AgriCharts Market Commentary

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Corn

January 17, 2018

Corn futures are showing 3 to 4 1/2 cent gains in most nearby contracts on Wednesday. Data from the FSA shows 964,596 prevent plant acres for corn in their final acreage survey report. That was down 8.33% from the January 2017 report and is the fewest number of acres since 2012. The weekly EIA report will be delayed until Thursday, due to Monday’s holiday. South Korea purchased 137,000 MT of corn on Wednesday, with the optional origin source likely from the US or South America. Despite forecasts of rains, producers in Brazil don’t expect a huge reduction in corn acreage for the second crop. With the slower soybean crop, corn planting could be delayed beyond the ideal time.

Mar 18 Corn is at $3.52 1/2, up 4 1/4 cents,

May 18 Corn is at $3.60 1/2, up 3 3/4 cents,

Jul 18 Corn is at $3.68 3/4, up 3 3/4 cents

Sep 18 Corn is at $3.76 1/4, up 3 1/2 cents

Soybeans

January 17, 2018

Soybean futures are mostly 1 to 1 1/2 cents in the red on Wednesday. Traders are taking some of their profit off the table after 18 cent gains since Friday’s USDA reports. Meal futures are up 40 cents/ton, with nearby soy oil 30 points lower. The USDA reported a private export sale of 130,000 MT of soybeans for 18/19 delivery to Unknown Destinations through their daily reporting system. Prevent plant acres in the FSA’s final report were at 435,430 acres for the 2017 soybean crop. That was well above last year’s 236,609 acres.

Mar 18 Soybeans are at $9.66 3/4, down 1 1/4 cents,

May 18 Soybeans are at $9.78, down 1 1/2 cents,

Jul 18 Soybeans are at $9.88, down 1 cent,

Aug 18 Soybeans are at $9.90, down 1 1/4 cents,

Mar 18 Soybean Meal is at $323.20, up $0.40

Mar 18 Soybean Oil is at $32.49, down $0.30

Wheat

January 17, 2018

Wheat futures are trading 2 to 4 cents higher in most contracts at midday on Wednesday. The FSA reported that US wheat producers enrolled in 619,685 prevent plant acres for the 2017 wheat crop. That was the fewest number of acres since 2012 and was 65.33% lower than the previous year. Ukraine exports of wheat have totaled nearly 11.7 MMT during the 17/18 marketing year so far according to their ag ministry, which lags the same time in the previous year by 0.6 MMT. The weekly Export sales report will be delayed until Friday.

Mar 18 CBOT Wheat is at $4.20 1/2, up 4 cents,

Mar 18 KCBT Wheat is at $4.25 1/4, up 3 1/4 cents,

Mar 18 MGEX Wheat is at $6.14, up 2 1/2 cents

Cattle

January 17, 2018

Live cattle futures are posting strong gains on Wednesday, with most contracts $1.50 to $2.70 higher. Feeder cattle futures are also $1.30 to $2.20 in the green. The CME feeder cattle index on January 15 was $145.38, down 46 cents from the previous day. Wholesale boxed beef values were lower again on Wednesday morning. Choice boxes were 7 cents lower at $205.51, with Select boxes down 33 cents per cwt at $199.56. Estimated week to date FI cattle slaughter was 236,000 head through Tuesday. That is even with last week. This morning’s FCE online auction saw onle 108 of the 304 head sold at a price of $119.75, with offers of $118 and $119.50 passed by feedlots. Cabs bids around the country so far are still around $118.

Feb 18 Cattle are at $120.800, up $2.700,

Apr 18 Cattle are at $122.525, up $2.150,

Jun 18 Cattle are at $114.250, up $1.900,

Jan 18 Feeder Cattle are at $147.800, up $2.200

Mar 18 Feeder Cattle are at $145.775, up $1.850

Apr 18 Feeder Cattle are at $145.925, up $1.850

Lean Hogs

January 17, 2018

Lean hog futures are currently 70 cents to $1.35 lower at midday. The CME Lean Hog Index was up 77 cents on January 15 at $71.92. The USDA pork carcass cutout value was up 8 cents at $80.79 in the Wednesday morning report. The loin was the only primal reported lower, down $3.07. The national base hog weighted average price was down 49 cents to $69.22 this morning. The USDA FI hog slaughter was estimated at 859,000 through Tuesday, which is 115,000 larger than the same week last year, but 60,000 head lower than last week.

Feb 18 Hogs are at $72.550, down $1.350,

Apr 18 Hogs are at $75.400, down $0.750

May 18 Hogs are at $80.300, down $0.700

Cotton

January 17, 2018

Cotton futures are seeing gains of 27 to 29 points in the nearby contracts on Wednesday. Recent weakness in the dollar has provided support. The US dollar is slightly higher at the moment, however, with crude oil up 22 cents. Online cash sales for Tuesday reported on the Seam totaled 15,426 bales, as prices averaged 72.07 cents/lb, down 42 points from the previous day. The USDA Adjusted World Price (AWP) was increased 35 points to 71.21 cents/lb on Thursday. The Cotlook A Index for January 16 was UNCH from the previous day at 92.35 cents/lb.

Mar 18 Cotton is at 81.7, up 27 points,

May 18 Cotton is at 81.96, up 29 points

Jul 18 Cotton is at 82.14, up 28 points


Market Commentary provided by:

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