AgriCharts Market Commentary

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Corn

Corn futures ended the Monday session with most contracts 2 to 4 cents lower, pressured by another week of low export inspections. The USDA announced a private export sale of 110,000 MT of corn to Mexico for 17/18 delivery this morning. Their weekly Export Inspections report indicated shipments of 658,403 MT for the week ending 12/7. That was 24.53% lower than this week last year but up 8.8% from the previous week. Analysts are estimating the USDA will trim the 17/18 US corn ending stocks number by 9 mbu to 2.478 bbu on Tuesday. World ending stocks for 17/18 are projected to be trimmed 1.14 MMT to 202.72 MMT.

Dec 17 Corn closed at $3.36 1/2, down 3 1/2 cents,

Mar 18 Corn closed at $3.49, down 3 3/4 cents,

May 18 Corn closed at $3.57 1/4, down 3 3/4 cents

Jul 18 Corn closed at $3.65 3/4, down 3 1/2 cents

Soybeans

Soybean futures closed the day with most contracts 5 to 7 1/2 in the red. December meal was down $4.00/ton, with nearby bean oil 14 points in the red. A private export sale of 132,000 MT for 17/18 delivery was sold to unknown destinations, as announced by the USDA through their daily export reporting system. This morning’s USDA Export Inspections report showed 1.230 MMT in exports during week of 12/7. That was a drop of 31.78% from the week prior and 33.31% behind this time a year ago. The USDA is expected to increase the 17/18 US ending stocks number for soybeans 15 mbu to 440 mbu, as traders are looking for a cut in projected exports. On the world side ending stocks are seen at 97.83 MMT, slightly lower than last month.

Jan 18 Soybeans closed at $9.82 1/2, down 7 1/4 cents,

Mar 18 Soybeans closed at $9.94, down 7 1/2 cents,

May 18 Soybeans closed at $10.05 1/4, down 7 cents,

Aug 18 Soybeans closed at $10.15 3/4, down 6 1/4 cents,

Dec 17 Soybean Meal closed at $326.00, down $4.00,

Dec 17 Soybean Oil closed at $33.40, down $0.14

Wheat

Wheat futures saw losses of 4 to 5 1/2 in most CBT and KC contracts, with MPLS 1 to 2 1/2 cents lower. All wheat exports for the week that ended last Thursday totaled 316,867 MT. That is 38.87% lower than this time last year and down 32.9% from last week. Analysts are expecting to see a slight reduction in the world wheat ending stocks number on Tuesday, mainly from lower expected Australian production. That ending stocks number is estimated at 267.05 MMT, down 0.48 MMT. US ending stocks are estimated to be 938 mbu, up 3 mbu from November. Egypt’s GASC is seeking wheat for January 21-31 delivery, with the tender to close tomorrow. Russia has the inside track, but there are still concerns about the ergot issue.

Dec 17 CBOT Wheat closed at $3.87 3/4, down 4 1/4 cents,

Dec 17 KCBT Wheat closed at $3.95 1/4, down 5 1/2 cents,

Dec 17 MGEX Wheat closed at $5.96 3/4, down 1 cent

Cattle

Live cattle futures ended the day with 5 to 62.5 cent losses in most contracts. Feeder cattle futures were mixed with nearby Jan up 22.5 cents higher. The CME feeder cattle index on December 8 was down 8 cents to $154.32. Wholesale boxed beef values were lower on Monday afternoon. Choice was down 6 cents at $205.53, with select 31 cents lower at $185.66. Estimated week to date FI cattle slaughter was 120,000 head, 1,000 head fewer than the previous week but 6,000 head larger than the same Monday last year.

Dec 17 Cattle closed at $115.175, down $0.400,

Feb 18 Cattle closed at $117.725, down $0.575,

Apr 18 Cattle closed at $119.625, down $0.575,

Jan 18 Feeder Cattle closed at $145.450, up $0.225

Mar 18 Feeder Cattle closed at $143.325, unch,

Apr 18 Feeder Cattle closed at $143.450, down $0.200

Lean Hogs

Lean hog futures settled the Monday session with most contracts steady to $1.825 lower. The CME Lean Hog Index for 12/7 was up 18 cents to $65.48. The USDA pork carcass cutout value was down $2.01 at $81.69 in the Monday afternoon report. The butt was the only cut reported higher with the belly down $7.48. The national base hog price was 7 cents lower at $58.92. The WCB was down 29 cents, with the IA/MN region 49 cents lower. The USDA daily FI hog slaughter was 464,000 head. That was down 1,000 head from the previous week and 22,000 head more than the same Monday last year.

Dec 17 Hogs closed at $63.600, down $0.075,

Feb 18 Hogs closed at $67.025, down $1.825

Apr 18 Hogs closed at $71.825, down $1.300

Cotton

Cotton futures were 15 to 72 points in the red ahead of Tuesday’s USDA supply and demand report. The USDA cotton classing report showed 1.555 million upland bales classed during the week ending 12/7. YTD 11.827 million upland bales have been classed. The USDA Adjusted World Price (AWP) was updated to 65.03 cents/lb on Thursday, up 81 points from the previous week. Online cash sales rose to 12,519 bales reported on the Seam, as prices were down 126 points to 68.64 cents/lb. The Cotlook A index was up 150 points from the previous day on December 8 to 84.70 cents/lb.

Mar 18 Cotton closed at 73.000, down 72 points,

May 18 Cotton closed at 73.580, down 62 points

Oct 18 Cotton closed at 72.640, down 38 points


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