AgriCharts Market Commentary

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March 21, 2018

Corn futures are mostly 1/4 to 1 1/4 cents lower at midday. Another private export sale was announced by the USDA this morning, for 138,000 MT for 17/18 delivery to South Korea. The weekly EIA report showed ethanol production during the week of 3/16 increasing 24,000 barrels from the previous week at 1.049 million barrels per day. Stocks of ethanol at the end of that week were reported at 23.758 million barrels, down 523,000 barrels from the week prior. Stocks jumped on the East and West Coast, with the other regions showing a reduction. Expectations for Thursday’s Export Sales report show 1.4-2.1 MMT on old crop corn sales, with 100,000-200,000 MT in new crop sales.

May 18 Corn is at $3.73 3/4, down 3/4 cent,

Jul 18 Corn is at $3.82, down 1/2 cent,

Sep 18 Corn is at $3.88 1/2, down 1 1/4 cents

Dec 18 Corn is at $3.96, down 1 1/4 cents


March 21, 2018

Soybean futures are currently 1 1/4 to 3 cents lower on Wednesday. Front Month soy meal is up 2.90/ton, with May soy oil 49 points higher. Ahead of the weekly USDA Export Sales report, analysts are estimating 0.7-1.4 MMT in old crop soybean export sales during the week of 3/15, with 50,000-200,000 MT for new crop. Last week’s report showed old crop sales at 1.27 MMT. Sales of soy meal are expected to range 100,000-300,000 MT, as soy oil is at 20,000-50,000 MT. The USDA ag attach in Canada expected to see the country’s canola production drop 0.8 MMT to 20.5 MMT in 2018/19.

May 18 Soybeans are at $10.25 1/2, down 2 3/4 cents,

Jul 18 Soybeans are at $10.36 1/4, down 2 3/4 cents,

Aug 18 Soybeans are at $10.38, down 2 1/4 cents,

Sep 18 Soybeans are at $10.27, down 1 1/4 cents,

May 18 Soybean Meal is at $364.60, up $2.90

May 18 Soybean Oil is at $32.23, up $0.49


March 21, 2018

Wheat futures are trading 5 to 7 cents lower in the CBT and MPLS contracts, with KC down 10 to 11 1/2 cents in the nearby contracts. The 7 day QPF shows rain in a large part of the Southern plains over this weekend into next week. Most of the precipitation is in OK, TX, and the eastern part of KS, with forecasts for western KS showing lower rain totals. The average trade guess for old crop export sales for wheat is 100,000-300,000 MT for the week that ended on March 15, with new crop expected to range 50,000-200,000 MT. That would be within range of last week’s report of 162,807 MT of old crop sales.

May 18 CBOT Wheat is at $4.47, down 6 cents,

May 18 KCBT Wheat is at $4.58 1/2, down 11 1/2 cents,

May 18 MGEX Wheat is at $5.86 1/2, down 6 3/4 cents


March 21, 2018

Live cattle futures are 85 cents to $2.10 in the red at midday. Feeder cattle futures are down 52.5 to 72.5 cents. The CME feeder cattle index was down 48 cents on March 19 at $141.25. Wholesale boxed beef values were mixed on Wednesday morning. Choice boxes were up 63 cents at $223.98, with Select boxes 14 cents lower at $216.60. Estimated weekly FI cattle slaughter was 236,000 head through Tuesday, 5,000 above last week and 3,000 head above the same week in 2017. Ahead of Friday’s USDA Cattle on Feed report, analysts are expecting to see March 1 cattle on feed 8.2% larger than last year. February placements are seen 4.2% higher than a year ago, with Feb marketings 1.2% above 2017.

Apr 18 Cattle are at $117.475, down $2.100,

Jun 18 Cattle are at $107.250, down $1.750,

Aug 18 Cattle are at $105.325, down $1.375,

Mar 18 Feeder Cattle are at $137.050, down $0.725

Apr 18 Feeder Cattle are at $136.925, down $0.525

May 18 Feeder Cattle are at $137.525, down $0.725

Lean Hogs

March 21, 2018

Lean hog futures are showing mixed trade on Wednesday, with April down 7.5 cents and back months slightly higher. The CME Lean Hog Index on March 19 was down 68 cents from the previous day to $64.29. The USDA pork carcass cutout value was 39 cents higher at $72.46 in the Wednesday morning report. The ham was up $3.21, with the belly the only other cut higher. The national base hog weighted average price was 62 cents lower at $54.93 in the Wednesday AM report. The USDA estimated FI hog slaughter at 926,000 head through Tuesday. That is up 5,000 head from the previous week and 39,000 head more than the same week last year.

Apr 18 Hogs are at $63.175, down $0.075,

May 18 Hogs are at $70.300, up $0.100

Jun 18 Hogs are at $76.775, up $0.025


March 21, 2018

Cotton futures are mixed at midday, with the front months 12 to 13 points higher and back months slightly lower. The Federal Reserve is expected to announce an increase to interest rates this afternoon, by 0.25%. The Cotlook A index was down 135 points from the previous day on March 20 at 90.75 cents/lb. The Adjusted World Price (AWP) currently at 75.12 cents/lb, will be updated on Thursday. The Seam reported cash sales of 13,607 bales, on Tuesday, with the average price at 69.85 cents/lb. China sold another 15,793 MT of cotton offered at an auction of state reserves on Wednesday, totaling 52.6% of the amount offered.

May 18 Cotton is at 83.2, up 12 points,

Jul 18 Cotton is at 83.31, up 13 points

Dec 18 Cotton is at 77.950, down 4 points

Market Commentary provided by:

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