/wk and 11.42% yr/yr at 175,725 RB.The USDA updated their AWP to 60.91 cents/lb, down 236 points from the previous week. 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.

Oct 17 Cotton closed at 69.040, down 100 points,

Dec 17 Cotton closed at 68.250, down 100 points

May 18 Cotton closed at 68.170, down 86 points


Market Commentary provided by:

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