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Corn futures are trading 5 to 6 1/4 cents lower in the front months on Monday. Separate private export sales of 115,000 MT of 17/18 corn to unknown destinations and 206,000 MT of 18/19 corn to Japan were reported by the USDA this morning. The USDA also reported that 1.409 MMT of US corn was inspected for export during the week of 3/15. That was 2.33% larger than the previous week and 3.78% above the same time last year. Spec funds in corn futures and options showed their net long position of 233,063 contracts on March 13, their most bullish position since June 14, 2016. During that week, they added 69,529 contracts to that net position.
May 18 Corn is at $3.76 1/2, down 6 1/4 cents,
Jul 18 Corn is at $3.84 3/4, down 6 1/4 cents,
Sep 18 Corn is at $3.91, down 5 3/4 cents
Dec 18 Corn is at $3.98 1/2, down 5 1/4 cents
Soybean futures are posting 20 to 24 1/2 cent losses in the nearby contracts at midday. Front Month soy meal is down $12.70/ton, with May soy oil 9 points lower. Rains passed through Argentina this weekend causing some selling pressure, though for some of the crop it is too late. This morning’s USDA Export Inspections report indicated that just 490,536 MT of 17/18 soybeans were shipped for the week that ended 3/15. That was down 47.36% from a week ago and 30.08% lower than this week in 2017. Friday’s Commitment of Traders report showed the managed money net long position at 208,200 contracts as of Tuesday, the largest reported spec net long position since June 7, 2016. That was a movement of 24,489 contracts from the previous week.
May 18 Soybeans are at $10.25 1/4, down 24 1/4 cents,
Jul 18 Soybeans are at $10.35 3/4, down 24 1/2 cents,
Aug 18 Soybeans are at $10.37 1/2, down 23 3/4 cents,
Sep 18 Soybeans are at $10.27, down 20 3/4 cents,
May 18 Soybean Meal is at $360.20, down $12.70
May 18 Soybean Oil is at $31.89, down $0.09
Wheat futures are showing losses of 21 to 25 cents in the KC contracts on Monday, with CBT down 12 to 14 cents. MPLS is currently down 8 to 11 cents. Much needed rains developed across Kansas on Sunday into this morning, pressuring the market lower. Parts of south-central KS saw almost 2 inches, with the far western areas receiving little moisture. Export inspections of wheat during the week of 3/15 totaled 443,269 MT, 3.37% larger than last week but 31.9% lower than a year ago. Spec funds added 8,187 contracts to their net KC wheat long position as of March 13, to 28,946 contracts. In CBT Wheat futures and options, they added 3,053 contracts to their net short position to -35,584 contracts as of Tuesday. Japan is seeking 127,338 MT of wheat from the US and Canada, with the weekly MOA tender to close on Thursday. Most of that total is sought from the US at 91,942 MT.
May 18 CBOT Wheat is at $4.54 1/4, down 13 1/2 cents,
May 18 KCBT Wheat is at $4.74 1/2, down 25 cents,
May 18 MGEX Wheat is at $6.01, down 10 3/4 cents
Live cattle futures are mostly 67.5 cents to $1.175 lower on Monday. Feeder cattle futures are down 90 cents to $1.025 at midday. The CME feeder cattle index was down 10 cents on March 15 at $142.71. Wholesale boxed beef values were mixed on Monday morning. Choice boxes were up 22 cents at $225.37, with Select boxes $1.74 higher at $218.60. Estimated week to date FI cattle slaughter is 595,000 head through Saturday, 2,000 below last week but 6,000 head above the same week in 2017. Managed money backed off their net long position in live cattle futures and options by 7,836 contracts to 84,720 contracts as of Tuesday.
Apr 18 Cattle are at $120.575, down $0.675,
Jun 18 Cattle are at $110.575, down $1.175,
Aug 18 Cattle are at $108.050, down $1.075,
Mar 18 Feeder Cattle are at $139.050, down $0.925
Apr 18 Feeder Cattle are at $139.175, down $1.025
May 18 Feeder Cattle are at $140.050, down $0.900
Lean hog futures are $1.675 to $2.225 lower at midday. The CME Lean Hog Index on March 15 was down 41 cents from the previous day to $65.52. The USDA pork carcass cutout value was 54 cents lower at $72.03 in the Monday AM report. The national base hog weighted average price was 46 cents lower at $56.83 on Monday morning. The USDA estimated FI hog slaughter at 2,413,000 head through Saturday. That is up 10,000 head from the previous week and 81,000 head more than the same week last year. Spec funds held a net long position of just 9,832 contracts in lean hog futures and options on March 13. That was down 5,232 contracts from the previous week, and the smallest reported net long position since December 22, 2015.
Apr 18 Hogs are at $63.550, down $1.900,
May 18 Hogs are at $71.075, down $1.675
Jun 18 Hogs are at $76.900, down $2.225
Cotton futures are trading 86 to 150 points lower in the front months on Monday. The Cotlook A index was UNCH from the previous day on March 16 at 92.85 cents/lb. The Adjusted World Price (AWP) was updated to 75.12 cents/lb on Thursday, 99 cents above the previous week. China sold another 20,700 MT of cotton offered at an auction of state reserves on Monday, totaling 69.13% of the amount offered. Spec traders in cotton futures and options added 2,707 contracts to their net long position now at 85,046 contracts on Tuesday, March 13.
May 18 Cotton is at 81.35, down 150 points,
Jul 18 Cotton is at 81.6, down 138 points
Dec 18 Cotton is at 77.420, down 86 points
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