AgriCharts Market Commentary

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Corn

Corn futures are currently 1 to 2 cents lower on Thursday. This morning’s USDA Export Sales report showed old crop sales of 1.092 MMT during the week of 4/12, on the high side of expectations. That was a 29.97% jump from the previous week and 47.92% larger than last year. The lead buyer was Colombia at 246,300 MT, with a total of 180,900 MT shown for net reduction to unknown. New crop sales were reported at 112,220 MT. China sold 2.696 MMT of corn from state reserves on Thursday, which was 91.15% of the total offered.

May 18 Corn is at $3.81 1/4, down 1 3/4 cents,

Jul 18 Corn is at $3.90 1/4, down 1 1/2 cents,

Sep 18 Corn is at $3.97 3/4, down 1 1/2 cents

Soybeans

Soybean futures are 7 to 8 1/2 cents in the red at midday. Soy meal is down $3.50/ton, with front month soy oil 7 points lower. Export sales of old crop soybeans were reported at 1.041 MMT by the USDA this morning, on the low side of expectations. That was a 31.1% drop from the previous week, but is nearly 2.5 times larger than last year. Unknown destinations was the lead buyer of 581,000 MT, as China showed a net reduction of 52,900 MT. New crop sales were above expectations and at a MY high of 1.091 MMT in the week that ended April 12. Soy meal sales were seen at 164,916 MT, with 28,045 MT for soybean oil.

May 18 Soybeans are at $10.33 1/4, down 8 1/2 cents,

Jul 18 Soybeans are at $10.44 3/4, down 8 1/2 cents,

Aug 18 Soybeans are at $10.46 3/4, down 8 1/4 cents,

Sep 18 Soybeans are at $10.41 1/2, down 7 1/2 cents,

May 18 Soybean Meal is at $373.10, down $3.50

May 18 Soybean Oil is at $31.36, down $0.07

Wheat

Wheat futures are showing gains of 2 to 3 1/4 cents in the KC contracts. CBT is currently 1 to 3 cents lower, with MPLS down 7 to 9 cents. The USDA reported a total of 66,857 MT in net cancelations in old crop all wheat export sales for the week that ended 4/12. Japan showed the largest net cancelation of 65,000 MT, with unknown at a net reduction of 63,700 MT. New crop sales edged out expectations at 240,410 MT, a MY high. Japan purchased 101,902 MT of wheat in their weekly MOA tender from the US and Canada on Thursday, with 68,786 MT US specific. In Iraq’s most recent tender, they purchased 100,000 MT of Australian wheat.

May 18 CBOT Wheat is at $4.74, down 1 1/4 cents,

May 18 KCBT Wheat is at $4.92, up 3 1/4 cents,

May 18 MGEX Wheat is at $6.09 3/4, down 8 1/4 cents

Cattle

Live cattle futures are mostly $1.05 to $2.175 in the red at midday. Feeder cattle futures are down $1.55 to $1.85. The CME feeder cattle index was up 15 cents on April 17 at $137.90. Wholesale boxed beef values were mixed on Thursday morning. Choice boxes were 4 cents lower at $211.60, with Select boxes up 61 cents at $199.18. Estimated FI cattle slaughter was 355,000 head through Wednesday. That is 1,000 below the previous week but up 16,000 head from the same week in 2017. Cash trade so far today has resulted in a few sales of $121 in TX and $122 in KS, with bids of $190 in the North. Export sales of beef for the week of 4/12 were shown at 19,919 MT by the USDA, down from last week but 1.4% larger than a year ago.

Apr 18 Cattle are at $117.925, down $1.050,

Jun 18 Cattle are at $103.125, down $2.150,

Aug 18 Cattle are at $102.975, down $2.175,

Apr 18 Feeder Cattle are at $137.200, down $1.550

May 18 Feeder Cattle are at $138.825, down $1.850

Aug 18 Feeder Cattle are at $144.175, down $1.875

Lean Hogs

Lean hog futures are 10 to 62.5 cents in the red on Thursday. The CME Lean Hog Index was up $1.03 from the previous day to $55.05. The USDA pork carcass cutout value was up 40 cents at $68.86 this morning. The national base hog weighted average price was $2.05 higher at $56.22 in the Thursday morning report. Both the WCB and IA/MN regions were $2.87 higher. The USDA estimated week to date FI hog slaughter of 1.394 million head through Wednesday. That was up 27,000 head from last week. Sales of pork exports were tallied at 17,921 MT this morning, 17.8% lower than last week and just half of what was reported for the same week last year.

May 18 Hogs are at $69.750, down $0.100,

Jun 18 Hogs are at $77.900, down $0.625

Jul 18 Hogs are at $80.450, down $0.600

Cotton

Cotton futures are currently 5 to 13 points lower in the front months, with back months higher. All upland cotton export sales were reported at 290,248 RB for the week of 4/12. That was 61.83% larger than the week prior and 28.28% above this time last year. China purchased 77,900 RB, with Vietnam buying 74,600 RB. New crop sales were shown at the second largest this MY at 229,791 RB. The Cotlook A index was down 25 points from the previous day at 92.20 cents/lb. The USDA Adjusted World Price (AWP) currently at 74.32 cents/lb will be updated later today.

May 18 Cotton is at 82.69, down 5 points,

Jul 18 Cotton is at 82.48, down 13 points

Oct 18 Cotton is at 79.9, up 114 points

Dec 18 Cotton is at 78.450, up 13 points


Market Commentary provided by:

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