AgriCharts Market Commentary


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Corn

Corn futures closed the Friday session with fractional losses, as nearby March was 1.52% higher on the week. The USDA reported a private export sale of 116,000 MT of 17/18 corn to Japan through their daily reporting system this morning. Export commitments of corn are now 69% of the full year USDA forecast. Last year at this time was 76% complete, with the average running 70% for this week. This afternoon’s CFTC Commitment of Traders report showed spec funds in corn futures and options trimming their net short position by 72,310 contracts. Their net position as of Feb 13 was -10.614 contracts. Brazil’s 17/18 corn production number was updated to 89.463 MMT by analysts with Safras & Mercado on Friday.

Mar 18 Corn closed at $3.67 1/2, down 1/4 cent,

May 18 Corn closed at $3.75, down 1/2 cent,

Jul 18 Corn closed at $3.82 3/4, down 1/4 cent

Sep 18 Corn closed at $3.89 1/2, down 1/4 cent

Soybeans

Soybean futures were steady to 2 3/4 cents lower on Friday on profit taking ahead of the long weekend. March was up 3.92% since last Friday. Soy meal futures were down 40 cents/ton, with nearby soy oil 16 points lower. Nearby meal gained 8.58% on the week. A private export sale of 28,000 MT of 17/18 soybean oil to South Korea was reported through the USDA’s daily export reporting system this morning. Total commitments for US soybean exports are running behind pace at 78% of the USDA projection. The average for this date is 90%, with last year at 78%. On Friday, Safras & Mercado increased their 17/18 soybean production estimate for Brazil to a record high 115.6 MMT. AgRural also estimates that the country’s crop is 17% harvested vs. 26% last year. The harvest in Mato Grosso was at 45% complete, with Parana only at 5% harvested.

Mar 18 Soybeans closed at $10.21 1/2, down 2 3/4 cents,

May 18 Soybeans closed at $10.32 1/2, down 2 1/2 cents,

Jul 18 Soybeans closed at $10.42 1/4, down 2 1/2 cents,

Sep 18 Soybeans closed at $10.30 3/4, down 2 1/4 cents,

Mar 18 Soybean Meal closed at $373.30, down $0.40,

Mar 18 Soybean Oil closed at $31.54, down $0.16

Wheat

Wheat futures ended Friday with KC fractionally mixed, as most CBT and MPLS contracts were 3-4 cents lower. The markets will be closed on Monday in observance of Presidents Day. Informa expects to see the spring wheat acreage for this year’s crop hit 11.25 million acres, up a little from 2017 acres. Their total acreage number for all wheat is 46.14 million acres, slightly above last year. Typically export commitments are 89% of the USDA export projection by this time, with last year at 91%. This year, however, is only 82% of the number. The COT report showed spec funds in CBT wheat options and futures lower their net short position by 26,563 contracts to -56,831 contracts as of 2/13.

Mar 18 CBOT Wheat closed at $4.57 3/4, down 4 cents,

Mar 18 KCBT Wheat closed at $4.78 1/2, up 1/2 cent,

Mar 18 MGEX Wheat closed at $6.05 1/4, down 3 1/4 cents

Cattle

Live cattle futures settled the day with slight to 82.5 cent gains in most contracts. Feeder cattle futures were mixed, with nearby March 10 cents lower. Feb live cattle were up 2.83% since last week, with March feeders 2.41% higher. The CME feeder cattle index was up 45 cents on February 15 at $148.15. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were up 84 cents at $209.88, with Select boxes 2 cents lower at $205.12. Estimated weekly FI cattle slaughter is 596,000 head through Saturday. That is up 5,000 from the previous week and 20,000 head more than the same week last year. Cash trade was shown at $130 across most regions on Friday, with dressed trade at $205 in the north.

Feb 18 Cattle closed at $130.100, up $0.825,

Apr 18 Cattle closed at $127.650, up $0.400,

Jun 18 Cattle closed at $118.675, up $0.075,

Mar 18 Feeder Cattle closed at $149.725, down $0.100

Apr 18 Feeder Cattle closed at $152.400, up $0.100

May 18 Feeder Cattle closed at $152.825, down $0.025

Lean Hogs

Lean hog futures finished Friday with losses of 35 cents to $1.575. The CME Lean Hog Index on February 14 was $73.49, down 52 cents from the previous day. The USDA pork carcass cutout value was 35 cents higher at $77.34 in the Friday PM report. The ham and picnic were the only primals reported lower. The national base hog weighted average price was down 95 cents at $64.82 this afternoon. The USDA estimated week to date FI hog slaughter at 2,384,000 through Saturday. That is down 5,000 head from the previous week but 28,000 head more than the same time last year. Money managers in lean hog futures and options cut 18,477 contracts off their net long position during the week that ended 2/13. That net position of 20,797 contract was the smallest net long position since May 9, 2017.

Apr 18 Hogs closed at $68.150, down $1.575,

May 18 Hogs closed at $74.925, down $0.975

Jun 18 Hogs closed at $79.725, down $0.475

Cotton

Cotton futures saw steady to 39 point gains in most contracts on Friday, as March was down 1.25% on the week. Upland export commitments are now 22.6% above the same time last year. Thursday’s CFTC Cotton On-Call report showed mills pricing 8,990 contracts for March during the week of Feb 9. The number of unfixed call sales for March as of that date was 8,942 contracts, with the total for all months at 140,984 contracts. The COT report this afternoon showed spec funds lowering their net long position by 12,509 contracts to 69,378 contracts for the week of Feb 13. The USDA Adjusted World Price or AWP was trimmed 30 points from the previous week to 69.15 cents/lb on Thursday. The Cotlook A index was down 50 points from the previous day on February 15 at 86.85 cents/lb.

Mar 18 Cotton closed at 75.720, up 31 points,

May 18 Cotton closed at 77.160, up 39 points

Jul 18 Cotton closed at 78.120, up 36 points


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