AgriCharts Market Commentary

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Corn

Corn futures closed 3 cents lower on the day.  The front month Sept 14 contract traded up to $3.67 but closed near the lows at $3.60.  Relatively dry weather over the past week from North Dakota through Indiana with a dry forecast brought some support to the market earlier this morning, but corn futures lost ground due in part to the sharp rally in the dollar today.  Soil moisture in the affected area is thought to be mostly adequate for now, but there is some threat to crops with shallow root structure as it diminishes. 

 

Sep 14 Corn closed at $3.60 1/4, down 3 3/4 cents,

Dec 14 Corn closed at $3.68 1/4, down 3 3/4 cents,

Mar 15 Corn closed at $3.80 1/4, down 3 1/2 cents

May 15 Corn closed at $3.88 1/2, down 3 3/4 cents

Soybeans

Soybean futures closed 14 cents lower to 8 cents higher, with the August contract displaying the most strength, closing 8.5 cents higher on the day.  November beans were down more than 13 cents.  Front month meal futures gained $1.10 on the day, closing at $381.80 after rallying as high as $389.90 earlier this morning.  Private exporters reported to the USDA export sales of 225K MT of soybean meal to unknown destinations for delivery in 2014/15 this morning.  Another sale of soybean meal was reported for 2014/15 delivery today, this one to Vietnam, totaling 180K MT.  USDA also reported an export sale for 20K MT of soybean oil slated for unknown destinations in 2014/15. 

 

Aug 14 Soybeans closed at $11.84, up 8 1/4 cents,

Sep 14 Soybeans closed at $10.85, down 6 1/2 cents,

Nov 14 Soybeans closed at $10.57 3/4, down 13 3/4 cents,

Jan 15 Soybeans closed at $10.65 3/4, down 14 cents,

Aug 14 Soybean Meal closed at $381.80, up $1.10,

Aug 14 Soybean Oil closed at $35.93, down $0.21

Wheat

Wheat futures closed 4 to 6 cents lower on the day.  The front month contract for Chicago wheat posted a 12 cent trading range today.  KC and Minneapolis wheat respectively posted 14 and 11 cent ranges on the session. In export news, Turkey was said to be tendering for 165,000 MT of wheat and Algeria is retendering for 50,000 MT of durum. Pakistan was said to have bought 130,000 MT of Black Sea wheat.  Russian prices continue to slip due to local harvest pressure; Paris milling wheat futures bounced off of a four year low today.  Chicago wheat futures are also near the lowest level in four years for a front month contract. 

 

Sep 14 CBOT Wheat closed at $5.24 1/2, down 5 1/2 cents,

Sep 14 KCBT Wheat closed at $6.21 1/4, down 6 3/4 cents,

Sep 14 MGEX Wheat closed at $6.18 3/4, down 4 1/2 cents

Cattle

Cattle futures closed sharply higher on the day, with August the strongest contract and closing limit up at $155.95.  The front 3 months of feeders settled lock limit $3.00 higher.  Wholesale beef prices posted solid gains yesterday, and were reported sharply higher again today.  Choice boxes were up another $ 2.28 today at $252.80 and Select boxes were up $1.71 at $245.79.  Those are both new record highs for the afternoon reports.  Estimated week to date slaughter was reported 4K head larger than last Tuesday at 232,000 head.  Cash cattle trade is inactive so far this week.  Show lists with asks in the $158-160 were reported in the South, and around $250 in the North, but no sales have been reported.  The last established market was last week at $155-$156, and $246-$248.  In the cold storage report, frozen beef stocks as of June 30 came in at 74.3% of a year ago; they were 78.3% of a year ago back on May 31.   The Cattle on Feed report will be released on Friday.

 

Aug 14 Cattle closed at $155.950, up $3.000,

Oct 14 Cattle closed at $157.875, up $2.925,

Dec 14 Cattle closed at $157.925, up $2.550,

Aug 14 Feeder Cattle closed at $216.025, up $3.000

Sep 14 Feeder Cattle closed at $216.775, up $3.000

Oct 14 Feeder Cattle closed at $216.900, up $3.000

Lean Hogs

Lean hogs settled $0.52 to $2.45 higher on the day.  Earlier this morning August hogs touched their lowest price since June third at $124.45, before rallying back and establishing a large $3.10 trading range for the day.  Estimated week to date slaughter was reported 10K head larger than last Tuesday, and 25K head smaller than a year ago.  The average pork carcass cutout value was $1.15 lower on the day at $133.84.  The CME Lean Hog Index was down $0.62 at $133.16.  Cash hog prices in the IA/MN area were $1.63 lower today.  Prices in the WCB were down $1.52, while ECB prices were down $0.63.  The USDA cold storage reported showed frozen pork stocks in cold storage as of May 31 were 95.2% of a year ago.

 

Aug 14 Hogs closed at $127.575, up $2.450,

Oct 14 Hogs closed at $113.450, up $0.850

Dec 14 Hogs closed at $104.500, up $0.525

 

Cotton

Cotton futures closed 8 to 28 points higher on the day, despite crude oil being higher on the day, and the dollar index up more than 0.23 at 80.86.  Cool and wet weather conditions are helpful for corn pollination, but somewhat unfavorable for cotton development.  The crop condition slipped slightly from last week in the Monday afternoon USDA report; taking one point out of the good category and putting it into the fair category.  85% is squaring with 38% setting bolls.  Certified stocks were last reported at 236,207 bales, with no new certs, 54,768 decerts, and no bales awaiting review. The Cotlook A Index is unchanged at 83.05.

 

Oct 14 Cotton closed at 68.8, up 28 points,

Dec 14 Cotton closed at 67.91, up 22 points

Mar 15 Cotton closed at 68.56, up 8 points


Market Commentary provided by:

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