News Source: BRUG

Cattle

Live cattle futures saw losses of 10 to 40 cents in most contracts on Friday. Nearby was Aug up 2.5 cents on the day and 4.18% higher on the week. Feeder cattle futures were down a nickel to 77.5 cents on the day. The CME feeder cattle index was down 29 cents from the previous day at $148.02 on 7/19. Estimated FI cattle slaughter is at 635,000 head through Saturday. That is up 17,000 from the same week last year but down 15,000 head vs. last week. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were down 32 cents to $204.17, while Select boxes were 8 cents higher at $197.00. Friday’s Cattle on Feed report showed placements 1.3% higher than last year at 1.793 million head, with marketings at 2.006 million head, up 0.85%. July cattle on feed was shown at a record for the month at 11.282 million head, up 4.26% from last year. The bi-annual Cattle Inventory report saw all cattle and calves 1% larger than last July 1 at 103.2 million head. Beef cows were up 0.9% with replacement heifers down 2.1% at 4.6 million head. Light cash trade is being picked up at $113 in NE on Friday afternoon, with $113 bids in TX.

Aug 18 Cattle closed at $108.925, up $0.025,

Oct 18 Cattle closed at $110.250, down $0.400,

Dec 18 Cattle closed at $114.200, down $0.225,

Aug 18 Feeder Cattle closed at $153.675, down $0.775

Sep 18 Feeder Cattle closed at $154.550, down $0.225

Oct 18 Feeder Cattle closed at $154.775, down $0.150

Wheat

Wheat futures posted 11 to 12 cent gains in most CBT and KC contracts on Friday. MPLS was the leader, up 16 to 18 1/4 cents. The US dollar provided support, down 700 points on the day. On the week, September saw gains of 3.82% in CBT, with KC up 3.41% and MPLS 4.37% higher. Spec funds in CBT wheat futures and options flipped to a net long position of 3,557 contracts in the week that ended on Tuesday. They were net long 17,928 contracts in KC wheat. Taiwan is seeking 102,775 MT of US wheat in a tender that will close next Thursday. Japan has lifted the temporary ban on Canadian wheat imports following last month’s discovery of some GMO wheat in Canada.

Sep 18 CBOT Wheat closed at $5.16, up 11 3/4 cents,

Sep 18 KCBT Wheat closed at $5.08 1/2, up 12 cents,

Sep 18 MGEX Wheat closed at $5.55, up 18 1/4 cents

Soybeans

Soybean futures ended Friday with most contracts 3 to 4 cents higher, shrugging off pressure from more belligerent trade talk. August was up 3.79% on a week that saw only higher daily closes. Nearby soy meal was down $1.90/ton, with soy oil 39 points higher. A report after the close had Treasury Secretary Mnuchin stating the US is ready to make a trade deal with China if they were sincere on making changes. The 6-10 day outlook is showing forecasts for cooler and drier weather for much of the Midwest. Money managers in soybean futures and options added another 5,152 contracts to their net short position as of July 17 to -58,399 contracts.

Aug 18 Soybeans closed at $8.49 3/4, up 3 3/4 cents,

Sep 18 Soybeans closed at $8.55 1/4, up 3 1/4 cents,

Nov 18 Soybeans closed at $8.64 3/4, up 3 1/4 cents,

Mar 19 Soybeans closed at $8.83 3/4, up 3 cents,

Aug 18 Soybean Meal closed at $326.90, down $1.90,

Aug 18 Soybean Oil closed at $28.22, up $0.39

Ag Market Commentary

Corn futures closed the week with most contracts 3 to 4 cents higher on Friday. Nearby September was up 4.1% since last Friday, with higher closes every day this week. Solid exports and drier weather fueled some bottom picking and short covering action. This afternoon’s CFTC Commitment of Traders report showed spec funds in corn futures and options adding another 24,947 contracts to their net short position. That net position stood at -129,323 contracts as of Tuesday. China sold another 1.102 MMT of corn from state reserves at an auction of state reserves on Friday, totaling 28.29% of the offered amount.

Sep 18 Corn closed at $3.55 1/4, up 4 cents,

Dec 18 Corn closed at $3.69, up 4 cents,

Mar 19 Corn closed at $3.80, up 3 1/2 cents

May 19 Corn closed at $3.86 1/4, up 3 1/2 cents



Soybean futures ended Friday with most contracts 3 to 4 cents higher, shrugging off pressure from more belligerent trade talk. August was up 3.79% on a week that saw only higher daily closes. Nearby soy meal was down $1.90/ton, with soy oil 39 points higher. A report after the close had Treasury Secretary Mnuchin stating the US is ready to make a trade deal with China if they were sincere on making changes. The 6-10 day outlook is showing forecasts for cooler and drier weather for much of the Midwest. Money managers in soybean futures and options added another 5,152 contracts to their net short position as of July 17 to -58,399 contracts.

Aug 18 Soybeans closed at $8.49 3/4, up 3 3/4 cents,

Sep 18 Soybeans closed at $8.55 1/4, up 3 1/4 cents,

Nov 18 Soybeans closed at $8.64 3/4, up 3 1/4 cents,

Mar 19 Soybeans closed at $8.83 3/4, up 3 cents,

Aug 18 Soybean Meal closed at $326.90, down $1.90,

Aug 18 Soybean Oil closed at $28.22, up $0.39



Wheat futures posted 11 to 12 cent gains in most CBT and KC contracts on Friday. MPLS was the leader, up 16 to 18 1/4 cents. The US dollar provided support, down 700 points on the day. On the week, September saw gains of 3.82% in CBT, with KC up 3.41% and MPLS 4.37% higher. Spec funds in CBT wheat futures and options flipped to a net long position of 3,557 contracts in the week that ended on Tuesday. They were net long 17,928 contracts in KC wheat. Taiwan is seeking 102,775 MT of US wheat in a tender that will close next Thursday. Japan has lifted the temporary ban on Canadian wheat imports following last month’s discovery of some GMO wheat in Canada.

Sep 18 CBOT Wheat closed at $5.16, up 11 3/4 cents,

Sep 18 KCBT Wheat closed at $5.08 1/2, up 12 cents,

Sep 18 MGEX Wheat closed at $5.55, up 18 1/4 cents



Live cattle futures saw losses of 10 to 40 cents in most contracts on Friday. Nearby was Aug up 2.5 cents on the day and 4.18% higher on the week. Feeder cattle futures were down a nickel to 77.5 cents on the day. The CME feeder cattle index was down 29 cents from the previous day at $148.02 on 7/19. Estimated FI cattle slaughter is at 635,000 head through Saturday. That is up 17,000 from the same week last year but down 15,000 head vs. last week. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were down 32 cents to $204.17, while Select boxes were 8 cents higher at $197.00. Friday’s Cattle on Feed report showed placements 1.3% higher than last year at 1.793 million head, with marketings at 2.006 million head, up 0.85%. July cattle on feed was shown at a record for the month at 11.282 million head, up 4.26% from last year. The bi-annual Cattle Inventory report saw all cattle and calves 1% larger than last July 1 at 103.2 million head. Beef cows were up 0.9% with replacement heifers down 2.1% at 4.6 million head. Light cash trade is being picked up at $113 in NE on Friday afternoon, with $113 bids in TX.

Aug 18 Cattle closed at $108.925, up $0.025,

Oct 18 Cattle closed at $110.250, down $0.400,

Dec 18 Cattle closed at $114.200, down $0.225,

Aug 18 Feeder Cattle closed at $153.675, down $0.775

Sep 18 Feeder Cattle closed at $154.550, down $0.225

Oct 18 Feeder Cattle closed at $154.775, down $0.150



Lean hog futures settled with 80 cent to $1.275 losses in most contracts on Friday. The CME Lean Hog Index was down 53 cents on July 18, to $78.62. The USDA pork carcass cutout value was down $1.83 on Friday afternoon at $80.86. The belly led the way, down $11.60, with the butt, rib, and ham following. The national base carcass price was $68.07 in the Friday PM report, down $1.18 from the day prior. USDA estimated weekly FI hog slaughter at 2.382 million head through Saturday. That is 179,000 head above last year, and up 107,000 head from the week previous on huge Saturday slaughter.

Aug 18 Hogs closed at $66.450, down $0.800,

Oct 18 Hogs closed at $51.275, down $0.950

Dec 18 Hogs closed at $45.925, down $0.950



Cotton futures were down 40 to 56 points in the front months on Friday. Sharp losses in the US dollar were offset by more trade news. President Trump is contemplating adding tariffs on the full $500 billion in Chinese goods the US purchases annually because of a lack of progress in negotiations, though no plan was laid out. Thursday’s Cotton on Call report showed mills increasing their unfixed call sales position for December by 562 contracts to 52,774 contracts as of 7/13. The Cotlook A index was down 25 points from the previous day at 97.95 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.

Oct 18 Cotton closed at 87.740, down 56 points,

Dec 18 Cotton closed at 87.080, down 47 points

Mar 19 Cotton closed at 86.960, down 47 points



Cotton

Cotton futures were down 40 to 56 points in the front months on Friday. Sharp losses in the US dollar were offset by more trade news. President Trump is contemplating adding tariffs on the full $500 billion in Chinese goods the US purchases annually because of a lack of progress in negotiations, though no plan was laid out. Thursday’s Cotton on Call report showed mills increasing their unfixed call sales position for December by 562 contracts to 52,774 contracts as of 7/13. The Cotlook A index was down 25 points from the previous day at 97.95 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.

Oct 18 Cotton closed at 87.740, down 56 points,

Dec 18 Cotton closed at 87.080, down 47 points

Mar 19 Cotton closed at 86.960, down 47 points

Corn

Corn futures closed the week with most contracts 3 to 4 cents higher on Friday. Nearby September was up 4.1% since last Friday, with higher closes every day this week. Solid exports and drier weather fueled some bottom picking and short covering action. This afternoon’s CFTC Commitment of Traders report showed spec funds in corn futures and options adding another 24,947 contracts to their net short position. That net position stood at -129,323 contracts as of Tuesday. China sold another 1.102 MMT of corn from state reserves at an auction of state reserves on Friday, totaling 28.29% of the offered amount.

Sep 18 Corn closed at $3.55 1/4, up 4 cents,

Dec 18 Corn closed at $3.69, up 4 cents,

Mar 19 Corn closed at $3.80, up 3 1/2 cents

May 19 Corn closed at $3.86 1/4, up 3 1/2 cents

Lean Hogs

Lean hog futures settled with 80 cent to $1.275 losses in most contracts on Friday. The CME Lean Hog Index was down 53 cents on July 18, to $78.62. The USDA pork carcass cutout value was down $1.83 on Friday afternoon at $80.86. The belly led the way, down $11.60, with the butt, rib, and ham following. The national base carcass price was $68.07 in the Friday PM report, down $1.18 from the day prior. USDA estimated weekly FI hog slaughter at 2.382 million head through Saturday. That is 179,000 head above last year, and up 107,000 head from the week previous on huge Saturday slaughter.

Aug 18 Hogs closed at $66.450, down $0.800,

Oct 18 Hogs closed at $51.275, down $0.950

Dec 18 Hogs closed at $45.925, down $0.950

Wheat

Wheat futures are mostly 11 to 12 cents higher in the CBT and KC contracts at midday. MPLS is leading the way, up 15 to 17 cents. All wheat commitments for export are now lagging last year by 26.5%. They are also well behind the normal pace if they are to hit the USDA projected export number of 975 mbu, currently sitting at 24% complete, with the average at 37%. USDA appears to be assuming that the export pace will pick up as smaller crops in Russia and elsewhere are reflected in the supply chain. Taiwan is seeking 102,775 MT of US wheat in a tender that will close next Thursday. Japan has lifted the temporary ban on Canadian wheat imports following last month’s discovery of some GMO wheat in Canada.

Sep 18 CBOT Wheat is at $5.15 1/2, up 11 1/4 cents,

Sep 18 KCBT Wheat is at $5.08 1/2, up 12 cents,

Sep 18 MGEX Wheat is at $5.53 1/4, up 16 1/2 cents

Soybeans

Soybean futures are showing 1 to 2 cent losses in most front months at midday, pressured by more belligerent trade talk. Nearby soy meal is down $2.40/ton, with soy oil 11 points higher. The 6-10 day outlook is showing forecasts for cooler and drier weather for much of the Midwest. Export commitments for soybeans are now 3.8% behind last year. They are 102% of the newly updated USDA export projection of 2.85 bbu, matching the 5 year average pace. Soy meal shipments were 341,927 MT, with 20,374 MT for soy oil.

Aug 18 Soybeans are at $8.44 3/4, down 1 1/4 cents,

Sep 18 Soybeans are at $8.50 1/4, down 1 3/4 cents,

Nov 18 Soybeans are at $8.59 1/2, down 2 cents,

Jan 19 Soybeans are at $8.70, down 1 3/4 cents,

Aug 18 Soybean Meal is at $326.40, down $2.40

Aug 18 Soybean Oil is at $27.94, up $0.11

Corn

Corn futures are trading 2 to 3 1/2 cents higher in most contracts on Friday. Total exports are now just 3% behind a year ago, with total commitments outpacing the same time by 5.3%. Following last week’s increase to projected exports, they are now just 96% of the USDA number vs. the average of 102% on this date. The Buenos Aires Grain Exchange trimmed their Argentine corn crop estimate by 1 MMT to 31 MMT, potentially opening up more US export opportunity. China sold another 1.102 MMT of corn from state reserves at an auction of state reserves on Friday, totaling 28.29% of the offered amount.

Sep 18 Corn is at $3.54 3/4, up 3 1/2 cents,

Dec 18 Corn is at $3.68 1/4, up 3 1/4 cents,

Mar 19 Corn is at $3.79 1/2, up 3 cents

May 19 Corn is at $3.85 1/2, up 2 3/4 cents

Ag Market Commentary

Corn futures are trading 2 to 3 1/2 cents higher in most contracts on Friday. Total exports are now just 3% behind a year ago, with total commitments outpacing the same time by 5.3%. Following last week’s increase to projected exports, they are now just 96% of the USDA number vs. the average of 102% on this date. The Buenos Aires Grain Exchange trimmed their Argentine corn crop estimate by 1 MMT to 31 MMT, potentially opening up more US export opportunity. China sold another 1.102 MMT of corn from state reserves at an auction of state reserves on Friday, totaling 28.29% of the offered amount.

Sep 18 Corn is at $3.54 3/4, up 3 1/2 cents,

Dec 18 Corn is at $3.68 1/4, up 3 1/4 cents,

Mar 19 Corn is at $3.79 1/2, up 3 cents

May 19 Corn is at $3.85 1/2, up 2 3/4 cents



Soybean futures are showing 1 to 2 cent losses in most front months at midday, pressured by more belligerent trade talk. Nearby soy meal is down $2.40/ton, with soy oil 11 points higher. The 6-10 day outlook is showing forecasts for cooler and drier weather for much of the Midwest. Export commitments for soybeans are now 3.8% behind last year. They are 102% of the newly updated USDA export projection of 2.85 bbu, matching the 5 year average pace. Soy meal shipments were 341,927 MT, with 20,374 MT for soy oil.

Aug 18 Soybeans are at $8.44 3/4, down 1 1/4 cents,

Sep 18 Soybeans are at $8.50 1/4, down 1 3/4 cents,

Nov 18 Soybeans are at $8.59 1/2, down 2 cents,

Jan 19 Soybeans are at $8.70, down 1 3/4 cents,

Aug 18 Soybean Meal is at $326.40, down $2.40

Aug 18 Soybean Oil is at $27.94, up $0.11



Wheat futures are mostly 11 to 12 cents higher in the CBT and KC contracts at midday. MPLS is leading the way, up 15 to 17 cents. All wheat commitments for export are now lagging last year by 26.5%. They are also well behind the normal pace if they are to hit the USDA projected export number of 975 mbu, currently sitting at 24% complete, with the average at 37%. USDA appears to be assuming that the export pace will pick up as smaller crops in Russia and elsewhere are reflected in the supply chain. Taiwan is seeking 102,775 MT of US wheat in a tender that will close next Thursday. Japan has lifted the temporary ban on Canadian wheat imports following last month’s discovery of some GMO wheat in Canada.

Sep 18 CBOT Wheat is at $5.15 1/2, up 11 1/4 cents,

Sep 18 KCBT Wheat is at $5.08 1/2, up 12 cents,

Sep 18 MGEX Wheat is at $5.53 1/4, up 16 1/2 cents



Live cattle futures are currently 10 to 42.5 cents lower in most contracts at midday. Feeder cattle futures are down 65 cents to $1.05. The CME feeder cattle index was down 28 cents from the previous day at $148.31 on 7/18. Estimated week to date FI cattle slaughter was 476,000 head through Thursday. That was up 11,000 from the same week last year but down 3,000 head vs. last week. Wholesale boxed beef values were lower on Friday morning. Choice boxes were down 57 cents to $203.92, while Select boxes were 17 cents lower at $196.75. Cash cattle bids of $108 are still being reported, with dressed bids up to $177 as there are no reported sales at midday.

Aug 18 Cattle are at $108.700, down $0.200,

Oct 18 Cattle are at $110.225, down $0.425,

Dec 18 Cattle are at $114.300, down $0.125,

Aug 18 Feeder Cattle are at $153.400, down $1.050

Sep 18 Feeder Cattle are at $154.125, down $0.650

Oct 18 Feeder Cattle are at $154.275, down $0.650



Lean hog futures are trading $1.10 to $1.475 in the red on Friday. The CME Lean Hog Index was down 53 cents on July 18, to $78.62. The USDA pork carcass cutout value was down $1.83 on Friday morning at $80.86. The belly led the way, down $11.11, with the butt and ham following. The national base carcass price was $68.37 in the Friday PM report, down 88 cents from the day prior. USDA estimated weekly FI hog slaughter at 1.814 million head through Thursday. That is 82,000 head above last year, and up 3,000 head from the week previous.

Aug 18 Hogs are at $65.775, down $1.475,

Oct 18 Hogs are at $50.850, down $1.375

Dec 18 Hogs are at $45.775, down $1.100



Cotton futures are down 80 to 96 points at the moment. Sharp losses in the US dollar are being offset by more trade news. President Trump is contemplating adding tariffs on the full $500 billion in Chinese goods the US purchases annually because of a lack of progress in negotiations, though no plan was laid out. Export commitments for all upland cotton are now 108% of the USDA export projection, with the normal pace at 106%. Accumulated exports are 93% of that projection, vs. the 5-year average of 95%. The Cotlook A index was down 25 points from the previous day at 97.95 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.

Oct 18 Cotton is at 87.5, down 80 points,

Dec 18 Cotton is at 86.66, down 89 points

Mar 19 Cotton is at 86.52, down 91 points

May 19 Cotton is at 86.600, down 96 points



Cotton

Cotton futures are down 80 to 96 points at the moment. Sharp losses in the US dollar are being offset by more trade news. President Trump is contemplating adding tariffs on the full $500 billion in Chinese goods the US purchases annually because of a lack of progress in negotiations, though no plan was laid out. Export commitments for all upland cotton are now 108% of the USDA export projection, with the normal pace at 106%. Accumulated exports are 93% of that projection, vs. the 5-year average of 95%. The Cotlook A index was down 25 points from the previous day at 97.95 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.

Oct 18 Cotton is at 87.5, down 80 points,

Dec 18 Cotton is at 86.66, down 89 points

Mar 19 Cotton is at 86.52, down 91 points

May 19 Cotton is at 86.600, down 96 points

Lean Hogs

Lean hog futures are trading $1.10 to $1.475 in the red on Friday. The CME Lean Hog Index was down 53 cents on July 18, to $78.62. The USDA pork carcass cutout value was down $1.83 on Friday morning at $80.86. The belly led the way, down $11.11, with the butt and ham following. The national base carcass price was $68.37 in the Friday PM report, down 88 cents from the day prior. USDA estimated weekly FI hog slaughter at 1.814 million head through Thursday. That is 82,000 head above last year, and up 3,000 head from the week previous.

Aug 18 Hogs are at $65.775, down $1.475,

Oct 18 Hogs are at $50.850, down $1.375

Dec 18 Hogs are at $45.775, down $1.100

Cattle

Live cattle futures are currently 10 to 42.5 cents lower in most contracts at midday. Feeder cattle futures are down 65 cents to $1.05. The CME feeder cattle index was down 28 cents from the previous day at $148.31 on 7/18. Estimated week to date FI cattle slaughter was 476,000 head through Thursday. That was up 11,000 from the same week last year but down 3,000 head vs. last week. Wholesale boxed beef values were lower on Friday morning. Choice boxes were down 57 cents to $203.92, while Select boxes were 17 cents lower at $196.75. Cash cattle bids of $108 are still being reported, with dressed bids up to $177 as there are no reported sales at midday.

Aug 18 Cattle are at $108.700, down $0.200,

Oct 18 Cattle are at $110.225, down $0.425,

Dec 18 Cattle are at $114.300, down $0.125,

Aug 18 Feeder Cattle are at $153.400, down $1.050

Sep 18 Feeder Cattle are at $154.125, down $0.650

Oct 18 Feeder Cattle are at $154.275, down $0.650

Cattle

Live cattle futures ended the Thursday session mixed, with nearby Aug a nickel lower and back months higher. Feeder cattle futures were steady to 20 cents higher in the nearby contracts. The CME feeder cattle index was down 28 cents from the previous day at $148.31 on 7/18. Estimated week to date FI cattle slaughter was 476,000 head through Thursday. That was up 11,000 from the same week last year but down 3,000 head vs. last week. Wholesale boxed beef values were lower on Thursday afternoon. Choice boxes were down 31 cents to $204.49, while Select boxes were 17 cents lower at $196.92. Analysts are expecting to see a 1% increase from last year in USDA’s count for all cattle and calves as of July 1. They also estimate that the Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Yesterday USDA reported that weekly beef export shipments hit a marketing year high of 19,561 MT. Cash cattle bids of $108 were seen on Thursday, lower than the small confirmed sales @ $112 on Wednesday’s FCE.

Wheat

Wheat futures are mostly 4 to 6 cents higher this morning amid general ag commodity buying. They posted gains of 7 to 9 cents in most contracts on Thursday. The weekly Export Sales report from FAS showed all wheat exports picking back up a bit at 434,660 MT, still 8.55% slower than last year but 52% above last week. All wheat commitments for export are now lagging last year by 26.5%. They are also well behind the normal pace if they are to hit the USDA projected export number of 975 mbu, currently sitting at 24% complete, with the average at 37%. Japan’s MOA purchased 57,914 MT of US wheat in their weekly tender on Thursday.

Soybeans

Soybean futures are currently 5 to 6 cents higher after closing 3 to 4 cents higher in the nearby contracts on Thursday. Nearby soy meal was up 60 cents/ton, with soy oil 24 points lower. The USDA reported that weekly export shipments totaled 605,182 MT. That was 69.1% above a year ago, as 119,800 MT went to Mexico. Export commitments for soybeans are now 3.8% behind last year. They are 102% of the newly updated USDA export projection of 2.85 bbu, matching the 5 year average pace. Soy meal shipments were 341,927 MT, with 20,374 MT for soy oil.

Ag Market Commentary

Corn futures are trading 2 to 3 cents higher. They saw 2 to 4 cent gains in most contracts on Thursday, closing higher for the fourth consecutive day. The USDA Export Sales report for the week that ended on 7/12 showed shipments of 1.293 MMT. That was up 46.85% from this week last year but down 7.4% from last week. The main destination was Mexico at 335,700 MT, with 211,400 MT headed to Japan. Total exports are now just 3% behind a year ago, with total commitments outpacing the same time by 5.3%. Following last week’s increase to projected exports, they are now just 96% of the USDA number vs. the average of 102% on this date. The Buenos Aires Grain Exchange trimmed their Argentine corn crop estimate by 1 MMT to 31 MMT, potentially opening up more US export opportunity.



Soybean futures are currently 5 to 6 cents higher after closing 3 to 4 cents higher in the nearby contracts on Thursday. Nearby soy meal was up 60 cents/ton, with soy oil 24 points lower. The USDA reported that weekly export shipments totaled 605,182 MT. That was 69.1% above a year ago, as 119,800 MT went to Mexico. Export commitments for soybeans are now 3.8% behind last year. They are 102% of the newly updated USDA export projection of 2.85 bbu, matching the 5 year average pace. Soy meal shipments were 341,927 MT, with 20,374 MT for soy oil.



Wheat futures are mostly 4 to 6 cents higher this morning amid general ag commodity buying. They posted gains of 7 to 9 cents in most contracts on Thursday. The weekly Export Sales report from FAS showed all wheat exports picking back up a bit at 434,660 MT, still 8.55% slower than last year but 52% above last week. All wheat commitments for export are now lagging last year by 26.5%. They are also well behind the normal pace if they are to hit the USDA projected export number of 975 mbu, currently sitting at 24% complete, with the average at 37%. Japan’s MOA purchased 57,914 MT of US wheat in their weekly tender on Thursday.



Live cattle futures ended the Thursday session mixed, with nearby Aug a nickel lower and back months higher. Feeder cattle futures were steady to 20 cents higher in the nearby contracts. The CME feeder cattle index was down 28 cents from the previous day at $148.31 on 7/18. Estimated week to date FI cattle slaughter was 476,000 head through Thursday. That was up 11,000 from the same week last year but down 3,000 head vs. last week. Wholesale boxed beef values were lower on Thursday afternoon. Choice boxes were down 31 cents to $204.49, while Select boxes were 17 cents lower at $196.92. Analysts are expecting to see a 1% increase from last year in USDA’s count for all cattle and calves as of July 1. They also estimate that the Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Yesterday USDA reported that weekly beef export shipments hit a marketing year high of 19,561 MT. Cash cattle bids of $108 were seen on Thursday, lower than the small confirmed sales @ $112 on Wednesday’s FCE.



Lean hog futures settled with 5 to 30 cent gains in the front months yesterday, with Dec 15 cents lower. The CME Lean Hog Index was down 45 cents on July 17, to $79.15. The USDA pork carcass cutout value was up 34 cents on Thursday afternoon at $82.69. The picnic and rib were the only primal cuts reported lower. The national base carcass price was $69.25 in the Thursday AM report, down $1.32 from the day prior. USDA estimated weekly FI hog slaughter at 1.814 million head through Thursday. That is 82,000 head above last year, and up 3,000 head from the week previous. Pork export sales for the week that ended 7/12 totaled 19,735 MT. Pork shipments totaled 18,720 MT.



Cotton futures are trading 54 to 70 points lower this morning. They saw losses of 45 to 53 points in the nearby contracts on Thursday. With just over 2 reporting weeks left in the MY, all upland cotton export sales were just 12,935 RB. That was slightly lower than the same week in 2017 and just 10.64% of the reported total in the week prior. New crop sales totaled 247,711 RB, slipping a little from the week prior but 49.03% larger than the same time last year. Vietnam was the lead buyer of 93,400 RB, with 24,300 RB in sales shown to China. Export shipments were 227,320 RB, down 19% from last year and 11.69% lower than the previous week. The Cotlook A index was up 50 points from the previous day at 98.20 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.



Cotton

Cotton futures are trading 54 to 70 points lower this morning. They saw losses of 45 to 53 points in the nearby contracts on Thursday. With just over 2 reporting weeks left in the MY, all upland cotton export sales were just 12,935 RB. That was slightly lower than the same week in 2017 and just 10.64% of the reported total in the week prior. New crop sales totaled 247,711 RB, slipping a little from the week prior but 49.03% larger than the same time last year. Vietnam was the lead buyer of 93,400 RB, with 24,300 RB in sales shown to China. Export shipments were 227,320 RB, down 19% from last year and 11.69% lower than the previous week. The Cotlook A index was up 50 points from the previous day at 98.20 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.

Corn

Corn futures are trading 2 to 3 cents higher. They saw 2 to 4 cent gains in most contracts on Thursday, closing higher for the fourth consecutive day. The USDA Export Sales report for the week that ended on 7/12 showed shipments of 1.293 MMT. That was up 46.85% from this week last year but down 7.4% from last week. The main destination was Mexico at 335,700 MT, with 211,400 MT headed to Japan. Total exports are now just 3% behind a year ago, with total commitments outpacing the same time by 5.3%. Following last week’s increase to projected exports, they are now just 96% of the USDA number vs. the average of 102% on this date. The Buenos Aires Grain Exchange trimmed their Argentine corn crop estimate by 1 MMT to 31 MMT, potentially opening up more US export opportunity.

Lean Hogs

Lean hog futures settled with 5 to 30 cent gains in the front months yesterday, with Dec 15 cents lower. The CME Lean Hog Index was down 45 cents on July 17, to $79.15. The USDA pork carcass cutout value was up 34 cents on Thursday afternoon at $82.69. The picnic and rib were the only primal cuts reported lower. The national base carcass price was $69.25 in the Thursday AM report, down $1.32 from the day prior. USDA estimated weekly FI hog slaughter at 1.814 million head through Thursday. That is 82,000 head above last year, and up 3,000 head from the week previous. Pork export sales for the week that ended 7/12 totaled 19,735 MT. Pork shipments totaled 18,720 MT.

Lean Hogs

Lean hog futures settled with 5 to 30 cent gains in the front months, with Dec 15 cents lower. The CME Lean Hog Index was down 45 cents on July 17, to $79.15. The USDA pork carcass cutout value was up 34 cents on Thursday afternoon at $82.69. The picnic and rib were the only primal cuts reported lower. The national base carcass price was $69.25 in the Thursday AM report, down $1.32 from the day prior. USDA estimated weekly FI hog slaughter at 1.814 million head through Thursday. That is 82,000 head above last year, and up 3,000 head from the week previous. Pork export sales for the week that ended 7/12 totaled 19,735 MT. Shipments of pork were seen at 18,720 MT.

Aug 18 Hogs closed at $67.250, up $0.050,

Oct 18 Hogs closed at $52.225, up $0.300

Dec 18 Hogs closed at $46.875, down $0.150

Cattle

Live cattle futures ended the Thursday session mixed, with nearby Aug a nickel lower and back months higher. Feeder cattle futures were steady to 20 cents higher in the nearby contracts. The CME feeder cattle index was down 28 cents from the previous day at $148.31 on 7/18. Wholesale boxed beef values were lower on Thursday afternoon. Choice boxes were down 31 cents to $204.49, while Select boxes were 17 cents lower at $196.92. Estimated week to date FI cattle slaughter was 476,000 head through Thursday. That was up 11,000 from the same week last year but down 3,000 head vs. last week. Analysts are expecting to see a 1% increase from last year in all cattle and calves as of July 1. They also estimated that Friday’s Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Export sales of 13,518 MT of beef in the week of July 12 were shown by the USDA this morning. Weekly shipments were hit a marketing year high of 19,561 MT. Cash cattle bids were seen at $108 today, despite a couple small confirmed sales @ $112 on Wednesday’s FCE.

Aug 18 Cattle closed at $108.900, down $0.050,

Oct 18 Cattle closed at $110.650, unch,

Dec 18 Cattle closed at $114.425, up $0.225,

Aug 18 Feeder Cattle closed at $154.450, unch,

Sep 18 Feeder Cattle closed at $154.775, up $0.125

Oct 18 Feeder Cattle closed at $154.925, up $0.200

Wheat

Wheat futures posted gains of 7 to 9 cents in most contracts on Thursday. The weekly Export Sales report from FAS showed all wheat export sales falling in the middle of most trade estimates at 300,033 MT for the week of 7/12. That is less than half of the totaled reported for this week last year, but a 120% jump from last week. A sale of 30,000 MT to Argentina was reported in error according to the USDA and will be corrected next week. Actual exports picked back up a bit at 434,660 MT, still 8.55% behind last year but 52% above last week. Japan’s MOA purchased 57,914 MT of US wheat in their weekly tender on Thursday.

Sep 18 CBOT Wheat closed at $5.04 1/4, up 9 3/4 cents,

Sep 18 KCBT Wheat closed at $4.96 1/2, up 8 3/4 cents,

Sep 18 MGEX Wheat closed at $5.36 3/4, up 8 3/4 cents

Soybeans

Soybean futures closed 3 to 4 cents higher in the nearby contracts. Nearby soy meal was up 60 cents/ton, with soy oil 24 points lower. The USDA reported that 252,313 MT of old crop soybeans were sold for export during the week of 7/12. That was on the lower end of estimates but a 59.1% jump from the July 4th holiday week. New crop sales exceeded expectations at 613,350 MT, well above last week. Sales of 433,000 MT were shown to unknown, with 120,000 MT to Argentina. Export shipments were tallied at 605,182 MT, 69.1% above a year ago, as 119,800 MT went to Mexico. Soy meal sales totaled 221,997 MT, with 131,000 MT for 17/18. Soy oil saw sales of 20,126 MT, with 10,926 MT for 2017/18.

Aug 18 Soybeans closed at $8.46, up 3 3/4 cents,

Sep 18 Soybeans closed at $8.52, up 4 cents,

Nov 18 Soybeans closed at $8.61 1/2, up 3 3/4 cents,

Mar 19 Soybeans closed at $8.80 3/4, up 3 1/2 cents,

Aug 18 Soybean Meal closed at $328.80, up $0.60,

Aug 18 Soybean Oil closed at $27.83, down $0.24

Ag Market Commentary

Corn futures saw 2 to 4 cent gains in most contracts on Thursday, closing higher for the fourth day straight. This morning’s FAS export report indicated that 640,997 MT of old crop corn was sold in the week that ended on 7/12, with 774,488 MT for new crop. Those were both well ahead of estimates, and the total sales number was more than twice as large as last year at this time. A sale of 80,000 MT to Argentina was an error according to the USDA and will be corrected in next week’s report. Shipments in that week were 1.293 MMT, up 46.85% from this week last year but down 7.4% from last week. The main destination was Mexico at 335,700 MT, with 211,400 MT headed to Japan. The Buenos Aires Grain Exchange trimmed their Argentine corn crop estimate by 1 MMT to 31 MMT.

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

Dec 18 Corn closed at $3.65, up 4 cents,

Mar 19 Corn closed at $3.76 1/2, up 3 3/4 cents

May 19 Corn closed at $3.82 3/4, up 3 1/2 cents



Soybean futures closed 3 to 4 cents higher in the nearby contracts. Nearby soy meal was up 60 cents/ton, with soy oil 24 points lower. The USDA reported that 252,313 MT of old crop soybeans were sold for export during the week of 7/12. That was on the lower end of estimates but a 59.1% jump from the July 4th holiday week. New crop sales exceeded expectations at 613,350 MT, well above last week. Sales of 433,000 MT were shown to unknown, with 120,000 MT to Argentina. Export shipments were tallied at 605,182 MT, 69.1% above a year ago, as 119,800 MT went to Mexico. Soy meal sales totaled 221,997 MT, with 131,000 MT for 17/18. Soy oil saw sales of 20,126 MT, with 10,926 MT for 2017/18.

Aug 18 Soybeans closed at $8.46, up 3 3/4 cents,

Sep 18 Soybeans closed at $8.52, up 4 cents,

Nov 18 Soybeans closed at $8.61 1/2, up 3 3/4 cents,

Mar 19 Soybeans closed at $8.80 3/4, up 3 1/2 cents,

Aug 18 Soybean Meal closed at $328.80, up $0.60,

Aug 18 Soybean Oil closed at $27.83, down $0.24



Wheat futures posted gains of 7 to 9 cents in most contracts on Thursday. The weekly Export Sales report from FAS showed all wheat export sales falling in the middle of most trade estimates at 300,033 MT for the week of 7/12. That is less than half of the totaled reported for this week last year, but a 120% jump from last week. A sale of 30,000 MT to Argentina was reported in error according to the USDA and will be corrected next week. Actual exports picked back up a bit at 434,660 MT, still 8.55% behind last year but 52% above last week. Japan’s MOA purchased 57,914 MT of US wheat in their weekly tender on Thursday.

Sep 18 CBOT Wheat closed at $5.04 1/4, up 9 3/4 cents,

Sep 18 KCBT Wheat closed at $4.96 1/2, up 8 3/4 cents,

Sep 18 MGEX Wheat closed at $5.36 3/4, up 8 3/4 cents



Live cattle futures ended the Thursday session mixed, with nearby Aug a nickel lower and back months higher. Feeder cattle futures were steady to 20 cents higher in the nearby contracts. The CME feeder cattle index was down 28 cents from the previous day at $148.31 on 7/18. Wholesale boxed beef values were lower on Thursday afternoon. Choice boxes were down 31 cents to $204.49, while Select boxes were 17 cents lower at $196.92. Estimated week to date FI cattle slaughter was 476,000 head through Thursday. That was up 11,000 from the same week last year but down 3,000 head vs. last week. Analysts are expecting to see a 1% increase from last year in all cattle and calves as of July 1. They also estimated that Friday’s Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Export sales of 13,518 MT of beef in the week of July 12 were shown by the USDA this morning. Weekly shipments were hit a marketing year high of 19,561 MT. Cash cattle bids were seen at $108 today, despite a couple small confirmed sales @ $112 on Wednesday’s FCE.

Aug 18 Cattle closed at $108.900, down $0.050,

Oct 18 Cattle closed at $110.650, unch,

Dec 18 Cattle closed at $114.425, up $0.225,

Aug 18 Feeder Cattle closed at $154.450, unch,

Sep 18 Feeder Cattle closed at $154.775, up $0.125

Oct 18 Feeder Cattle closed at $154.925, up $0.200



Lean hog futures settled with 5 to 30 cent gains in the front months, with Dec 15 cents lower. The CME Lean Hog Index was down 45 cents on July 17, to $79.15. The USDA pork carcass cutout value was up 34 cents on Thursday afternoon at $82.69. The picnic and rib were the only primal cuts reported lower. The national base carcass price was $69.25 in the Thursday AM report, down $1.32 from the day prior. USDA estimated weekly FI hog slaughter at 1.814 million head through Thursday. That is 82,000 head above last year, and up 3,000 head from the week previous. Pork export sales for the week that ended 7/12 totaled 19,735 MT. Shipments of pork were seen at 18,720 MT.

Aug 18 Hogs closed at $67.250, up $0.050,

Oct 18 Hogs closed at $52.225, up $0.300

Dec 18 Hogs closed at $46.875, down $0.150



Cotton futures saw losses of 45 to 53 points in the nearby contracts on Thursday. With just over 2 reporting weeks left in the MY, all upland cotton export sales were just 12,935 RB. That was slightly lower than the same week in 2017 and just 10.64% of the reported total in the week prior. China purchased another 5,900 RB in that week. New crop sales totaled 247,711 RB, slipping a little from the week prior but 49.03% larger than the same time last year. Vietnam was the lead buyer of 93,400 RB, with 24,300 RB in sales shown to China. Exports were seen at 227,320 RB, down 19% from last year and 11.69% lower than the previous week. The Cotlook A index was up 50 points from the previous day at 98.20 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.

Oct 18 Cotton closed at 88.300, down 53 points,

Dec 18 Cotton closed at 87.550, down 53 points

Mar 19 Cotton closed at 87.430, down 50 points



Cotton

Cotton futures saw losses of 45 to 53 points in the nearby contracts on Thursday. With just over 2 reporting weeks left in the MY, all upland cotton export sales were just 12,935 RB. That was slightly lower than the same week in 2017 and just 10.64% of the reported total in the week prior. China purchased another 5,900 RB in that week. New crop sales totaled 247,711 RB, slipping a little from the week prior but 49.03% larger than the same time last year. Vietnam was the lead buyer of 93,400 RB, with 24,300 RB in sales shown to China. Exports were seen at 227,320 RB, down 19% from last year and 11.69% lower than the previous week. The Cotlook A index was up 50 points from the previous day at 98.20 cents/lb on July 18. The weekly USDA AWP was updated to 79.50 cents/lb, up 333 points from the week prior.

Oct 18 Cotton closed at 88.300, down 53 points,

Dec 18 Cotton closed at 87.550, down 53 points

Mar 19 Cotton closed at 87.430, down 50 points

Corn

Corn futures saw 2 to 4 cent gains in most contracts on Thursday, closing higher for the fourth day straight. This morning’s FAS export report indicated that 640,997 MT of old crop corn was sold in the week that ended on 7/12, with 774,488 MT for new crop. Those were both well ahead of estimates, and the total sales number was more than twice as large as last year at this time. A sale of 80,000 MT to Argentina was an error according to the USDA and will be corrected in next week’s report. Shipments in that week were 1.293 MMT, up 46.85% from this week last year but down 7.4% from last week. The main destination was Mexico at 335,700 MT, with 211,400 MT headed to Japan. The Buenos Aires Grain Exchange trimmed their Argentine corn crop estimate by 1 MMT to 31 MMT.

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

Dec 18 Corn closed at $3.65, up 4 cents,

Mar 19 Corn closed at $3.76 1/2, up 3 3/4 cents

May 19 Corn closed at $3.82 3/4, up 3 1/2 cents

Cotton

Cotton futures are trading 4 to 30 points lower on Thursday, as pressure is coming from the dollar, up 350 points at the moment. With just over 2 reporting weeks left in the MY, all upland cotton export sales were tallied at just 12,935 RB. That was slightly lower than the same week in 2017 and just 10.64% of the reported total in the week prior. China purchased another 5,900 RB in that week. New crop sales totaled 247,711 RB, slipping a little from the week prior but 49.03% larger than the same time last year. Vietnam was the lead buyer of 93,400 RB, with 24,300 RB in sales shown to China. The Cotlook A index was up 50 points from the previous day at 98.20 cents/lb on July 18. The weekly USDA AWP currently at 76.17 cents/lb will be updated later today.

Oct 18 Cotton is at 88.76, down 7 points,

Dec 18 Cotton is at 87.78, down 30 points

Mar 19 Cotton is at 87.65, down 28 points

May 19 Cotton is at 88.010, down 4 points

Corn

Corn futures are currently 3 to 4 cents higher in most contracts on Thursday, with help from good export sales numbers. This morning’s FAS report indicated that 640,997 MT of old crop corn was sold in the week that ended on 7/12, with 774,488 MT for new crop. Those were both well ahead of estimates, as the total sales number was more than twice as large as last year at this time. Japan was the lead buyer of old crop at 123,800 MT, with Mexico buying 123,200 MT. A sale of 80,000 MT to Argentina was reported in error according to the USDA and will be corrected in next week’s report. China sold 1.11 MMT of corn at an auction of state reserves on Thursday, totaling 27.71% of the amount offered.

Sep 18 Corn is at $3.50 1/2, up 3 1/4 cents,

Dec 18 Corn is at $3.64 3/4, up 3 3/4 cents,

Mar 19 Corn is at $3.75 3/4, up 3 cents

May 19 Corn is at $3.82 1/4, up 3 cents

Lean Hogs

Lean hog futures are posting 15 to 25 cent gains in the front months at midday. The CME Lean Hog Index was down 45 cents on July 17, to $79.15. The USDA pork carcass cutout value was up 25 cents on Thursday morning at $82.60. The loin and butt were only primal cuts reported higher. The national base carcass price was $69.22 in the Thursday AM report, down $1.35 from the day prior. USDA estimated weekly FI hog slaughter at 1.353 million head through Wednesday. That is 59,000 head above last year, but down 4,000 head from the week previous. Pork export sales for the week that ended 7/12 were totaled at 19,735 MT.

Aug 18 Hogs are at $67.375, up $0.175,

Oct 18 Hogs are at $52.150, up $0.225

Dec 18 Hogs are at $47.175, up $0.150

Cattle

Live cattle futures are showing mixed trade at midday, with nearby Aug 2.5 cents higher. Feeder cattle futures are steady to 50 cents lower on Thursday. The CME feeder cattle index was up 22 cents from the previous day at $148.59 on 7/17. Wholesale boxed beef values were higher again on Thursday morning. Choice boxes were up 21 cents to $205.01, while Select boxes were 27 cents higher at $197.36. Estimated FI cattle slaughter was 355,000 head through Wednesday. That was up 12,000 from the same week last year but down 4,000 head vs. last week. Analysts are expecting to see a 1% increase from last year in all cattle and calves as of July 1. They also estimated that Friday’s Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Export sales of 13,518 MT of beef in the week of July 12 were shown by the USDA this morning. Bids are currently being seen at $108 this morning, despite sales of $112 on Wednesday’s FCE.

Aug 18 Cattle are at $108.975, up $0.025,

Oct 18 Cattle are at $110.550, down $0.100,

Dec 18 Cattle are at $114.450, up $0.250,

Aug 18 Feeder Cattle are at $154.400, down $0.050

Sep 18 Feeder Cattle are at $154.625, down $0.025

Oct 18 Feeder Cattle are at $154.725, unch,

Wheat

Wheat futures are mostly 6 to 9 cents higher in most contracts at midday. The weekly Export Sales report from FAS showed all wheat export sales falling in the middle of most trade estimates at 300,033 MT for the week of 7/12. That is less than half of the totaled reported for this week last year, but a 120% jump from last week’s lower total. The Philippines were the lead buyer of 136,200 MT, with Thailand importers purchasing 64,000 MT. A sale of 30,000 MT to Argentina was reported in error according to the USDA and will be corrected next week. Japan’s MOA purchased 57,914 MT of US wheat in their weekly tender on Thursday.

Sep 18 CBOT Wheat is at $5.03, up 8 1/2 cents,

Sep 18 KCBT Wheat is at $4.95, up 7 1/4 cents,

Sep 18 MGEX Wheat is at $5.34 1/2, up 6 1/2 cents

Soybeans

Soybean futures are fractionally to a penny lower in the nearby contracts at midday. Nearby soy meal is down $1.60/ton, with soy oil 30 points lower. The USDA reported that 252,313 MT of old crop soybeans were sold for export during the week of 7/12. That was on the lower end of estimates but a 59.1% jump from the week prior. Reductions of 113,000 MT for unknown destinations were likely switched, as just 6,000 MT of cancelations were seen for China. New crop sales exceeded expectations at 613,350 MT, well above last week. Sales of 433,000 MT were shown to unknown, with 120,000 MT to Argentina. Soy meal sales totaled 221,997 MT, with 131,000 MT for 17/18. Soy oil saw sales of 20,126 MT, as 10,926 MT were for 17/18.

Aug 18 Soybeans are at $8.41 1/4, down 1 cent,

Sep 18 Soybeans are at $8.47 1/4, down 3/4 cent,

Nov 18 Soybeans are at $8.57, down 3/4 cent,

Jan 19 Soybeans are at $8.67 1/2, down 1/2 cent,

Aug 18 Soybean Meal is at $326.60, down $1.60

Aug 18 Soybean Oil is at $27.77, down $0.30

Ag Market Commentary

Corn futures are currently 3 to 4 cents higher in most contracts on Thursday, with help from good export sales numbers. This morning’s FAS report indicated that 640,997 MT of old crop corn was sold in the week that ended on 7/12, with 774,488 MT for new crop. Those were both well ahead of estimates, as the total sales number was more than twice as large as last year at this time. Japan was the lead buyer of old crop at 123,800 MT, with Mexico buying 123,200 MT. A sale of 80,000 MT to Argentina was reported in error according to the USDA and will be corrected in next week’s report. China sold 1.11 MMT of corn at an auction of state reserves on Thursday, totaling 27.71% of the amount offered.

Sep 18 Corn is at $3.50 1/2, up 3 1/4 cents,

Dec 18 Corn is at $3.64 3/4, up 3 3/4 cents,

Mar 19 Corn is at $3.75 3/4, up 3 cents

May 19 Corn is at $3.82 1/4, up 3 cents



Soybean futures are fractionally to a penny lower in the nearby contracts at midday. Nearby soy meal is down $1.60/ton, with soy oil 30 points lower. The USDA reported that 252,313 MT of old crop soybeans were sold for export during the week of 7/12. That was on the lower end of estimates but a 59.1% jump from the week prior. Reductions of 113,000 MT for unknown destinations were likely switched, as just 6,000 MT of cancelations were seen for China. New crop sales exceeded expectations at 613,350 MT, well above last week. Sales of 433,000 MT were shown to unknown, with 120,000 MT to Argentina. Soy meal sales totaled 221,997 MT, with 131,000 MT for 17/18. Soy oil saw sales of 20,126 MT, as 10,926 MT were for 17/18.

Aug 18 Soybeans are at $8.41 1/4, down 1 cent,

Sep 18 Soybeans are at $8.47 1/4, down 3/4 cent,

Nov 18 Soybeans are at $8.57, down 3/4 cent,

Jan 19 Soybeans are at $8.67 1/2, down 1/2 cent,

Aug 18 Soybean Meal is at $326.60, down $1.60

Aug 18 Soybean Oil is at $27.77, down $0.30



Wheat futures are mostly 6 to 9 cents higher in most contracts at midday. The weekly Export Sales report from FAS showed all wheat export sales falling in the middle of most trade estimates at 300,033 MT for the week of 7/12. That is less than half of the totaled reported for this week last year, but a 120% jump from last week’s lower total. The Philippines were the lead buyer of 136,200 MT, with Thailand importers purchasing 64,000 MT. A sale of 30,000 MT to Argentina was reported in error according to the USDA and will be corrected next week. Japan’s MOA purchased 57,914 MT of US wheat in their weekly tender on Thursday.

Sep 18 CBOT Wheat is at $5.03, up 8 1/2 cents,

Sep 18 KCBT Wheat is at $4.95, up 7 1/4 cents,

Sep 18 MGEX Wheat is at $5.34 1/2, up 6 1/2 cents



Live cattle futures are showing mixed trade at midday, with nearby Aug 2.5 cents higher. Feeder cattle futures are steady to 50 cents lower on Thursday. The CME feeder cattle index was up 22 cents from the previous day at $148.59 on 7/17. Wholesale boxed beef values were higher again on Thursday morning. Choice boxes were up 21 cents to $205.01, while Select boxes were 27 cents higher at $197.36. Estimated FI cattle slaughter was 355,000 head through Wednesday. That was up 12,000 from the same week last year but down 4,000 head vs. last week. Analysts are expecting to see a 1% increase from last year in all cattle and calves as of July 1. They also estimated that Friday’s Cattle inventory report will show beef cows up 0.9% from 2017’s mid-year report, with replacement heifers down 4.3%. Export sales of 13,518 MT of beef in the week of July 12 were shown by the USDA this morning. Bids are currently being seen at $108 this morning, despite sales of $112 on Wednesday’s FCE.

Aug 18 Cattle are at $108.975, up $0.025,

Oct 18 Cattle are at $110.550, down $0.100,

Dec 18 Cattle are at $114.450, up $0.250,

Aug 18 Feeder Cattle are at $154.400, down $0.050

Sep 18 Feeder Cattle are at $154.625, down $0.025

Oct 18 Feeder Cattle are at $154.725, unch,



Lean hog futures are posting 15 to 25 cent gains in the front months at midday. The CME Lean Hog Index was down 45 cents on July 17, to $79.15. The USDA pork carcass cutout value was up 25 cents on Thursday morning at $82.60. The loin and butt were only primal cuts reported higher. The national base carcass price was $69.22 in the Thursday AM report, down $1.35 from the day prior. USDA estimated weekly FI hog slaughter at 1.353 million head through Wednesday. That is 59,000 head above last year, but down 4,000 head from the week previous. Pork export sales for the week that ended 7/12 were totaled at 19,735 MT.

Aug 18 Hogs are at $67.375, up $0.175,

Oct 18 Hogs are at $52.150, up $0.225

Dec 18 Hogs are at $47.175, up $0.150



Cotton futures are trading 4 to 30 points lower on Thursday, as pressure is coming from the dollar, up 350 points at the moment. With just over 2 reporting weeks left in the MY, all upland cotton export sales were tallied at just 12,935 RB. That was slightly lower than the same week in 2017 and just 10.64% of the reported total in the week prior. China purchased another 5,900 RB in that week. New crop sales totaled 247,711 RB, slipping a little from the week prior but 49.03% larger than the same time last year. Vietnam was the lead buyer of 93,400 RB, with 24,300 RB in sales shown to China. The Cotlook A index was up 50 points from the previous day at 98.20 cents/lb on July 18. The weekly USDA AWP currently at 76.17 cents/lb will be updated later today.

Oct 18 Cotton is at 88.76, down 7 points,

Dec 18 Cotton is at 87.78, down 30 points

Mar 19 Cotton is at 87.65, down 28 points

May 19 Cotton is at 88.010, down 4 points



Cattle

Live cattle futures settled with most contracts $1.50 to $2.525 higher on Wednesday. Feeder cattle futures were also sharply higher, up $2.70 to $3.175 in the nearby contracts. The CME feeder cattle index was up 22 cents from the previous day at $148.59 on 7/17. Wholesale boxed beef values were higher on Wednesday afternoon. Choice boxes were up 41 cents to $204.80, while Select boxes were 23 cents higher at $197.09. Estimated FI cattle slaughter was 355,000 head through Wednesday. That was up 12,000 from the same week last year but down 4,000 head vs. last week. A Reuters poll of analysts shows estimates for July 1 cattle on feed at 11.257 million head, up 4% from last year. Wednesday’s Fed Cattle Exchange saw sales on 142 of the 428 head offered at $112. There was also a lot that passed on an offer of $111.

Wheat

Wheat futures are currently steady to 2 cents lower in the HRW and SRW futures and 3 to 5 cents higher in Minneapolis after ending the Wednesday session with MPLS 4 to 5 1/4 cents lower. KC was steady to down 3 cents, with nearby CBT down 3 1/4 and higher in the back months. The current 5-day QPF shows rain forecasted for much of the Dakotas and MN, with that area expected to dry out in the extended 8-14 day outlook. A poll of analysts shows expectations for the USDA Export Sales report at 150,000-500,000 MT in all new crop wheat sales for the week of 7/12. That would be well above last week’s extremely low 136,408 MT. President Trump indicated on Wednesday that the US may work out a separate trade deal with Mexico as an alternate path to the current NAFTA talks.

Soybeans

Soybean futures are mostly 5 cents lower this morning. They ended their third consecutive day higher by showing 2-3 cent gains on Wednesday. Preliminary open interest dropped 457, showing light short covering. Nearby soy meal down 90 cents/ton, with soy oil 34 points higher. The USDA reported a private export sale of 199,500 MT of soybeans to Pakistan for 18/19 delivery through their daily reporting system. Trade estimates ahead of today’s FAS report are showing 200,000-500,000 MT of old crop soybean sales in the week that ended 7/12. New crop is expected to be in a range of 100,000-500,000 MT. Soy meal sales are seen at 75,000-350,000 MT, while 8,000-40,000 MT is projected for soy oil. China sold 140,068 MT of soybeans from state reserves in an auction on Wednesday, totaling 28.29% of the amount offered.

Ag Market Commentary

Corn futures are mostly 1 1/2 cents per bushel lower this morning. They posted fractional to 1 1/4 cent gains in most contracts on Wednesday, helped by positive ethanol data. Preliminary open interest rose 9,385 contracts on some new buying interest. Wednesday morning’s EIA report indicated that daily ethanol production (and thus corn use) in the week that ended 7/13 was back up 31,000 barrels per day at 1.064 million bpd. Ethanol stocks were drawn down by 625,000 barrels to 21.768 million barrels on large reductions in the Midwest and Gulf. Analysts are looking for this weekly Export Sales report to show 300,000-600,000 MT in old crop corn sales. New crop sales are seen at 200,000-500,000 MT for the week that ended 7/12. A South Korean importer purchased 60,000MT of US corn in a tender on Wednesday.



Soybean futures are mostly 5 cents lower this morning. They ended their third consecutive day higher by showing 2-3 cent gains on Wednesday. Preliminary open interest dropped 457, showing light short covering. Nearby soy meal down 90 cents/ton, with soy oil 34 points higher. The USDA reported a private export sale of 199,500 MT of soybeans to Pakistan for 18/19 delivery through their daily reporting system. Trade estimates ahead of today’s FAS report are showing 200,000-500,000 MT of old crop soybean sales in the week that ended 7/12. New crop is expected to be in a range of 100,000-500,000 MT. Soy meal sales are seen at 75,000-350,000 MT, while 8,000-40,000 MT is projected for soy oil. China sold 140,068 MT of soybeans from state reserves in an auction on Wednesday, totaling 28.29% of the amount offered.



Wheat futures are currently steady to 2 cents lower in the HRW and SRW futures and 3 to 5 cents higher in Minneapolis after ending the Wednesday session with MPLS 4 to 5 1/4 cents lower. KC was steady to down 3 cents, with nearby CBT down 3 1/4 and higher in the back months. The current 5-day QPF shows rain forecasted for much of the Dakotas and MN, with that area expected to dry out in the extended 8-14 day outlook. A poll of analysts shows expectations for the USDA Export Sales report at 150,000-500,000 MT in all new crop wheat sales for the week of 7/12. That would be well above last week’s extremely low 136,408 MT. President Trump indicated on Wednesday that the US may work out a separate trade deal with Mexico as an alternate path to the current NAFTA talks.



Live cattle futures settled with most contracts $1.50 to $2.525 higher on Wednesday. Feeder cattle futures were also sharply higher, up $2.70 to $3.175 in the nearby contracts. The CME feeder cattle index was up 22 cents from the previous day at $148.59 on 7/17. Wholesale boxed beef values were higher on Wednesday afternoon. Choice boxes were up 41 cents to $204.80, while Select boxes were 23 cents higher at $197.09. Estimated FI cattle slaughter was 355,000 head through Wednesday. That was up 12,000 from the same week last year but down 4,000 head vs. last week. A Reuters poll of analysts shows estimates for July 1 cattle on feed at 11.257 million head, up 4% from last year. Wednesday’s Fed Cattle Exchange saw sales on 142 of the 428 head offered at $112. There was also a lot that passed on an offer of $111.



Lean hog futures saw losses of 25 to 70 cents in most contracts on Wednesday. The CME Lean Hog Index was down 65 cents on July 16, to $79.69. The USDA pork carcass cutout value was down $1.85 on Wednesday afternoon at $82.35. The belly was the only primal reported higher. The national base carcass price was $70.62 in the Wednesday PM report, down $1.36 from the day prior. USDA estimated weekly FI hog slaughter at 1.353 million head through Wednesday. That is 59,000 head above last year, but down 4,000 head from the week previous.



Cotton futures are trading 24 to 39 points lower this morning. They were steady to 37 points lower in the front months on Wednesday, pressured by a little bit of profit taking. Dryness seen for most of TX in the next week is piling on top of the already deteriorating crop conditions. The weekly Export Sales report will be released at 7:30 a.m. CDT, with traders watching for any Chinese activity on either the purchasing or cancellation side. The Cotlook A index was steady from the previous day at 97.70 cents/lb on July 17. The weekly USDA AWP currently at 76.17 cents/lb will be updated on Thursday.



Cotton

Cotton futures are trading 24 to 39 points lower this morning. They were steady to 37 points lower in the front months on Wednesday, pressured by a little bit of profit taking. Dryness seen for most of TX in the next week is piling on top of the already deteriorating crop conditions. The weekly Export Sales report will be released at 7:30 a.m. CDT, with traders watching for any Chinese activity on either the purchasing or cancellation side. The Cotlook A index was steady from the previous day at 97.70 cents/lb on July 17. The weekly USDA AWP currently at 76.17 cents/lb will be updated on Thursday.