AgriCharts Market Commentary

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Corn

Corn futures are showing 1 to 2 1/4 cent gains at midday. This morning's USDA Export Sales report indicated that just 165,917 MT of old crop corn was sold in the week that ended June 14, well below estimates. That was lowest weekly sales total since the week of Christmas 2017. There was 584,700 MT reported in reductions for unknown destinations. New crop sales totaled 339,692 MT. China sold 1.418 MMT of corn from state reserves on Friday, totaling 35.6% of the offered amount. Two separate South Korean importers purchased a total of 126,000 MT of corn in tenders on Thursday. Of the total 60,000 MT was likely from the US and the remaining optional origin.

Jul 18 Corn is at $3.56 1/2, up 2 1/4 cents,

Sep 18 Corn is at $3.65 3/4, up 2 cents,

Dec 18 Corn is at $3.77 1/4, up 1 1/2 cents

Mar 19 Corn is at $3.86 3/4, up 1 1/2 cents

Soybeans

Soybean futures are mostly 6 to 7 cents lower at the moment on Thursday. Front Month soy meal is down 80 cents/ton, with soybean oil 14 points in the red. Uncertainty over the ongoing US-China trade dispute is still weighing on the market. Old crop soybean export sales for the week of 6/14 totaled 301,745 MT, edging into traders estimates. That was better than the same week last year. The Netherlands purchased 240,300 MT, with most switched from unknown destinations. China canceled 66,000 MT. Sales of new crop soybeans totaled 227,605 MT. Soy meal sales were tallied at 120,106 MT, as 18,777 MT was reported for soy oil.

Jul 18 Soybeans are at $8.83 1/4, down 6 1/4 cents,

Aug 18 Soybeans are at $8.88 1/2, down 6 cents,

Sep 18 Soybeans are at $8.94, down 6 1/4 cents,

Nov 18 Soybeans are at $9.04, down 6 1/2 cents,

Jul 18 Soybean Meal is at $332.40, down $0.80

Jul 18 Soybean Oil is at $29.23, down $0.14

Wheat

Wheat futures are currently 3 to 8 1/4 cents higher on Thursday. The USDA reported all wheat export sales in the week of June 14 at 461,633 MT, on the higher end of expectations. That was 23.6% larger than the same week last year and a jump of 52.7% from a week ago. The Philippines purchased 137,000 MT, with Japan buying 118,500 MT. In Japan's weekly MOA tender, they purchased 91,188 MT of combined US (65,943 MT) and Australian wheat on Thursday. Consultant Agritel is projecting Russia's 2018 wheat crop to drop to 67.4 MMT. That is on the lower end of most estimates, compared to the USDA's 68.5 MMT.

Jul 18 CBOT Wheat is at $4.96 1/2, up 8 1/4 cents,

Jul 18 KCBT Wheat is at $4.92 1/4, up 3 1/2 cents,

Jul 18 MGEX Wheat is at $5.57, up 4 1/4 cents

Cattle

Live cattle futures are down 15 to 27.5 cents in the front months at midday. Feeder cattle are mostly down 32.5 to 72.5 cents. The CME feeder cattle index was down 7 cents from the previous day on June 19 at $141.41. Wholesale boxed beef values were mixed on Thursday morning. Choice boxes were down 89 cents to $217.40, with Select boxes 37 cents higher at $201.42. Estimated FI cattle slaughter was shown at 357,000 head through Wednesday by the USDA. That is 5,000 head above last week and the same time last year. June 1 cattle on feed is expected to be seen at 11.47 million head, 3.4% above last year. Beef export sales in the week of June 14 were reported at 16,716 MT. Yesterday's FCE auction saw sales of $110, with bids still reported in the $108 area so far on Thursday.

Jun 18 Cattle are at $108.875, down $0.150,

Aug 18 Cattle are at $106.375, down $0.275,

Oct 18 Cattle are at $109.125, down $0.150,

Aug 18 Feeder Cattle are at $148.700, down $0.725

Sep 18 Feeder Cattle are at $149.450, down $0.500

Oct 18 Feeder Cattle are at $149.300, down $0.325

Lean Hogs

Lean hog futures are trading 15 top 37.5 cents higher in the nearby contracts on Thursday, with back months lower. The CME Lean Hog Index was up another $1.09 to $85.14 on June 19. The USDA pork carcass cutout value was reported at $84.70 in the Thursday AM report, down 18 cents. The loin and butt were the only primal cuts reported lower. The national base carcass price was down 47 cents on Thursday morning, averaging $82.08. The USDA estimated FI hog slaughter at 1.306 million head so far this week. That is down 33,000 head from last week on lower Monday slaughter but up 8,000 head from a year ago. Export sales of pork were reported at 9,562 MT this morning.

Jul 18 Hogs are at $80.400, up $0.375,

Aug 18 Hogs are at $75.300, up $0.150

Oct 18 Hogs are at $61.050, down $0.225

Cotton

Cotton futures are posting 19 to 47 point gains on Thursday. The US dollar is down 236 points at the moment. This morning's USDA Export Sales report showed a net cancellation of 112,393 RB in old crop upland cotton. China was shown to purchase 31,700 RB, while most of the cancellations were from Vietnam (68,300 RB), Indonesia (40,500 RB) and Hong Kong (26,400 RB). New crop sales of upland cotton were tallied at 296,407 RB, with China buying 211,700 RB. The Cotlook A index was down anther 395 points from day prior at 93.00 cents/lb on June 20. The weekly AWP was updated to 78.23 cents/lb for this next week, down 476 points from the week prior.

Jul 18 Cotton is at 83.55, up 34 points,

Oct 18 Cotton is at 85.83, up 47 points

Dec 18 Cotton is at 84.46, up 28 points

Mar 19 Cotton is at 84.180, up 19 points


Market Commentary provided by:

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