Ag Market Commentary

Corn futures closed the day 5 to 8 3/4 cents lower. The Monday morning export inspections report showed 1.219 MMT of corn was shipped during the week of June 15. That was 1.33% below last week, but was 13.61% larger than the same week in 2016. After the close the USDA released the Crop Progress report showing that 98% of the US corn crop was emerged as of Sunday, matching the average and 1% behind last year. Condition ratings saw good/excellent ratings unchanged at 67%, with the Brugler500 index up 2 points to 369 on a 2% shift from good to excellent. This Friday, China will sell 2.32 MMT of corn from state reserves.

Jul 17 Corn closed at $3.75 1/4, down 8 3/4 cents,

Sep 17 Corn closed at $3.83 1/4, down 8 3/4 cents,

Dec 17 Corn closed at $3.93 1/4, down 8 3/4 cents

Mar 18 Corn closed at $4.02 1/2, down 8 3/4 cents

Soybean futures ended the day with losses of 1 1/4 to 1 1/2 cents in the nearby contracts. July 17 soy meal was up 60 cents, with soy oil down 29 points higher in the front month. The Crop Progress report indicated that 96% of the soybean crop is planted, 3% ahead of the average, with 89% emerged, above the average of 84%. Crop conditions were rated at 67% g/e, up 1% from last week but down 6% from last year. The Brugler500 index is 368, even with last week, as very poor ratings also increased. Soybean export inspections for the week of June 15 were lowered 46.17% from last week and 12.66% from a year ago to 275,461 MT. Sources at the Soybean Export Council told Reuters that the Chinese buying team due in Iowa during July could commit to buying a record quantity of soybeans (>13.4 MMT).

Jul 17 Soybeans closed at $9.37 3/4, down 1 1/4 cents,

Aug 17 Soybeans closed at $9.41 3/4, down 1 1/2 cents,

Sep 17 Soybeans closed at $9.43 3/4, down 1 1/4 cents,

Jan 18 Soybeans closed at $9.55 1/2, down 1 1/2 cents,

Jul 17 Soybean Meal closed at $301.50, up $0.60,

Jul 17 Soybean Oil closed at $32.82, down $0.29

Wheat futures finished Monday mixed on all exchanges. CBT was a 1 to 1 3/4 cents higher in the nearby contracts, while KC and MPLS were a penny and 3 1/4 cents lower respectively. The weekly export inspections report showed wheat exports down 7.75% from last week at 801,725 MT, but still 29.37% larger than last year. Winter wheat harvest is in full swing across the southern plains, as it was 28% complete on Sunday. That is ahead of the average of 25% and last year’s 23%. Conditions for the winter wheat crop were down 1% to 49% g/e, with the Brugler500 index down 1 point at 336. The spring wheat crop was 15% headed as of Sunday, vs. 25% last year and the average of 17%. Condition ratings fell another 4% to 41% g/e in this week’s report with the Brugler500 index at 311, vs. 325 last week.

Jul 17 CBOT Wheat closed at $4.67, up 1 3/4 cents,

Jul 17 KCBT Wheat closed at $4.72 1/2, down 1 cent,

Jul 17 MGEX Wheat closed at $6.39 1/2, down 3 1/4 cents

Live cattle futures posted losses of $1.30 to $2.075 on Monday. Feeder cattle futures were $1.125 to $2.925 lower on the session. The CME feeder cattle index was down 89 cents on June 15 at $150.18. Wholesale beef prices were mixed in the Monday afternoon report, with choice boxes 38 cents lower at $249.46. Select was up $1.56, with an average of $221.36. Cash sales started out last week in the $132-$134 range, but ended with sales of $128-$130 later in the week. Estimated FI cattle slaughter on Monday was 117,000 head, even with last week and 7,000 head more than the same week a year ago.

Jun 17 Cattle closed at $120.000, down $1.700,

Aug 17 Cattle closed at $116.100, down $2.075,

Oct 17 Cattle closed at $113.700, down $1.650,

Aug 17 Feeder Cattle closed at $145.000, down $2.875

Sep 17 Feeder Cattle closed at $144.475, down $2.875

Oct 17 Feeder Cattle closed at $142.900, down $2.925

Lean hog futures settled with gains of $1.575 to $2.60 in the nearby contracts on Monday. The CME Lean Hog Index for 6/15 was up another $1.13 to $84.06. The USDA pork carcass cutout value was 94 cents higher in the afternoon report, with a weighted average of $96.57. The loin was the only primal lower, down $4.46. The national base hog carcass price was 81 cents higher with a weighted average of $85.44 in the afternoon report. Prices ranged from $80.00-$87.00. On Monday FI hog slaughter was estimated at 430,000 head, 19,000 more than last week and 11,000 head above last year.

Jul 17 Hogs closed at $83.900, up $1.575,

Aug 17 Hogs closed at $81.475, up $2.350

Oct 17 Hogs closed at $69.375, up $2.600

Cotton futures were down another 32 to 62 points today, after July posted losses of 5.03% last week. The AWP is 67.31 cents/lb through Thursday, down 72 points from the previous week. China sold 19,500 MT of cotton offered at an auction of state reserves on Monday, after selling 91,200 MT of the 150,200 MT offered last week. The cotton crop is 94% planted, even with last year and 2% behind the average. The crop is 22% squared up from 21% last year and the average of 20%. Conditions deteriorated by 5% from last week to 61% g/e. The Brugler index rating was down 8 points to 364. The Cotlook A index for June 16 was down 130 points to 83.40 cents/lb.

Jul 17 Cotton closed at 71.390, down 49 points,

Oct 17 Cotton closed at 70.360, down 50 points

Mar 18 Cotton closed at 68.920, down 50 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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