AgriCharts Market Commentary

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Corn

Corn futures closed the day with 1 to 2 3/4 cent gains. Progress along the Corn Belt was well below the average, with IA still at 0%, IL at 4%, and NE at 2% planted. TX was the only of the 18 states reported to show progress above the normal pace. Progress should be made this week with soil temps improving and drier weather throughout most of the Corn Belt. The weekly EIA report will be released on Wednesday showing ethanol production for the week of April 20. Analysts are expecting Stats Canada to show 3.583 million acres of Canadian corn intended to be planted in 2018, up slightly from last year.

May 18 Corn closed at $3.81 1/4, up 2 3/4 cents,

Jul 18 Corn closed at $3.90, up 2 1/2 cents,

Sep 18 Corn closed at $3.97 1/4, up 2 1/4 cents

Dec 18 Corn closed at $4.06 1/2, up 2 1/4 cents

Soybeans

Soybean futures saw fractional to 1 3/4 cent gains on Turnaround Tuesday. Soy meal was 30 cents/ton higher, with front month soy oil down 3 points. A private export sale of 130,000 MT of US soybeans to Argentina was reported by the USDA this morning. The sale was split with 60,000 MT for 17/18 delivery and 70,000 MT for 18/19. The average trade guess for Canadian canola acreage in Friday’s Stats Canada report is 23.663 million acres, 666,000 acres larger than last year. Chinese imports of soybeans during March were down 10.5% from last year at 5.66 MMT according to Customs data. Imports from the US were down 26.6% from last year at 3.1 MMT, with imports from Brazil 33.32% larger yr/yr at 2.333 MMT.

May 18 Soybeans closed at $10.22 1/4, up 1 1/2 cents,

Jul 18 Soybeans closed at $10.34, up 1 3/4 cents,

Aug 18 Soybeans closed at $10.36, up 1 1/2 cents,

Nov 18 Soybeans closed at $10.28 3/4, up 1/2 cent,

May 18 Soybean Meal closed at $372.10, up $0.30,

May 18 Soybean Oil closed at $31.01, down $0.03

Wheat

Wheat futures ended the Tuesday session with most CBT and KC contracts 9 to 11 cents higher, with MPLS up 3 to 5 cents. The Crop Progress report showed that 0% of the winter wheat crop in KS is headed, with the average at 11% typically. Condition ratings in KS were down 5 points to 248, with OK up 5 at 215. Planting progress of the spring wheat crop in MN, MO, and ND is still at 0%, with their normal pace at 25%, 24%, and 13% respectively. Ahead of Friday’s Stats Canada acreage report, analysts are expecting all wheat acreage up 647,000 acres at 23.038 million acres. Durum is expected to see 5.442 million acres planted, 237,000 above a year ago.

May 18 CBOT Wheat closed at $4.72 1/2, up 11 cents,

May 18 KCBT Wheat closed at $4.92 1/2, up 9 1/4 cents,

May 18 MGEX Wheat closed at $5.92 3/4, up 4 3/4 cents

Cattle

Live cattle futures were mixed on Tuesday, with contracts 15 to 65 cents lower, as May was up 17.5 cents. Feeder cattle futures were also mixed, with most contracts lower and nearby April up 7.5 cents. The CME feeder cattle index was down 5 cents on April 23 at $138.08. Wholesale boxed beef values were higher on Tuesday afternoon. Choice boxes were up $2.54 at $217.65, with Select boxes 39 cents higher at $202.11. Estimated FI cattle slaughter was 237,000 head through Tuesday. That is 1,000 more than the previous week and up 5,000 head from the same week in 2017.

Apr 18 Cattle closed at $121.100, down $0.625,

Jun 18 Cattle closed at $105.050, up $0.175,

Aug 18 Cattle closed at $104.925, down $0.150,

Apr 18 Feeder Cattle closed at $139.100, up $0.075

May 18 Feeder Cattle closed at $140.150, down $0.450

Aug 18 Feeder Cattle closed at $146.475, down $0.650

Lean Hogs

Lean hog futures posted losses of 55 cents to $1.55 on Tuesday. The CME Lean Hog Index was up $1.08 from the previous day to $57.88 on April 20. The USDA pork carcass cutout value was up 21 cents at $68.08 this afternoon. The national base hog weighted average price was 23 cents higher at $57.96. The USDA estimated FI weekly hog slaughter at 930,000 head through Tuesday. That is 2,000 head below last week and 46,000 head above the same week in 2017.

May 18 Hogs closed at $67.450, down $0.550,

Jun 18 Hogs closed at $74.825, down $1.550

Jul 18 Hogs closed at $78.000, down $0.900

Cotton

Cotton futures finished the Tuesday session with sharp triple digit losses in most contracts, as May was down 93 points. Planting progress was slow moving over the past week in most states. TX was 14% planted as of Sunday, with GA 4% complete. Of the 15 states reported, 7 showed no acres planted, with KS typically the only state to show no progress. Customs data from China shows March imports of 107,502 MT, down 11.09% from a year ago. Imports of US origin were down 10.69% at 78,088 MT. The Cotlook A index was up 185 points from the previous day at 93.80 cents/lb.

May 18 Cotton closed at 82.260, down 93 points,

Jul 18 Cotton closed at 81.510, down 261 points

Oct 18 Cotton closed at 79.140, down 202 points


Market Commentary provided by:

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