AgriCharts Market Commentary

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Corn

Corn futures are currently 3 3/4 to 4 cents lower in the nearby contracts at midday. 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. Individual state ratings showed most of the Corn Belt with steady to lower crop conditions but the gainers offset the losers. 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). China sold just 5,000 MT of the 231,740 MT of corn offered at their auction of state reserves on Tuesday.

Dec 17 Corn is at $3.47 1/2, down 4 cents,

Mar 18 Corn is at $3.60 1/4, down 3 3/4 cents,

May 18 Corn is at $3.68 3/4, down 3 3/4 cents

Jul 18 Corn is at $3.75 1/4, down 4 cents

Soybeans

Soybean futures are trading 5 1/2 to 6 3/4 cents lower in the front months on Tuesday. Oct soy meal is down $3.60/ton, with nearby bean oil 8 points higher. 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. Nebraska and most Southern states are slightly ahead of their respective averages for harvest. Condition ratings were reported down 1% to 59 gd/ex, with the Brugler500 Index down 1 to 355. This morning’s Stats Canada survey estimates the country’s canola production at 19.7 MMT for 2017, up just 0.5% from 2016. Canola acreage was a record, but average yield dropped 5 bpa to 38.1 bpa.

Nov 17 Soybeans are at $9.62 1/4, down 5 1/2 cents,

Jan 18 Soybeans are at $9.72 1/2, down 5 1/2 cents,

Mar 18 Soybeans are at $9.81 3/4, down 5 1/4 cents,

May 18 Soybeans are at $9.88 1/2, down 6 3/4 cents,

Oct 17 Soybean Meal is at $305.40, down $3.60

Oct 17 Soybean Oil is at $34.27, up $0.08

Wheat

Wheat futures are currently 5 to 7 cents lower in most contracts at midday. The weekly Crop Progress report showed winter wheat planting 13% complete as of 9/17, slightly lagging the average of 15%. Most major producing states were steady to lagging averages. On Tuesday, a Stats Canada report all wheat production for 2017 in Canada is expected to be 27.1 MMT, down 14.5% from 2016. This is above the September USDA estimate. Durum wheat took the brunt of the year over year hit, down 44.6% o 4.3 MMT, as spring wheat was down slightly on lower yields. Japan is seeking 127,427 MT wheat from the US, Canada, and Australia with 59,902 MT specifically from the US. Egypt’s GASC purchased 175,000 MT of Russian wheat in today’s tender that saw no US offers.

Dec 17 CBOT Wheat is at $4.36 3/4, down 6 3/4 cents,

Dec 17 KCBT Wheat is at $4.36 1/4, down 6 cents,

Dec 17 MGEX Wheat is at $6.15 1/2, down 6 3/4 cents

Cattle

Live cattle futures are showing mixed trade at midday, as nearby Oct is down 7.5 cents. Feeder cattle futures are 32.5 to 47.5 cents higher on Tuesday due to lower feed costs. 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 Tuesday morning report, with the Ch/Se spread narrowing to $4.00. Choice was up 21 cents at $192.83, while select boxes were $1.13 higher at $188.83. 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. ABARES in Australia increased its 2017/18 beef production forecast 6% as drought is forcing additional herd reductions. Wednesday’s online FCE auction is showing 1,450 head of cattle for sale.

Oct 17 Cattle are at $107.500, down $0.075,

Dec 17 Cattle are at $112.750, down $0.200,

Feb 18 Cattle are at $116.625, up $0.125,

Sep 17 Feeder Cattle are at $151.275, up $0.475

Oct 17 Feeder Cattle are at $152.375, up $0.425

Nov 17 Feeder Cattle are at $152.525, up $0.325

Lean Hogs

Lean hog futures are mostly 10 to 37.5 cents in the green at midday. The CME Lean Hog Index for 9/15 was $1.25 lower than the previous day at $62.82. The USDA pork carcass cutout value was $1.97 lower at $76.12 in the Tuesday morning report. The picnic was the only cut higher with the belly down $8.26. The national base hog carcass was down 89 cents in the AM report at $51.24. 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.

Oct 17 Hogs are at $60.100, up $0.100,

Dec 17 Hogs are at $58.925, up $0.875

Feb 18 Hogs are at $64.025, up $0.375

Cotton

Cotton futures are steady to 48 points lower in the nearby contracts on Tuesday. 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, at 18% harvested. 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. Arkansas, Louisiana and South Carolina were the only other states to report lower conditions. The Cotlook A index for September 18 was down 20 points from the previous day at 78.9 cents/lb. China sold another 26,000 MT of cotton in Tuesday’s auction of state reserves that saw 27,100 MT offered.

Oct 17 Cotton is at 70.41, unch,

Dec 17 Cotton is at 69.34, down 16 points

Mar 18 Cotton is at 68.42, down 48 points

May 18 Cotton is at 68.900, down 41 points


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
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