AgriCharts Market Commentary


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Corn

Corn futures ended Friday with most contracts 3 1/2 to 4 1/2 cents lower. The USDA announced private export sales of 125,000 MT of corn to Unknown Destinations, with an additional 120,000 MT to Spain for 17/18 delivery through their daily reporting system. The CFTC Commitment of Traders report showed spec traders adding another 7,747 contracts to their net short position during the week that ended 10/17. Their net position on that date totaled -170,684 contracts in corn futures and options. The Buenos Aires Grain Exchange sees planting progress at 27.7% complete, 5% above this time last year. Acreage intentions are larger. On Friday, China sold 1.95 MMT of the total 3.767 MMT offered at an auction of state reserves.

Dec 17 Corn closed at $3.44 1/2, down 4 1/2 cents,

Mar 18 Corn closed at $3.58 1/2, down 4 1/4 cents,

May 18 Corn closed at $3.67 1/4, down 4 cents

Jul 18 Corn closed at $3.74 3/4, down 3 1/2 cents

Soybeans

Soybean futures lost 7 1/4 to 7 3/4 cents in the nearby contracts on Friday. Drier weather this week is pressuring the market, as most traders are ignoring forecasts for showers in the Eastern US next week and focused on harvest progress this week. December meal was $4.30/ton lower, with nearby bean oil 33 points higher. A private export sale to China of 198,000 MT for 17/18 delivery was reported by the USDA this morning. The CME is lowering the daily price limit to 65 cents for soybeans, which will take effect on November 1. The weekly COT report had spec traders adding another 37,186 contracts to their net long position in soybean futures and options. Their net position on Tuesday was net long 68,168 contracts.

Nov 17 Soybeans closed at $9.78 3/4, down 7 3/4 cents,

Jan 18 Soybeans closed at $9.89 1/4, down 7 3/4 cents,

Mar 18 Soybeans closed at $9.99 1/4, down 7 3/4 cents,

Jul 18 Soybeans closed at $10.16 3/4, down 7 1/4 cents,

Dec 17 Soybean Meal closed at $317.10, down $4.30,

Dec 17 Soybean Oil closed at $34.16, up $0.33

Wheat

Wheat futures fell 4 to 7 cents in most contracts to end the week. Managed money spec funds in KC wheat futures and options went 5,505 contracts more bearish last week. They went home net short 4,662 contracts on October 17. In Chicago wheat futures and options, they increased the size of their CFTC net short position another 9,963 contracts to -77,692. The USDA Ag attach in Australia sees the 2017 production at 20 MMT, 1.5 MMT below the current WASDE supply and demand table, mainly due to dry weather impacts on yield. The Ukraine Ag Ministry estimates that winter wheat planting is 90% complete, while AgriMer projects the French wheat crop is 47% planted.

Dec 17 CBOT Wheat closed at $4.26, down 6 3/4 cents,

Dec 17 KCBT Wheat closed at $4.22 3/4, down 6 1/2 cents,

Dec 17 MGEX Wheat closed at $6.11 1/4, down 4 1/2 cents

Cattle

Live cattle futures settled Friday with gains of 45 to 62.5 cents in the front months. Feeder cattle futures were 12.5 to 47.5 cents higher. The CME feeder cattle index was 29 cents lower at $154.79 on October 19.Wholesale beef prices were higher in this afternoon’s report. Choice was up 29 cents at $199.86, with select boxes 38 cents higher at $191.14. Weekly FI cattle slaughter is estimated at 632,000 head through Saturday, about 10,000 larger than the previous week and 30,000 head above the same week last year. Cash trade has ended the week at $111 in most regions, even with last week. This afternoon’s Cattle on Feed report showed on feed numbers 5.43% larger than last October 1 at 10.813 million head. That came from larger than expected placements at 2.15 million head, 13.46% above last September and September marketings at 2.94% greater than last year at 1.783 million head.

Oct 17 Cattle closed at $111.675, up $0.475,

Dec 17 Cattle closed at $116.600, up $0.450,

Feb 18 Cattle closed at $121.275, up $0.625,

Oct 17 Feeder Cattle closed at $153.625, up $0.475

Nov 17 Feeder Cattle closed at $153.075, up $0.300

Jan 18 Feeder Cattle closed at $151.325, up $0.125

Lean Hogs

Lean hog futures finished with most contracts 47.5 to 62.5 cents higher. The CME Lean Hog Index for 10/18 jumped another $1.13 over the previous day at $63.34. The national base hog was up 88 cents at $64.37 in the Friday afternoon report. The USDA pork carcass cutout value was $1.18 higher at $75.50. The butt was the only primal lower, with the belly $2.60 higher and the picnic up $2.05. Estimated week to date FI hog slaughter is 31,000 head fewer than last week at 2,485,000 head through Saturday, and 39,000 smaller than the same week in 2016.

Dec 17 Hogs closed at $64.850, up $0.600,

Feb 18 Hogs closed at $69.100, up $0.625

Apr 18 Hogs closed at $72.900, up $0.475

Cotton

Cotton futures were 24 to 43 points lower in most contracts on Friday, pressured by a sharply rising UD dollar, up 397 points. The Adjusted World Price (AWP) was updated to 59.73 cents/lb, down 71 points from the previous week.The Cotlook A index for October 19 was unchanged from the previous day at 77.85 cents/lb. The CFTC reported nearly 13.902 million bales worth of sales in unpriced mill on-call options spread out all the way to March 2020. The Friday night Commitment of Traders report showed the managed money spec funds again trimming the net long position in cotton futures/options. They were still net long 48,682 lots on October 17.

Dec 17 Cotton closed at 66.880, down 43 points,

Mar 18 Cotton closed at 66.770, down 24 points

Jul 18 Cotton closed at 68.490, down 25 points


Market Commentary provided by:

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