Ag Market Commentary

Corn futures saw gains of 1 to 2 cents today. The USDA Export Inspections report indicated that 947,642 MT of corn was shipped during the week of 3/1. That was a drop of 28% from the previous week and down 34.65% from the same week in 2017. YTD exports of 18.914 MMT is lagging the same time in 2017 by 30.87%. Shipments will need to pick up to meet the current USDA projection. As of last Tuesday, managed money held a net long position of 59,120 contracts, moving 40,446 contracts to the long side since the previous week.

Mar 18 Corn closed at $3.78 1/4, up 1 cent,

May 18 Corn closed at $3.87 1/4, up 2 cents,

Jul 18 Corn closed at $3.94 1/2, up 2 cents

Sep 18 Corn closed at $4.00, up 2 1/4 cents

Soybean futures closed the Monday session with most contracts 4 to 6 1/2 cents in the green. Nearby Soymeal futures were down 90 cents/ton, with front month soy oil 5 points lower. US exporters shipped 990,113 MT of soybeans for the week that ended 3/1. That was 29.21% above the week prior and 4.47% larger than this time last year. Friday’s CFTC commitment of Traders report showed spec funds holding a net long position of 147,380 contracts as of last Tuesday in soybean futures and options. SAFRAS & Mercado estimates that 43.5% of Brazil’s soybean crop has been sold by producers, compared to 42% for this time last year and the five year average of 50.2%.

Mar 18 Soybeans closed at $10.66 3/4, up 6 cents,

May 18 Soybeans closed at $10.77 1/2, up 6 1/2 cents,

Jul 18 Soybeans closed at $10.85 3/4, up 6 1/2 cents,

Sep 18 Soybeans closed at $10.59 1/2, up 5 3/4 cents,

Mar 18 Soybean Meal closed at $389.30, down $0.90,

Mar 18 Soybean Oil closed at $32.01, down $0.05

Wheat futures finished with gains of 8 to 11 1/2 cents in most CBT and KC contracts, erasing Friday losses. MPLS was 16 1/2 cents higher in March on low volume, as most other contracts were up 3-4 cents. In this morning’s USDA Export Inspections report, 400,937 MT of all wheat shipments were recorded. That was a jump of 43.07% from last week’s report but was down 31.3% from this time last year. Winter wheat ratings in KS were reported at 13% gd/ex up 1, with the Brugler500 rating down 2 at 249 on higher p/vp ratings. OK saw an improvement of 5 points to 193, as the gd/ex is now at 6%. Ratings in TX were 14 points higher at 213 on a scale of 500, with the gd/ex now at 10%, up 5 from last week. The ABARE in Australia estimates that the 18/19 wheat crop will total 23.7 MMT, 11.8% larger than their depressed total from 17/18. Egypt’s GASC is seeking wheat for mid-April delivery, with the tender to close on Tuesday

Mar 18 CBOT Wheat closed at $5.02 1/4, up 10 1/4 cents,

Mar 18 KCBT Wheat closed at $5.33 1/2, up 11 1/2 cents,

Mar 18 MGEX Wheat closed at $6.23, up 16 1/2 cents

Live cattle futures posted gains of 95 cents to $1.125 in most contracts on Monday. Feeder cattle futures were up $1.15 to $1.60. The CME feeder cattle index was down 59 cents on March 2 at $145.44. Wholesale boxed beef values were higher on Monday afternoon. Choice boxes were up 70 cents at $223.23, with Select boxes $0.20 higher at $214.84. Estimated FI cattle slaughter was 119,000 head on Monday, up 2,000 head from last week and 5,000 head larger than the same week in 2017. The managed money net long position in live cattle futures and options was at 99,777 contracts as of Feb 27, 1,047 contracts larger than the previous week.

Apr 18 Cattle closed at $123.225, up $1.050,

Jun 18 Cattle closed at $115.350, up $0.950,

Aug 18 Cattle closed at $113.125, up $1.025,

Mar 18 Feeder Cattle closed at $145.150, up $1.475

Apr 18 Feeder Cattle closed at $146.875, up $1.600

May 18 Feeder Cattle closed at $147.675, up $1.150

Lean hog futures settled the Monday session with gains of 20 cents to $1.225. The CME Lean Hog Index on March was $68.09, down 27 cents from the previous day. The USDA pork carcass cutout value was $1.51 higher at $79.62 in the Monday afternoon report. The loin was down 34 cents, with all other primal higher. The national base hog weighted average price was 27 cents higher at $62.34. The USDA estimated FI hog slaughter on Monday at 456,000 head. That is down 5,000 head from the previous week and 15,000 head more than the same time last year.

Apr 18 Hogs closed at $68.800, up $1.225,

May 18 Hogs closed at $75.750, up $1.100

Jun 18 Hogs closed at $80.975, up $1.225

Cotton futures ended the day with strong gains in most nearby contracts on Monday. Spec funds in cotton futures and options added 5,531 contracts to their net long position as of last Tuesday Feb 27. That position was at 71,677 contracts on that date. The Adjusted World Price or AWP was updated to 73.09 cents/lb on Thursday, up 340 points from the previous week. The Cotlook A index was down 120 points from the previous day on March 2 at 91.20 cents/lb.

Mar 18 Cotton closed at 85.410, up 269 points,

May 18 Cotton closed at 85.230, up 314 points

Jul 18 Cotton closed at 84.980, up 263 points

Market Commentary provided by:

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