AgriCharts Market Commentary

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Corn futures closed the day with most contracts fractionally to a penny higher. This morning’s Export Inspections report indicated that 1.528 MMT of corn was shipped in the week ending 5/17. That was down 3.2% from the previous week but 29.63% above this time last year. Corn planting progress was reported at 81% complete as of Sunday, now matching the average pace and 1% behind last year. The crop was also shown at 50% emerged, moving ahead of the average of 47%. South American consultant SAFRAS cut their second crop Brazilian corn estimate to 48.7 MMT, with the total crop at 79.02 MMT. USDA is at 87 MMT.

Jul 18 Corn closed at $4.02 3/4, up 1/4 cent,

Sep 18 Corn closed at $4.11 1/4, up 1/4 cent,

Dec 18 Corn closed at $4.21, up 3/4 cent

Mar 19 Corn closed at $4.29 1/4, up 1 cent


Soybean futures posted sharp gains of 20 top 26 3/4 cents on Monday, after gapping higher on the China trade news. Soymeal was up $2.80/ton, with front month soy oil up 44 points. Over the weekend, Secretary Mnuchin said that the US and China had put the trade war “on hold” for now. This was seen by some as meaning selling more soybeans despite the recent slow consumption within China. US producers are now 12% ahead of the average pace for soybean planting progress at 56% complete. The crop was also 26% emerged, with the normal pace at 15% for this date. Soybean exports in the week of May 17 were 893,680 MT. That was 27.92% larger than last week and 170.59% above the same week in 2017.

Jul 18 Soybeans closed at $10.25 1/4, up 26 3/4 cents,

Aug 18 Soybeans closed at $10.29, up 26 1/2 cents,

Sep 18 Soybeans closed at $10.30 1/4, up 25 3/4 cents,

Jan 19 Soybeans closed at $10.37, up 24 3/4 cents,

Jul 18 Soybean Meal closed at $379.10, up $2.80,

Jul 18 Soybean Oil closed at $31.42, up $0.44


Wheat futures saw losses of 9 to 12 1/4 cents in the CBT and KC contracts on Monday. MPLS was down 4 to 7 1/2 cents. Weakness came from beneficial rains in the Plains this weekend. All wheat export inspections during the week of 5/17 totaled 341,299 MT. That was just half of this time last year and down 27% from last week. This afternoon’s USDA Crop Progress report indicated that the winter wheat crop was 61% headed on Sunday vs. the average of 64%. Condition ratings showed steady at 36% gd/ex, with the Brugler500 index at 293. Planting of the spring wheat crop was tallied at 79%, just 1% behind the normal pace after a mad scramble. The crop was 37% emerged, with the average at 37%.

Jul 18 CBOT Wheat closed at $5.07 1/4, down 11 cents,

Jul 18 KCBT Wheat closed at $5.26 1/2, down 12 1/4 cents,

Jul 18 MGEX Wheat closed at $6.21 3/4, down 7 1/4 cents


Live cattle futures ended the Monday session with most contracts $1.775 to $2.525 higher, as June and Aug hit limit up. Feeder cattle futures were up $1.525 to $2.875. Traders were speculating that China would buy more US beef as part of their effort to address the bilateral trade deficit. The CME feeder cattle index was down 3 cents on May 18 at $133.63. Wholesale boxed beef values were lower on Monday afternoon. Choice boxes were down $1.39 at $230.82, with Select boxes 94 cents lower at $207.52. 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.

Jun 18 Cattle closed at $104.925, up $2.525,

Aug 18 Cattle closed at $100.625, up $2.400,

Oct 18 Cattle closed at $103.725, up $2.025,

May 18 Feeder Cattle closed at $133.925, up $1.700

Aug 18 Feeder Cattle closed at $140.500, up $2.875

Sep 18 Feeder Cattle closed at $140.675, up $2.875

Lean Hogs

Lean hog futures finished the day with most contracts 10 to 70 cents in the red. The CME Lean Hog Index was up 73 cents from the previous day to $67.74 on May 17. The USDA pork carcass cutout value was up $2.19 at $76.10 this afternoon. The Ham led the way up $5.94, with the loin $2.70 higher. The national base hog weighted average price was 13 cents lower at $64.76 on Monday afternoon. 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 closed at $74.000, down $0.700,

Jul 18 Hogs closed at $76.850, down $0.400

Aug 18 Hogs closed at $76.050, down $0.575


Cotton futures settled the day with triple digit gains in most contracts on Monday, with help coming via this weekend’s trade news. A jump in exports is seen following unofficial Chinese commitments to import more US ag commodities if a trade deal is reached. NASS reported 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. The Cotlook A index was up 75 points from the previous day to 93.25 cents/lb on May 18.

Jul 18 Cotton closed at 88.420, up 187 points,

Oct 18 Cotton closed at 85.800, up 198 points

Dec 18 Cotton closed at 84.160, up 173 points

Market Commentary provided by:

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