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Corn Closes With Losses as Planting Window is Open
Corn futures closed Thursday trade, following similar action from Wednesday, fading the early session gains. Contracts closed with losses of 3 ½ to 5 ½ cents across the board, and leaving some not so bull friendly looking candlesticks.
Weather through the weekend shows much of the WCB drier, with portions of the ECB shifting drier. The entire Corn Belt looks wetter getting into next week.
USDA's Export Sales report from this morning showed old crop corn bookings at 742,177 metric tons for the week ending on May 9th, coming in on the low side of estimates. That was a 4-week low and down 16.5% compared to last week. Mexico was the top buyer of 244,400 MT, with Japan buying 241,300 MT. New crop bookings came in at a 3-week high of 128,230 MT, all to Mexico.
Argentina’s corn crop is now rated at 14% gd/ex according to Buenos Aires Grain Exchange, down 3% from the previous week. Harvest was reported at 25.4% complete.
Jul 24 Corn closed at $4.57, down 5 1/2 cents,
Nearby Cash was $4.33 1/1, down 6 1/4 cents,
Sep 24 Corn closed at $4.67 3/4, down 5 1/2 cents,
Mar 25 Corn closed at $4.94 3/4, down 4 1/2 cents,
New Crop Cash was $4.44 3/4, down 6 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Soybeans Close Mixed Following Lackluster Export Sales Data
Soybeans faded off into the Thursday close, as contracts were up ½ 5o 2 ¾ cents in the front two months and down 1 to 3 ¾ cents in the tother contracts following uninspiring Export Sales data. Soymeal futures were $4 to $5.30/ton lower across most contracts. Soy Oil is was up 63 to 97 points across the board on Thursday.
Weekly Export Sales data tallied soybean bookings at just 265,733 MT, below the trade range of estimates. That was a 3-week low and down 38% from the week prior. Egypt purchased 90,400 MT, with Indonesia in for 87,900 MT and Mexico buying 86,600 MT. USDA also reported new crop sales at 25,160 MT, mostly to Taiwan, as China has yet to lock in any new crop sales.
Soybean meal sales totaled 300,445 MT for the current MY and 31,110 MT for the 24/25 MY, as total sales snuck into the trade range of estimates. Bean oil sales were 9,114 MT for the current MY, as 24/25 sales were 962 MT.
The Buenos Aires Grain Exchange pegged the Argentina soybean crop at 24% gd/ex, down 3% on the week. The harvest was 64% complete, as BAGE also trimmed their production total by 0.5 to 50.5 MMT.
Jul 24 Soybeans closed at $12.16 1/4, up 2 3/4 cents,
Nearby Cash was $11.54 1/1, up 3 1/4 cents,
Aug 24 Soybeans closed at $12.16 3/4, up 1/2 cent,
Jan 25 Soybeans closed at $12.10 1/4, down 2 cents,
New Crop Cash was $11.42, down 1 7/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cattle Rally in Unison with Boxed Beef
Live cattle posted Thursday gains of a nickel to 92 cents, as boxed beef price continue to rally ahead of Memorial Day. Cash action has been quiet this week, with USDA reporting a few in the WCB at $186-190 on Thursday. The Central Stockyards Fed Cattle Exchange saw no bids or sales on the 1,352 head listed this morning, with asks in the $185-186 range. Feeders settled the Thursday session with contracts up 95 cents to $1.70. The CME Feeder Cattle index was up 54 cents on May 15 to $242.33.
Weekly Export Sales data showed 15,132 MT of beef sold in the week ending on May 9, up 22.66% from the previous week. Shipments were tallied at a total of 15,589 MT in that week, a wk/wk decline of 4.01%.
USDA’s Wholesale Boxed Beef prices continued to shoot higher in the Thursday afternoon report. Choice boxes were up another $3.38 at $310.15, with Select $2.20 higher to $296.51. That raised the Chc/Sel spread to $13.64. USDA estimated federally inspected cattle slaughter at 124,000 head for Thursday, taking the weekly total to 487,000. That is down 2,000 head from last week and 14,669 head below the same week last year.
Jun 24 Live Cattle closed at $179.025, up $0.775,
Aug 24 Live Cattle closed at $177.375, up $0.850,
Oct 24 Live Cattle closed at $180.625, up $0.925,
May 24 Feeder Cattle closed at $244.850, up $1.700,
Aug 24 Feeder Cattle closed at $257.350, up $1.475,
Sep 24 Feeder Cattle closed at $258.400, up $1.450,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cotton Posts Thursday Strength
The cotton market was back up on Thursday to post gains of 83 to 105 points at the close. The outside market factors are a mixed bag, with crude oil up another 71 cents and the US dollar index back 193 points higher.
USDA’s Export Sales report showed a 38.32% wk/wk drop in old crop sales to 156,450 RB in the week that ended on May 9. That was still up 18.13% from the same week last year, as Chinese led the way with 63,600 RB in sales. New crop sales totaled 140,603 RB, a slight decline from last week. El Salvador was the buyer of 90,800 RB of that total. Export shipments were tallied at 238,755 RB, 4.36% lower than the week prior. The top destination was China, with 85,000 RB headed that way, as 39,900 RB was shipped to Turkey.
ICE certified cotton stocks rose another 13,135 bales on May 15 at 182,870 bales. The Seam reported 647 bales sold on the platform on 5/15, with an average price of 68.01 cents/lb. The Cotlook A Index was back down 165 points on May 15 at 84.20 cents/lb. The AWP dropped another 18 points to 59.46 on Thursday and is good through next week.
Jul 24 Cotton closed at 76.24, up 83 points,
Dec 24 Cotton closed at 75.19, up 90 points,
Mar 25 Cotton closed at 76.8, up 95 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Wheat End the Thursday Session in the Red
The wheat complex found weakness again on Thursday, again quickly fading the early session gains. Chicago contracts were down 2 to 3 cents across most contracts. Kansas City futures closed with contracts steady to 1 ¾ cents lower. MPLS spring wheat was down 1 to 6 ¼ cents in most contracts.
The final day of the Kansas HRW Wheat Quality Tour was today, with the results totaling a tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate pegged the KS crop at 290.4 mbu, well above the USDA’s 267.9 from last week.
Export Sales data from this morning showed all old crop wheat sales totaling 78,459 MT in the week that ended on May 9, on the high side of what was expected. New crop wheat bookings were tallied at 304,321 MT on the low side of estimates and down 25.04% from the week prior. The Philippines was the top buyer of 122,000 MT, with 50,000 MT sold to Yemen and 46,600 MT to Japan.
Japan purchased 121,516 MT of wheat in their MOA tender this week from the US, Australia, and Canada, as 23,900 MT was US specific. EU firm Strategie Grains increased their EU soft wheat projection by 1.7 MMT to 123.5 MMT.
Jul 24 CBOT Wheat closed at $6.63 1/4, down 2 1/2 cents,
Sep 24 CBOT Wheat closed at $6.83 1/2, down 2 1/2 cents,
Jul 24 KCBT Wheat closed at $6.73 1/4, down 1 3/4 cents,
Sep 24 KCBT Wheat closed at $6.87, down 1 3/4 cents,
Jul 24 MGEX Wheat closed at $7.20 3/4, down 6 1/4 cents,
Sep 24 MGEX Wheat closed at $7.30 1/4, down 5 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Hogs Pull Back from Highs, Still Close with Gains
Lean hogs faded off of some of the midday strength, but still found solid ground to post 5 to 87 cent higher trade. USDA’s National Average Base Hog negotiated price was up 60 cents on Thursday afternoon at 89.33. The CME Lean Hog Index was back up 47 cents on May 14 at $91.76.
Pork sales in the week of May 9 totaled 21,105 MT according to FAS Export Sales data. That was the lowest total since last July. Export shipments were pegged at 33,160 MT for that same week, an 8-week low.
USDA’s National Pork Carcass Cutout Value was back down $1.43 in the Thursday PM print at $100.27. All primals were reported lower, with the ham leading the way, down $3.55 USDA estimated Thursday’s federally inspected hog slaughter at 479,000 head, taking the week to date total to 1.9 million head. That is 8,000 head below last week but 36,981 head above the same week last year.
Jun 24 Hogs closed at $98.375, up $0.875,
Jul 24 Hogs closed at $101.625, up $0.750
Aug 24 Hogs closed at $100.800, up $0.775,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Hogs Rallying on Thursday
Lean hogs are posting a $1.02 to $1.45 rally in the front months on Thursday. USDA’s National Average Base Hog negotiated price was up 40 cents on Thursday AM at 89.36. The CME Lean Hog Index was back up 47 cents on May 14 at $91.76.
Pork sales in the week of May 9 totaled 21,105 MT according to FAS Export Sales data. That was the lowest total since last July. Export shipments were pegged at 33,160 MT for that same week, an 8-week low.
USDA’s National Pork Carcass Cutout Value was back down 76 cents in the Thursday morning report at $100.94. The picnic, belly, ham, and rib primals were in a range of $1.13 to $3.96 lower, with the rest of the primals reported higher. USDA estimated Wednesday’s federally inspected hog slaughter at 480,000 head, taking the week to date total to 1.421 million head. That is 15,000 head below last week but 18,978 head above the same week last year.
Jun 24 Hogs are at $98.800, up $1.300,
Jul 24 Hogs are at $102.025, up $1.150
Aug 24 Hogs is at $101.050, up $1.025,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Corn Slips from Higher Early Trade Again on Thursday
Corn futures are hitting the copy/paste button on the Thursday trade, as future are again fading the early session gains. Midday losses are totaling 4 to 7 cents as a planting window is open of areas across the Corn Belt this weekend.
Weather through the weekend shows much of the WCB drier, with portions of the Southern ECB with expected precip nearing 1-1.5 inches. The entire corn belt looks wetter getting into next week.
USDA's Export Sales report from this morning showed old crop corn bookings at 742,177 metric tons for the week ending on May 9th, coming in on the low side of estimates. That was a 4-week low and down 16.5% compared to last week. Mexico was the top buyer of 244,400 MT, with Japan buying 241,300 MT. New crop bookings came in at a 3-week high of 128,230 MT, all to Mexico.
Jul 24 Corn is at $4.56 1/4, down 6 1/4 cents,
Nearby Cash is at $4.32 1/4, down 7 cents,
Sep 24 Corn is at $4.67, down 6 1/4 cents,
Mar 25 Corn is at $4.93 3/4, down 5 1/2 cents,
New Crop Cash is at $4.43 7/8, down 7 1/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cotton Rallying Despite Weaker Export Sales Data
The cotton market is trading with 131 to 176 point gains on Thursday’s midday. The outside market factors are a mixed bag, with crude oil up another 48 cents and the US dollar index back 113 points higher.
USDA’s Export Sales report showed a 38.32% wk/wk drop in old crop sales to 156,450 RB in the week that ended on May 9. That was still up 18.13% from the same week last year, as Chinese led the way with 63,600 RB in sales. New crop sales totaled 140,603 RB, a slight decline from last week. El Salvador was the buyer of 90,800 RB of that total. Export shipments were tallied at 238,755 RB, 4.36% lower than the week prior. The top destination was China, with 85,000 RB headed that way, as 39,900 RB was shipped to Turkey.
ICE certified cotton stocks rose another 13,135 bales on May 15 at 182,870 bales. The Seam reported 647 bales sold on the platform on 5/15, with an average price of 68.01 cents/lb. The Cotlook A Index was back down 165 points on May 15 at 84.20 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday will be updated later today.
Jul 24 Cotton is at 77, up 159 points,
Dec 24 Cotton is at 75.56, up 127 points,
Mar 25 Cotton is at 77.16, up 131 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Wheat Pulling on Thursday
The wheat complex is heading lower at midday. They again quickly faded the early session gains today. Chicago contracts are down 5 to 8 cents across the front months. Kansas City futures are steady to 5 cents lower. MPLS spring wheat is trading with 3 to 6 cent losses.
The second day of the Kansas HRW Wheat Quality Tour showed an average yield of 42.4 bpa. That is well above the 27.6 from last year and higher than the prior 3-year average of 40.4 bpa. That took the 2-day average to 45.8 bpa, a three year high. The tour also estimated the OK crop at 33.68 bpa, with production totaling 89.27 mbu, vs the 96.2 mbu estimate from USDA last week.
Export Sales data from this morning showed all old crop wheat sales totaling 78,459 MT in the week that ended on May 9, on the high side of what was expected. New crop wheat bookings were tallied at 304,321 MT on the low side of estimates and down 25.04% from the week prior. The Philippines was the top buyer of 122,000 MT, with 50,000 MT sold to Yemen and 46,600 MT to Japan.
Japan purchased 121,516 MT of wheat in their MOA tender this week from the US, Australia, and Canada, as 23,900 MT was US specific. EU firm Strategie Grains increased their EU soft wheat projection by 1.7 MMT to 123.5 MMT.
Jul 24 CBOT Wheat is at $6.57 3/4, down 8 cents,
Sep 24 CBOT Wheat is at $6.78 1/2, down 7 1/2 cents,
Jul 24 KCBT Wheat is at $6.72 3/4, down 2 1/4 cents,
Sep 24 KCBT Wheat is at $6.86 1/2, down 2 1/4 cents,
Jul 24 MGEX Wheat is at $7.21 1/4, down 5 3/4 cents,
Sep 24 MGEX Wheat is at $7.30 1/2, down 4 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cattle Leading with Triple Digit Gains
Live cattle are trading the Thursday session with $1 to $1.20 gains across most contracts at midday. Cash action has been quiet this week. The Central Stockyards Fed Cattle Exchange saw no bids or sales on the 1,352 head listed this morning, with asks in the $185-186 range. Very light $184 trade was picked up in KS on Wednesday. Feeders are up $1.45 to $2 on the day. The CME Feeder Cattle index was up 4 cents on May 14 to $241.79.
Weekly Export Sales data showed 15,132 MT of beef sold in the week ending on May 9, up 22.66% from the previous week. Shipments were tallied at a total of 15,589 MT in that week, a wk/wk decline of 4.01%.
USDA’s Wholesale Boxed Beef prices continued to shoot higher in the Thursday morning report. Choice boxes were up another $2.74 at $309.51, with Select $3.09 higher to $297.40. That raised the Chc/Sel spread to $12.11. USDA estimated federally inspected cattle slaughter at 124,000 head for Wednesday, taking the weekly total to 363,000. That is down 4,000 head from last week and 15,165 head below the same week last year.
Jun 24 Live Cattle are at $179.350, up $1.100,
Aug 24 Live Cattle are at $177.725, up $1.200,
Oct 24 Live Cattle are at $180.825, up $1.125,
May 24 Feeder Cattle are at $244.950, up $1.800
Aug 24 Feeder Cattle are at $257.850, up $1.975
Sep 24 Feeder Cattle are at $258.925, up $1.975
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Soybeans Sticking Closer to Even Following Lackluster Export Sales Data
Soybeans are slipping lower on Thursday following dull Export Sales data. Contracts are steady to 4 cents lower in the nearbys, with July slightly higher. Soymeal futures are down $1.70 to $2.30/ton. Soy Oil is extending the bounce with 80 point gains.
Weekly Export Sales data tallied soybean bookings at just 265,733 MT, below the trade range of estimates. That was a 3-week low and down 38% from the week prior. Egypt purchased 90,400 MT, with Indonesia in for 87,900 MT and Mexico buying 86,600 MT. USDA also reported new crop sales at 25,160 MT, mostly to Taiwan, as China has yet to lock in any new crop sales.
Soybean meal sales totaled 300,445 MT for the current MY and 31,110 MT for the 24/25 MY, as total sales snuck into the trade range of estimates. Bean oil saels were 9,114 MT for the current MY, as 24/25 sales were 962 MT.
Jul 24 Soybeans are at $12.14, up 1/2 cent,
Nearby Cash is at $11.51 3/8, up 5/8 cent,
Aug 24 Soybeans are at $12.15, down 1 1/4 cents,
Jan 25 Soybeans are at $12.09, down 3 1/4 cents,
New Crop Cash is at $11.40 3/8, down 3 5/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Wheat Reverting Higher on Thursday Morning
The wheat complex is heading higher across all three exchanges this morning. They quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board. Kansas City futures were down 5 ½ to 8 ¼ cents on the day. MPLS spring wheat futures closed with most relevant contracts down 6 to 7 ¾ cents. Preliminary open interest showed a rotation of ownership with KC wheat up 210 contracts and Chicago up 729 contracts.
The second day of the Kansas HRW Wheat Quality Tour showed an average yield of 42.4 bpa. That is well above the 27.6 from last year and higher than the prior 3-year average of 40.4 bpa. That took the 2-day average to 45.8 bpa, a three year high. The tour also estimated the OK crop at 33.68 bpa, with production totaling 89.27 mbu, vs the 96.2 mbu estimate from USDA last week.
Weekly Export Sales data on Thursday is expected to show net reductions of 100,000 to net sales of 100,000 MT for the 23/24 MY. New crop bookings are expected to total between 300,000 MT and 600,000 MT.
Sep 24 CBOT Wheat closed at $6.86, down 7 1/4 cents, currently up 10 3/4 cents
Dec 24 CBOT Wheat closed at $7.09 1/2, down 7 3/4 cents, currently up 10 3/4 cents
Sep 24 KCBT Wheat closed at $6.88 3/4, down 8 1/4 cents, currently up 13 cents
Dec 24 KCBT Wheat closed at $7.09 1/2, down 8 1/4 cents, currently up 13 cents
Sep 24 MGEX Wheat closed at $7.35 1/4, down 6 1/4 cents, currently up 8 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cattle Look to Thursday After Midweek Strength
Live cattle posted Wednesday gains of 7 to 40 cents across the board, following more boxed beef strength. Cash action has been quiet this week. The Central Stockyards Fed Cattle Exchange saw no sales on the 1,352 head listed on Wednesday morning, with bids of $181-181.25 and asks in the $185-186 range. Very light $184 trade was picked up in KS on Wednesday. Feeders were up 20 to 65 cents in the Wednesday session, as May slipped 12 cents lower. The CME Feeder Cattle index was up 4 cents on May 14 to $241.79.
USDA’s Wholesale Boxed Beef prices were higher again in the Wednesday afternoon report. Choice boxes were up another $2.38 at $306.77, with Select 49 cents higher to $294.31. That raised the Chc/Sel spread to $12.46. USDA estimated federally inspected cattle slaughter at 124,000 head for Wednesday, taking the weekly total to 363,000. That is down 4,000 head from last week and 15,165 head below the same week last year.
Jun 24 Live Cattle closed at $178.250, up $0.075,
Aug 24 Live Cattle closed at $176.525, up $0.400,
Oct 24 Live Cattle closed at $179.700, up $0.350,
May 24 Feeder Cattle closed at $243.150, down $0.125,
Aug 24 Feeder Cattle closed at $255.875, up $0.200,
Sep 24 Feeder Cattle closed at $256.950, up $0.325,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Corn Back to Higher Trade on Thursday AM
Corn is trading 1 to 2 cents higher ahead of this morning’s Export Sales report. Futures faded the early gains on Wednesday, with contracts closing anywhere from 2 1/4 to 5 cents lower after July futures failed to take out the early week high. A weaker dollar failed to impact trade. Preliminary showed a rotation of ownership, up just 4,184 contracts. July was down 6,107 on presumed long liquidation, with December seeing net new selling, up 6,128 contracts.
Weather through the weekend shows much of the WCB drier, with portions of the Southern ECB with expected precip nearing 1-1.5 inches. The WCB looks wetter getting into next week.
EIA data from Wednesday morning showed that 1 million barrels per day of ethanol was produced during the week of 5/10. That was a 35,000-bpd increase from last week. Stocks were building during that week, up 289,000 barrels to 24.489 million.
Export Sales data is expected to show net sales of 0.7-1.05 MMT for the 23/24 marketing year in the week that ended on May 9. New crop bookings are seen in a range of 0-150,000 MT.
Jul 24 Corn closed at $4.62 1/2, down 5 cents, currently up 2 cents
Nearby Cash was $4.39 1/4, down 4 7/8 cents,
Sep 24 Corn closed at $4.73 1/4, down 4 3/4 cents, currently up 1 3/4 cents
Mar 25 Corn closed at $4.99 1/4, down 3 3/4 cents, currently up 1 1/2 cents
New Crop Cash was $4.50, down 4 3/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Hogs Ready to Kick Off Thursday Trade
Lean hogs settled the Wednesday session on a mixed note, as front months were down 5 to 82 cents, with the other 24 contracts steady to 27 cents higher. USDA’s National Average Base Hog negotiated price was down $2.10 on Wednesday afternoon at 88.73. The CME Lean Hog Index was back up 7 cents on May 13 at $91.29.
USDA’s National Pork Carcass Cutout Value was back up 19 cents in the Wednesday PM report at $101.70. The belly, loin, and butt primals were in a range of 29 cents to $2.05 higher, with the rest of the primals reported lower. USDA estimated Wednesday’s federally inspected hog slaughter at 480,000 head, taking the week to date total to 1.421 million head. That is 15,000 head below last week but 18,978 head above the same week last year.
Jun 24 Hogs closed at $97.500, down $0.825,
Jul 24 Hogs closed at $100.875, down $0.050
Aug 24 Hogs closed at $100.025, up $0.125,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cotton Bounce Extending into Thursday
The cotton market is up 84 to 119 points to start the Thursday session. Most contracts showed gains on Wednesday, with futures up 8 to 78 points. The outside market factors were helpful, with crude oil up 79 cents and the US dollar index down 732 points.
Export Sales data will be released this morning, with the trade looking to see if the cheaper prices attract more business on top of the 253,700 RB reported last week.
ICE certified cotton stocks were back up 4,470 bales on May 14 at 169,735 bales. The Cotlook A Index was 65 points higher on May 14 at 85.85 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday will be updated later today.
Jul 24 Cotton closed at 75.41, up 78 points, currently up 91 points
Oct 24 Cotton closed at 75.27, down 31 points, currently up 84 points
Mar 25 Cotton closed at 75.85, up 15 points, currently up 79 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Soybeans Slightly Higher to Begin Thursday
Soybeans are posting fractional to 2 cent higher trade on Thursday morning. They slipped into the close, as contracts settled with losses of a penny to 4 ¾ cents after NOPA reported an ugly April crush number. Soymeal futures were down $1.60 to $2.70/ton at the close. Soy Oil was up 12 to 24 points as tighter NOPA stocks were reported.
The Wednesday morning NOPA report showed just 166.03 mbu of soybeans crushed during April, a sharp 15.46% from March (one less processing day) and well below the 183 mbu estimate heading in. That was also down 4.16% from a year ago and a 3-year low for April crush. Soybean oil stocks dropped to 1.75 billion lbs, down 5.2% from the end of March.
USDA reported a private export sale of 180,000 MT of soybeans to unknown destinations on Wednesday morning, with 120,000 MT for old crop and 60,000 MT for new crop. Ahead of this Thursday morning Export Sales release, the trade estimates soybean sales for 23/24 at 300,000-550,000 MT, with new crop at 0-100,000 MT. Soybean meal sales are expected in a range of 100,000-575,000 MT in the week of 5/9, with 0-22,000 MT seen for soy oil.
Jul 24 Soybeans closed at $12.13 1/2, down 1 cent, currently up 1 1/4 cents
Nearby Cash was $11.51 3/4, down 1 cent,
Aug 24 Soybeans closed at $12.16 1/4, down 2 cents, currently up 1 1/4 cents
Jan 25 Soybeans closed at $12.12 1/4, down 4 cents, currently up 3/4 cents
New Crop Cash was $11.44, down 4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Wheat Falls from Double Digit Morning Gains to End the Session Lower
The wheat complex quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board. Kansas City futures were down 5 ½ to 8 ¼ cents on the day. MPLS spring wheat futures closed with most relevant contracts down 6 to 7 ¾ cents.
The first day of the HRW Wheat Quality Tour showed an average yield of 49.9 bpa. That is well above the 29.8 from last year and higher than the prior 3-year average of 42.8 bpa. The tour also estimates the NE crop at 48 bpa, with production totaling 40.8 mbu, as CO yield was seen at 44 bpa and 72 mbu for production. Day 2 of the tour covers more of the drought-stricken areas in western KS, with results seen later tonight.
Weekly Export Sales data on Thursday is expected to show net reductions of 100,000 to net sales of 100,000 MT for the 23/24 MY. New crop bookings are expected to total between 300,000 MT and 600,000 MT.
Russia’s SovEcon cut their wheat production estimate by another 3.9 MMT to 85.7 MMT.
Sep 24 CBOT Wheat closed at $6.86, down 7 1/4 cents,
Dec 24 CBOT Wheat closed at $7.09 1/2, down 7 3/4 cents,
Sep 24 KCBT Wheat closed at $6.88 3/4, down 8 1/4 cents,
Dec 24 KCBT Wheat closed at $7.09 1/2, down 8 1/4 cents,
Sep 24 MGEX Wheat closed at $7.35 1/4, down 6 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Soybeans Pushed Lower Following Bearish NOPA Data
Soybeans slipped into the close, as contracts settled with losses of a penny to 4 ¾ cents after NOPA reported an ugly April crush number. Soymeal futures were down $1.60 to $2.70/ton at the close. Soy Oil was up 12 to 24 points as tighter NOPA stocks were reported.
The Wednesday morning NOPA report showed just 166.03 mbu of soybeans crushed during April, a sharp 15.46% from March and well below the 183 mbu estimate heading in. That was also down 4.16% from a year ago and a 3-year low for April crush. Soybean oil stocks dropped to 1.75 billion lbs, down 5.2% from the end of March.
USDA reported a private export sale of 180,000 MT of soybeans to unknown destinations on Wednesday morning, with 120,000 MT for old crop and 60,000 MT for new crop. Ahead of the Thursday morning Export Sales release, the trade estimates soybean sales for 23/24 at 300,000-550,000 MT, with new crop at 0-100,000 MT. Soybean meal sales are expected in a range of 100,000-575,000 MT in the week of 5/9, with 0-22,000 MT seen for new crop.
Jul 24 Soybeans closed at $12.13 1/2, down 1 cent,
Nearby Cash was $11.51 3/4, down 1 cent,
Aug 24 Soybeans closed at $12.16 1/4, down 2 cents,
Jan 25 Soybeans closed at $12.12 1/4, down 4 cents,
New Crop Cash was $11.44, down 4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cattle Post Midweek Strength
Live cattle posted Wednesday strength of 7 to 40 cents across the board, following more boxed beef strength. Cash action has been quiet this week. The Central Stockyards Fed Cattle Exchange saw no sales on the 1,352 head listed on Wednesday morning, with bids of $181-181.25 and asks in the $185-186 range. Very light $184 trade was picked up in KS on Wednesday. Feeders were up 20 to 65 cents in the Wednesday session, as May slipped 12 cents lower. The CME Feeder Cattle index was up 4 cents on May 14 to $241.79.
USDA’s Wholesale Boxed Beef prices were higher again in the Wednesday afternoon report. Choice boxes were up another $2.38 at $306.77, with Select 49 cents higher to $294.31. That raised the Chc/Sel spread to $12.46. USDA estimated federally inspected cattle slaughter at 124,000 head for Wednesday, taking the weekly total to 363,000. That is down 4,000 head from last week and 15,165 head below the same week last year.
Jun 24 Live Cattle closed at $178.250, up $0.075,
Aug 24 Live Cattle closed at $176.525, up $0.400,
Oct 24 Live Cattle closed at $179.700, up $0.350,
May 24 Feeder Cattle closed at $243.150, down $0.125,
Aug 24 Feeder Cattle closed at $255.875, up $0.200,
Sep 24 Feeder Cattle closed at $256.950, up $0.325,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Hogs Post Mixed Trade on Wednesday
Lean hogs settled the Wednesday session on a mixed note, as front months were down 5 to 82 cents, with the other 24 contracts steady to 27 cents higher. USDA’s National Average Base Hog negotiated price was down $2.10 on Wednesday afternoon at 88.73. The CME Lean Hog Index was back up 7 cents on May 13 at $91.29.
USDA’s National Pork Carcass Cutout Value was back up 19 cents in the Wednesday PM report at $101.70. The belly, loin, and butt primals were in a range of 29 cents to $2.05 higher, with the rest of the primals reported lower. USDA estimated Wednesday’s federally inspected hog slaughter at 480,000 head, taking the week to date total to 1.421 million head. That is 15,000 head below last week but 18,978 head above the same week last year.
Jun 24 Hogs closed at $97.500, down $0.825,
Jul 24 Hogs closed at $100.875, down $0.050
Aug 24 Hogs closed at $100.025, up $0.125,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cotton Gets a Bounce on Wednesday
The cotton market posted strength across most contracts on Wednesday, with futures up 8 to 78 points across most contracts. The outside market factors were helpful, with crude oil up 79 cents and the US dollar index down 732 points.
Export Sales data will be released on Thursday morning, with the trade looking to see if the cheaper prices attract more business on top of the 253,700 RB reported last week.
ICE certified cotton stocks were back up 4,470 bales on May 14 at 169,735 bales. The Cotlook A Index was 65 points higher on May 14 at 85.85 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday and is good through tomorrow.
Jul 24 Cotton closed at 75.41, up 78 points,
Oct 24 Cotton closed at 75.27, down 31 points,
Mar 25 Cotton closed at 75.85, up 15 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Corn Falters to Weakness on Wednesday
Corn futures faded the early gains on Wednesday, with contracts closing anywhere from 2 1/4 to 5 cents lower.
Weather through the weekend shows much of the WCB drier, with portions of the Southern ECB with expected precip nearing 1-1.5 inches. The WCB looks wetter getting into next week.
EIA data from Wednesday morning showed that 1 million barrels per day of ethanol was produced during the week of 5/10. That was a 35,000 bpd increase from last week. Stocks were building during that week, up 289,000 barrels to 24.489 million.
Export Sales data is expected to show net sales of 0.7-1.05 MMT for the 23/24 marketing year in the week that ended on May 9. New crop bookings are seen in a range of 0-150,000 MT.
Jul 24 Corn closed at $4.62 1/2, down 5 cents,
Nearby Cash was $4.39 1/4, down 4 7/8 cents,
Sep 24 Corn closed at $4.73 1/4, down 4 3/4 cents,
Mar 25 Corn closed at $4.99 1/4, down 3 3/4 cents,
New Crop Cash was $4.50, down 4 3/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cotton Trading Mixed on Wednesday
The cotton market is trading mixed at midday, with July back up 73 points. Other contracts are within 5 points of unch, with the exception to the thinly traded October contracts. The outside market factors are helpful, with crude oil up 14 cents and the US dollar index down 627 points.
ICE certified cotton stocks were back up 4,470 bales on May 14 at 169,735 bales. The Cotlook A Index was 65 points higher on May 14 at 85.85 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday and is good through tomorrow.
Jul 24 Cotton is at 75.36, up 73 points,
Oct 24 Cotton is at 75.08, down 50 points,
Mar 25 Cotton is at 75.67, down 3 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Soybeans Holding Above UNCH Despite Bearish NOPA Data
Soybeans are holding above steady on the midweek session, as contracts are up 1 to 5 ¾ cents despite an ugly April crush number from NOPA. Soymeal futures are up 50 cents/ton. Soy Oil is back 62 to 67 points higher as tighter NOPA stocks were reported.
This morning’s NOPA report showed just 166.03 mbu of soybeans crushed during April, a sharp 15.46% from March and well below the 183 mbu estimate heading in. That was also down 4.16% from a year ago and a 3-year low for April crush. Soybean oil stocks dropped to 1.75 billion lbs, down 5.2% from the end of March.
USDA reported a private export sale of 180,000 MT of soybeans to unknown destinations this morning, with 120,000 MT for old crop and 60,000 MT for new crop. Ahead of the Thursday morning Export Sales release, the trade estimates soybean sales for 23/24 at 300,000-550,000 MT, with new crop at 0-100,000 MT. Soybean meal sales are expected in a range of 100,000-575,000 MT in the week of 5/9, with 0-22,000 MT seen for new crop.
Jul 24 Soybeans are at $12.20 1/4, up 5 3/4 cents,
Nearby Cash is at $11.57 1/2, up 5 3/4 cents,
Aug 24 Soybeans are at $12.23 1/4, up 5 cents,
Jan 25 Soybeans are at $12.19 1/4, up 3 cents,
New Crop Cash is at $11.51, up 3 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Hog Mixed on Wednesday
Lean hogs are mixed on Wednesday, with June down 70 cents, with other contracts slightly above unch. USDA’s National Average Base Hog negotiated price was up $1.17 from the Tuesday afternoon print at $92.00 on Wednesday morning. The CME Lean Hog Index was back up 7 cents on May 13 at $91.29.
USDA’s National Pork Carcass Cutout Value was back up 81 cents in the Wednesday AM report at $102.32. The belly, loin, and butt primals were in a range of $2.18 to $2.52 higher, with the rest of the primals reported lower. USDA estimated Tuesday’s federally inspected hog slaughter at 480,000 head, taking the week to date total to 941,000 head. That is 18,000 head below last week but 5,292 head above the same week last year.
Jun 24 Hogs are at $97.625, down $0.700,
Jul 24 Hogs are at $101.000, up $0.075
Aug 24 Hogs is at $100.025, up $0.125,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Corn Fades Off Early Strength to Midday Losses
Corn shot higher in early morning trade, but are fading lower on Wednesday. Contracts are down 3 to 4 cents across most nearby months at midday.
EIA data from this morning showed that 1 million barrels per day of ethanol was produced during the week of 5/10. That was a 35,000 bpd increase from last week. Stocks were building during that week, up 289,000 barrels to 24.489 million.
Export Sales data is expected to show net sales of 0.7-1.05 MMT for the 23/24 marketing year in the week that ended on May 9. New crop bookings are seen in a range of 0-150,000 MT.
Jul 24 Corn is at $4.63 1/2, down 4 cents,
Nearby Cash is at $4.40, down 4 cents,
Sep 24 Corn is at $4.74 1/2, down 3 1/2 cents,
Mar 25 Corn is at $4.99 1/2, down 3 1/2 cents,
New Crop Cash is at $4.51 1/8, down 3 3/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Wheat Well Off Session Highs at Midday
The wheat complex is fading the early double digit gains with losses reported at midday. Chicago contracts are down 5 to 6 cents in the front months. Kansas City futures are down 5 to 7 cents at the midday print. MPLS spring wheat futures are down 4 to 6 cents.
The first day of the HRW Wheat Quality Tour showed an average yield of 49.9 bpa. That is well above the 29.8 from last year and higher than the prior 3-year average of 42.8 bpa. The tour also estimates the NE crop at 48 bpa, with production totaling 40.8 mbu, as CO yield was seen at 44 bpa and 72 mbu for production. Day 2 of the tour overs more the drought stricken areas in western KS.
Weekly Export Sales data is expected to show net reductions of 100,000 to net sales of 100,000 MT for the 23/24 MY. New crop bookings are expected to total between 300,000 MT and 600,000 MT.
Russia’s SovEcon cut their wheat production estimate by another 3.9 MMT to 85.7 MMT.
Sep 24 CBOT Wheat is at $6.88 1/2, down 4 3/4 cents,
Dec 24 CBOT Wheat is at $7.12 1/4, down 5 cents,
Sep 24 KCBT Wheat is at $6.92, down 5 cents,
Dec 24 KCBT Wheat is at $7.12 1/2, down 5 1/4 cents,
Sep 24 MGEX Wheat is at $7.35 1/2, down 6 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cattle Holding Higher on Wednesday’s Midday
Live cattle are extending the week’s gains, as contracts are up 17 to 50 cents at midday. Cash action has been quiet this week. The Central Stockyards Fed Cattle Exchange saw no sales on the 1,352 head listed on Wednesday morning, with bids of $181-181.25 and asks in the $185-186 range. Feeders are mostly higher, with gains of 12 to 62 cents. The CME Feeder Cattle index was up 39 cents on May 13 to $241.75.
USDA’s Wholesale Boxed Beef prices were higher again in the Wednesday morning report. Choice boxes were up another $2.98 at $307.37, with Select 85 cents higher to $294.67. That raised the Chc/Sel spread to $12.70. USDA estimated federally inspected cattle slaughter at 123,000 head for Tuesday, taking the weekly total to 239,000. That is down 5,000 head from last week and 12,957 head below the same week last year.
Jun 24 Live Cattle are at $178.350, up $0.175,
Aug 24 Live Cattle are at $176.625, up $0.500,
Oct 24 Live Cattle are at $179.775, up $0.425,
May 24 Feeder Cattle are at $243.400, up $0.125
Aug 24 Feeder Cattle are at $256.075, up $0.400
Sep 24 Feeder Cattle are at $257.175, up $0.550
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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