Ag Market Commentary

Corn futures are trading 1 to 3 3/4 cents in the red on Thursday. The USDA reported a private export sale of 142,876 MT of 18/19 corn to Costa Rica through their daily reporting system this morning. The weekly Export Sales report indicated that 774,243 MT of 18/19 corn was sold in the week that ended 9/6. There were also 2.926 MMTs rolled over to 2018/19 delivery from 17/18 sales. On Wednesday the USDA trimmed their average farm price range for corn by 10 cents to $3.00-$4.00. An auction of Chinese state reserves on Thursday saw 2.902 MMT of corn sold, totaling 73.28% of the amount offered. The Rosario Grain Exchange estimates that the Argentina corn crop will total 43 MMT for 18/19, down 2 MMT from their previous estimate.

Sep 18 Corn is at $3.37 3/4, down 3 3/4 cents,

Dec 18 Corn is at $3.50 1/2, down 2 cents,

Mar 19 Corn is at $3.63, down 2 cents

May 19 Corn is at $3.71 1/4, down 2 1/4 cents

Soybean futures are mostly 3-4 cents lower at midday, with Sep higher on thin trade ahead of Friday’s expiration. Soymeal is down $1.70/ton, with soy oil UNCH. Private export sales reported by the USDA this morning saw 108,010 MT to Mexico (18/19), with 40,000 MT (18/19) and 80,000 MT (19/20) to Unknown. FAS showed that 693,453 MT of 18/19 soybeans were sold for export in the week that ended on September 6. There was also 2.430 MMT carried over from leftover 17/18 sales. Soymeal export sales in that week totaled 233,194 MT, with soy oil at 5,176 MT. The USDA cut their national average can price projection for soybeans another 30 cents on Wednesday to $7.35-$9.85, with an $8.60 mid-point.

Sep 18 Soybeans are at $8.31 3/4, up 2 3/4 cents,

Nov 18 Soybeans are at $8.36 1/4, down 3 3/4 cents,

Jan 19 Soybeans are at $8.50, down 3 1/2 cents,

Mar 19 Soybeans are at $8.62 3/4, down 3 1/4 cents,

Sep 18 Soybean Meal is at $314.00, down $1.70

Sep 18 Soybean Oil is at $27.63, unch,

Wheat futures are showing 5 to 8 cent losses in most CBT and KC contracts on Thursday, with MPLS steady to 2 cents lower. Export sales of all wheat during the week of 9/6 were 387,570 MT. That was a 2.1% jump from the week prior and 22.4% larger than the same week in 2017. Taiwan importers were the lead buyers of 112,500 MT, with Mexico next up at 37,000 MT. USDA left their mid-point for the cash average price for wheat at $5.10 on Wednesday, while trimming the range by 20 cents to $4.70-$5.50. Morocco issued a preferential tariff quota for 336,364 MT of US wheat on Thursday, with the tender to close on Sep 28 and delivery by Dec 31. Saudi Arabia is seeking 595,000 MT of wheat in a tender to close on Friday. Algeria purchased 630,000 MT of wheat on Thursday, with the origin likely French.

Dec 18 CBOT Wheat is at $4.99, down 7 3/4 cents,

Dec 18 KCBT Wheat is at $5.01 3/4, down 5 cents,

Dec 18 MGEX Wheat is at $5.63 1/4, down 1 3/4 cents

Live cattle futures are showing mixed trade at the moment, with nearby Oct down 85 cents. Feeder cattle futures are steady to 25 cents lower in the front months and higher in the deferred contracts. The CME feeder cattle index was up 54 cents on September 11 at $152.63. Wholesale boxed beef values were mixed on Thursday morning. Choice boxes were down 81 cents to $203.98, while Select boxes were 53 cents higher at $197.80. USDA estimated weekly FI cattle slaughter at 357,000 head through Wednesday, which is 7,000 head above the same week in 2017. Weekly export sales of beef in the week that ended on 9/6 totaled 10,825 MT. Cash bids are being shown at $106 today, with feedlots passing on $108 in yesterday’s FCE auction.

Oct 18 Cattle are at $110.625, down $0.850,

Dec 18 Cattle are at $115.300, down $0.225,

Feb 19 Cattle are at $119.575, up $0.075,

Sep 18 Feeder Cattle are at $154.375, down $0.250

Oct 18 Feeder Cattle are at $154.850, down $0.175

Nov 18 Feeder Cattle are at $154.575, down $0.250

Lean hog futures are steady to 85 cents lower here on Thursday. The CME Lean Hog Index was up 94 cents on September 11 to $48.49. The USDA pork carcass cutout value was 65 cents higher @ $71.51 in the Thursday morning FOB plant report. The picnic was the only primal reported lower. The national base hog carcass value was $1.15 higher @ $48.85 this morning. FI hog slaughter through Wednesday was estimated at 1.338 million head, down 31,000 head from the same week last year as plants along the East Coast prepare for Hurricane Florence. Pork export sales for the week of Sep 6 were tallied at 18,717 MT.

Oct 18 Hogs are at $54.950, down $0.850,

Dec 18 Hogs are at $55.425, down $0.200

Feb 19 Hogs are at $64.625, down $0.075

Cotton futures are trading 77 to 106 points in the red at midday. This morning’s USDA Export Sales report indicated that 81,719 RB of 18/19 upland cotton was sold in the week of 9/6. That was down from the week prior, but 25.31% larger than the same week last year. Sales for 19/20 were shown at 17,704 RB. Pima sales were tallied at 5,800MT. The Cotlook A index was up down 10 points from the previous day at 92.40 cents/lb on September 12. The USDA AWP was updated to 73.79 cents/lb this morning, just 2 points above last week.

Oct 18 Cotton is at 81.99, down 77 points,

Dec 18 Cotton is at 81.68, down 96 points

Mar 19 Cotton is at 82.15, down 88 points

May 19 Cotton is at 82.600, down 76 points

Market Commentary provided by:

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