AgriCharts Market Commentary

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Corn

Corn futures settled 2 1/2 to 2 3/4 cents higher in the front months on Monday. The USDA reported 1.144 MMT of corn was inspected for export during the week ending May 18. That is down 19.44% from a week ago but just 2.49% lower than the same time last year. After the close, the USDA Crop Progress report showed the 18 state corn acreage was 84% complete. That is the same as last year at this time and behind the average of 85%. The report also showed 54% of the crop is emerged, behind the average of 55% and last year’s 58%. The Illinois corn crop conditions improved 9% wk/wk to 51% good/excellent, as Iowa’s initial ratings were 75% g/e, up 3% from last year. On Thursday, China is expected to offer to sell nearly 7 MMT of 2013 corn, according to their National Grain Trade Center. In addition, they will sell 230,200 MT of 2011 and 2012 corn on Friday.

Jul 17 Corn closed at $3.75, up 2 1/2 cents,

Sep 17 Corn closed at $3.82 1/2, up 2 3/4 cents,

Dec 17 Corn closed at $3.92 3/4, up 2 1/2 cents

Mar 18 Corn closed at $4.02 1/2, up 2 1/2 cents

Soybeans

Soybean futures closed mostly 3 to 4 1/2 cents higher to start the week. July 17 meal was up 80 cents, with soy oil down 10 points in the front month. US soybean acres are 53% planted according to the USDA, equal with last year and 1% above the 5-year average. Planting progress was slightly under estimates. Emerged soybeans are at 19%, vs. 20% last year and the average of 21%. US export inspections for soybeans were reported at 348,535 MT this morning, up 22.52 % from last week and nearly 4 times as large vs. the same week a year ago.

Jul 17 Soybeans closed at $9.56 1/2, up 3 1/2 cents,

Aug 17 Soybeans closed at $9.58 1/4, up 4 cents,

Sep 17 Soybeans closed at $9.56, up 3 1/2 cents,

Jan 18 Soybeans closed at $9.63 1/4, up 4 1/4 cents,

Jul 17 Soybean Meal closed at $307.80, up $0.80,

Jul 17 Soybean Oil closed at $32.94, down $0.10

Wheat

Wheat futures were mixed on the day, with MPLS showing gains in most contracts. KC was the weakest, down 1-2 cents in most months. CBT down in the front month, with most back months steady to fractionally higher. The winter wheat crop ratings were shown to increase by 1% g/e to 52%, but are still 10% behind last year. The Brugler 500 index rose to 341 from 337, with HRW increasing slightly and SRW decreasing. The nations crop is now 72% headed, compared to 74% last year and the average of 67%. Spring wheat is 90% planted, down 4% from last year but 84% above the average. The crop was 62% emerged as of Sunday, vs. the average of 59% and last year’s 75%. Weekly export inspections for May 18 were at 674,559 MT for wheat. That was slightly behind the week previous, but more than twice as large as the same period last year.

Jul 17 CBOT Wheat closed at $4.34 1/4, down 1 cent,

Jul 17 KCBT Wheat closed at $4.36, down 2 cents,

Jul 17 MGEX Wheat closed at $5.59 1/4, up 3 1/2 cents

Cattle

Live cattle futures ended the day higher with October leading the day $1.725. Feeder cattle futures were up as much as $2.70 on Monday. The CME feeder cattle index was at $142.88 on May 19, down 98 cents from the previous day.Wholesale beef prices were both higher in the afternoon report, with choice boxes 74 cents higher, averaging $247.88, and select up $1.41, averaging $222.83. Estimated FI slaughter on Monday was 114,000 head, down 1,000 head from the previous week and 5,000 head larger than the same week last year. The Cold Storage report showed April beef stocks lowering 1.19% from March to 458.46 million pounds which was down 2% from the year before.

Jun 17 Cattle closed at $123.925, up $0.475,

Aug 17 Cattle closed at $122.025, up $0.975,

Oct 17 Cattle closed at $118.400, up $1.725,

May 17 Feeder Cattle closed at $144.250, up $0.900

Aug 17 Feeder Cattle closed at $152.775, up $2.325

Sep 17 Feeder Cattle closed at $152.650, up $2.425

Lean Hogs

Lean hog futures closed lower in the front months, with back months mostly higher. The CME Lean Hog Index for 5/18 was up another 63 cents to $75.55.The USDA pork carcass cutout value was $1.45 higher in the afternoon report, with an average of $87.83. The picnic primal was the only cut lower, down $1.45. The national base hog carcass price was 33 cents lower at $70.52. Monday’s estimated FI hog slaughter was 441,000 head, 4,000 larger wk/wk, and is 8,000 head above the same time a year ago. Polk stocks for April rose to 599.12 million pounds, which was 9.04% higher than March but down 6% from the year before. Belly stocks rose 65.51% mo/mo, but are still the lowest April stocks on record.

Jun 17 Hogs closed at $79.350, down $0.150,

Jul 17 Hogs closed at $80.050, down $0.125

Aug 17 Hogs closed at $79.675, up $0.450

Cotton

Cotton futures lost triple digits in the nearby months on Monday, with deferred contracts 19 to 44 points lower. The US dollar index lost another 178 points. The AWP (average world price) through Thursday is 72.44 cents/lb, jumping 3.75 cents/lb from the previous week. The USDA reported cotton planting at 52 % complete, up from the average of 50% and last year at 45%. The Cotlook A index was down 90 points on May 19 to 88.75 cents/lb. On Monday, China sold 18,400 MT of cotton in state reserves, as nearly 30,000 MT were offered.

Jul 17 Cotton closed at 78.390, down 106 points,

Oct 17 Cotton closed at 74.650, down 116 points

Mar 18 Cotton closed at 72.660, down 34 points


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