AgriCharts Market Commentary

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Corn

Corn futures closed Monday with most contracts steady to 3 1/4 cents lower. The USDA Export Inspections report indicated shipments of 676,819 MT for the week of September 14. That is roughly even with the previous week but 47.8% lower than the same week last year. This afternoon’s USDA Crop Progress report showed national corn conditions unchanged from the previous week at 61% gd/ex, with the Brugler 500 Index UNCH at 357. As of Sunday the USDA indicated the US corn harvest was 7% complete, vs. the average of 11% for this date. The crop was 34% mature, with 86% dented (90% dented would be typical).

Dec 17 Corn closed at $3.51 1/2, down 3 1/4 cents,

Mar 18 Corn closed at $3.64, down 3 1/4 cents,

May 18 Corn closed at $3.72 1/2, down 3 1/4 cents

Jul 18 Corn closed at $3.79 1/4, down 3 cents

Soybeans

Soybean futures settled the Monday session fractionally to a penny lower. Oct soy meal was up $1/ton, with nearby bean oil down 37 cents. Private export sales announcements are becoming a daily routine for the USDA as China works to catch up on purchases. They reported another 126,000 MT to unknown destinations and 261,000 MT to China both for 17/18 delivery. Soybean exports for the second week in the marketing year totaled 928,575 MT, 16.1% lower than last week but 22% larger than the same week last year. The USDA showed the soybean harvest at 4% complete, compared to the average of 5%, with 41% dropping leaves. Condition ratings were reported down 1% to 59 gd/ex, with the Brugler500 Index down 1 to 355.

Nov 17 Soybeans closed at $9.67 3/4, down 1 cent,

Jan 18 Soybeans closed at $9.78, down 1 cent,

Mar 18 Soybeans closed at $9.87, down 3/4 cent,

Jul 18 Soybeans closed at $10.02, down 1/2 cent,

Oct 17 Soybean Meal closed at $309.00, up $1.00,

Oct 17 Soybean Oil closed at $34.19, down $0.37

Wheat

Wheat futures finished the day with most CBT and KC 3 to 5 1/2 cents lower, as MPLS was fractionally mixed. This morning’s Export Inspections report showed wheat exports totaling 464,375 MT for the week of 9/14. That is 8.75% behind a week ago and 19.13% shy of the same week last year. This afternoon’s Crop Progress report showed winter wheat planting at 13% complete as of 9/17, lagging the average of 15%. Russian prices are working higher, with $185/MT reported on the weekend. Some of that is due to a stronger ruble in recent days. Egypt’s GASC is seeking wheat for late October delivery, with the tender to close on Tuesday.

Dec 17 CBOT Wheat closed at $4.43 1/2, down 5 1/2 cents,

Dec 17 KCBT Wheat closed at $4.42 1/4, down 3 3/4 cents,

Dec 17 MGEX Wheat closed at $6.22 1/4, up 3/4 cent

Cattle

Live cattle futures ended the Monday session mixed with nearby Oct 17.5 cents lower and back months in the green. Feeder cattle futureswere mostly 57.5 cents to $1.475 in the green. The CME feeder cattle index was up 38 cents from the previous day at $150.09 on September 15.Wholesale beef prices were higher in the Monday afternoon report, with the Ch/Se spread narrowing to $4.92. Choice was up $1.20 at $192.62, while select boxes were $1.85 higher at $187.70. FI cattle slaughter was estimated at 112,000 on Monday, which is 4,000 fewer than last week and even with the same week in 2016.Cash trade was mainly at $105-$108 live and $166-$168 last week, with little to no activity today.

Oct 17 Cattle closed at $107.575, down $0.175,

Dec 17 Cattle closed at $112.950, up $0.125,

Feb 18 Cattle closed at $116.500, down $0.250,

Sep 17 Feeder Cattle closed at $150.800, up $0.575

Oct 17 Feeder Cattle closed at $151.950, up $1.300

Nov 17 Feeder Cattle closed at $152.200, up $1.475

Lean Hogs

Lean hog futures posted mixed trade, with nearby contracts lower and back months slightly higher. The CME Lean Hog Index for 9/14 was $1.08 lower than the previous day at $64.07. The USDA pork carcass cutout value was 33 cents higher at $78.09 in the Monday afternoon report. The butt, picnic, and ham were lower, with the rib up $3.38. The national base hog carcass was down 78 cents in the PM report at $52.13. Estimated FI hog slaughter was 451,000 on Monday, 1,000 head larger than last week and 12,000 larger than the same week in 2016.

Oct 17 Hogs closed at $60.000, down $0.975,

Dec 17 Hogs closed at $58.050, down $0.425

Feb 18 Hogs closed at $63.650, down $0.450

Cotton

Cotton futures showed slight to 91 point gains on Monday, despite the US dollar being up 142 As of Sunday, the US cotton crop had 44% of the bolls opening, as 11% of the crop was harvested, vs 6% average. US condition ratings were down 2% to 61% gd/ex, as the Brugler500 was 7 points lower at 358. Georgia ratings were down 66 points on the Brugler500 scale in the week following Hurricane Irma, dropping to 307. The Cotlook A index for September 15 was unchanged from the previous day at 79.1 cents/lb. China sold another 24,200 MT of cotton in Monday’s auction of state reserves that saw 25,200 MT offered.

Oct 17 Cotton closed at 70.410, up 28 points,

Dec 17 Cotton closed at 69.500, up 43 points

May 18 Cotton closed at 69.310, up 83 points


Market Commentary provided by:

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