AgriCharts Market Commentary

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March 22, 2018

Corn futures closed the Thursday session with most contracts steady to 1 3/4 cents higher. A survey of producers by Informa Economics puuts the 2018 US corn plantings near 88.9 million acres. That is down 279,000 acres from their prior estimate. The USDA Export Sales report release was delayed by the USDA until Friday morning due to weather. The International Grains Council trimmed their 17/18 world corn ending stocks number 6 MMT to 308 MMT on lower production and increased consumption. Their outlook for 18/19 ending stocks shows 265 MMT expected, down 43 MMT yr/yr. The Buenos Aires Grain Exchange cut the projection for Argentina’s corn production number 2 MMT to 32 MMT.

May 18 Corn closed at $3.76, up 1 cent,

Jul 18 Corn closed at $3.84 1/4, up 1 1/4 cents,

Sep 18 Corn closed at $3.90 1/2, up 1 cent

Dec 18 Corn closed at $3.98, up 1 1/4 cents


March 22, 2018

Soybean futures edged out steady to slight gains in most contracts on Thursday, helped by gains in meal. Nearby May soy meal was up $3.50/ton, with front month soy oil down 49 points. Planted US soybean acreage in 2018 is projected at 91.5 million acres according to an Informa survey. That is up 303,000 acres from their previous estimate. The IGC’s monthly report shows 17/18 world soybean ending stocks at 42 MMT, down 3 MMT from February on a reduction in production. Ending Stocks for 18/19 are projected down slightly yr/yr at 39 MMT. The Buenos Aires Grain Exchange trimmed their Argentine soybean production number 2.5 MMT to 39.5 MMT.

May 18 Soybeans closed at $10.29 3/4, unch,

Jul 18 Soybeans closed at $10.40 3/4, up 1/4 cent,

Aug 18 Soybeans closed at $10.42 1/2, up 3/4 cent,

Nov 18 Soybeans closed at $10.26 3/4, up 1/2 cent,

May 18 Soybean Meal closed at $368.00, up $3.50,

May 18 Soybean Oil closed at $31.88, down $0.49


March 22, 2018

Wheat futures saw 1 to 3 3/4 cent gains in most CBT and MPLS contracts on Thursday. The KC HRW contracts were 5 to 8 cents in the green. Informa Economics expects 2018 all wheat acres to hit 46.1 million acres, up 30,000 acres from their previous forecast. The IGC increased their 17/18 world ending stocks number 2 MMT to 256 MMT, as they added to production and trimmed consumption. Ending stocks for 18/19 are seen 3 MMT lower than the current year at 253 MMT. Japan purchased 127,338 MT of wheat from the US and Canada on Thursday. Of that total, 91,942 MT was US origin.

May 18 CBOT Wheat closed at $4.55 3/4, up 2 1/4 cents,

May 18 KCBT Wheat closed at $4.71, up 5 1/2 cents,

May 18 MGEX Wheat closed at $5.93, up 3 3/4 cents


March 22, 2018

Live cattle futures posted 45 cent to $1.60 gains on Thursday. Feeder cattle futures were up 75 cents to 2.05 on the day. The CME feeder cattle index was down $1.56 on March 21 at $139.39. Wholesale boxed beef values were higher on Thursday afternoon Choice boxes were up 83 cents at $225.21, with Select boxes $1.63 higher at $218.02. Estimated weekly FI cattle slaughter was 473,000 head through Thursday, 7,000 above last week and the same week in 2017. This afternoon’s Cold Storage report indicated beef stocks of 460.276 million pounds at the end of February. That was down 8.26% from January and 8.39% lower than last February.

Apr 18 Cattle closed at $118.150, up $0.450,

Jun 18 Cattle closed at $108.400, up $1.025,

Aug 18 Cattle closed at $106.375, up $1.100,

Mar 18 Feeder Cattle closed at $137.525, up $0.750

Apr 18 Feeder Cattle closed at $138.025, up $1.800

May 18 Feeder Cattle closed at $138.525, up $1.575

Lean Hogs

March 22, 2018

Lean hog futures finished the day with losses of 45 cents to $2.175 in most contracts. The CME Lean Hog Index on March 20 was down 66 cents from the previous day to $63.63. The USDA pork carcass cutout value was 71 cents lower at $70.74 on Thursday afternoon. The butt and ham were the only cuts reported higher. The national base hog weighted average price was $1.17 lower at $53.97 in the Thursday PM report. The USDA estimated FI hog slaughter at 1.839 million head through Thursday. That is down 6,000 head from the previous week but 64,000 head more than the same week last year. Pork stocks in cold storage at the end of February were 614.918 million pounds, 8.29% larger than last year and up 5.89% from January. Belly stocks were seen at 46.509 million pounds, well above last year’s record low stocks and 6.16% larger than January.

Apr 18 Hogs closed at $61.325, down $1.250,

May 18 Hogs closed at $68.150, down $2.175

Jun 18 Hogs closed at $75.475, down $1.750


March 22, 2018

Cotton futures settled with 5 to 44 cent losses on Thursday. US cotton acreage in 2018 is expected to hit 13.5 million acres according to an Informa projection. That is unchanged from their previous estimate. The Adjusted World Price (AWP) was updated to 73.92 cents/lb this morning, 120 points lower than the previous week. The Cotlook A index was up 170 points from the previous day on March 21 at 92.45 cents/lb. China sold another 17,969 MT of cotton offered at an auction of state reserves on Wednesday, totaling 59.88% of the amount offered.

May 18 Cotton closed at 82.150, down 44 points,

Jul 18 Cotton closed at 82.400, down 39 points

Oct 18 Cotton closed at 78.960, down 18 points

Market Commentary provided by:

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