AgriCharts Market Commentary

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Corn

Corn futures are trading 3 to 4 cents higher on Tuesday. Traders are still keeping an eye on the Brazilian crop, and the dryness they’re experiencing. Most states in the Corn Belt are at or above their respective planting progress averages, with IA lagging normal pace by 2%. States along the Northern parts of the Corn Belt are behind normal pace for emergence. The national average cash price on Monday evening was $3.68 according to DTN, 30 1/2 cents better than this time last year. That put the national average basis at -34 cents, 2 3/4 cents stronger than a year ago.

Jul 18 Corn is at $4.06 1/4, up 3 1/2 cents,

Sep 18 Corn is at $4.15, up 3 3/4 cents,

Dec 18 Corn is at $4.25, up 4 cents

Mar 19 Corn is at $4.32 3/4, up 3 1/2 cents

Soybeans

Soybean futures are currently 6 to 7 cents in the green, following Monday strong gains. Soymeal is down 40 cents/ton, with front month soy oil up 16 points. The 5-day QPF is showing dryness expected for much of the central part of the Corn Belt. Parts of SW Minnesota and Northern IA are seen as wet over the next few days. A trucker strike in Brazil is slowing the transport of soybeans to export terminals. The Northern part of the US (MI, MN, WI and the Dakotas) is the only area to show planting progress lagging for the most part. The national pace is now 12% ahead of the average pace for soybean planting progress at 56% complete.

Jul 18 Soybeans are at $10.31 1/2, up 6 1/4 cents,

Aug 18 Soybeans are at $10.35 1/4, up 6 1/4 cents,

Sep 18 Soybeans are at $10.36 1/4, up 6 cents,

Nov 18 Soybeans are at $10.39 3/4, up 6 cents,

Jul 18 Soybean Meal is at $378.70, down $0.40

Jul 18 Soybean Oil is at $31.58, up $0.16

Wheat

Wheat futures are showing 22 to 25 cent gains in most SRW and HRW contracts at midday. HRS is 14 to 16 cents higher. For the most part the Southern Plains is expected to see little moisture over the next week. That coupled with dryness in other major exporting countries is supporting prices at midday. The US dollar index is weaker at the moment. Monday’s USDA Crop Progress report indicated that the winter wheat crop is catching the normal pace for heading. Winter Wheat conditions in KS improved by 7 points over the past week, with OK steady and TX down 8. Spring wheat planting is now ahead or even with the average in MN, ND and SD, with the other states lagging. Japan is seeking 96,870 MT of US and Canadian wheat in their weekly MOA tender due on Thursday. Of the total, 63,735 MT is sought from the US.

Jul 18 CBOT Wheat is at $5.30, up 22 3/4 cents,

Jul 18 KCBT Wheat is at $5.51 1/2, up 25 cents,

Jul 18 MGEX Wheat is at $6.37 1/4, up 15 1/2 cents

Cattle

Live cattle futures are mixed at midday, with nearby June up 7.5 cents. Feeder cattle futures are also mixed, with most contracts steady to lower. The CME feeder cattle index was down 3 cents on May 18 at $133.63. Wholesale boxed beef values were mixed on Tuesday morning. Choice boxes were up 27 cents at $231.09, with Select boxes 11 cents lower at $207.41. FI cattle slaughter was estimated at 120,000 head on Monday. That is 3,000 head above last week and 4,000 head larger than this time last year. Cash trade is quiet throughout the country, with both sides waiting for Wednesday’s FCE auction to start things off.

Jun 18 Cattle are at $105.000, up $0.075,

Aug 18 Cattle are at $100.550, down $0.075,

Oct 18 Cattle are at $103.875, up $0.150,

May 18 Feeder Cattle are at $133.900, down $0.025

Aug 18 Feeder Cattle are at $140.475, down $0.025

Sep 18 Feeder Cattle are at $140.625, down $0.050

Lean Hogs

Lean hog futures are trading $1.125 to $1.60 lower on Tuesday, breaking some uptrend support on the charts. The CME Lean Hog Index was up 62 cents from the previous day to $68.36 on May 18. The USDA pork carcass cutout value was up 32 cents at $76.42 Tuesday morning. Most primal cuts were higher, with the picnic and ham both reported lower. The USDA estimated FI hog slaughter at 457,000 head on Monday. That is down 2,000 head from last week but 17,000 above the same week in 2017.

Jun 18 Hogs are at $72.875, down $1.125,

Jul 18 Hogs are at $75.250, down $1.600

Aug 18 Hogs are at $74.275, down $1.775

Cotton

Cotton futures are mostly 65 to 132 points in the red on Turnaround Tuesday. NASS reported on Monday afternoon that 52% of the cotton crop in the US was planted as of Sunday. That was a 16% jump from last week and is now 7% ahead of the average pace. Texas was shown at 43% planted, with Georgia at 56% complete. China sold all 30,000 MT of cotton offered at an auction of state reserves on Tuesday. The Cotlook A index was up 120 points from the previous day to 94.45 cents/lb on May 21.

Jul 18 Cotton is at 87.1, down 132 points,

Dec 18 Cotton is at 83.51, down 65 points

Mar 19 Cotton is at 83.200, down 85 points


Market Commentary provided by:

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