AgriCharts Market Commentary

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Corn futures are steady to fractionally higher at midday. A survey of producers by Informa Economics shows the 2018 US corn acreage number near 88.9 million acres. That is down 279,000 acres from their prior estimate. The USDA Export Sales report release is delayed by the USDA until Friday morning. 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.

May 18 Corn is at $3.75 1/4, up 1/4 cent,

Jul 18 Corn is at $3.83, unch ,

Sep 18 Corn is at $3.89 1/2, unch ,

Dec 18 Corn is at $3.97, up 1/4 cent


Soybean futures are mostly 1 to 2 cents lower on Thursday. Front Month soy meal is up $2.20/ton, with May soy oil down 48 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 EU has moved to lift some biodiesel import tariffs from Argentina and Indonesia for 13 firms after losing trade appeals.

May 18 Soybeans are at $10.27 3/4, down 2 cents,

Jul 18 Soybeans are at $10.38 3/4, down 1 3/4 cents,

Aug 18 Soybeans are at $10.40 3/4, down 1 cent,

Sep 18 Soybeans are at $10.29 1/4, down 1 cent,

May 18 Soybean Meal is at $366.70, up $2.20

May 18 Soybean Oil is at $31.89, down $0.48


Wheat futures are fractionally higher in the CBT contracts and fractionally lower in MPLS. KC is showing 5 to 7 cent gains at midday. 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 is at $4.54 1/4, up 3/4 cent,

May 18 KCBT Wheat is at $4.70 1/2, up 5 cents,

May 18 MGEX Wheat is at $5.89, down 1/4 cent


Live cattle futures are 35 cents to $1 higher in the front months. Feeder cattle futures are up 85 cents to $1.60 on Thursday. The CME feeder cattle index was down 30 cents on March 20 at $140.95. Wholesale boxed beef values were higher on Thursday morning Choice boxes were up $1.33 at $225.71, with Select boxes $1.77 higher at $218.16. Estimated weekly FI cattle slaughter was 354,000 head through Wednesday, 6,000 above last week and 4,000 head above the same week in 2017. Ahead of Friday’s USDA Cattle on Feed report, analysts are expecting to see March 1 cattle on feed 8.2% larger than last year. February placements are seen 4.2% higher than a year ago, with Feb marketings 1.2% above 2017.

Apr 18 Cattle are at $118.050, up $0.350,

Jun 18 Cattle are at $108.325, up $0.950,

Aug 18 Cattle are at $106.275, up $1.000,

Mar 18 Feeder Cattle are at $137.625, up $0.850

Apr 18 Feeder Cattle are at $137.825, up $1.600

May 18 Feeder Cattle are at $138.150, up $1.200

Lean Hogs

Lean hog futures are showing sharp losses in most contracts at midday. 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 32 cents lower at $71.13 on Thursday morning. The butt and ham were the only cuts reported higher. The national base hog weighted average price was 62 cents lower at $56.51 in the Thursday AM report. The USDA estimated FI hog slaughter at 1.378 million head through Wednesday. That is down 6,000 head from the previous week but 46,000 head more than the same week last year. The monthly USDA Cold Storage report is scheduled for release this afternoon.

Apr 18 Hogs are at $61.125, down $1.450,

May 18 Hogs are at $68.200, down $2.125

Jun 18 Hogs are at $75.075, down $2.150


Cotton futures are steady to 20 points lower at midday, with pressure coming from a higher US dollar, up 136 points. 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 Cotlook A index was up 170 points from the previous day on March 21 at 92.45 cents/lb. The Adjusted World Price (AWP) was updated to 73.92 cents/lb this morning, 120 points lower than the previous week. 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 is at 82.59, unch,

Jul 18 Cotton is at 82.72, down 7 points

Dec 18 Cotton is at 77.800, down 20 points

Market Commentary provided by:

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