AgriCharts Market Commentary

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Corn

April 18, 2018

Corn futures ended the Wednesday session with most contracts 2 to 3 cents higher. This morning’s EIA report showed ethanol production for the week that ended 4/13 at 1.009 million barrels per day. That was down 25,000 bpd and was the lowest since the first week of the year. Stocks of ethanol were reported at 21.344 million barrels, a 502,000 barrel drop from the previous week. Old crop corn export sales are expected to total 0.7-1.2 MMT in Thursday’s Export Sales report, with new crop at 0-200,000 MT. Celeres expects the Brazilian corn crop to hit 91.6 MMT in 17/18, compared to the current USDA number of 92 MMT.

May 18 Corn closed at $3.83, up 2 3/4 cents,

Jul 18 Corn closed at $3.91 3/4, up 2 1/2 cents,

Sep 18 Corn closed at $3.99 1/4, up 2 1/2 cents

Dec 18 Corn closed at $4.08 1/2, up 2 1/2 cents

Soybeans

April 18, 2018

Soybean futures closed the day with most nearby contracts 2 to 4 1/4 cents lower and back months higher. Soy meal was $4.50/ton lower, with front month soy oil up 24 points. Analysts are expecting the USDA to show 0.9-1.4 MMT in old crop soybean sales on Thursday, as 500,000-800,000 MT is expected for new crop sales. Soy meal is seen at 150,000-400,000 MT, with 12,000-34,000 MT for soybean oil. Argentina is reportedly importing soybeans from Brazil in order to sustain their historical shipping pace for soybean meal. The Brazil soybean crop is estimated at 115.7 MMT by analysts with Celeres vs. the USDA’s 115 MMT.

May 18 Soybeans closed at $10.41 3/4, down 4 1/4 cents,

Jul 18 Soybeans closed at $10.53 1/4, down 4 cents,

Aug 18 Soybeans closed at $10.55, down 3 1/2 cents,

Nov 18 Soybeans closed at $10.45 3/4, up 1/2 cent,

May 18 Soybean Meal closed at $376.60, down $4.50,

May 18 Soybean Oil closed at $31.43, up $0.24

Wheat

April 18, 2018

Wheat futures settled with 8 to 9 cent gains in the CBT and KC contracts, with MPLS up 3 to 5 1/2 cents. Forecasts of rain for later this week in the Southern Plains are still wide spread, but the total area and amounts have backed off slightly. All wheat export sales of old crop are expected to total 100,000-350,000 MT in Thursday’s USDA report, with the average trade guess for new crop at 0-200,000 MT. Taiwan’s tender for 92,975 MT of US wheat closes today. The USDA ag attach in Australia estimates that the 18/19 crop will total 24 MMT, with Canada seen at 29.9 MMT.

May 18 CBOT Wheat closed at $4.75 1/4, up 9 cents,

May 18 KCBT Wheat closed at $4.88 3/4, up 8 1/4 cents,

May 18 MGEX Wheat closed at $6.18, up 5 1/2 cents

Cattle

April 18, 2018

Live cattle futures finished the day with 37.5 to 92.5 cent gains. Feeder cattle futures were steady to $1.05 higher on Wednesday. The CME feeder cattle index was up 15 cents on April 17 at $137.90. Wholesale boxed beef values were lower on Wednesday afternoon. Choice boxes were 49 cents lower at $211.64, with Select boxes down $1.01 at $198.57. 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. This morning’s FCE online auction showed sales on 499 head of the 3,220 offered. The sales of 1-17 day delivery were at $120, with 1-9 day delivery at $122. Analysts are expecting to see March placements 9.1% lower than last year on larger placements over the past few months.

Apr 18 Cattle closed at $118.975, up $0.925,

Jun 18 Cattle closed at $105.275, up $0.375,

Aug 18 Cattle closed at $105.150, up $0.700,

Apr 18 Feeder Cattle closed at $138.750, up $0.025

May 18 Feeder Cattle closed at $140.675, up $0.425

Aug 18 Feeder Cattle closed at $146.050, up $0.975

Lean Hogs

April 18, 2018

Lean hog futures posted gains of 40 cents to $1.95 on Wednesday. The CME Lean Hog Index was up 49 cents from the previous day to $54.02. The USDA pork carcass cutout value was up 25 cents at $68.46 this afternoon, with ham and belly reported lower. The national base hog weighted average price was $1.92 higher at $54.19 in the Wednesday afternoon report. The USDA estimated FI hog slaughter at 1.394 million head through Wednesday. That was up 27,000 head from last week.

May 18 Hogs closed at $69.850, up $1.950,

Jun 18 Hogs closed at $78.525, up $1.775

Jul 18 Hogs closed at $81.050, up $1.825

Cotton

April 18, 2018

Cotton futures were 2 to 39 points lower in most contracts on the day. Rain chances are still high for northern Texas for this weekend. The Cotlook A index was down 20 points from the previous day at 92.45 cents/lb. Cash sales of 7,514 bales were reported on the Seam at an average price of 67.27 cents/lb on Tuesday. The USDA Adjusted World Price (AWP) currently at 74.32 cents/lb will be updated on Thursday. The weekly Export Sales report will be released on Thursday morning.

May 18 Cotton closed at 82.740, down 39 points,

Jul 18 Cotton closed at 82.610, down 34 points

Oct 18 Cotton closed at 78.760, down 19 points


Market Commentary provided by:

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