AgriCharts Market Commentary

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Corn

Corn futures are steady to fractionally lower at midday. The USDA reported a private export sale of 107,600 MT of corn for 17/18 delivery to unknown destinations this morning. The Export Sales report indicated that just 697,073 MT of old crop corn was sold during the week of 4/19, shy of expectations. That was 7.84% lower than this time last year and down 36.15% from a week ago. New crop was shown to have a net reduction of 76,592 MT. China sold another 2.681 MMT of corn from state reserves, totaling 89.87% of the offered amount. The International Grains Council added 2 MMT to their 18/19 world corn production estimate at 1.054 BMT. Their ending stocks projection was trimmed 3 MMT on larger consumption to 262 MMT.

May 18 Corn is at $3.86 1/4, down 1/4 cent,

Jul 18 Corn is at $3.95 3/4, unch ,

Sep 18 Corn is at $4.02 3/4, down 1/4 cent

Dec 18 Corn is at $4.11 3/4, down 1/2 cent

Soybeans

Soybean futures are showing 1 to 2 1/2 cent gains on Thursday. Soy meal is up $2.60/ton, with front month soy oil 11 points higher. This morning’s USDA Export Sales report showed just 371,303 MT of old crop soybean sales in the week that ended 4/19, short of analysts’ expectations. That was well below the previous week, but nearly 174.6% larger than this week in 2017. Net reductions of 9,800 MT were reported for China, as their buying typically switches to South American at this point in the year. New crop sales were also shy of estimates at 166,500 MT. Sales of soy meal totaled 264,501 MT, as soy oil was reported at 11,237 MT. The IGC expects 18/19 world soybean production to total 355 MMT, with ending stock up 1 MMT to 40 MMT.

May 18 Soybeans are at $10.29 3/4, up 2 1/4 cents,

Jul 18 Soybeans are at $10.41 3/4, up 2 1/2 cents,

Aug 18 Soybeans are at $10.44, up 2 1/2 cents,

Sep 18 Soybeans are at $10.38 3/4, up 1 3/4 cents,

May 18 Soybean Meal is at $378.80, up $2.60

May 18 Soybean Oil is at $30.90, up $0.11

Wheat

Wheat futures are currently down 5 to 6 1/4 cents in the KC and CBT winter wheat contracts, with MPLS HRS fractionally lower. All wheat export sales of old crop were tallied at 297,203 MT this morning, outpacing most estimates. That was well above last week’s net reduction and 4.8 times as large as the sales total for this week last year. New crop sales were shown at a MY high of 280,701 MT, within range of expectations. The IGC trimmed their 18/19 world wheat production estimate 2 MMT to 739 MMT. World ending stocks were increased 4 MMT to 257 MMT on larger 17/18 carryover.

May 18 CBOT Wheat is at $4.81 1/4, down 5 cents,

May 18 KCBT Wheat is at $5.00 3/4, down 6 1/4 cents,

May 18 MGEX Wheat is at $5.99 1/4, down 1/4 cent

Cattle

Live cattle futures are mixed at midday, with nearby April up 52.5 cents and back months lower. Feeder cattle futures are mostly lower on Thursday, with April up 37.5 cents ahead of today’s expiration. The CME feeder cattle index was up 12 cents on April 24 at $138.20. Wholesale boxed beef values were higher on Thursday morning. Choice boxes were up $1.22 at $219.75, with Select boxes $1.76 higher at $204.91. Estimated week to date FI cattle slaughter was 355,000 head. That is even with the previous week and up 5,000 head from the same week in 2017. Export sales of beef for the week of 4/19 were reported at 18,539 MT, down 6.9% from a week ago and 12.6% from last year at this time.

Apr 18 Cattle are at $122.450, up $0.525,

Jun 18 Cattle are at $104.500, down $1.075,

Aug 18 Cattle are at $104.300, down $0.975,

Apr 18 Feeder Cattle are at $140.225, up $0.375

May 18 Feeder Cattle are at $140.375, down $0.975

Aug 18 Feeder Cattle are at $146.575, down $0.850

Lean Hogs

Lean hog futures are mostly $1.10 to $1.50 lower on Thursday. The CME Lean Hog Index was up $1.44 from the previous day to $60.44 on April 24. The USDA pork carcass cutout value was up 61 cents at $69.10 this morning. The national base hog weighted average price was 2 cents higher at $58.32. The USDA estimated FI weekly hog slaughter at 1.395 million head through Wednesday. That is 1,000 head above last week and 65,000 head above the same week in 2017. Pork export sales were shown at 26,361 MT by the USDA this morning. That is 14.8% larger than last year and up 47.1% from last week

May 18 Hogs are at $67.150, down $1.400,

Jun 18 Hogs are at $73.900, down $1.450

Jul 18 Hogs are at $77.150, down $1.275

Cotton

Cotton futures are trading 8 to 31 points in the green at midday. This morning’s SDA Export Sales report indicated that 311,973 RB of old crop upland cotton was sold in the week of 4/19. That was a 7.48% jump from last week and is 170% larger than last year. New crop sales were reported at a MY high of 259,335 RB. Sales of Pima were shown at 6,000 RB. The Cotlook A index was down 2.50 cents from the previous day on April 25 to 90.70 cents/lb. The Adjusted World Price was updated to 74.25 cents/lb this morning, 9 points above the previous week.

May 18 Cotton is at 85, up 24 points,

Jul 18 Cotton is at 84.1, up 16 points

Oct 18 Cotton is at 81.2, up 31 points

Dec 18 Cotton is at 79.070, up 8 points


Market Commentary provided by:

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