AgriCharts Market Commentary

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Corn

October 17, 2017

Corn futures settled Tuesday with most contracts fractionally to 1 1/2 cents lower. The USDA announced separate private export sales of 146,000 MT to unknown destinations and 115,000 MT to Mexico for 17/18 delivery through their daily reporting system this morning. The Monday afternoon Crop Progress report indicated the only states to show progress ahead of normal were NC, TN, and TX, which accounted for just 3.8% of total production in 2016. The only states to report lower conditions ratings were NE and IL, down 1 point each. The weekly EIA ethanol report will be released on a normal schedule this week, Wednesday at 9:30 a.m. CDT.

Dec 17 Corn closed at $3.50, down 1/2 cent,

Mar 18 Corn closed at $3.63 3/4, down 1/2 cent,

May 18 Corn closed at $3.72, down 3/4 cent

Jul 18 Corn closed at $3.78 1/2, down 1 1/4 cents

Soybeans

October 17, 2017

Soybean futures closed the Tuesday session with losses of 4 1/2 to 6 1/4 cents. December meal was down $2.90/ton, with nearby bean oil UNCH. Much of the WCB is lagging their average harvest progress, as IA, NE and MN have harvested nearly half of the crop they typically do for this week. Ratings improved 1 point to 366 on the Brugler500 index. This was the last week that the USDA will report condition ratings, as the final rating showed 61% of the crop in gd/ex condition.The national soybean cash price as of last night was $9.13 1/2. That fell from $9.22 3/4 the previous day, which was the highest national average cash price since the end of July. The national basis fell to -80 1/2 on October 3, and had come back 3 cents to -77 1/2 as of Monday afternoon.

Nov 17 Soybeans closed at $9.84 3/4, down 6 1/4 cents,

Jan 18 Soybeans closed at $9.95 1/4, down 6 1/4 cents,

Mar 18 Soybeans closed at $10.05, down 5 3/4 cents,

Jul 18 Soybeans closed at $10.22, down 5 1/2 cents,

Dec 17 Soybean Meal closed at $321.60, down $2.90,

Dec 17 Soybean Oil closed at $33.59, unch,

Wheat

October 17, 2017

Wheat futures were fractionally to 1 3/4 cents lower in most SRW and HRW contracts, as HRS contracts showed 1-4 cents gains on Tuesday. Kansas typically has 46% of the crop emerged by now, with 25% shown in that stage. Japan’s MOA is seeking 123,736 MT of wheat from the US, Canada, and Australia. Of that total, 64,658 MT is sought from the US, with the tender due on Thursday. Russia’s IKAR raised their latest 2017 Russia wheat production number slightly to 83.2-83.7 MMT, as the crop’s size is becoming realized. The Russian government estimate is 83.0 MMT.

Dec 17 CBOT Wheat closed at $4.34 3/4, down 1 3/4 cents,

Dec 17 KCBT Wheat closed at $4.33 1/4, down 1/2 cent,

Dec 17 MGEX Wheat closed at $6.11, up 1 1/2 cents

Cattle

October 17, 2017

Live cattle futures posted 55 cent to $1.375 losses in most contracts today. Feeder cattle futures saw triple digit losses in most contracts. The CME feeder cattle index was 60 cents lower at $155.06 on October 16. Wholesale beef prices were lower in the Tuesday afternoon report. Choice was down $1.15 at $197.66, while select boxes were 72 cents lower at $189.85. Weekly FI cattle slaughter through Tuesday is estimated at 227,000 head, about 6,000 fewer than the previous week and 2,000 head lower than the same week last year. The FCE is showing only 919 head consigned for Wednesday’s online auction, with a majority of the lots from KS.

Oct 17 Cattle closed at $111.175, down $0.550,

Dec 17 Cattle closed at $115.975, down $0.850,

Feb 18 Cattle closed at $120.150, down $0.775,

Oct 17 Feeder Cattle closed at $152.150, down $1.850

Nov 17 Feeder Cattle closed at $152.425, down $2.125

Jan 18 Feeder Cattle closed at $150.400, down $2.150

Lean Hogs

October 17, 2017

Lean hog futures finished the Tuesday session with most nearby contracts 2.5 cents to $1.525 lower, as deferred contracts were higher. The CME Lean Hog Index for 10/13 jumped 73 cents higher than the previous day at $60.24. The USDA pork carcass cutout value was 44 cents lower at $74.81 this afternoon. The loin fell $3.93, with the ham and belly also reported lower. The national base hog was up $2.07 at 60.44, as prices in the IA/MN region were up $1.75 with the WCB $1.70 higher this morning. Estimated week to date FI hog slaughter was 25,000 head fewer than last week at 901,000 head through Tuesday, but still 16,000 larger than the same week in 2016.

Dec 17 Hogs closed at $62.175, down $1.525,

Feb 18 Hogs closed at $67.150, down $1.150

Apr 18 Hogs closed at $71.300, down $0.725

Cotton

October 17, 2017

Cotton futures ended Turnaround Tuesday with 13 to 24 point gains, despite 191 point gains in the US dollar. The USDA showed TX harvest at 30% complete on Monday. Condition ratings in SC were down 23 points, with NC 12 points lower. TX and GA ratings were reported at 1 point higher. The Adjusted World Price (AWP) was updated to 60.44 cents/lb, down 11 points from the previous week. The Cotlook A index for the 16thof October was 80 points higher at 78.50 cents/lb. The Seam reported cash sales of 1,433 bales at an average price of 64.75 cents/lb.

Dec 17 Cotton closed at 67.770, up 24 points,

Mar 18 Cotton closed at 67.480, up 16 points

Jul 18 Cotton closed at 68.900, up 13 points


Market Commentary provided by:

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