AgriCharts Market Commentary

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Corn

September 19, 2017

Corn futures are mostly 1 cent per bushel higher this morning after closing Monday with most contracts steady to 3 1/4 cents lower. The USDA Export Inspections report indicated shipments of 676,819 MT for the week of September 14. That is roughly even with the previous week but 47.8% lower than the same week last year. The Monday afternoon USDA Crop Progress report showed national corn conditions unchanged from the previous week at 61% gd/ex, with the Brugler 500 Index UNCH at 357. As of Sunday the USDA indicated the US corn harvest was 7% complete, vs. the average of 11% for this date. The crop was 34% mature, with 86% dented (90% dented would be average for this date).

Soybeans

September 19, 2017

Soybean futures are currently 1 to 2 cents lower after settling the Monday session fractionally to a penny lower. Oct soy meal was up $1/ton, with nearby bean oil down 37 cents. USDA reported another 126,000 MT sale to unknown destinations and 261,000 MT to China yesterday. Soybean export shipments for the second week in the marketing year totaled 928,575 MT, 16.1% lower than last week but 22% larger than the same week last year. September inspections are off to a strong start. The USDA last night showed 4% of the US crop harvest as of Sunday. That is compared to the average pace of 5%, with 41% dropping leaves. Condition ratings were reported down 1% to 59 gd/ex, with the Brugler500 Index down 1 to 355.

Wheat

September 19, 2017

Wheat futures are 1 to 3 cents per bushel higher this morning. They finished Monday with most CBT and KC contracts 3 to 5 1/2 cents lower and MPLS spring wheat fractionally mixed. Yesterday morning’s Export Inspections report showed wheat exports totaling 464,375 MT for the week of 9/14. That is 8.75% behind a week ago and 19.13% shy of the same week last year. The weekly Crop Progress report showed winter wheat planting 13% complete as of 9/17, slightly lagging the average of 15%. Egypt’s GASC tendered for import wheat for late October delivery, with results expected later today.

Cattle

September 19, 2017

Live cattle futures ended the Monday session mixed with nearby Oct 17.5 cents lower and back months in the green. Feeder cattle futureswere mostly 57.5 cents to $1.475 in the green. The CME feeder cattle index was up 38 cents from the previous day at $150.09 on September 15.Wholesale beef prices were higher in the Monday afternoon report, with the Ch/Se spread narrowing to $4.92. Choice was up $1.20 at $192.62, while select boxes were $1.85 higher at $187.70. FI cattle slaughter was estimated at 112,000 on Monday, which is 4,000 fewer than last week and matches the same week in 2016.Cash trade was mainly at $105-$108 live and $166-$168 last week, with little to no activity on Monday. ABARES in Australia increased its 2017/18 beef production forecast 6% as drought is forcing additional herd reductions.

Lean Hogs

September 19, 2017

Lean hog futures posted mixed trade, with nearby contracts lower and back months slightly higher. The CME Lean Hog Index for 9/14 was $1.08 lower than the previous day at $64.07. The USDA pork carcass cutout value was 33 cents higher at $78.09 in the Monday afternoon report. The butt, picnic, and ham were lower, with the rib up $3.38. The national base hog carcass was down 78 cents in the PM report at $52.13. Estimated FI hog slaughter was 451,000 on Monday, 1,000 head larger than last week and 12,000 larger than the same week in 2016.

Cotton

September 19, 2017

Cotton futures are 28 lower to 25 higher this morning after they showed slight to 91 point gains on Monday. As of Sunday, the US cotton crop had 44% of the bolls opening. NASS indicated 11% of the crop was harvested, vs 6% average. Texas was well ahead of its average pace. US condition ratings were down 2% to 61% gd/ex, as the Brugler500 was 7 points lower at 358. Georgia ratings were down a steep 66 points on the Brugler500 scale in the week following Hurricane Irma, dropping to 307. The Cotlook A index for September 15 was unchanged from the previous day at 79.1 cents/lb. China sold another 24,200 MT of cotton in Monday’s auction of state reserves that saw 25,200 MT offered.


Market Commentary provided by:

Brugler Marketing & Management LLC
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