News Source: BRUG

Ag Market Commentary

Corn futures are trading fractionally lower this morning. They ended the Monday session with most contracts 3 to 4 cents in the red. December posted a new life of contract low. The weekly Export Inspections report showed US corn shipments for the week of 9/13 were 1.03 MMTs. That was 49.75% larger than the same week in 2017 and a 31.5% jump from the prior holiday week. The NASS Crop Progress report indicated that 93% of the crop was dented and 54% was mature as of Sunday, both ahead of normal. Harvest was 9% complete, vs. the average pace of 6%. Condition ratings overall were steady during that week at 68% gd/ex and 373 points on the Brugler500 index. North Carolina ratings were down as expected due to the hurricane but offset by some higher Midwest evaluations. Chicken producers are also reporting death losses from the hurricane.



Soybean futures are currently 3 cents lower after ending Monday with most contracts 6 to 7 cents lower. Soybean meal was down $2.90/ton yesterday, while soy oil was 6 points lower. Weekly USDA soybean export inspections totaled 784,752 MT. That was a 15.29% drop from the previous week and was 15.86% lower than the same week last year. NOPA August crush was a record 158.885 mbu, but nearly 5 mbu shy of most estimates. It was still 11.56% larger than August last year. Soy oil stocks at the end of August were tighter than trade ideas at 1.623 billion pounds. The crop progress report showed 53% of the beans dropping leaves (vs. 36% average), with 6% harvested (3% average) as of 9/16. NASS showed condition ratings 1% lower @ 67% good/ex, while the Brugler500 Index dropped 1 point to 372.



Wheat futures are mostly 2 to 5 cents higher this morning on spread reverses. Chicago SRW is the strongest. They were 3 to 5 1/4 cents lower in most CBT and KC contracts on Monday, with MPLS steady to 3 cents in the green. Weekly Export Inspections totaled 406,004 MT in the week that ended on September 13. That was a drop of 5.74% from the previous week and down 13.4% from the same week last year. Australia suffered some frost damage over the weekend. The US spring wheat crop was reported at 97% harvested, 5% faster than the average. The winter wheat crop was shown 13% planted, lagging the normal pace by 1%. Saudi Arabia purchased 630,000 MT of wheat in their tender, with several origins approved including the US. Egypt’s GASC is in for another round of wheat this week, with results expected later today.



Live cattle futures settled Monday with most contracts steady to 40 cents higher and nearby Oct 27.5 cents lower. Feeder cattle futures were steady to 70 cents in the green, with front month Sep down 32.5 cents. The CME feeder cattle index September 13 average was up 11 cents at $152.71. Wholesale boxed beef values were higher on Monday afternoon. Choice boxes were up $1.77 to $206.04, while Select boxes were 91 cents higher at $197.38. USDA estimated FI cattle slaughter at 119,000 head on Monday. That is even with last week and 8,000 head above the same week in 2017. Australia is expected to see an increase in slaughter in 18/19 due to drought conditions according to the country’s ABARE.



Lean hog futures finished the Monday session with most contracts down 92.5 cents to $1.275, as nearby Oct was up 22.5 cents. The CME Lean Hog Index was up $1.77 cents on September 13 to $51.85. The USDA pork carcass cutout value was $1.49 higher at $76.02 in the Monday afternoon FOB plant report. The national base hog carcass value was up $1.80 @ $50.59 on Monday afternoon. FI hog slaughter on Monday was estimated at 416,000 head, down 43,000 head from last week and 32,000 head from the same week last year. North Carolina slaughter facilities experienced downtime due to Hurricane Florence over the weekend. Many highways are still closed and an estimated 300,000 people were still without power on Monday afternoon.



Cotton futures are 71 to 128 points lower this morning. The US activated close to $200 billion in new tariffs on Chinese consumer goods, effective September 24. Most are at the 10% level but will escalate to 25% at yearend if there is no trade deal. China will respond with $60 billion in new tariffs on US exports to China. The weekly Crop Progress report indicated that 49% of the US cotton crop had bolls opening as of Sunday, with 13% harvested (above the 6% average). Condition ratings were up 1% to 39% gd/ex, with the Brugler500 Index 8 points higher to 308 on fewer very poor ratings. The Cotlook A index was down 105 points from the previous day at 91.10 cents/lb on September 14. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.



Cotton Market Commentary

Cotton futures are 71 to 128 points lower this morning. The US activated close to $200 billion in new tariffs on Chinese consumer goods, effective September 24. Most are at the 10% level but will escalate to 25% at yearend if there is no trade deal. China will respond with $60 billion in new tariffs on US exports to China. The weekly Crop Progress report indicated that 49% of the US cotton crop had bolls opening as of Sunday, with 13% harvested (above the 6% average). Condition ratings were up 1% to 39% gd/ex, with the Brugler500 Index 8 points higher to 308 on fewer very poor ratings. The Cotlook A index was down 105 points from the previous day at 91.10 cents/lb on September 14. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Corn Market Commentary

Corn futures are trading fractionally lower this morning. They ended the Monday session with most contracts 3 to 4 cents in the red. December posted a new life of contract low. The weekly Export Inspections report showed US corn shipments for the week of 9/13 were 1.03 MMTs. That was 49.75% larger than the same week in 2017 and a 31.5% jump from the prior holiday week. The NASS Crop Progress report indicated that 93% of the crop was dented and 54% was mature as of Sunday, both ahead of normal. Harvest was 9% complete, vs. the average pace of 6%. Condition ratings overall were steady during that week at 68% gd/ex and 373 points on the Brugler500 index. North Carolina ratings were down as expected due to the hurricane but offset by some higher Midwest evaluations. Chicken producers are also reporting death losses from the hurricane.

Lean Hogs Market Commentary

Lean hog futures finished the Monday session with most contracts down 92.5 cents to $1.275, as nearby Oct was up 22.5 cents. The CME Lean Hog Index was up $1.77 cents on September 13 to $51.85. The USDA pork carcass cutout value was $1.49 higher at $76.02 in the Monday afternoon FOB plant report. The national base hog carcass value was up $1.80 @ $50.59 on Monday afternoon. FI hog slaughter on Monday was estimated at 416,000 head, down 43,000 head from last week and 32,000 head from the same week last year. North Carolina slaughter facilities experienced downtime due to Hurricane Florence over the weekend. Many highways are still closed and an estimated 300,000 people were still without power on Monday afternoon.

Cattle Market Commentary

Live cattle futures settled Monday with most contracts steady to 40 cents higher and nearby Oct 27.5 cents lower. Feeder cattle futures were steady to 70 cents in the green, with front month Sep down 32.5 cents. The CME feeder cattle index September 13 average was up 11 cents at $152.71. Wholesale boxed beef values were higher on Monday afternoon. Choice boxes were up $1.77 to $206.04, while Select boxes were 91 cents higher at $197.38. USDA estimated FI cattle slaughter at 119,000 head on Monday. That is even with last week and 8,000 head above the same week in 2017. Australia is expected to see an increase in slaughter in 18/19 due to drought conditions according to the country’s ABARE.

Wheat Market Commentary

Wheat futures are mostly 2 to 5 cents higher this morning on spread reverses. Chicago SRW is the strongest. They were 3 to 5 1/4 cents lower in most CBT and KC contracts on Monday, with MPLS steady to 3 cents in the green. Weekly Export Inspections totaled 406,004 MT in the week that ended on September 13. That was a drop of 5.74% from the previous week and down 13.4% from the same week last year. Australia suffered some frost damage over the weekend. The US spring wheat crop was reported at 97% harvested, 5% faster than the average. The winter wheat crop was shown 13% planted, lagging the normal pace by 1%. Saudi Arabia purchased 630,000 MT of wheat in their tender, with several origins approved including the US. Egypt’s GASC is in for another round of wheat this week, with results expected later today.

Soybeans Market Commentary

Soybean futures are currently 3 cents lower after ending Monday with most contracts 6 to 7 cents lower. Soybean meal was down $2.90/ton yesterday, while soy oil was 6 points lower. Weekly USDA soybean export inspections totaled 784,752 MT. That was a 15.29% drop from the previous week and was 15.86% lower than the same week last year. NOPA August crush was a record 158.885 mbu, but nearly 5 mbu shy of most estimates. It was still 11.56% larger than August last year. Soy oil stocks at the end of August were tighter than trade ideas at 1.623 billion pounds. The crop progress report showed 53% of the beans dropping leaves (vs. 36% average), with 6% harvested (3% average) as of 9/16. NASS showed condition ratings 1% lower @ 67% good/ex, while the Brugler500 Index dropped 1 point to 372.

Cotton Market Commentary

Cotton futures were 40 to 46 points lower in most contracts on Monday, ignoring thinly traded nearby Oct. A little pressure came from an unknown Chinese response to US threats of another $200 billion in tariffs on Chinese goods, which have yet to be implemented. The weekly Crop Progress report indicated that 49% of the US cotton crop had bolls opening as of Sunday, with 13% harvested (above the 6% average). Condition ratings were up 1% to 39% gd/ex, with the Brugler500 Index 8 points higher to 308 on fewer very poor ratings. The Cotlook A index was down 105 points from the previous day at 91.10 cents/lb on September 14. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

OCT 18 Cotton closed at 82.34, up 44 points,

DEC 18 Cotton closed at 81.37, down 46 points

MAR 19 Cotton closed at 81.7, down 44 points

MAY 19 Cotton closed at 82.24, down 40 points

Lean Hogs Market Commentary

Lean hog futures finished the Monday session with most contracts down 92.5 cents to $1.275, as nearby Oct was up 22.5 cents. The CME Lean Hog Index was up $1.77 cents on September 13 to $51.85. The USDA pork carcass cutout value was $1.49 higher at $76.02 in the Monday afternoon FOB plant report. The national base hog carcass value was up $1.80 @ $50.59 on Monday afternoon. FI hog slaughter on Monday was estimated at 416,000 head, down 43,000 head from last week and 32,000 head from the same week last year. North Carolina slaughter facilities experienced downtime due to Hurricane Florence over the weekend. Many highways are still closed and an estimated 300,000 people were without power.

OCT 18 Hogs closed at $56.450, up $0.225,

DEC 18 Hogs closed at $55.375, down $1.275

FEB 19 Hogs closed at $64.525, down $1.150

Cattle Market Commentary

Live cattle futures settled Monday with most contracts steady to 40 cents higher and nearby Oct 27.5 cents lower. Feeder cattle futures were steady to 70 cents in the green, with front month Sep down 32.5 cents. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were higher on Monday afternoon. Choice boxes were up $1.77 to $206.04, while Select boxes were 91 cents higher at $197.38. USDA estimated FI cattle slaughter at 119,000 head on Monday. That is even with last week and 8,000 head above the same week in 2017. Australia is expected to see an increase in slaughter in 18/19 due to drought conditions according to the country’s ABARE.

OCT 18 Cattle closed at $113.425, down $0.375,

DEC 18 Cattle closed at $118.100, up $0.050,

FEB 19 Cattle closed at $122.300, up $0.400,

SEP 18 Feeder Cattle closed at $157.100, down $0.325

OCT 18 Feeder Cattle closed at $158.900, up $0.025

NOV 18 Feeder Cattle closed at $158.725, up $0.300

Wheat Market Commentary

Wheat futures were 3 to 5 1/4 cents lower in most CBT and KC contracts on Monday, with MPLS steady to 3 cents in the green. The weekly Export Inspections report indicated that 406,004 MT of wheat was shipped in the week that ended on September 13. That was a drop of 5.74% from the previous week and down 13.4% from the same week last year. Australia suffered some frost damage over the weekend. The US spring wheat crop was reported at 97% harvested, 5% faster than the average. The winter wheat crop was shown 13% planted, lagging the normal pace by 1%. Saudi Arabia purchased 630,000 MT of wheat in their latest tender, with several origins approved including the US. Egypt’s GASC is in for another round of wheat this week, with the tender to close on Tuesday.

DEC 18 CBOT Wheat closed at $5.06 1/4, down 5 1/4 cents,

DEC 18 KCBT Wheat closed at $5.12 3/4, down 3 1/2 cents,

DEC 18 MGEX Wheat closed at $5.75 1/4, up 3 cents

Soybeans Market Commentary

Soybean futures closed the day with most contracts 6 to 7 cents lower. Soybean meal was down $2.90/ton, while soy oil was 6 points lower. USDA reported a private export sale of 241,000 MT of soybeans to unknown for 18/19 delivery this morning. Soybean export inspections of 784,752 MT were reported in this morning’s USDA report. That was a 15.29% drop from the previous week and was 15.86% lower than the same week last year. NOPA reported record August crush of 158.885 mbu among its members, but nearly 5 mbu shy of most estimates. It was still 11.56% larger than August last year. Soy oil stocks at the end of August were well below estimates at 1.623 billion pounds. The crop progress report showed 53% of the beans dropping leaves (36% average), with 6% harvested (3% average) as of 9/16. NASS showed condition ratings 1% lower @ 67% good/ex, while the Brugler500 Index dropped 1 point to 372.

NOV 18 Soybeans closed at $8.23 1/2, down 7 cents,

JAN 19 Soybeans closed at $8.37 1/4, down 7 cents,

MAR 19 Soybeans closed at $8.50 1/2, down 6 3/4 cents,

MAY 19 Soybeans closed at $8.63 3/4, down 6 1/2 cents,

OCT 18 Soybean Meal closed at $302.90, down $2.90,

OCT 18 Soybean Oil closed at $27.43, down $0.06

Ag Market Commentary

Corn futures ended the Monday session with most contracts 3 to 4 cents in the red, as the market continues to look for that harvest low. December posted a new life of contract low. The weekly Export Inspections report showed US corn shipments for the week of 9/13 at 1.03 MMT. That was 49.75% larger than the same week in 2017 and a 31.5% jump from the week prior. This afternoon’s NASS Crop Progress report indicated that 93% of the crop was dented and 54% was mature as of Sunday, both ahead of normal. Harvest was 9% complete, vs. the average pace of 6%. Conditions for the 18 survey states were steady during that week at 68% gd/ex and 373 points on the Brugler500 index. NC was down as expected.

DEC 18 Corn closed at $3.48, down 3 3/4 cents,

MAR 19 Corn closed at $3.60, down 3 3/4 cents,

MAY 19 Corn closed at $3.68 1/4, down 4 cents

JUL 19 Corn closed at $3.74 3/4, down 3 1/2 cents



Soybean futures closed the day with most contracts 6 to 7 cents lower. Soybean meal was down $2.90/ton, while soy oil was 6 points lower. USDA reported a private export sale of 241,000 MT of soybeans to unknown for 18/19 delivery this morning. Soybean export inspections of 784,752 MT were reported in this morning’s USDA report. That was a 15.29% drop from the previous week and was 15.86% lower than the same week last year. NOPA reported record August crush of 158.885 mbu among its members, but nearly 5 mbu shy of most estimates. It was still 11.56% larger than August last year. Soy oil stocks at the end of August were well below estimates at 1.623 billion pounds. The crop progress report showed 53% of the beans dropping leaves (36% average), with 6% harvested (3% average) as of 9/16. NASS showed condition ratings 1% lower @ 67% good/ex, while the Brugler500 Index dropped 1 point to 372.

NOV 18 Soybeans closed at $8.23 1/2, down 7 cents,

JAN 19 Soybeans closed at $8.37 1/4, down 7 cents,

MAR 19 Soybeans closed at $8.50 1/2, down 6 3/4 cents,

MAY 19 Soybeans closed at $8.63 3/4, down 6 1/2 cents,

OCT 18 Soybean Meal closed at $302.90, down $2.90,

OCT 18 Soybean Oil closed at $27.43, down $0.06



Wheat futures were 3 to 5 1/4 cents lower in most CBT and KC contracts on Monday, with MPLS steady to 3 cents in the green. The weekly Export Inspections report indicated that 406,004 MT of wheat was shipped in the week that ended on September 13. That was a drop of 5.74% from the previous week and down 13.4% from the same week last year. Australia suffered some frost damage over the weekend. The US spring wheat crop was reported at 97% harvested, 5% faster than the average. The winter wheat crop was shown 13% planted, lagging the normal pace by 1%. Saudi Arabia purchased 630,000 MT of wheat in their latest tender, with several origins approved including the US. Egypt’s GASC is in for another round of wheat this week, with the tender to close on Tuesday.

DEC 18 CBOT Wheat closed at $5.06 1/4, down 5 1/4 cents,

DEC 18 KCBT Wheat closed at $5.12 3/4, down 3 1/2 cents,

DEC 18 MGEX Wheat closed at $5.75 1/4, up 3 cents



Live cattle futures settled Monday with most contracts steady to 40 cents higher and nearby Oct 27.5 cents lower. Feeder cattle futures were steady to 70 cents in the green, with front month Sep down 32.5 cents. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were higher on Monday afternoon. Choice boxes were up $1.77 to $206.04, while Select boxes were 91 cents higher at $197.38. USDA estimated FI cattle slaughter at 119,000 head on Monday. That is even with last week and 8,000 head above the same week in 2017. Australia is expected to see an increase in slaughter in 18/19 due to drought conditions according to the country’s ABARE.

OCT 18 Cattle closed at $113.425, down $0.375,

DEC 18 Cattle closed at $118.100, up $0.050,

FEB 19 Cattle closed at $122.300, up $0.400,

SEP 18 Feeder Cattle closed at $157.100, down $0.325

OCT 18 Feeder Cattle closed at $158.900, up $0.025

NOV 18 Feeder Cattle closed at $158.725, up $0.300



Lean hog futures finished the Monday session with most contracts down 92.5 cents to $1.275, as nearby Oct was up 22.5 cents. The CME Lean Hog Index was up $1.77 cents on September 13 to $51.85. The USDA pork carcass cutout value was $1.49 higher at $76.02 in the Monday afternoon FOB plant report. The national base hog carcass value was up $1.80 @ $50.59 on Monday afternoon. FI hog slaughter on Monday was estimated at 416,000 head, down 43,000 head from last week and 32,000 head from the same week last year. North Carolina slaughter facilities experienced downtime due to Hurricane Florence over the weekend. Many highways are still closed and an estimated 300,000 people were without power.

OCT 18 Hogs closed at $56.450, up $0.225,

DEC 18 Hogs closed at $55.375, down $1.275

FEB 19 Hogs closed at $64.525, down $1.150



Cotton futures were 40 to 46 points lower in most contracts on Monday, ignoring thinly traded nearby Oct. A little pressure came from an unknown Chinese response to US threats of another $200 billion in tariffs on Chinese goods, which have yet to be implemented. The weekly Crop Progress report indicated that 49% of the US cotton crop had bolls opening as of Sunday, with 13% harvested (above the 6% average). Condition ratings were up 1% to 39% gd/ex, with the Brugler500 Index 8 points higher to 308 on fewer very poor ratings. The Cotlook A index was down 105 points from the previous day at 91.10 cents/lb on September 14. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

OCT 18 Cotton closed at 82.34, up 44 points,

DEC 18 Cotton closed at 81.37, down 46 points

MAR 19 Cotton closed at 81.7, down 44 points

MAY 19 Cotton closed at 82.24, down 40 points



Corn Market Commentary

Corn futures ended the Monday session with most contracts 3 to 4 cents in the red, as the market continues to look for that harvest low. December posted a new life of contract low. The weekly Export Inspections report showed US corn shipments for the week of 9/13 at 1.03 MMT. That was 49.75% larger than the same week in 2017 and a 31.5% jump from the week prior. This afternoon’s NASS Crop Progress report indicated that 93% of the crop was dented and 54% was mature as of Sunday, both ahead of normal. Harvest was 9% complete, vs. the average pace of 6%. Conditions for the 18 survey states were steady during that week at 68% gd/ex and 373 points on the Brugler500 index. NC was down as expected.

DEC 18 Corn closed at $3.48, down 3 3/4 cents,

MAR 19 Corn closed at $3.60, down 3 3/4 cents,

MAY 19 Corn closed at $3.68 1/4, down 4 cents

JUL 19 Corn closed at $3.74 3/4, down 3 1/2 cents

Ag Market Commentary

Corn futures are currently 2 to 3 1/4 cents in the red at Monday’s midday. The weekly Export Inspections report showed US corn shipments for the week of 9/13 at 1.03 MMT. That was 49.75% larger than the same week in 2017 and a 31.5% jump from the week prior. The weekly NASS Crop Progress report will be released this afternoon, barring any technical issues similar to last week. The big spec funds in corn futures and options added 6,586 contracts to their CFTC net short position of 63,470 contracts as of last Tuesday, right ahead of what turned out to be a bearish crop report.

Dec 18 Corn is at $3.48 3/4, down 3 cents,

Mar 19 Corn is at $3.60 3/4, down 3 cents,

May 19 Corn is at $3.69, down 3 1/4 cents

Jul 19 Corn is at $3.75 1/2, down 2 3/4 cents



Soybean futures are trading 4 to 5 cents lower at midday. Soybean meal is down $2.70/ton, while soy oil is 11 points higher. USDA reported a private export sale of 241,000 MT of soybeans to unknown for 18/19 delivery this morning. Soybean export inspections of 784,752 MT were reported in this morning’s USDA report. That was a 15.29% drop from the previous week and was 15.86% lower than the same week last year. NOPA reported record August crush of 158.885 mbu among its members, but nearly 5 mbu shy of most estimates. It was still 11.56% larger than August last year. Soy oil stocks at the end of August were well below estimates at 1.623 billion pounds. Money managers in soybean futures and options added another 5,5200 contracts to their CFTC net short position in the week ending 9/11. That position was the most bearish since January at -68,269 contracts.

Nov 18 Soybeans are at $8.25 1/2, down 5 cents,

Jan 19 Soybeans are at $8.39 1/4, down 5 cents,

Mar 19 Soybeans are at $8.52 1/2, down 4 3/4 cents,

May 19 Soybeans are at $8.65 1/2, down 4 3/4 cents,

Oct 18 Soybean Meal is at $303.10, down $2.70

Oct 18 Soybean Oil is at $27.60, up $0.11



Wheat futures are mostly 1 to 3 cents lower on Monday in the CBT and KC contracts, while MPLS is up 1 to 2 cents. The weekly Export Inspections report indicated that 406,004 MT of wheat was shipped in the week that ended on September 13. That was a drop of 5.74% from the previous week and down 13.4% from the same week last year. Friday’s CFTC Commitment of Traders report indicated that specs in Chicago wheat futures and options trimmed their net long position by 24,351 contracts as of 9/11 to 18,415 contracts. In KC wheat futures and options, they cut 11,715 contracts from that net long to 43,539 contracts. Saudi Arabia purchased 630,000 MT of wheat in their latest tender, with several origins approved including the US.

Dec 18 CBOT Wheat is at $5.09 1/4, down 2 1/4 cents,

Dec 18 KCBT Wheat is at $5.14 1/2, down 1 3/4 cents,

Dec 18 MGEX Wheat is at $5.73 3/4, up 1 1/2 cents



Live cattle futures are mixed at midday, with most contracts steady to 45 cents lower and Feb slightly higher. Feeder cattle futures are mixed as well, with Sep down 20 cents and back months higher. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were higher on Monday morning. Choice boxes were up $1.94 to $206.27, while Select boxes were 71 cents higher at $197.18. USDA estimated weekly FI cattle slaughter at 652,000 head through Saturday, which is 6,000 head above the same week in 2017. Some cash trade was reported at $111 on Friday afternoon. Australia is expected to see an increase in slaughter in 18/19 due to drought conditions according to the country’s ABARE.

Oct 18 Cattle are at $113.450, down $0.350,

Dec 18 Cattle are at $117.950, down $0.100,

Feb 19 Cattle are at $122.075, up $0.175,

Sep 18 Feeder Cattle are at $157.225, down $0.200

Oct 18 Feeder Cattle are at $159.200, up $0.325

Nov 18 Feeder Cattle are at $158.775, up $0.350



Lean hog futures are showing sharp losses of $1 to $1.45 in most contracts, with Oct down 20 cents. Smithfield’s slaughter facility in NC is still expected to experience downtime today. The CME Lean Hog Index was up $1.77 cents on September 13 to $51.85. The USDA pork carcass cutout value was 70 cents higher at $75.23 in the Monday morning FOB plant report. The national base hog carcass value was up $1.57 @ $50.36 on Monday morning. Weekly FI hog slaughter through Saturday was estimated at 2.315 million head, down 145,000 head from the same week last year.

Oct 18 Hogs are at $56.025, down $0.200,

Dec 18 Hogs are at $55.225, down $1.425

Feb 19 Hogs are at $64.525, down $1.150



Cotton futures are mostly lower at midday, with nearby Oct higher on low volume. A little pressure is from US threats of another $200 billion in tariffs on Chinese goods, which have yet to be implemented. After 5 straight weeks of trimming their net long position, spec traders in Cotton futures and options added 1,504 contracts to that net position on 9/11 to 67,302 contracts. The Cotlook A index was down 105 points from the previous day at 91.10 cents/lb on September 14. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Oct 18 Cotton is at 82.34, up 44 points,

Dec 18 Cotton is at 81.66, down 17 points

Mar 19 Cotton is at 81.95, down 19 points

May 19 Cotton is at 82.520, down 12 points



Cotton Market Commentary

Cotton futures are mostly lower at midday, with nearby Oct higher on low volume. A little pressure is from US threats of another $200 billion in tariffs on Chinese goods, which have yet to be implemented. After 5 straight weeks of trimming their net long position, spec traders in Cotton futures and options added 1,504 contracts to that net position on 9/11 to 67,302 contracts. The Cotlook A index was down 105 points from the previous day at 91.10 cents/lb on September 14. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Oct 18 Cotton is at 82.34, up 44 points,

Dec 18 Cotton is at 81.66, down 17 points

Mar 19 Cotton is at 81.95, down 19 points

May 19 Cotton is at 82.520, down 12 points

Corn Market Commentary

Corn futures are currently 2 to 3 1/4 cents in the red at Monday’s midday. The weekly Export Inspections report showed US corn shipments for the week of 9/13 at 1.03 MMT. That was 49.75% larger than the same week in 2017 and a 31.5% jump from the week prior. The weekly NASS Crop Progress report will be released this afternoon, barring any technical issues similar to last week. The big spec funds in corn futures and options added 6,586 contracts to their CFTC net short position of 63,470 contracts as of last Tuesday, right ahead of what turned out to be a bearish crop report.

Dec 18 Corn is at $3.48 3/4, down 3 cents,

Mar 19 Corn is at $3.60 3/4, down 3 cents,

May 19 Corn is at $3.69, down 3 1/4 cents

Jul 19 Corn is at $3.75 1/2, down 2 3/4 cents

Lean Hogs Market Commentary

Lean hog futures are showing sharp losses of $1 to $1.45 in most contracts, with Oct down 20 cents. Smithfield’s slaughter facility in NC is still expected to experience downtime today. The CME Lean Hog Index was up $1.77 cents on September 13 to $51.85. The USDA pork carcass cutout value was 70 cents higher at $75.23 in the Monday morning FOB plant report. The national base hog carcass value was up $1.57 @ $50.36 on Monday morning. Weekly FI hog slaughter through Saturday was estimated at 2.315 million head, down 145,000 head from the same week last year.

Oct 18 Hogs are at $56.025, down $0.200,

Dec 18 Hogs are at $55.225, down $1.425

Feb 19 Hogs are at $64.525, down $1.150

Cattle Market Commentary

Live cattle futures are mixed at midday, with most contracts steady to 45 cents lower and Feb slightly higher. Feeder cattle futures are mixed as well, with Sep down 20 cents and back months higher. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were higher on Monday morning. Choice boxes were up $1.94 to $206.27, while Select boxes were 71 cents higher at $197.18. USDA estimated weekly FI cattle slaughter at 652,000 head through Saturday, which is 6,000 head above the same week in 2017. Some cash trade was reported at $111 on Friday afternoon. Australia is expected to see an increase in slaughter in 18/19 due to drought conditions according to the country’s ABARE.

Oct 18 Cattle are at $113.450, down $0.350,

Dec 18 Cattle are at $117.950, down $0.100,

Feb 19 Cattle are at $122.075, up $0.175,

Sep 18 Feeder Cattle are at $157.225, down $0.200

Oct 18 Feeder Cattle are at $159.200, up $0.325

Nov 18 Feeder Cattle are at $158.775, up $0.350

Wheat Market Commentary

Wheat futures are mostly 1 to 3 cents lower on Monday in the CBT and KC contracts, while MPLS is up 1 to 2 cents. The weekly Export Inspections report indicated that 406,004 MT of wheat was shipped in the week that ended on September 13. That was a drop of 5.74% from the previous week and down 13.4% from the same week last year. Friday’s CFTC Commitment of Traders report indicated that specs in Chicago wheat futures and options trimmed their net long position by 24,351 contracts as of 9/11 to 18,415 contracts. In KC wheat futures and options, they cut 11,715 contracts from that net long to 43,539 contracts. Saudi Arabia purchased 630,000 MT of wheat in their latest tender, with several origins approved including the US.

Dec 18 CBOT Wheat is at $5.09 1/4, down 2 1/4 cents,

Dec 18 KCBT Wheat is at $5.14 1/2, down 1 3/4 cents,

Dec 18 MGEX Wheat is at $5.73 3/4, up 1 1/2 cents

Soybeans Market Commentary

Soybean futures are trading 4 to 5 cents lower at midday. Soybean meal is down $2.70/ton, while soy oil is 11 points higher. USDA reported a private export sale of 241,000 MT of soybeans to unknown for 18/19 delivery this morning. Soybean export inspections of 784,752 MT were reported in this morning’s USDA report. That was a 15.29% drop from the previous week and was 15.86% lower than the same week last year. NOPA reported record August crush of 158.885 mbu among its members, but nearly 5 mbu shy of most estimates. It was still 11.56% larger than August last year. Soy oil stocks at the end of August were well below estimates at 1.623 billion pounds. Money managers in soybean futures and options added another 5,5200 contracts to their CFTC net short position in the week ending 9/11. That position was the most bearish since January at -68,269 contracts.

Nov 18 Soybeans are at $8.25 1/2, down 5 cents,

Jan 19 Soybeans are at $8.39 1/4, down 5 cents,

Mar 19 Soybeans are at $8.52 1/2, down 4 3/4 cents,

May 19 Soybeans are at $8.65 1/2, down 4 3/4 cents,

Oct 18 Soybean Meal is at $303.10, down $2.70

Oct 18 Soybean Oil is at $27.60, up $0.11

Wheat Market Commentary

Wheat futures are currently 1 to 5 cents per bushel higher after posting 9 to 14 1/2 cent gains in most contracts on Friday. Minneapolis spring wheat is the firmest. Western Australia was expected to get frost in their heretofore excellent wheat crop, and that did occur over the weekend. All three markets posted modest gains last week in their Dec contracts. Eastern Australian yields were already depressed by drought. Chicago open interest rose 7,503 contracts. Friday’s CFTC Commitment of Traders report indicated that specs in Chicago wheat futures and options trimmed their net long position by 24,351 contracts as of 9/11 to 18,415 contracts. In KC wheat futures and options, they cut 11,715 contracts from that net long to 43,539 contracts. After the USDA left their export projection UNCH in September’s S&D report, wheat commitments for export are now 35% of the full year estimate. The typical average for this time of year is 53%, with last year at 57%.

Soybeans Market Commentary

Soybean futures are mostly 5 cents per bushel lower this morning. They settled with most contracts 2 to 3 cents in the red on Friday. Preliminary open interest jumped 10,843 on net new selling interest. Nearby Nov was down 1.6% on the week. Soybean meal led the way on Friday down $4/ton, while soy oil was 1 point lower. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. The NOPA crush report today is expected to show August soybean crush of 163.87 mbu, according to industry surveys. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Money managers in soybean futures and options added another 5,5200 contracts to their CFTC net short position in the week ending 9/11. That position was the most bearish since January at -68,269 contracts. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year. Sales picked up when the Real weakened below 4 per USD.

Ag Market Commentary

Corn futures are trading 1 to 2 cents lower at the moment. They closed the Friday session with most contracts steady to a penny higher. December still posted a 4.16% loss for the week. The big spec funds in corn futures and options added 6,586 contracts to their CFTC net short position of 63,470 contracts as of last Tuesday. Total export commitments for corn through the week of 9/6 (including the first 6 days of shipments and all unshipped sales) totaled 25% of the USDA export projection of 2.4 bbu. The average for this date is 24% complete. An auction of Chinese state reserves saw 1.026 MMT of corn sold on Friday, totaling 25.69% of the amount offered.



Soybean futures are mostly 5 cents per bushel lower this morning. They settled with most contracts 2 to 3 cents in the red on Friday. Preliminary open interest jumped 10,843 on net new selling interest. Nearby Nov was down 1.6% on the week. Soybean meal led the way on Friday down $4/ton, while soy oil was 1 point lower. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. The NOPA crush report today is expected to show August soybean crush of 163.87 mbu, according to industry surveys. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Money managers in soybean futures and options added another 5,5200 contracts to their CFTC net short position in the week ending 9/11. That position was the most bearish since January at -68,269 contracts. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year. Sales picked up when the Real weakened below 4 per USD.



Wheat futures are currently 1 to 5 cents per bushel higher after posting 9 to 14 1/2 cent gains in most contracts on Friday. Minneapolis spring wheat is the firmest. Western Australia was expected to get frost in their heretofore excellent wheat crop, and that did occur over the weekend. All three markets posted modest gains last week in their Dec contracts. Eastern Australian yields were already depressed by drought. Chicago open interest rose 7,503 contracts. Friday’s CFTC Commitment of Traders report indicated that specs in Chicago wheat futures and options trimmed their net long position by 24,351 contracts as of 9/11 to 18,415 contracts. In KC wheat futures and options, they cut 11,715 contracts from that net long to 43,539 contracts. After the USDA left their export projection UNCH in September’s S&D report, wheat commitments for export are now 35% of the full year estimate. The typical average for this time of year is 53%, with last year at 57%.



Live cattle futures saw limit up in October on Friday, with most other contracts triple digits higher. Feeder cattle futures were up $2.15 to $3.35 in the front months today. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were up 23 cents to $204.27, while Select boxes were 77 cents lower at $196.47. USDA estimated weekly FI cattle slaughter at 652,000 head through Saturday, which is 6,000 head above the same week in 2017. Some cash trade was reported at $111 on Friday afternoon.



Lean hog futures ended the Friday session with most contracts 15 to 72 cents higher. The CME Lean Hog Index was up $1.49 cents on September 12 to $50.08. The USDA pork carcass cutout value was $3.48 higher at $74.53 in the Friday afternoon FOB plant report. The belly was up $7.66, and all other cuts reported higher. The national base hog carcass value was down 30 cents @ $48.96 on Friday afternoon. Weekly FI hog slaughter through Saturday was estimated at 2.315 million head, down 145,000 head from the same week last year.



Cotton futures are 33 to 36 points lower this morning after they were 17 to 32 points higher in most contracts on Friday. After 5 straight weeks of trimming their net long position, spec traders in Cotton futures and options added 1,504 contracts to that net position on 9/11 to 67,302 contracts. USDA Export Sales data through last Thursday September 6, show that upland cotton export commitments are 60% of the full year USDA projection, with the average pace only 40% this early in the year. The Cotlook A index was down 25 points from the previous day at 92.15 cents/lb on September 13. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.



Cotton Market Commentary

Cotton futures are 33 to 36 points lower this morning after they were 17 to 32 points higher in most contracts on Friday. After 5 straight weeks of trimming their net long position, spec traders in Cotton futures and options added 1,504 contracts to that net position on 9/11 to 67,302 contracts. USDA Export Sales data through last Thursday September 6, show that upland cotton export commitments are 60% of the full year USDA projection, with the average pace only 40% this early in the year. The Cotlook A index was down 25 points from the previous day at 92.15 cents/lb on September 13. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Corn Market Commentary

Corn futures are trading 1 to 2 cents lower at the moment. They closed the Friday session with most contracts steady to a penny higher. December still posted a 4.16% loss for the week. The big spec funds in corn futures and options added 6,586 contracts to their CFTC net short position of 63,470 contracts as of last Tuesday. Total export commitments for corn through the week of 9/6 (including the first 6 days of shipments and all unshipped sales) totaled 25% of the USDA export projection of 2.4 bbu. The average for this date is 24% complete. An auction of Chinese state reserves saw 1.026 MMT of corn sold on Friday, totaling 25.69% of the amount offered.

Lean Hogs Market Commentary

Lean hog futures ended the Friday session with most contracts 15 to 72 cents higher. The CME Lean Hog Index was up $1.49 cents on September 12 to $50.08. The USDA pork carcass cutout value was $3.48 higher at $74.53 in the Friday afternoon FOB plant report. The belly was up $7.66, and all other cuts reported higher. The national base hog carcass value was down 30 cents @ $48.96 on Friday afternoon. Weekly FI hog slaughter through Saturday was estimated at 2.315 million head, down 145,000 head from the same week last year.

Cattle Market Commentary

Live cattle futures saw limit up in October on Friday, with most other contracts triple digits higher. Feeder cattle futures were up $2.15 to $3.35 in the front months today. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were up 23 cents to $204.27, while Select boxes were 77 cents lower at $196.47. USDA estimated weekly FI cattle slaughter at 652,000 head through Saturday, which is 6,000 head above the same week in 2017. Some cash trade was reported at $111 on Friday afternoon.

Cotton Market Commentary

Cotton futures were 17 to 32 points higher in most contracts on Friday. Hurricane Florence weakened to Cat 1, reducing wind speeds but still accompanied by heavy rain. After 5 straight weeks of trimming their net long position, spec traders in Cotton futures and options added 1,504 contracts to that net position on 9/11 to 67,302 contracts. USDA Export Sales data through last Thursday September 6, show that upland cotton export commitments are 60% of the full year USDA projection, with the average pace only 40% this early in the year. The Cotlook A index was up down 25 points from the previous day at 92.15 cents/lb on September 13. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Oct 18 Cotton closed at 81.900, up 28 points,

Dec 18 Cotton closed at 81.830, up 32 points

Mar 19 Cotton closed at 82.140, up 17 points

Corn Market Commentary

Corn futures closed the Friday session with most contracts steady to a penny higher. Gains in wheat and short covering helped, but December’s still posted a 4.16% loss since last Friday. Rains are expected over the next week along the northern part of the Corn Belt according to the 7-day QPF model. The big spec funds in corn futures and options added 6,586 contracts to their CFTC net short position of 63,470 contracts as of last Tuesday. Total export commitments for corn through the week of 9/6 (including the first 6 days of shipments and all unshipped sales) totaled 25% of the USDA export projection of 2.4 bbu. The average for this date is 24% complete. An auction of Chinese state reserves saw 1.026 MMT of corn sold on Friday, totaling 25.69% of the amount offered.

Sep 18 Corn closed at $3.37, up 3/4 cent,

Dec 18 Corn closed at $3.51 3/4, up 1 1/4 cents,

Mar 19 Corn closed at $3.63 3/4, up 1 cent

May 19 Corn closed at $3.72 1/4, up 1 cent

Lean Hogs Market Commentary

Lean hog futures ended the Friday session with most contracts 15 to 72.5 cents higher. The CME Lean Hog Index was up $1.49 cents on September 12 to $50.08. It appears the seasonal bottom is in place, with a second risk period in late October or November. The USDA pork carcass cutout value was $3.48 higher at $74.53 in the Friday afternoon FOB plant report. The belly was up $7.66, and all other cuts reported higher. The national base hog carcass value was down 30 cents @ $48.96 this afternoon. Weekly FI hog slaughter through Saturday was estimated at 2.315 million head, down 145,000 head from the same week last year.

Oct 18 Hogs closed at $56.225, up $0.550,

Dec 18 Hogs closed at $56.650, up $0.725

Feb 19 Hogs closed at $65.675, up $0.325

Cattle Market Commentary

Live cattle futures saw limit gains in October, with most other contracts triple digits higher. Feeder cattle futures were up $2.15 to $3.35 in the front months today. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were up 23 cents to $204.27, while Select boxes were 77 cents lower at $196.47. USDA estimated weekly FI cattle slaughter at 652,000 head through Saturday, which is 6,000 head above the same week in 2017. Bids so far on Friday have reached $111 across most regions, with feedlots passing.

Oct 18 Cattle closed at $113.800, up $3.000,

Dec 18 Cattle closed at $118.050, up $2.650,

Feb 19 Cattle closed at $121.900, up $2.000,

Sep 18 Feeder Cattle closed at $157.425, up $2.475

Oct 18 Feeder Cattle closed at $158.875, up $3.475

Nov 18 Feeder Cattle closed at $158.425, up $3.350

Wheat Market Commentary

Wheat futures posted 9 to 14 1/2 cent gains in most contracts on Friday. All three markets posted modest gains on the week in their Dec contracts. September contracts expired today, with limited trading activity. Friday’s CFTC Commitment of Traders report indicated that specs in Chicago wheat futures and options trimmed their net long position by 24,351 contracts as of 9/11 to 18,415 contracts. In KC wheat futures and options, they cut 11,715 contracts from that net long to 43,539 contracts. After the USDA left their export projection UNCH in September’s S&D report, wheat commitments for export are now 35% of the full year estimate. The typical average for this time of year is 53%, with last year at 57%.

Dec 18 CBOT Wheat closed at $5.11 1/2, up 14 1/2 cents,

Dec 18 KCBT Wheat closed at $5.16 1/4, up 14 1/2 cents,

Dec 18 MGEX Wheat closed at $5.72 1/4, up 10 1/4 cents

Soybeans Market Commentary

Soybean futures settled with most contracts 2 to 3 cents in the red, as Sep expired at $8.21 1/2. Newly appointed nearby Nov was down 1.6% on the week. Soybean meal led the way on Friday down $4/ton, while soy oil was 1 point lower. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. Monday’s NOPA report is expected to show 163.87 mbu of soybeans crushed during August, according to industry surveys. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Money managers in soybean futures and options added another 5,5200 contracts to their CFTC net short position on 9/11. That position was the most bearish since January at -68,269 contracts. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year. Sales picked up when the Real weakened below 4 per USD.

Sep 18 Soybeans closed at $8.21 1/2, down 1 1/4 cents,

Nov 18 Soybeans closed at $8.30 1/2, down 2 3/4 cents,

Jan 19 Soybeans closed at $8.44 1/4, down 2 3/4 cents,

May 19 Soybeans closed at $8.70 1/4, down 2 1/4 cents,

Sep 18 Soybean Meal closed at $307.30, down $4.00,

Sep 18 Soybean Oil closed at $27.43, down $0.01

Ag Market Commentary

Corn futures closed the Friday session with most contracts steady to a penny higher. Gains in wheat and short covering helped, but December’s still posted a 4.16% loss since last Friday. Rains are expected over the next week along the northern part of the Corn Belt according to the 7-day QPF model. The big spec funds in corn futures and options added 6,586 contracts to their CFTC net short position of 63,470 contracts as of last Tuesday. Total export commitments for corn through the week of 9/6 (including the first 6 days of shipments and all unshipped sales) totaled 25% of the USDA export projection of 2.4 bbu. The average for this date is 24% complete. An auction of Chinese state reserves saw 1.026 MMT of corn sold on Friday, totaling 25.69% of the amount offered.

Sep 18 Corn closed at $3.37, up 3/4 cent,

Dec 18 Corn closed at $3.51 3/4, up 1 1/4 cents,

Mar 19 Corn closed at $3.63 3/4, up 1 cent

May 19 Corn closed at $3.72 1/4, up 1 cent



Soybean futures settled with most contracts 2 to 3 cents in the red, as Sep expired at $8.21 1/2. Newly appointed nearby Nov was down 1.6% on the week. Soybean meal led the way on Friday down $4/ton, while soy oil was 1 point lower. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. Monday’s NOPA report is expected to show 163.87 mbu of soybeans crushed during August, according to industry surveys. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Money managers in soybean futures and options added another 5,5200 contracts to their CFTC net short position on 9/11. That position was the most bearish since January at -68,269 contracts. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year. Sales picked up when the Real weakened below 4 per USD.

Sep 18 Soybeans closed at $8.21 1/2, down 1 1/4 cents,

Nov 18 Soybeans closed at $8.30 1/2, down 2 3/4 cents,

Jan 19 Soybeans closed at $8.44 1/4, down 2 3/4 cents,

May 19 Soybeans closed at $8.70 1/4, down 2 1/4 cents,

Sep 18 Soybean Meal closed at $307.30, down $4.00,

Sep 18 Soybean Oil closed at $27.43, down $0.01



Wheat futures posted 9 to 14 1/2 cent gains in most contracts on Friday. All three markets posted modest gains on the week in their Dec contracts. September contracts expired today, with limited trading activity. Friday’s CFTC Commitment of Traders report indicated that specs in Chicago wheat futures and options trimmed their net long position by 24,351 contracts as of 9/11 to 18,415 contracts. In KC wheat futures and options, they cut 11,715 contracts from that net long to 43,539 contracts. After the USDA left their export projection UNCH in September’s S&D report, wheat commitments for export are now 35% of the full year estimate. The typical average for this time of year is 53%, with last year at 57%.

Dec 18 CBOT Wheat closed at $5.11 1/2, up 14 1/2 cents,

Dec 18 KCBT Wheat closed at $5.16 1/4, up 14 1/2 cents,

Dec 18 MGEX Wheat closed at $5.72 1/4, up 10 1/4 cents



Live cattle futures saw limit gains in October, with most other contracts triple digits higher. Feeder cattle futures were up $2.15 to $3.35 in the front months today. The CME feeder cattle index was up 11 cents on September 13 at $152.71. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were up 23 cents to $204.27, while Select boxes were 77 cents lower at $196.47. USDA estimated weekly FI cattle slaughter at 652,000 head through Saturday, which is 6,000 head above the same week in 2017. Bids so far on Friday have reached $111 across most regions, with feedlots passing.

Oct 18 Cattle closed at $113.800, up $3.000,

Dec 18 Cattle closed at $118.050, up $2.650,

Feb 19 Cattle closed at $121.900, up $2.000,

Sep 18 Feeder Cattle closed at $157.425, up $2.475

Oct 18 Feeder Cattle closed at $158.875, up $3.475

Nov 18 Feeder Cattle closed at $158.425, up $3.350



Lean hog futures ended the Friday session with most contracts 15 to 72.5 cents higher. The CME Lean Hog Index was up $1.49 cents on September 12 to $50.08. It appears the seasonal bottom is in place, with a second risk period in late October or November. The USDA pork carcass cutout value was $3.48 higher at $74.53 in the Friday afternoon FOB plant report. The belly was up $7.66, and all other cuts reported higher. The national base hog carcass value was down 30 cents @ $48.96 this afternoon. Weekly FI hog slaughter through Saturday was estimated at 2.315 million head, down 145,000 head from the same week last year.

Oct 18 Hogs closed at $56.225, up $0.550,

Dec 18 Hogs closed at $56.650, up $0.725

Feb 19 Hogs closed at $65.675, up $0.325



Cotton futures were 17 to 32 points higher in most contracts on Friday. Hurricane Florence weakened to Cat 1, reducing wind speeds but still accompanied by heavy rain. After 5 straight weeks of trimming their net long position, spec traders in Cotton futures and options added 1,504 contracts to that net position on 9/11 to 67,302 contracts. USDA Export Sales data through last Thursday September 6, show that upland cotton export commitments are 60% of the full year USDA projection, with the average pace only 40% this early in the year. The Cotlook A index was up down 25 points from the previous day at 92.15 cents/lb on September 13. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Oct 18 Cotton closed at 81.900, up 28 points,

Dec 18 Cotton closed at 81.830, up 32 points

Mar 19 Cotton closed at 82.140, up 17 points



Wheat Market Commentary

Wheat futures are 5 to 8 cents higher at midday in the active contracts. September contracts are expiring today, with limited trading activity. After the USDA left their export projection UNCH in Septembers S&D report, wheat commitments for export are now 35% of the full year estimate. The typical average for this time of year is 53%, with last year at 57%. Saudi Arabia is seeking 595,000 MT of wheat in a tender closing today. Iraq is seeking 50,000 MT of wheat from the US, Canada, and Australia with the tender to close on 9/23.

Sep 18 CBOT Wheat is at $4.79 1/2, up 7 3/4 cents,

Sep 18 KCBT Wheat is at $4.77 1/2, down 5 cents,

Sep 18 MGEX Wheat is at $5.51, unch ,

Soybeans Market Commentary

Soybean futures are 2 to 2 1/4 cents lower at midday, ignoring the expiring September contract. Soybean meal is down $4.60/ton to pressure product values, while soy oil is 1 point lower on the day. President Trump gave the go-ahead to follow through with the tariffs on $200 billion of Chinese goods, according to reports this morning. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. Monday’s NOPA report is expected to seen 163,870 mbu of soybeans crushed during August. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year.

Sep 18 Soybeans are at $8.22 3/4, down 6 1/4 cents,

Nov 18 Soybeans are at $8.31, down 2 1/4 cents,

Jan 19 Soybeans are at $8.44 3/4, down 2 1/4 cents,

Mar 19 Soybeans are at $8.57 1/2, down 2 1/4 cents,

Sep 18 Soybean Meal is at $311.30, down $4.40

Sep 18 Soybean Oil is at $27.44, down $0.19

Ag Market Commentary

Corn futures are fractionally mixed at midday after some light pre-weekend position squaring faded. Rains are expected over the next week along the northern part of the Corn Belt according to the 7-day QPF model. As of last Thursday, total export commitments for corn (including the first 6 days of shipments and all unshipped sales) totaled 25% of the USDA export projection of 2.4 bbu. The average for that time is 24% complete. An auction of Chinese state reserves saw 1.026 MMT of corn sold on Friday, totaling 25.69% of the amount offered.

Sep 18 Corn is at $3.37 1/2, up 1 1/4 cents,

Dec 18 Corn is at $3.50 1/2, unch ,

Mar 19 Corn is at $3.62 1/2, down 1/4 cent

May 19 Corn is at $3.71, down 1/4 cent



Soybean futures are 2 to 2 1/4 cents lower at midday, ignoring the expiring September contract. Soybean meal is down $4.60/ton to pressure product values, while soy oil is 1 point lower on the day. President Trump gave the go-ahead to follow through with the tariffs on $200 billion of Chinese goods, according to reports this morning. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. Monday’s NOPA report is expected to seen 163,870 mbu of soybeans crushed during August. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year.

Sep 18 Soybeans are at $8.22 3/4, down 6 1/4 cents,

Nov 18 Soybeans are at $8.31, down 2 1/4 cents,

Jan 19 Soybeans are at $8.44 3/4, down 2 1/4 cents,

Mar 19 Soybeans are at $8.57 1/2, down 2 1/4 cents,

Sep 18 Soybean Meal is at $311.30, down $4.40

Sep 18 Soybean Oil is at $27.44, down $0.19



Wheat futures are 5 to 8 cents higher at midday in the active contracts. September contracts are expiring today, with limited trading activity. After the USDA left their export projection UNCH in Septembers S&D report, wheat commitments for export are now 35% of the full year estimate. The typical average for this time of year is 53%, with last year at 57%. Saudi Arabia is seeking 595,000 MT of wheat in a tender closing today. Iraq is seeking 50,000 MT of wheat from the US, Canada, and Australia with the tender to close on 9/23.

Sep 18 CBOT Wheat is at $4.79 1/2, up 7 3/4 cents,

Sep 18 KCBT Wheat is at $4.77 1/2, down 5 cents,

Sep 18 MGEX Wheat is at $5.51, unch ,



Live cattle futures are flirting with limit up on chart based buying. Feeder cattle futures are $1.85 to $3.75 higher on the gains in the fats. The CME feeder cattle index was down 3 cents on September 12 at $152.60. Wholesale boxed beef values were mixed on Friday morning. Choice boxes were down 16 cents to $203.88, while Select boxes were 3 cents higher at $197.27. USDA estimated weekly FI cattle slaughter at 476,000 head through Thursday, which is 6,000 head above the same week in 2017. Weekly export sales of beef in the week that ended on 9/6 totaled 10,825 MT. Shipments totaled 15,719 MT that week. There has been little to no cash cattle trade. Asking prices appear to be $111 and $174.

Oct 18 Cattle are at $113.750, up $2.950,

Dec 18 Cattle are at $117.900, up $2.500,

Feb 19 Cattle are at $121.950, up $2.050,

Sep 18 Feeder Cattle are at $157.450, up $2.500

Oct 18 Feeder Cattle are at $158.950, up $3.550

Nov 18 Feeder Cattle are at $158.425, up $3.350



Lean hog futures are up $.57 to $1.30. The CME Lean Hog Index was up $1.49 cents on September 12 to $50.08. It appears the seasonal bottom is in place, with a second risk period in late October or November. The USDA pork carcass cutout value was $2.28 higher at $73.33 in the Friday morning FOB plant report. The belly was up $7.63, with the loin $4.56 higher. The national base hog carcass value was up 28 cents @ $48.98 this morning. FI hog slaughter through Thursday was estimated at 1.749 million head, down 80,000 head from the same week last year. Pork export sales for the week of Sep 6 were 18,717 MT.

Oct 18 Hogs are at $56.425, up $0.750,

Dec 18 Hogs are at $57.225, up $1.300

Feb 19 Hogs are at $65.925, up $0.575



Cotton futures are mixed at midday, down 9 to up 46 points. Hurricane Florence weakened to Cat 1, reducing wind speeds but still accompanied by heavy rain. USDA Export Sales data through last Thursday September 6, show that upland cotton export commitments are 60% of the full year USDA projection, with the average pace only 40% this early in the year. The Cotlook A index was up down 25 points from the previous day at 92.15 cents/lb on September 13. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Oct 18 Cotton is at 82.08, up 46 points,

Dec 18 Cotton is at 81.64, up 13 points

Mar 19 Cotton is at 81.93, down 4 points

May 19 Cotton is at 82.350, down 9 points



Cotton Market Commentary

Cotton futures are mixed at midday, down 9 to up 46 points. Hurricane Florence weakened to Cat 1, reducing wind speeds but still accompanied by heavy rain. USDA Export Sales data through last Thursday September 6, show that upland cotton export commitments are 60% of the full year USDA projection, with the average pace only 40% this early in the year. The Cotlook A index was up down 25 points from the previous day at 92.15 cents/lb on September 13. The USDA AWP was updated to 73.79 cents/lb, just 2 points above last week.

Oct 18 Cotton is at 82.08, up 46 points,

Dec 18 Cotton is at 81.64, up 13 points

Mar 19 Cotton is at 81.93, down 4 points

May 19 Cotton is at 82.350, down 9 points

Corn Market Commentary

Corn futures are fractionally mixed at midday after some light pre-weekend position squaring faded. Rains are expected over the next week along the northern part of the Corn Belt according to the 7-day QPF model. As of last Thursday, total export commitments for corn (including the first 6 days of shipments and all unshipped sales) totaled 25% of the USDA export projection of 2.4 bbu. The average for that time is 24% complete. An auction of Chinese state reserves saw 1.026 MMT of corn sold on Friday, totaling 25.69% of the amount offered.

Sep 18 Corn is at $3.37 1/2, up 1 1/4 cents,

Dec 18 Corn is at $3.50 1/2, unch ,

Mar 19 Corn is at $3.62 1/2, down 1/4 cent

May 19 Corn is at $3.71, down 1/4 cent