AgriCharts Market Commentary

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Corn

Corn futures closed the day with most nearby contracts 2 to 3 cents lower. The USDA Crop Progress report issued after the close indicated 29% of the US crop was dented as of Sunday, vs. the average of 35%. Corn conditions were reported at 62% good/excellent, even with last week, with the Brugler500 at 361, 1 point higher than last week. This morning’s Export Inspections report indicated 691,442 MT of corn was exported during the week of August 17. That is 9.18% lower than last week and 45.97% behind the same week last year (when Brazil was out of the market). Taiwan is seeking 130,000 MT of corn with US listed at an accepted origin for Oct-Nov shipment. The tender will close on Wednesday.

Sep 17 Corn closed at $3.49, down 3 cents,

Dec 17 Corn closed at $3.63, down 2 3/4 cents,

Mar 18 Corn closed at $3.75 1/4, down 2 1/2 cents

May 18 Corn closed at $3.81 1/2, down 2 1/2 cents

Soybeans

Soybean futures settled Monday mixed with front months fractionally to 5 cents lower and back months a penny to 2 cents higher. Sep soy meal was down $1.40/ton, with nearby bean oil 19 points higher. This afternoon’s USDA Crop Progress report showed 87% of the US soybean crop was setting pods as of August 20, 2% above the average. Soybean condition ratings increased 1 point on the g/e and Brugler500 ratings, to 60% g/e and 355 respectively. The improvement had been expected. The USDA reported 665,283 MT of soybeans exported for the week of August 17, up 12.64% wk/wk but down 29.75% yr/yr. They also announced private export sales of 198,000 MT of soybeans to China and 463,000 MT to unknown destinations for the 17/18 marketing year. The market treated it as “known” business.

Sep 17 Soybeans closed at $9.32 1/2, down 5 cents,

Nov 17 Soybeans closed at $9.36 1/4, down 1 1/2 cents,

Jan 18 Soybeans closed at $9.44 1/2, down 1 1/4 cents,

May 18 Soybeans closed at $9.60 3/4, unch,

Sep 17 Soybean Meal closed at $295.80, down $1.40,

Sep 17 Soybean Oil closed at $33.80, up $0.19

Wheat

Wheat futures finished 4 to 7 cents in the red in most KC and CBT contracts, as MPLS was 10 to 13 3/4 cents lower in the nearby contracts. Wheat exports for the week of August 17 totaled 583,126 MT, 13.98% larger than last week and 8.49% above this time last year. The spring wheat harvest was 58% complete as of August 20, compared to the average of 51% and last year’s 63%. Condition ratings were up 1% g/e according to the USDA, to 34% g/e. The Brugler500 is now at 276, up 3 from last week. This will be the last reporting week for spring wheat conditions in 2017. Taiwan purchased 98,850 MT of US wheat last week, with Oct shipment. The Saudi Grains Organization purchased 490,000 MT of wheat over the weekend, with origins from the EU, North and South America, and Australia.

Sep 17 CBOT Wheat closed at $4.09 1/2, down 6 1/2 cents,

Sep 17 KCBT Wheat closed at $4.07 3/4, down 6 3/4 cents,

Sep 17 MGEX Wheat closed at $6.55, down 13 3/4 cents

Cattle

Live cattle futures ended Monday with contracts mixed. Nearby Aug was down 37.5 cents. Feeder cattle futures were down a nickel to 87.5 cents on Monday. The CME feeder cattle index was $2.31 lower than the previous day at $145.49 for August 18. Wholesale beef prices were lower again in the Monday afternoon report, with choice down $1.20 at $193.09 and select boxes 88 cents lower at $191.62. The CH/SE spread has now narrowed to $1.47. FI cattle slaughter for Monday was estimated at 118,000 head, 2,000 more than the previous week but 6,000 larger than the same week last year.

Aug 17 Cattle closed at $106.000, down $0.375,

Oct 17 Cattle closed at $105.850, down $0.050,

Dec 17 Cattle closed at $108.050, up $0.200,

Aug 17 Feeder Cattle closed at $139.800, down $0.700

Sep 17 Feeder Cattle closed at $139.150, down $0.875

Oct 17 Feeder Cattle closed at $139.500, down $0.425

Lean Hogs

Lean hog futures posted losses of 10 cents to $1.475 on Monday. The CME Lean Hog Index for 8/17 was 51 cents lower than the previous day at $83.19. The USDA pork carcass cutout value was 42 cents lower in the Monday afternoon report, with a weighted average of $90.56. The ham was the only primal reported lower, down 2 cents. The national base hog carcass was down $1.51 at $71.85 in the PM report. FI hog slaughter was estimated at 425,000 on Monday, 21,000 head fewer than the previous week and 11,000 lower than the same week in 2016.

Oct 17 Hogs closed at $64.675, down $1.450,

Dec 17 Hogs closed at $59.850, down $1.475

Feb 18 Hogs closed at $64.625, down $1.375

Cotton

Cotton futures were 5 to 92 points higher in most contracts on Monday, as the US dollar was down 366 points. Cotton condition ratings increased to 63% g/e in this week’s USDA Crop Progress report, and the Brugler500 is now at 362, up 4 points. The US cotton crop now has 12% of the bolls opening, vs. last year’s 15%. The USDA cotton AWP for this week is 59.70, down from 62.46 cents/lb in the week just ended. The Cotlook A index for August 1 was unchanged from the previous day at 77.40 cents/lb. On Monday, China sold 28,000 MT of cotton at an auction of state reserves, as 29,600 MT was offered.

Oct 17 Cotton closed at 68.710, up 92 points,

Dec 17 Cotton closed at 67.560, up 28 points

May 18 Cotton closed at 67.900, up 19 points


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
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