AgriCharts Market Commentary

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Corn

November 21, 2017

Corn futures closed the Tuesday session steady to fractionally mixed. As of Monday night, the average cash corn price in the US was $3.08 1/4 just 2 cents below last year with slower exports and larger carryover. The national basis was at -36 3/4 cents, 2 3/4 stronger than a year ago. Last year at this time showed 6 of the 18 major production states 100% harvested and 5 others with 97% complete. As of Sunday, the USDA showed only a total of 3 states at 97% or more with TN and NC 100% complete. This is not a market factor, with overall stocks levels high. Safras & Mercado estimate that 61% of Brazil’s 2017 second corn crop is sold, compared to 83.3% in the same timeframe last year.

Dec 17 Corn closed at $3.45, unch,

Mar 18 Corn closed at $3.56 1/4, down 1/4 cent,

May 18 Corn closed at $3.64 1/2, down 1/4 cent

Jul 18 Corn closed at $3.72 1/4, down 1/4 cent

Soybeans

November 21, 2017

Soybean futures were marginally to 1 1/2 cents lower on Tuesday. December meal was down $1.50/ton, with nearby bean oil 22 points higher. Rainfall covering most of Brazil put a little pressure on the market, giving moisture to the beans already in the ground. The USDA announced a private export sale of 130,000 MT of Soybeans to China for 17/18 delivery. There are 7 states that were reported at 100% harvested on Monday, including IL, NE, SD, and MN. Most other states that are still in the fields are lagging their normal pace. The national average cash price was at $9.14 on Monday evening, as the national average basis was at -76 cents.

Jan 18 Soybeans closed at $9.89, down 1 cent,

Mar 18 Soybeans closed at $10.00 1/4, down 1 cent,

May 18 Soybeans closed at $10.10, down 3/4 cent,

Aug 18 Soybeans closed at $10.18 3/4, down 1 1/4 cents,

Dec 17 Soybean Meal closed at $318.30, down $1.50,

Dec 17 Soybean Oil closed at $34.17, up $0.22

Wheat

November 21, 2017

Wheat futures settled Tuesday with most CBT and KC contracts 2 to 4 1/2 cents higher, as MPLS was fractionally to 1 1/2 cents higher. Lower crop ratings could have been supportive, although there is little correlation with final yield at this point. Individual state data shows the winter wheat crop in KS at 90% emerged vs. the average of 95%, as OK was also at 90% compared to the average of 92%. Most SRW states are even with or above the average for crop emergence. Showers across parts of Australia over the weekend slowed the winter wheat harvest there.

Dec 17 CBOT Wheat closed at $4.24 3/4, up 2 3/4 cents,

Dec 17 KCBT Wheat closed at $4.20 1/4, up 4 1/4 cents,

Dec 17 MGEX Wheat closed at $6.27, up 3/4 cent

Cattle

November 21, 2017

Live cattle futures lost a little traction at the close, but still managed gains of 87.5 cents to $1.30 on Turnaround Tuesday. Feeder cattle futures were also higher, with nearby up Jan $2.075. The CME feeder cattle index on November 20 was down 20 cents to $156.71. Wholesale beef prices were higher on Tuesday afternoon. Choice was up $2.45 at $208.63, with select boxes 60 cents higher at $188.65. USDA indicated FI cattle slaughter at 240,000 head through Tuesday, 5,000 larger than a week ago and 8,000 above the same week in 2016. There were cash sales of $118 reported on Tuesday with a few in KS rumored around $119.50. Wednesday’s FCE auction will show 955 head for sale. With cash trade already developing, the online auction will be fairly insignificant to price trend discovery unless it is at $122!

Dec 17 Cattle closed at $117.975, up $0.875,

Feb 18 Cattle closed at $124.050, up $1.025,

Apr 18 Cattle closed at $124.800, up $1.100,

Jan 18 Feeder Cattle closed at $151.625, up $2.075

Mar 18 Feeder Cattle closed at $149.825, up $1.775

Apr 18 Feeder Cattle closed at $149.675, up $1.825

Lean Hogs

November 21, 2017

Lean hog futures were steady in the back months to $1.525 lower in the nearby contracts on Tuesday. The CME Lean Hog Index for 11/17 was down 59 cents to $64.83. The national base hog average price was 13 cents higher at $56.59 this afternoon. The USDA pork carcass cutout value was $1.40 lower at $80.87 in the Tuesday afternoon report. The picnic and belly were the only cuts reported higher, as the loin was down $4.08. The weekly USDA AMS hog slaughter report showed 924,000 through Tuesday. That is down 5,000 from the previous week but 33,000 more than the same week in 2016.

Dec 17 Hogs closed at $60.700, down $1.325,

Feb 18 Hogs closed at $66.950, down $1.525

Apr 18 Hogs closed at $71.375, down $1.000

Cotton

November 21, 2017

Cotton futures finished the Tuesday session with losses of 31 to 71 points in most contracts. Harvest data from TX shows 67% of the crop is harvested, improving well over the average of 60%, as GA is 78% complete vs. the average of 74%. Online cash cotton sales reported by The Seam increased to 29,988 bales, with prices improving 156 points to 68.84 cents/lb. The Cotlook A index for November 20 was 25 points higher to 80.05 cents/lb. The biweekly Cotton Ginnings report will be released Friday morning at 11:00 a.m. CST. In addition, the weekly Export Sales report will be delayed until Friday morning at 7:30 a.m. CST due to the Thanksgiving holiday.

Dec 17 Cotton closed at 70.900, down 47 points,

Mar 18 Cotton closed at 70.140, down 71 points

Jul 18 Cotton closed at 71.430, down 54 points


Market Commentary provided by:

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