Ag Market Commentary

Corn futures settled the Tuesday session with most nearby contracts fractionally higher. A private export sale of 134,148 MT of corn was reported for 17/18 delivery to Mexico through the USDA’s daily export reporting system. The USDA Export Inspections report showed just 609,281 MT of corn shipments during the week of 12/21. That was 4.33% lower than last week and 37.95% behind the same week last year. Exports of corn for the 17/18 marketing year YTD are at 9.842 MMT, which is lagging last year by 40.03%. The weekly EIA report will be delayed until Thursday morning due to the shortened holiday week.

Mar 18 Corn closed at $3.52 3/4, up 3/4 cent,

May 18 Corn closed at $3.61, up 1/2 cent,

Jul 18 Corn closed at $3.69 1/2, up 3/4 cent

Sep 18 Corn closed at $3.76 3/4, up 3/4 cent

Soybean futures saw gains of 9-10 1/4 cents on Tuesday amid short covering ahead of the wend of the year. January soy meal was up $2.40/ton, as nearby bean oil was 46 points higher. Export inspections of US soybeans for the week that ended 12/21 came in at 1.283 MMT. That dropped 28.43% from last week and is 25.42% lower than this time last year. Chinese imports of soybeans totaled 8.684 MMT during November, which is 10.83% larger than November 2016. Imports from the US picked up to 4.662 MMT, which still lags a year ago by 17.01%, while imports from Brazil came in at 2.76 MMT, well above last year.

Jan 18 Soybeans closed at $9.59 1/4, up 9 3/4 cents,

Mar 18 Soybeans closed at $9.70 1/2, up 10 1/4 cents,

May 18 Soybeans closed at $9.81 1/2, up 10 1/4 cents,

Aug 18 Soybeans closed at $9.94, up 10 cents,

Jan 18 Soybean Meal closed at $315.20, up $2.40,

Jan 18 Soybean Oil closed at $33.20, up $0.46

Wheat futures closed the day with losses in most nearby contracts. The front KC and CBT months were down 2 to 2 1/2 cents, with MPLS steady to 1 1/2 cents lower. All wheat export inspections for the week that ended on December 21 came in at 493,550 MT. That was 21.03% lower than the week prior and was 8.71% behind this time in 2016. So far in the 2017/18 wheat marketing year total export inspections have been reported at 14.23 MMT, just 5.96% behind 16/17. Import data from China shows the country’s wheat imports during November totaled 155,817 MMT, well above the same month last year. China’s 2017 imports of wheat from Jan-Nov have totaled 4.115 MMT, 30.6% larger than 2016. Egypt’s GASC is seeking wheat for early February delivery, with the tender to close on Wednesday.

Mar 18 CBOT Wheat closed at $4.22 1/4, down 2 1/2 cents,

Mar 18 KCBT Wheat closed at $4.20, down 2 1/4 cents,

Mar 18 MGEX Wheat closed at $6.11, down 3/4 cent

Live cattle futures finished the Tuesday session with gains of $1.20 to $2.90, following Friday’s friendly Cold Storage report. Feeder cattle futures also showed sharp gains of $2 to $2.85. The CME feeder cattle index on December 25 was down 64 cents to $148.72. Wholesale boxed beef values were sharply higher on Monday afternoon. Choice was up $3.04 at $202.60, with select $2.95 higher at $190.83. Estimated FI cattle slaughter was 119,000 head on Tuesday, after Monday’s kill was quiet due to the Holiday. That is 4,000 head fewer than the same week last year.

Dec 17 Cattle closed at $121.500, up $1.675,

Feb 18 Cattle closed at $121.475, up $2.900,

Apr 18 Cattle closed at $121.925, up $2.650,

Jan 18 Feeder Cattle closed at $144.400, up $2.850

Mar 18 Feeder Cattle closed at $141.350, up $2.800

Apr 18 Feeder Cattle closed at $141.950, up $2.500

Lean hog futures were mixed on Tuesday, with the nearby contracts steady to $1.55 higher and back months 5 to 32.5 cents lower. The CME Lean Hog Index for 12/21 was down 24 cents to $61.76. The USDA pork carcass cutout value was down 75 cents at $76.48 in the Monday afternoon report. The loin, belly, and ham primals were all reported lower. The national base hog price was 7 cents higher at $56.59 on Monday afternoon. The USDA weekly FI hog slaughter was estimated at 467,000 head on Tuesday. That is up 23,000 head from the same week last year.

Feb 18 Hogs closed at $71.525, up $1.550,

Apr 18 Hogs closed at $75.375, up $0.600

May 18 Hogs closed at $80.025, up $0.275

Cotton futures ended Tuesday with losses of 9 to 52 points in most contracts. Friday’s USDA cotton classing report showed 1.128 million bales of cotton classed as upland for the week ending 12/21, bringing the 2017 crop total to 14.295 million bales. China imported 72,363 MT of cotton during November, 31.69% larger than a year ago. Of that total 12,756 MT was from the US, 30.04% lower than November 2016. The Cotlook A index was 210 points higher from the day prior on December 22 to 88.60 cents/lb. Online cash sales of 14,080 bales reported by the Seam averaged 70.88 cents/lb on December 22, 68 points lower than the previous day.

Mar 18 Cotton closed at 77.430, down 44 points,

May 18 Cotton closed at 77.520, down 52 points

Oct 18 Cotton closed at 74.960, down 17 points

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

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