AgriCharts Market Commentary

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Corn

Corn futures are trading fractionally to 1 1/4 cents lower in the nearby contracts. USDA reported last night that the US corn harvest was 11% complete as of Sunday, compared to the average of 17% for this week. Texas was the only state reported ahead of their average at 68%, with MI and NC even with their averages. National corn condition ratings were unchanged on the gd/ex ratings at 51%, but up 1 on the Brugler500 Index to 358. The index was 385 one year ago. Ratings in NE improved 9 points over the week, while IA was down one. China sold 22,721 MT of the 207,141 MT of corn offered at their auction of state reserves.

Dec 17 Corn is at $3.52 1/2, down 1 1/4 cents,

Mar 18 Corn is at $3.65 1/2, down 1 cent,

May 18 Corn is at $3.74, down 3/4 cent

Jul 18 Corn is at $3.81, down 3/4 cent

Soybeans

Soybean futures are mostly 5 to 6 cents lower in the front months on Tuesday. Oct soy meal is down $2.80/ton, with nearby bean oil 9 points higher. The USDA indicated that US soybeans were 10% harvested as of Sunday, vs. the average of 12%. Soybean condition ratings were up 1% in gd/ex and 1 higher on the Brugler500 to 356. Conditions in NC led the way, up 11, as NE and ND were up 8, with IA 6 points higher. China imported 8.45 MMT of soybeans during August, 10.12% larger than last year, but just 2.12% came from the US. Through August they have imported 63.34 MMT, 15.85 above Jan-Aug in 2016, with 31.16% from the US.

Nov 17 Soybeans are at $9.65 1/4, down 6 cents,

Jan 18 Soybeans are at $9.75 3/4, down 6 cents,

Mar 18 Soybeans are at $9.85, down 5 3/4 cents,

May 18 Soybeans are at $9.93 1/4, down 6 cents,

Oct 17 Soybean Meal is at $307.30, down $2.80

Oct 17 Soybean Oil is at $33.87, up $0.09

Wheat

Wheat futures are currently 1 to 2 cents lower in most CBT and KC contracts, while MPLS is down 3 to 5 cents on Turnaround Tuesday. The US winter wheat crop was 24% planted by Sunday. That is compared to the average and last year’s 28%. Planting progress in KS is 6% behind the average, with OK 9% lower and TX 4 % higher. A Reuters survey of analysts sees all wheat production for 2017 at 1.718 bbu, with winter at 1.286 bbu and spring at 382 mbu. Ukraine has exported 5.6 MMT of wheat since the beginning of July, according to their Ag Ministry.

Dec 17 CBOT Wheat is at $4.53, down 1 cent,

Dec 17 KCBT Wheat is at $4.52, down 2 cents,

Dec 17 MGEX Wheat is at $6.43 3/4, down 5 cents

Cattle

Live cattle are steady to $1.15 lower in most front months, with back months slightly higher. Feeder cattle futures are also showing losses of up to $1.425 in the front months with deferred contracts higher. The CME feeder cattle index was up $1.16 at $152.60 on September 22.Wholesale beef prices were again sharply higher in the Tuesday morning report. Choice was $2.26 higher at $196.25, while select boxes were up $2.78 at $193.67. FI cattle slaughter was estimated at 118,000 head on Monday, 6,000 more than the previous week.The online FCE auction is showing 1,342 head for sale in Wednesday’s auction, including 6 lots from KS and 3 from TX.

Oct 17 Cattle are at $108.125, down $1.100,

Dec 17 Cattle are at $113.275, down $1.150,

Feb 18 Cattle are at $117.175, down $0.075,

Sep 17 Feeder Cattle are at $150.425, down $0.050

Oct 17 Feeder Cattle are at $150.175, down $1.425

Nov 17 Feeder Cattle are at $152.050, down $1.075

Lean Hogs

Lean hogs are down $1.075 in nearby Oct, as other front months are higher. The CME Lean Hog Index for 9/22 was $1.42 lower than the previous day at $57.66. The USDA pork carcass cutout value was 81 cents higher at $74.31 in the Tuesday morning report. The picnic and rib were both reported lower. The national base hog carcass price was down 90 cents in the AM report at $46.64. Estimated FI hog slaughter hit 460,000 head on Monday, 9,000 head larger than last week and 18,000 larger than the same week in 2016.

Oct 17 Hogs are at $55.250, down $1.075,

Dec 17 Hogs are at $57.950, up $0.525

Feb 18 Hogs are at $63.200, up $0.600

Cotton

Cotton futures are trading 63 to 77 points lower in the nearby contracts, as Oct is showing no trade at midday. The US cotton harvest was 14% complete through Sunday, compared to the average of 9% for that date. Texas was shown at 21% complete, vs. their average of 13%. Ratings came in at 60% gd/ex, down 1% since last week, as the Brugler500 fell 1 to 357. Condition ratings in MO were down 20, with LA 14 points lower. The Cotlook A index for September 25 was up 15 points from the previous day at 78.70 cents/lb. China sold another 29,700 MT of cotton in Tuesday’s auction of state reserves that saw 30,100 MT offered.

Dec 17 Cotton is at 68.69, down 77 points

Mar 18 Cotton is at 67.91, down 63 points

May 18 Cotton is at 68.410, down 65 points


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
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