AgriCharts Market Commentary

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Corn

November 24, 2017

Corn futures closed the day with losses of 1 to 2 cents on the limited post-Thanksgiving. This morning's USDA Export Sales report indicated 17/18 sales of 1.08 MMT for the week of November 16. That was an increase of 13.83% over last week, but still lagged this time last year by 34.93%. Japan was the lead buyer at 289,000 MT, as Peru followed with 207,900 MT in purchases. There was an additional 25,500 MT in 18/19 sales. Shipments totaled 695,754 MT during that week. Analysts with AgroConsult estimate the 17/18 Brazil corn crop at 94.4 MMT, down 0.9 MMT from their September projection. That was mainly down due to a smaller first season crop, down 1.3 MMT at 24.8 MMT.

Dec 17 Corn settled at $3.42 1/4, down 3 cents,

Mar 18 Corn settled at $3.55, down 2 cents,

May 18 Corn settled at $3.63 1/4, down 2 cents

Jul 18 Corn settled at $3.71 1/4, down 2 cents

Soybeans

November 24, 2017

Soybean futures were down 2 to 4 cents on the day, despite showing gains earlier in the day. December meal was down 60 cents/ton, with nearby bean oil 11 points lower. The USDA reported 869,086 MT in 17/18 export sales for last week, falling well shy of analysts' range of expectations. China was the buyer of nearly 407,100 MT, as 326,000 MT was switched from Unknown Destinations. There was also 34,500 MT in 18/19 sales. Soy meal sales of 379,809 MT were indicated, exceeding estimates. Sales of Soy oil totaled 4,177 MT for the week of 11/16. Brazil's soybean production number was left unchanged at 111 MMT for 17/18 according to AgroConsult. China brought in 5.856 MMT in soybeans during October, with 1.325 MMT from the US and 3.376 MMT from Brazil.

Jan 18 Soybeans settled at $9.93 1/4, down 4 cents,

Mar 18 Soybeans settled at $10.04 3/4, down 3 3/4 cents,

May 18 Soybeans settled at $10.14 3/4, down 3 1/2 cents,

Jul 18 Soybeans settled at $10.22 1/2, down 3 3/4 cents,

Dec 17 Soybean Meal settled at $323.80, down $0.60,

Dec 17 Soybean Oil settled at $33.94, down $0.11

Wheat

November 24, 2017

Wheat futures fell 5 to 7 cents in most CBT and KC contracts of Friday, as MPLS was 2 to 4 cents lower. The Weekly Commitment of Traders report will be delayed until Monday. All wheat export sales for the week of November 16 fell well below trader expectations at 199,845 MT. That was a drop of 59.2% from the previous week and 71.9% lower than this week in 2016. Japan was purchased 68,300 MT, with Algeria buying 62,000 MT. Weekly shipments fell to the second lowest total this marketing year at 189,577 MT. Argentina's ag ministry initially estimates the country's 17/18 wheat production number @18 MMT.

Dec 17 CBOT Wheat settled at $4.15 3/4, down 7 cents,

Dec 17 KCBT Wheat settled at $4.14 1/2, down 6 1/2 cents,

Dec 17 MGEX Wheat settled at $6.23 1/2, down 3 1/4 cents

Cattle

November 24, 2017

Live cattle futures saw losses of 47.5 to 90 cents. Feeder cattle futures were down 57.5 to 65 cents on Friday. The CME feeder cattle index on November 23 was down 78 cents to $155.36. Wholesale boxed beef were mixed on Friday afternoon. Choice was up $1.98 at $210.99, with select down 79 cents at $187.85. The USDA reported estimated FI slaughter at 572,000 head through Saturday, 23,000 head above last year. Beef export sales for 2017 of 9,276 MT were reported for the week during November 16, with 1,147 MT in 2018 sales. Shipments rose 9.89% to 17,408 MT, which is 6.52% lower than this time last year.

Dec 17 Cattle settled at $118.575, down $0.475,

Feb 18 Cattle settled at $124.575, down $0.900,

Apr 18 Cattle settled at $125.250, down $0.700,

Jan 18 Feeder Cattle settled at $153.300, up $0.575

Mar 18 Feeder Cattle settled at $151.775, up $0.625

Apr 18 Feeder Cattle settled at $151.575, up $0.650

Lean Hogs

November 24, 2017

Lean hog futures ended the Friday session 30 to 52.5 cents in the green. The CME Lean Hog Index for 11/21 was down 43 cents to $63.98. The USDA pork carcass cutout value was 34 cents higher at $82.32 in the Friday afternoon report. The national base price was up 45 cents at $57.10The weekly USDA AMS hog slaughter report showed an estimated 2,163,000 head through Saturday. That is up 11,000 head from last week but well behind last week, as nearly all plants were dark on Thursday for the holiday. Export sales of 2017 pork came in at 16,329 MT, with 7,505 MT in 2018 sales during the week of Nov 16. Exports of pork were reported at the largest since late April at 24,540 MT.

Dec 17 Hogs settled at $63.250, up $0.425,

Feb 18 Hogs settled at $69.400, up $0.300

Apr 18 Hogs settled at $73.575, up $0.525

Cotton

November 24, 2017

Cotton futures settled the shorter Friday trade session with gains of 50 to 149 points in the nearby contracts. The US dollar was down 432 points on the day. Customs data from China shows 78,128 MT in October imports, with 17,049 MT was sourced from the US. The USDA reported 17/18 upland cotton export sales of 357,026 RB, down from the previous week but still 40.1% above this time last year. Pakistan was the lead buyer, purchasing 109,900 RB. Sales for 18/19 picked up to 43,121 RB. Shipments of upland cotton were reported at a marketing year low of 85,560 RB. The Cotton Ginnings report showed that the US had ginned 7.927 million bales as of November 15. That was a move of 2.96 million bales over the previous report and 6% larger than last year for the same time. The Cotlook A index was down 75 points to 80.75 cents/lb.

Dec 17 Cotton settled at 72.230, up 149 points,

Mar 18 Cotton settled at 71.930, up 79 points

May 18 Cotton settled at 72.820, up 84 points

Oct 18 Cotton settled at 71.530, up 50 points


Market Commentary provided by:

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