AgriCharts Market Commentary

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Corn

June 27, 2017

Corn futures closed the day with fractional gains in most contracts after showing gains of 4-5 cents. Forecasts are showing wet weather across most of the Corn Belt for this week, with warmer temperatures to follow next week. Iowa in particular should see increased soil moisture. The USDA Crop Progress report indicated that most states were even with or behind their average progress for silking. Individual state condition ratings show most of the Corn Belt higher, with NE, MN and the Dakotas all presenting lower conditions. The weekly EIA report will be released on Wednesday at 9:30 a.m. CST.

Jul 17 Corn closed at $3.59 1/4, up 1/4 cent,

Sep 17 Corn closed at $3.67 3/4, up 1/2 cent,

Dec 17 Corn closed at $3.77 1/2, up 1/2 cent

Mar 18 Corn closed at $3.87 1/2, up 1/2 cent

Soybeans

June 27, 2017

Soybean futures settled Tuesday mostly 2 1/4 to 4 3/4 cents in the green. July 17 soy meal was down 10 cents, with soy oil up 56 points in the front month. This week’s Crop Progress report showed that 9% of the crop was blooming as of Sunday, ahead of the average at 7% and last year’s 8%. Condition ratings in NE, IN, and most of the North were lower, with MO, IL, OH and most southern states, minus AR and LA, slightly higher. The Stats Canada report is expected to show Canola acreage at 22.2 million acres this Thursday, down from 22.39 in April. Soybean acreage is projected at 7 million acres by analysts, up from 6.96 in the April report.

Jul 17 Soybeans closed at $9.11 1/4, up 4 1/2 cents,

Aug 17 Soybeans closed at $9.16, up 4 3/4 cents,

Sep 17 Soybeans closed at $9.17 1/4, up 4 3/4 cents,

Jan 18 Soybeans closed at $9.25 1/4, up 3 1/2 cents,

Jul 17 Soybean Meal closed at $294.00, down $0.10,

Jul 17 Soybean Oil closed at $32.08, up $0.56

Wheat

June 27, 2017

Wheat futures ended the day with gains of 1 to 4 1/4 cents in most KC and CBT contracts. MPLS was again the strongest, as the KC-MPLS spread for the July contract widened to $2.24 1/4. Premiums for HRW wheat are running $1.68 to $1.78 above board price for 12% protein. Condition ratings for winter wheat were even with or better than the previous week in most states, with SD 13 points lower and both NE and MI down 10 points. The spring wheat crop is 36% headed, ahead of the average of 35% but well behind last year’s 52%. SD is 27% ahead of last year, with ND even, as the other states are behind their respective averages. Spring wheat condition ratings were higher only in MT, as all other states had lower conditions than the previous week. All wheat acreage in Canada is projected to be 22.7 million acres in the upcoming report, down from Stats Canada’s estimates of 23.18 million acres in April. Strategie Grains lowered their production estimate for 2017 French wheat to 35.6 MMT from 37.2 MMT due to damage from hot weather.

Jul 17 CBOT Wheat closed at $4.53 1/4, up 3 1/4 cents,

Jul 17 KCBT Wheat closed at $4.57 1/4, up 4 1/4 cents,

Jul 17 MGEX Wheat closed at $6.81 1/2, up 17 3/4 cents

Cattle

June 27, 2017

Live cattle futures gave back gains from yesterday and were down $1.875 to $3.25 on Turnaround Tuesday. Feeder cattle futures were also sharply lower, down $2.075 to $4.575 in the nearby contracts. The CME feeder cattle index was up 58 cents on June 26 at $146.42. Wholesale beef prices were sharply lower in the Tuesday afternoon report, with choice boxes down $4.66 at $233.91. Select was $2.40 lower, with an average of $215.26. The Ch/Se spread is now down to $18.65. Estimated FI cattle slaughter through Tuesday was 235,000 head, 4,000 above last week and 10,000 greater than last year. With the FCE auction on Wednesday at 10:00 a.m. CST, showlists are presenting 2,554 head for sale, with 10 of the 19 lots from NE.

Jun 17 Cattle closed at $119.600, down $1.875,

Aug 17 Cattle closed at $115.025, down $3.250,

Oct 17 Cattle closed at $112.775, down $2.500,

Aug 17 Feeder Cattle closed at $144.875, down $4.575

Sep 17 Feeder Cattle closed at $144.525, down $4.375

Oct 17 Feeder Cattle closed at $142.975, down $4.225

Lean Hogs

June 27, 2017

Lean hog futures finished the day with losses of 12.5 to 72.5 cents in the front months, with back months a nickel to $1.025 higher. The CME Lean Hog Index for 6/23 was up another 45 cents to $90.62. The USDA pork carcass cutout value was up 96 cents in the afternoon report, with a weighted average of $102.31. All primal cuts were higher. The national base hog carcass price was 3 cents lower with a weighted average of $85.75 in the p.m. report. FI hog slaughter was estimated at 871,000 head through Tuesday, 16,000 more than the previous week and 17,000 head above last year. Ahead of Thursday’s USDA Hogs and Pigs report analysts are expecting all hog inventory on June 1 to be 3.3% larger than last June at 71.597 million head. Hogs kept for breeding are estimated at 1.5% higher at 6.069 million head, while kept for marketing are projected at 65.490 million head, up 3.5% over last year.

Jul 17 Hogs closed at $86.475, down $0.550,

Aug 17 Hogs closed at $78.550, down $0.125

Oct 17 Hogs closed at $67.650, down $0.725

Cotton

June 27, 2017

Cotton futures posted gains of 34 to 77 points on Tuesday, with the help of a sharply lower US dollar, down 924 points. Overall cotton ratings dropped 4% g/e to 57%. The Brugler500 index is at 357, down 7 points from last week. The biggest loser for the week was OK, as ratings there dropped 26 points, with AL down 12. AZ ratings dropped 10 points with TX down 7. On the other side, AR was up 12 points with TN and SC 7 points higher. China sold 19,800 MT of cotton from state reserves on Tuesday, totaling 65.40% of the total 30,300 MT offered. The Cotlook A index for June 26 was 35 points higher at 82.95 cents/lb.

Jul 17 Cotton closed at 74.440, up 76 points,

Oct 17 Cotton closed at 69.750, up 77 points

Mar 18 Cotton closed at 67.520, up 34 points


Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
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