AgriCharts Market Commentary

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Corn

Corn futures closed the day 4 to 6 1/4 cents higher on Tuesday. Moisture is expected in most of the Corn Belt this week, which is likely to be heavy enough to slow planting progress. The weekly EIA report will be released tomorrow morning at 9:30 a.m. CDT. Last week, production was increased 7,000 barrels per day to 993,000 bpd. Illinois planting progress had a 28% jump over the last week to 34% of the state’s crop planted, while Iowa was only 8% complete as of Sunday. Safras Mercado analysts estimate that 83% of the first Brazil corn crop is harvested, vs. 90.5% last year at this time.

May 17 Corn settled at $3.65, up 5 3/4 cents,

Jul 17 Corn settled at $3.71 3/4, up 6 1/4 cents,

Sep 17 Corn settled at $3.78 3/4, up 6 1/4 cents

Dec 17 Corn settled at $3.89, up 5 1/2 cents

Soybeans

Soybean futures settled mostly 5 1/4 to 6 3/4 cents in the red on Turnaround Tuesday. Soymeal was down $2.90 in the front month, with May 17 Soy oil11 points lower. Landed prices at Rotterdam are currently similar for US and Brazilian origin. If there are serious delays in US corn planting, soybean acreage would be assumed to increase. Brazil’s soybean acres are 93% harvested, according to estimates from analysts from Safras y Mercado. China imported 6.326 MMT of soybeans during March, according to the country’s customs data. That is a 3.7% jump over March 2016.

May 17 Soybeans settled at $9.54 1/2, down 6 3/4 cents,

Jul 17 Soybeans settled at $9.65, down 6 3/4 cents,

Aug 17 Soybeans settled at $9.67, down 6 1/4 cents,

Sep 17 Soybeans settled at $9.64, down 5 3/4 cents,

May 17 Soybean Meal settled at $313.50, down $2.90,

May 17 Soybean Oil settled at $31.58, down $0.11

Wheat

Wheat futuresended the day higher in most contracts. MPLS was the strongest, mostly 10 to 13 cents higher, with reports of snow in that region and also in Canada. KC was up 8 3/4 to 10 1/2 cents in the nearby contracts. CHI was 6 to 7 3/4 cents in the green. Spring wheat was reported at 22% planted, well behind the average of 34% and last year at 40%. KS, OK, CO, and NE winter wheat conditions were raised 1% for good/excellent from the week previous to 52%, 44%, 42%, and 54% respectively. The CME is planning on implementing a variable storage rate (VSR) mechanism for HRW futures beginning March 18, 2018, subject to CFTC approval. The intent will be to improve convergence at delivery time.

May 17 CBOT Wheat settled at $4.08 3/4, up 6 1/4 cents,

May 17 KCBT Wheat settled at $4.12, up 10 1/4 cents,

May 17 MGEX Wheat settled at $5.33 3/4, up 12 1/4 cents

Cattle

Live cattle futures traded 82.5 cents to $1.125 higher on Tuesday. Feeder Cattle futures were 22.5 to 97.5 cents in the green. The CME feeder cattle index was at $139.31 on 4/24, down 10 cents from the previous day. Wholesale beef prices were higher in the afternoon report. Choice boxes averaged $219.01, up 34 cents, with select gaining $1.98 with an average price of $206.27. Ahead of tomorrow’s Fed Cattle Exchange auction, showlists have 5,448 head of cattle listed with 86.58% from NE. Estimated FI cattle slaughter was 231,000 head through Tuesday, up 7,000 from a week ago and the same Tuesday in 2016.

Apr 17 Cattle settled at $129.825, up $0.825,

Jun 17 Cattle settled at $115.825, up $0.975,

Aug 17 Cattle settled at $112.050, up $1.075,

Apr 17 Feeder Cattle settled at $138.725, up $0.475

May 17 Feeder Cattle settled at $137.675, up $0.225

Aug 17 Feeder Cattle settled at $141.350, up $0.650

Lean Hogs

Lean hog futures finished the day 70 cents to $2.45 higher on Tuesday. The CME Lean Hog Index for 4/21 was down another 61 cents to $60.49.The USDA pork carcass value was down 67 cents in the afternoon FOB Plant report, with an average of $73.82. The loin and picnic cuts were reported lower, with the belly down $4.73. National cash hog base prices averaged 22 cents higher in the afternoon report, with a weighted average of $53.67 and a range reported from $49.00-$55.00. The WCB region was 8 cents higher, with IA/MN down 2 cents. Week to date FI hog slaughter was estimated at 881,000 head for Tuesday, 27,000 head larger than the same week in 2016.

May 17 Hogs settled at $65.225, up $0.825,

Jun 17 Hogs settled at $71.825, up $2.300

Jul 17 Hogs settled at $72.850, up $2.450

Cotton

Cotton futures were mixed on the day with the nearby months 5 to 90 points higher and 3 to 7 points lower in the back months. The US Dollar was down 283 points on the day to 98.809. Cotton planting was slow paced in TX last week, as there was only a 1% increase to 12% planted. Only 11 bales were sold on the Seam, down from 564 the day before, with the average price at 78 cents/lb. The Cotlook A index for April 24 was up 20 points to 88.75 cents/lb. The certified stocks level rose 3,895 bales to 298,791 bales.

May 17 Cotton settled at 80.710, up 62 points,

Jul 17 Cotton settled at 79.360, up 57 points

Oct 17 Cotton settled at 76.100, up 90 points

Mar 18 Cotton settled at 74.680, down 5 points


Market Commentary provided by:

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