AgriCharts Market Commentary


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Corn

Corn futures ended the Thursday session with fractional to 1 cent losses in most contracts. This morning’s USDA Export Sales report showed old crop sales of 1.092 MMT during the week of 4/12, on the high side of expectations. That was a 29.97% jump from the previous week and 47.92% larger than last year. New crop sales were reported at 112,220 MT. Corn export shipments for that week were 1.594 MMT, down 16.6% from a week ago but 48% larger than the same week last year. China sold 2.696 MMT of corn from state reserves on Thursday, which was 91.15% of the total offered. The Buenos Aires Grain Exchange estimates that Argentina’s corn crop is 29.5% harvested vs. the average of 24.1%.

May 18 Corn closed at $3.82, down 1 cent,

Jul 18 Corn closed at $3.91, down 3/4 cent,

Sep 18 Corn closed at $3.98 1/2, down 3/4 cent

Dec 18 Corn closed at $4.08, down 1/2 cent

Soybeans

Soybean futures settled the day with 2 to 4 1/2 cent losses. Soy meal was down $3.30/ton, with front month soy oil 2 points lower. Export sales of old crop soybeans were reported at 1.041 MMT by the USDA this morning, on the low side of expectations. That was a 31.1% drop from the previous week, but is nearly 2.5 times larger than last year. Unknown destinations was the lead buyer of 581,000 MT, as China showed a net reduction of 52,900 MT. New crop sales were above expectations and at a MY high of 1.091 MMT in the week that ended April 12. Soybean shipments were still fairly weak at a MY low 402,339 MT. That total only saw 9,623 MT to China. Soy meal sales were seen at 164,916 MT, with 28,045 MT for soybean oil. Argentina’s soybean crop is 39.6% harvested according to BAGE estimates, ahead of the average of 27.7%.

May 18 Soybeans closed at $10.37 1/4, down 4 1/2 cents,

Jul 18 Soybeans closed at $10.49, down 4 1/4 cents,

Aug 18 Soybeans closed at $10.50 1/2, down 4 1/2 cents,

Nov 18 Soybeans closed at $10.42 1/2, down 3 1/4 cents,

May 18 Soybean Meal closed at $373.30, down $3.30,

May 18 Soybean Oil closed at $31.41, down $0.02

Wheat

Wheat futures saw 4 to 6 3/4 cent gains in the KC contracts on Thursday. CBT was up 1 to 2 cents, with MPLS down 4 to 6 cents. The USDA reported a total of 66,857 MT in net cancelations in old crop all wheat export sales for the week that ended 4/12. Japan showed the largest net cancelation of 65,000 MT, with unknown at a net reduction of 63,700 MT. New crop sales beat out expectations at 240,410 MT, a MY high. Weekly exports for all wheat totaled 452,140 MT, up 3.61% from the week prior but still 39% behind last year. Japan purchased 101,902 MT of wheat in their weekly MOA tender from the US and Canada on Thursday, with 68,786 MT US specific. In Iraq’s most recent tender, they purchased 100,000 MT of Australian wheat.

May 18 CBOT Wheat closed at $4.76 3/4, up 1 1/2 cents,

May 18 KCBT Wheat closed at $4.95 1/4, up 6 1/2 cents,

May 18 MGEX Wheat closed at $6.13 1/4, down 4 3/4 cents

Cattle

Live cattle futures posted losses of $1.175 to $2.275 on Thursday. Feeder cattle futures were down $1.525 to $2.35. The CME feeder cattle index was down 78 cents on April 18 at $137.12. Wholesale boxed beef values were lower on Thursday afternoon. Choice boxes were 30 cents lower at $211.34, with Select boxes down 9 cents at $198.48. Estimated week to date FI cattle slaughter was 470,000 head through Thursday. That is 5,000 below the previous week but up 13,000 head from the same week in 2017. Cash trade so far today has resulted in a few sales of $121 in TX and $122 in KS, with bids of $190 in the North. Export sales of beef for the week of 4/12 were shown at 19,919 MT by the USDA, down from last week but 1.4% larger than a year ago. Weekly beef export shipments totaled 15,235 MT, slightly higher than a week ago and 11.37% larger than last year.

Apr 18 Cattle closed at $117.800, down $1.175,

Jun 18 Cattle closed at $103.000, down $2.275,

Aug 18 Cattle closed at $103.125, down $2.025,

Apr 18 Feeder Cattle closed at $137.225, down $1.525

May 18 Feeder Cattle closed at $138.425, down $2.250

Aug 18 Feeder Cattle closed at $143.700, down $2.350

Lean Hogs

Lean hog futures finished Thursday with mixed trade, as nearby May was the only contract higher. The CME Lean Hog Index was up $1.03 from the previous day to $55.05. The USDA pork carcass cutout value was up 4 cents at $68.42 this afternoon. The national base hog weighted average price was $3.16 higher at $57.33 in the Thursday afternoon report. The USDA estimated week to date FI hog slaughter of 1.858 million head through Thursday. That was up 26,000 head from last week. Last week’s pork export sales totaled 17,921 MT, 17.8% lower than the previous week and just half of what was reported for the same week last year. Pork export shipments were down 29.5% from last week at 16,146 MT.

May 18 Hogs closed at $70.150, up $0.300,

Jun 18 Hogs closed at $78.075, down $0.450

Jul 18 Hogs closed at $80.700, down $0.350

Cotton

Cotton futures closed the Thursday session by squeezing out 1 to 27 point gains, as Oct was up 190 points on thin trade. All upland cotton export sales were reported at 290,248 RB for the week of 4/12. That was 61.83% larger than the week prior and 28.28% above this time last year. China purchased 77,900 RB, with Vietnam buying 74,600 RB. New crop sales were shown at the second largest this MY at 229,791 RB. Upland cotton exports were reported at 361,952 RB, slightly above this time last year and down 27.55% from a week ago. The Cotlook A index was down 25 points from the previous day at 92.20 cents/lb. The USDA Adjusted World Price (AWP) was updated to 72.16 cents/lb earlier today, 16 points lower than the previous week.

May 18 Cotton closed at 82.970, up 23 points,

Jul 18 Cotton closed at 82.820, up 21 points

Oct 18 Cotton closed at 80.660, up 190 points


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