News & Commentary
AgriCharts Market Commentary
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Corn futures are trading 9 to 11 cents lower at midday. Weekly export inspections were reported at 933,974 MT, which is 123,139 MT less than last week and 564,539 MT more than the same period last year. The average trade guess for US corn ending stocks in the USDA WASDE report was 1.488 billion bushels. USDA cut the actual figure to 1,456 Mb with a 25 million bushel increase in exports. USDA pegged the Argentina figure at 24.0 MMT and the Brazilian figure at 70.0 MMT (both unchanged from Feb). Preliminary OI was up 757 contracts on Friday, a little net new selling. There were 0 deliveries put out against the Mar 14 contract on Friday and the MTD total stands at 824 contracts.
Soybean futures are trading 12 to 24 cents lower at midday. Export inspections were 518,504 MT stronger than last week, coming in at 1,505,206 MT this morning. The average guess for the US ending stocks number was 144 million bushels. USDA put the actual figures at 145 MB, cutting crush use while raising both export and summer imports. Weaker biodiesel use of soy oil was noted, along with weaker domestic meal use. USDA pegged Argentina figure at 54.0 MMT (unchanged from Feb) and the Brazilian figure at 88.5 MMT (1.5 MMT lower than the Feb figure of 90.0 MMT). Preliminary OI was down 4,602 contracts. There were 0 deliveries put out against the Mar 14 contract over the weekend. The oldest long is dated February 5.
Wheat futures are trading miixed at midday. Front month Mar 14 contracts for both MgEX and CBOT are higher on thin volume, while the May 14 contracts are down 2 to 8 cents. Export inspections reported this morning showed 429,081 MT this week, compared to the 609,867 MT inspected last week, and the 780,887 MT inspected during the same week last year. USDA left wheat ending stocks UNCH at 558 MB despite trade ideas of an increase to 570 million. which was unchanged from the February figure. World wheat stocks were reported at 183.81 MMT, up slightly from the Feb figure of 83.71 MMT. Preliminary OI in CBOT Wheat was down 3,114 contracts. There were 26 deliveries put out against the Mar 14 CBOT wheat contract. ADM stopped all of them.
Cattle futures are trading $0.07 lower to $0.37 higher at midday. Feeders are trading $1.00 to $1.45 higher at midday on cheaper feed costs. Boxed beef prices are higher this morning with choice cuts up $1.72 at $237.74 while select cuts were up $1.95 at $234.82. . The Choice/Select spread is at $2.91 Cash cattle trade ran $146-150 in the South, and $237-240 in the North last week. The CME Feeder Cattle Index was up 0.22 at $172.48.
Lean Hogs are trading sharply higher at midday, up $2.55 to $3.00. The June 14 contract is limit up $3.00 at $123.50. The pork carcass cutout is up $1.60 at $113.59. Belly primals are the strongest and showing gains of $3.22. Cash hog prices from the ECB are up $1.68, while values from the WCB are down $2.98. IA/MN marketing areas were down $3.15 this morning. The CME Lean Hog Index was up $1.32 at $103.63
Cotton futures are trading 42 to 52 points higher at midday. USDA estimated US Cotton ending stocks at 2.80 M Bales, tighter than the 3.00 M Bales in February. World ending stocks were reported at 96.8 M Bales, compared to 96.5 M bales last month. ICE Certified stocks were reported 259,581 RB, with 1,442 new certs, 0 decerts and 802 bales awaiting review.