AgriCharts Market Commentary

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Corn

August 23, 2017

Corn futures closed the day with most contracts 2 3/4 to 4 1/2 cents lower. The Wednesday morning EIA report showed weekly ethanol production for the week of August 18 at 1.052 million barrels per day. That is 7,000 bpd fewer than last week. Ethanol stocks were reduced by 319,000 barrels during the week to 21.506 million barrels. Thursday’s export sales report is expected to show 50,000-250,000 MT in old crop sales, with 400,000-700,000 MT in new crop sales. The FJ Crop tour estimated the Indiana average yield at 171.23 bpa, which is more than 4 bushels above the 3-year average for those routes. The Nebraska tour average was 165.42 bpa, which is nearly 3 bushels per acre above the 3-year average. Chinese trade data shows imports of 913,583 MT of corn during July, well above last July and the fourth largest monthly import amount. Chinese ethanol exports rose sharply in July.

Sep 17 Corn closed at $3.42, down 4 cents,

Dec 17 Corn closed at $3.55 3/4, down 4 1/4 cents,

Mar 18 Corn closed at $3.68 1/4, down 4 1/4 cents

May 18 Corn closed at $3.74 3/4, down 4 cents

Soybeans

August 23, 2017

Soybean futures settled with fractional to 2 1/4 cents gains in most contracts. Sep soy meal was down $2/ton, with nearby bean oil up 66 points. The USDA announced private export sales of 295,220 MT sold to unknown destinations, with 11,220 MT for 16/17 and 284,000 MT for 17/18. In addition to that sale, they reported 640,970 MT of cancellations for 16/17 soybeans to China through their daily reporting system. FJ Tour pod counts for Indiana were higher than the 3-year average. Nebraska average 1131 pods in a 3x3 square, which is 51 below the three year average. Ahead of tomorrow’s USDA report analysts are estimating 250,000-450,000 MT in 16/17 sales with 400,000-600,000 MT in 17/18 sales. Soymeal sales are projected at 75,000-250,000 MT, with soyoil ranging 8,000-40,000 MT. China imported 10.08 MT of soybeans in July, 29.92% larger than July 2016. Of the total 499,922 MT came from the US, which was more than the US got in July 2016.

Sep 17 Soybeans closed at $9.35, up 1 1/4 cents,

Nov 17 Soybeans closed at $9.38, up 1/2 cent,

Jan 18 Soybeans closed at $9.46 3/4, up 1 cent,

May 18 Soybeans closed at $9.63 1/2, up 2 cents,

Sep 17 Soybean Meal closed at $293.30, down $2.00,

Sep 17 Soybean Oil closed at $34.72, up $0.66

Wheat

August 23, 2017

Wheat futures finished the Wednesday trade session with most CBT and MPLS contacts in the green, while nearby MPLS Sep was down 1 3/4. KC hit its lowest price on the continuous front month chart since Dec 12, 2016, as most contracts were 1-2 cents lower. The USDA Export Sales report is expected to show 300,000-600,000 MT in 17/18 sales, as last week’s sales ran 633,565 MT. The US presented the lowest offer in Iraq’s recent tender for 50,000 MT of wheat, with all offers valid until Thursday. France’s AgriMer is showing that 96% of the French soft wheat crop will exceed the 11.5% protein level, compared to 92% last year. It also estimates that 11% of the crop is greater than 13% protein.

Sep 17 CBOT Wheat closed at $4.03 1/4, up 1 cent,

Sep 17 KCBT Wheat closed at $3.97 3/4, down 1 1/4 cents,

Sep 17 MGEX Wheat closed at $6.39 1/4, down 1 3/4 cents

Cattle

August 23, 2017

Live cattle futures ended Wednesday with losses of 65 cents to $1.55. Feeder cattle futures were down 15 cents to $1.20. The CME feeder cattle index was 5 cents lower than the previous day at $143.38 for August 22. Wholesale beef prices were lower in the Wednesday afternoon report, with choice down 70 cents at $192.33 and select boxes $1.42 lower at $189.47. For the second week in a row, there were no cattle sold on the FCE. There were two offers of $107 and $107.25 passed on. Cash trade followed with sales of $107 in most regions. FI cattle slaughter through Wednesday was estimated at 352,000 head, 2,000 more than the previous week and 13,000 larger than the same week last year. Friday’s Cattle on Feed report is expected to show August 1 COF 4.7% larger than the same time last year.

Aug 17 Cattle closed at $105.650, down $1.075,

Oct 17 Cattle closed at $106.175, down $1.550,

Dec 17 Cattle closed at $109.100, down $0.975,

Aug 17 Feeder Cattle closed at $141.625, down $0.450

Sep 17 Feeder Cattle closed at $141.900, down $0.150

Oct 17 Feeder Cattle closed at $141.700, down $0.575

Lean Hogs

August 23, 2017

Lean hog futures posted losses of 15 to 50 cents in most contracts in Wednesday. The CME Lean Hog Index for 8/21 was 82 cents lower than the previous day at $81.53. The USDA pork carcass cutout value was $1.21 lower in the Wednesday afternoon report, with a weighted average of $87.93. The loin was the only primal reported higher, with the belly dropping $6.31. The national base hog carcass was down $1.40 at $69.19 in the AM report. FI hog slaughter was estimated at 1,322,000 through Wednesday, 16,000 head fewer than the previous week and 14,000 larger than the same week in 2016.

Oct 17 Hogs closed at $63.550, down $0.325,

Dec 17 Hogs closed at $58.850, down $0.200

Feb 18 Hogs closed at $63.325, down $0.425

Cotton

August 23, 2017

Cotton futures were 32 to 108 points higher on Wednesday, as the UD dollar was down 329 points. The USDA cotton AWP will be updated tomorrow, as it is 59.70 cents/lb through Thursday. The Cotlook A index for August 22 was 25 points higher than the previous day at 77.90 cents/lb. On Wednesday, China sold 28,900 MT of cotton at an auction of state reserves, as 29,700 MT was offered. Trade data from Chinese customs shows July imports were 90,000 MT, down 7.3% from last year.

Oct 17 Cotton closed at 69.600, up 72 points,

Dec 17 Cotton closed at 68.890, up 108 points

May 18 Cotton closed at 68.750, up 74 points


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