AgriCharts Market Commentary

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Corn

Corn futures are 1 to 1 1/4 cents higher in the front months on Tuesday. Monday afternoon, NASS reported that 5% of the US corn crop was planted as of April 22, just shy of analysts’ expectations at 6-7%. That is well short of the normal pace of 14% complete and last year’s 15 % planted by this date. Progress along the Corn Belt was well below the average, with IA still at 0%, IL at 4%, and NE at 2% planted. TX was the only of the 18 states reported to show progress above the normal pace. Progress should be made this week with soil temps improving and drier weather throughout most of the Corn Belt.

May 18 Corn is at $3.79 3/4, up 1 1/4 cents,

Jul 18 Corn is at $3.88 3/4, up 1 1/4 cents,

Sep 18 Corn is at $3.96, up 1 cent

Dec 18 Corn is at $4.05 1/4, up 1 cent

Soybeans

Soybean futures are up 3 to 4 cents on Turnaround Tuesday. Soy meal is 40 cents/ton higher, with front month soy oil 16 points in the green. A private export sale of 130,000 MT of US soybeans to Argentina was reported by the USDA this morning. The sale was split with 60,000 MT for 17/18 delivery and 70,000 MT for 18/19. The average trade guess for Canadian canola acreage in Friday’s Stats Canada report is 23.663 million acres, 666,000 acres larger than last year. Chinese imports of soybeans during March were down 10.5% from last year at 5.66 MMT according to Customs data. Imports from the US were down 26.6% from last year at 3.1 MMT, with imports from Brazil 33.32% larger yr/yr at 2.333 MMT.

May 18 Soybeans are at $10.24 1/4, up 3 1/2 cents,

Jul 18 Soybeans are at $10.35 3/4, up 3 1/2 cents,

Aug 18 Soybeans are at $10.38, up 3 1/2 cents,

Sep 18 Soybeans are at $10.34, up 3 1/4 cents,

May 18 Soybean Meal is at $372.20, up $0.40

May 18 Soybean Oil is at $31.20, up $0.16

Wheat

Wheat futures are fractionally to 1 1/4 cents higher in the CBT and KC contracts on Tuesday. MPLS is down 2 to 3 cents. The Crop Progress report showed that 0% of the winter wheat crop in KS is headed, with the average at 11% typically. Condition ratings in KS were down 5 points to 248, with OK up 5 at 215. Planting progress of the spring wheat crop in MN, MO, and ND is still at 0%, with their normal pace at 25%, 24%, and 13% respectively. Ahead of Friday’s Stats Canada acreage report, analysts are expecting all wheat acreage up 647,000 acres at 23.038 million acres. Durum is expected to see 5.442 million acres planted, 237,000 above a year ago.

May 18 CBOT Wheat is at $4.62 3/4, up 1 1/4 cents,

May 18 KCBT Wheat is at $4.84, up 3/4 cent,

May 18 MGEX Wheat is at $5.86, down 2 cents

Cattle

Live cattle futures are steady to 72.5 cents higher at midday. Feeder cattle futures are up 5 to 47.5 cents. The CME feeder cattle index was up $1.57 on April 20 at $138.13. Wholesale boxed beef values were higher on Tuesday morning. Choice boxes were up $1.88 at $216.99, with Select boxes 39 cents higher at $202.11. Estimated FI cattle slaughter was 117,000 head on Monday. That is 1,000 more than the previous week and up 2,000 head from the same week in 2017. The Monday USDA Cold Storage report put frozen beef stocks on March 31 at 463.971 million pounds. That is just 30,000 pounds below last year and 1.01% larger than February. Combined stocks of poultry and red meat were shown at a March record 2.409 billion pounds.

Apr 18 Cattle are at $121.750, up $0.025,

Jun 18 Cattle are at $105.600, up $0.725,

Aug 18 Cattle are at $105.550, up $0.475,

Apr 18 Feeder Cattle are at $139.500, up $0.475

May 18 Feeder Cattle are at $141.050, up $0.450

Aug 18 Feeder Cattle are at $147.300, up $0.175

Lean Hogs

Lean hog futures are showing losses of 65 cents to $1.30 at midday. The CME Lean Hog Index was up $1.08 from the previous day to $57.88 on April 20. The USDA pork carcass cutout value was up 58 cents at $68.45 this morning. The national base hog weighted average price was 3 cents lower at $57.70. The USDA estimated Monday FI hog slaughter at 464,000 head. That is even with last week and 21,000 head above the same week in 2017. Pork stocks in cold storage on March 31 totaled 611.048 million pounds. That is up just 0.21% from February and 12.02% larger than USDA showed last year. Stocks of pork bellies grew to 59.21 million pounds, well above last year and 63% larger than February.

May 18 Hogs are at $67.325, down $0.675,

Jun 18 Hogs are at $75.075, down $1.300

Jul 18 Hogs are at $77.825, down $1.075

Cotton

Cotton futures are currently 24 to 86 points lower on Tuesday, with nearby May up 61 points. Planting progress was slow moving over the past week in most states. TX was 14% planted as of Sunday, with GA 4% complete. Of the 15 states reported, 7 showed no acres planted, with KS typically the only state to show no progress. Customs data from China shows March imports of 107,502 MT, down 11.09% from a year ago. Imports of US origin were down 10.69% at 78,088 MT. The Cotlook A index was up 185 points from the previous day at 93.80 cents/lb.

May 18 Cotton is at 83.8, up 61 points,

Jul 18 Cotton is at 83.26, down 86 points

Oct 18 Cotton is at 80.92, down 24 points

Dec 18 Cotton is at 79.050, down 30 points


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