AgriCharts Market Commentary

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Corn Market Commentary

Corn futures locked in their fifth consecutive higher close in nearby Dec, with most contracts up 3 to 3 1/4 cents. USDA reported a private export sale of 239,630 MT of 18/19 corn to Mexico thorough their daily reporting system. Much of the Corn Belt is moving at a faster than normal harvest pace according to the Crop Progress report. That may be slowed by wet conditions later this week. Condition ratings in NE were down 1 point, with IA steady, MN up 3 and IL 4 points higher. The quarterly Grain Stocks report from the USDA will be released on Friday, with the average trade estimate for September 1 corn stocks at 2.01 bbu. That would be an 8 mbu increase from the September WASDE 17/18 US ending stocks projection if realized.

Dec 18 Corn closed at $3.63 3/4, up 3 1/4 cents,

Mar 19 Corn closed at $3.75 3/4, up 3 1/4 cents,

May 19 Corn closed at $3.83 1/2, up 3 1/4 cents

Jul 19 Corn closed at $3.88 3/4, up 3 cents

Soybeans Market Commentary

Soybean futures closed the Turnaround Tuesday session with most contracts 4 to 5 cents in the green. Nearby soy meal was up $1.50/ton, while soy oil saw 11-point gains. A 24-hour union strike in Argentina closed ports in Rosario on Tuesday. Both Brazil and Argentina are planning to import US beans for crushers to replace what was shipped to China. Friday’s Grain Stocks report, released at 11 a.m. CDT, is expected to show 398 mbu of soybean stocks on September 1. That is a buildup of 96 mbu from last year and 3 higher than the Sept S&D table. As of Sunday, all of the 18 reported states were matching or ahead of their normal harvest pace except Arkansas. Soybean condition ratings in NE were down 3 points, with NC seeing the largest loss following Hurricane Florence, down 34. MN saw a 9-point improvement, with IA up 2 and IL 3 points higher.

Nov 18 Soybeans closed at $8.45 3/4, up 4 3/4 cents,

Jan 19 Soybeans closed at $8.59 3/4, up 4 1/2 cents,

Mar 19 Soybeans closed at $8.72 3/4, up 4 1/4 cents,

Jul 19 Soybeans closed at $8.97, up 4 1/4 cents,

Oct 18 Soybean Meal closed at $306.20, up $1.50,

Oct 18 Soybean Oil closed at $28.37, up $0.11

Wheat Market Commentary

Wheat futures saw 6 to 7 cent losses in the winter wheat contracts on Tuesday, with MPLS down 3 to 4 cents. The average trade guess ahead of Friday’s quarterly Grain Stocks report is for September 1 wheat stocks to be at 2.344 bbu, 3% larger than last year, on lackluster first quarter demand. As of September 23, NASS showed 21% of the Kansas winter wheat crop had been planted, with OK at 27% and TX 30% complete. Taiwan is seeking 110,000 MT of US wheat, with offers due on October 2. Japan is tendering for 109,150 MT of wheat from the usual Australia, Canada, and US, with 49,470 MT US origin and the close on Thursday.

Dec 18 CBOT Wheat closed at $5.20 3/4, down 6 1/4 cents,

Dec 18 KCBT Wheat closed at $5.22, down 7 cents,

Dec 18 MGEX Wheat closed at $5.81, down 3 1/4 cents

Cattle Market Commentary

Live cattle futures ended the Tuesday session with steady to 25 cent gains. Feeder cattle futures were up 10 to 50 cents in the front months. The CME feeder cattle index on September 24 was up 49 cents at $157.83. Wholesale boxed beef values were lower on Tuesday afternoon. Choice boxes were down 43 cents to $205.73, while Select boxes were 52 cents higher at $194.87. USDA estimated FI cattle slaughter at 239,000 head through Tuesday. That is up 5,000 from last week and 3,000 head above the same week in 2017.

Oct 18 Cattle closed at $112.350, up $0.175,

Dec 18 Cattle closed at $117.200, up $0.200,

Feb 19 Cattle closed at $121.550, up $0.250,

Sep 18 Feeder Cattle closed at $156.625, up $0.175

Oct 18 Feeder Cattle closed at $156.475, up $0.175

Nov 18 Feeder Cattle closed at $156.425, up $0.500

Lean Hogs Market Commentary

Lean hog futures posted 45 cent to $1.425 gains in the front months on Tuesday. The CME Lean Hog Index was up $1.74 on September 21 to $60.85. The USDA pork carcass cutout value was 43 cents higher on Tuesday afternoon at $80.45. The national base hog carcass value was $1.90 higher in this afternoon’s report at $62.50. Weekly FI hog slaughter through Tuesday was estimated at 944,000 head. That is up 106,000 head from last week and 23,000 head larger than the same week last year. President Trump signed the KORUS trade agreement with South Korea, extending zero duty US access to the South Korean market for a number of meat products.

Oct 18 Hogs closed at $62.425, up $1.425,

Dec 18 Hogs closed at $57.750, up $0.775

Feb 19 Hogs closed at $65.900, up $0.450

Cotton Market Commentary

Cotton futures were 41 to 51 points higher in most front months, with nearby but thinly traded Oct up 168. The 7-day QPF shows heavy amounts of rain forecast for parts from Southeast TX all the way through the Carolinas. The Monday afternoon Crop Progress report showed that the TX harvest only progressed 1% to 23 over the past week but was still 11% ahead of the normal pace for this time of year. TX conditions were 8 points higher. Ratings in NC dropped 36 points, with GA down 3. The Cotlook A index was 55 points from the previous day at 88.65 cents/lb on September 24. The USDA weekly AWP was updated to 71.59 cents/lb on Thursday, down 2.20 cents from the week prior.

Oct 18 Cotton closed at 80.410, up 168 points,

Dec 18 Cotton closed at 78.990, up 41 points

Mar 19 Cotton closed at 79.440, up 48 points

Market Commentary provided by:

Brugler Marketing & Management LLC
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