AgriCharts Market Commentary

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March 19, 2018

Corn futures closed the Monday session with most contracts 5 to 7 3/4 cents in the red, with pressure coming from wheat and soybeans. Separate private export sales of 115,000 MT of 17/18 corn to unknown destinations and 206,000 MT of 18/19 corn to Japan were reported by the USDA this morning. The USDA also reported that 1.409 MMT of US corn was inspected for export during the week of 3/15. That was 2.33% larger than the previous week and 3.78% above the same time last year.

May 18 Corn closed at $3.75, down 7 3/4 cents,

Jul 18 Corn closed at $3.83 1/4, down 7 3/4 cents,

Sep 18 Corn closed at $3.90, down 6 3/4 cents

Dec 18 Corn closed at $3.97 1/2, down 6 1/4 cents


March 19, 2018

Soybean futures ended Monday with sharp losses of 26 to 27 cents in the nearby contracts, as Nov was down 18 1/4 cents. Front Month soy meal was $14.30/ton lower, with May soy oil 8 points higher. Rains passed through Argentina this weekend causing some selling pressure, though for most of the crop it may too late. This morning’s USDA Export Inspections report indicated that just 490,536 MT of 17/18 soybeans were shipped for the week that ended 3/15. That was down 47.36% from a week ago and 30.08% lower than this week in 2017.

May 18 Soybeans closed at $10.22 1/2, down 27 cents,

Jul 18 Soybeans closed at $10.33 1/2, down 26 3/4 cents,

Aug 18 Soybeans closed at $10.35 1/4, down 26 cents,

Nov 18 Soybeans closed at $10.22 3/4, down 18 1/4 cents,

May 18 Soybean Meal closed at $358.60, down $14.30,

May 18 Soybean Oil closed at $32.06, up $0.08


March 19, 2018

Wheat futures settled with 9 to 15 1/4 cent losses in the MPLS contracts, as Chicago SRW was down 15 to 17 cents. KC HRW contracts were hit the hardest, as the nearby contracts neared limit lower moves, down 25 to 29 1/4 cents. Much needed rains developed across Kansas on Sunday into this morning. Parts of south-central KS saw almost 2 inches, with the far western areas receiving little moisture. State condition reports showed improvement in OK ratings for the week that ended on Sunday, with TX and KS shown deteriorating. However, conditions have likely improved in parts of KS since the rating were taken. Export inspections of wheat during the week of 3/15 totaled 443,269 MT, 3.37% larger than last week but 31.9% lower than a year ago. Japan is seeking 127,338 MT of wheat from the US and Canada, with the weekly MOA tender to close on Thursday. Most of that total is sought from the US at 91,942 MT.

May 18 CBOT Wheat closed at $4.50 3/4, down 17 cents,

May 18 KCBT Wheat closed at $4.70 1/4, down 29 1/4 cents,

May 18 MGEX Wheat closed at $5.96 1/2, down 15 1/4 cents


March 19, 2018

Live cattle futures were mostly $1 to $1.60 lower on Monday. Feeder cattle futures were down $1.225 to $2.00 on the day. The CME feeder cattle index was down 98 cents on March 16 at $141.73. Wholesale boxed beef values were mixed on Monday afternoon. Choice boxes were down 72 cents at $224.87, with Select boxes 43 cents higher at $217.29. Estimated FI cattle slaughter was 118,000 head on Monday, 5,000 above last week and 2,000 head above the same week in 2017.

Apr 18 Cattle closed at $120.225, down $1.025,

Jun 18 Cattle closed at $110.150, down $1.600,

Aug 18 Cattle closed at $107.700, down $1.425,

Mar 18 Feeder Cattle closed at $138.450, down $1.525

Apr 18 Feeder Cattle closed at $138.200, down $2.000

May 18 Feeder Cattle closed at $139.025, down $1.925

Lean Hogs

March 19, 2018

Lean hog futures saw losses of $2.00 to $2.30 in most contracts on Monday. The CME Lean Hog Index on March 15 was down 41 cents from the previous day to $65.52. The USDA pork carcass cutout value was 59 cents lower at $71.98 in the Monday PM report. The national base hog weighted average price was 79 cents lower at $56.50 on Monday afternoon. The USDA estimated FI hog slaughter at 462,000 head on Monday. That is up 2,000 head from the previous week and 21,000 head more than the same week last year.

Apr 18 Hogs closed at $63.150, down $2.300,

May 18 Hogs closed at $70.625, down $2.125

Jun 18 Hogs closed at $76.825, down $2.300


March 19, 2018

Cotton futures finished the Monday session with most contracts 108 to 162 points in the red. Last week’s CFTC Cotton on Call report showed mills trimming their May unfixed call sales position by 1,039 contracts to 31,952 contracts as of March 9. The Cotlook A index was UNCH from the previous day on March 16 at 92.85 cents/lb. The Adjusted World Price (AWP) was updated to 75.12 cents/lb on Thursday, 99 cents above the previous week. China sold another 20,700 MT of cotton offered at an auction of state reserves on Monday, totaling 69.13% of the amount offered.

May 18 Cotton closed at 81.230, down 162 points,

Jul 18 Cotton closed at 81.520, down 146 points

Oct 18 Cotton closed at 78.300, down 108 points

Market Commentary provided by:

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