AgriCharts Market Commentary

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Corn

Corn futures are currently 1 to 1 1/2 cents in the green on Wednesday. The weekly EIA report showed ethanol production for the week ending September 15 down 14,000 barrels per day to 1.033 million bpd. Ethanol stocks rose just 6,000 barrels to 21.138 million barrels. China sold just 11,878 MT of the 226,740 MT of corn offered at their auction of state reserves on Wednesday. Most producers in that country are holding on to more of this year’s crop, as they are banking on higher prices in the future.

Dec 17 Corn is at $3.49 1/2, up 1 1/4 cents,

Mar 18 Corn is at $3.62 1/4, up 1 1/2 cents,

May 18 Corn is at $3.70 1/2, up 1 1/4 cents

Jul 18 Corn is at $3.77 1/4, up 1 cent

Soybeans

Soybean futures are trading 3 to 4 cents higher at midday, after seeing gains of 8 1/2 cents in nearby Nov earlier this morning. Oct soy meal is up $1.70/ton, with nearby bean oil 8 points higher. The USDA announced a large export sale of 1.08 MMT of soybeans to unknown destinations, with 960,000 MT for 17/18 and 120,000 MT for 18/19 this morning. They also announced a sale of 132,000 MT of soybeans to China for 17/18 delivery through their daily export system. The sale of 1.08 MMT to is the ninth largest soybean sale on record for the daily reporting system. The Export Sales report for the week of Sep 14 will be out Thursday morning at 7:30 a.m. CDT. It should include nearly 1.113 MMT in daily sales announced during that timeframe.

Nov 17 Soybeans are at $9.70, up 4 1/2 cents,

Jan 18 Soybeans are at $9.80 1/2, up 4 1/2 cents,

Mar 18 Soybeans are at $9.89 3/4, up 4 1/2 cents,

May 18 Soybeans are at $9.97 3/4, up 4 1/4 cents,

Oct 17 Soybean Meal is at $306.70, up $1.70

Oct 17 Soybean Oil is at $34.60, up $0.08

Wheat

Wheat futures are mostly 2 to 3 cents higher in the CBT and KC contracts, as MPLS iss as high as 5 3/4 cents in some deferred contracts. Moisture is in forecast over the next week for most of the Midwest. Rains would slow planting, but relieve some dryness in parts of KS, OK, and NE. Planting progress was reported at 13% complete as of Sunday. On the heels of yesterday’s Stats Canada report, some analysts have increased their Canadian wheat crop estimates to around 27-29 MMT, vs. the USDA’s 26.5 MMT.

Dec 17 CBOT Wheat is at $4.46 1/4, up 3 1/4 cents,

Dec 17 KCBT Wheat is at $4.45, up 3 cents,

Cattle

Live cattle futures are posting $1.40 to $2.25 gains in the nearby contracts. Feeder cattle futures are currently $1.475 to $2.725 cents in the green at midday. The CME feeder cattle index was up 38 cents from the previous day at $150.47 on September 18.Wholesale beef prices were lower in the Wednesday morning report, with the Ch/Se spread widening to $3.35. Choice was down 13 cents at $191.98, while select boxes were 20 cents lower at $188.63. FI cattle slaughter was estimated at 230,000 through Tuesday, which is 3,000 fewer than last week and 4,000 larger than the same week in 2016. This morning’s online FCE auction showed 636 of the 1,450 head sold at an average price of $106.67, up $1.92 from last week. Of the nine lots for sale, 3 were sold, with another 3 offers of $106-$106.50 passed on. Friday’s Cattle on Feed report is expected to show on feed numbers as of September 1 2.7% larger than a year ago.

Oct 17 Cattle are at $110.225, up $2.250,

Dec 17 Cattle are at $115.375, up $1.975,

Feb 18 Cattle are at $118.575, up $1.400,

Sep 17 Feeder Cattle are at $153.050, up $1.475

Oct 17 Feeder Cattle are at $155.525, up $2.725

Nov 17 Feeder Cattle are at $155.425, up $2.300

Lean Hogs

Lean hog futures are showing mixed trade at noon, with nearby Oct down $1.05. The CME Lean Hog Index for 9/18 was 94 cents lower than the previous day at $61.88. The USDA pork carcass cutout value was 85 cents lower at $77.17 in the Wednesday morning report. The picnic and belly were the only cuts reported lower. The national base hog carcass was down 67 cents in the AM report at $50.40. Estimated week to date FI hog slaughter was 906,000 through Tuesday, 5,000 head larger than last week and 27,000 larger than the same week in 2016.

Oct 17 Hogs are at $59.075, down $1.050,

Dec 17 Hogs are at $59.925, up $0.200

Feb 18 Hogs are at $64.450, up $0.075

Cotton

Cotton futures are mostly mixed at midday, as nearby Oct is down 30 points, with back months 8 points higher. The Seam reported online cash sales of 492 bales, with prices rising 2.92 points to 68.27 cents/lb. The Cotlook A index for September 19 was up 80 points from the previous day at 79.7 cents/lb. China sold another 27,200 MT of cotton in Wednesday’s auction of state reserves that saw 27,400 MT offered. The Fed is expected to leave interest rates UNCH this afternoon, but to announce a policy on unwinding its long term debt portfolio.

Oct 17 Cotton is at 69.68, down 30 points,

Dec 17 Cotton is at 69.19, down 8 points

Mar 18 Cotton is at 68.41, up 11 points

May 18 Cotton is at 68.860, up 9 points


Market Commentary provided by:

Brugler Marketing & Management LLC
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