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DJ Analysts’ Estimates for September USDA Cattle-On-Feed Report The following estimates, as compiled by the Wall Street Journal for the nation’s feedyards...
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We start POW/MIA Recognition Day on this autumn’s eve with the only report on the table which is the Cattle on Feed at 2:00 P.M. [...]
cmdty Insider - Ag Market Commentary
Wheat futures were down 1 to 2 1/4 cents in most KC and CBT contracts on Friday, with MPLS 5 to 6 cents lower. All three markets saw gains in the Dec contracts on the week, with CBT up 2%, KC 1.74% higher, and MPLS 1.79% in the green. Total export commitments for wheat have picked up on last year over the past few weeks but are still lagging by 22%. USDA is projecting a 13.76% increase in exports from 17/18 to 18/19. Combined shipments and outstanding sales are now 37% of that projection of 1.025 bbu, with the typical pace at 55% by this time. Spec funds in Chicago wheat futures and options flipped 19,794 contracts to a net short position of -1,379 contracts as of Tuesday. Their net position in KC futures and options was still long 37,084 contracts, 6,455 fewer than the week prior. Russia’s IKAR trimmed their production estimate by 0.4 to 69.2 MMT for 2018 wheat production on Friday. Consultant SovEcon cut Russia’s wheat export projection by 0.9 to 33 MMT.DEC 18 CBOT Wheat closed at $5.21 3/4, down 2 1/4 cents,DEC 18 KCBT Wheat closed at $5.25 1/4, down 1 3/4 cents,DEC 18 MGEX Wheat closed at $5.82 1/2, down 6 cents
Soybean futures settled with losses of 2 to 3 cents in the front months to end the week that saw Nov up 2.02%. Soybean meal was down $5.50/ton on Friday, while soy oil was up 49 points. USDA reported a private export sale of 100,000 MT of soy meal to unknown for 18/19 delivery through their daily reporting system this morning. Weekly export sales data shows that soybeans export commitments (exports and unshipped sales) for 18/19 are down 7.2% from last year. Compared to the USDA export number, they are 32% complete, with last year running 34% at this time and the 5-year average at 42%. Spec traders in soybean futures and options added 1,544 contracts to their largest reported net short position since January 23 at 69,813 contracts. AgRural estimates that Brazil has 1.9% of their soybean area planted, vs. 0.3% for the 5-year average.NOV 18 Soybeans closed at $8.47 1/4, down 3 cents,JAN 19 Soybeans closed at $8.61 1/4, down 2 3/4 cents,MAR 19 Soybeans closed at $8.74 1/4, down 2 3/4 cents,MAY 19 Soybeans closed at $8.87 1/2, down 2 1/4 cents,OCT 18 Soybean Meal closed at $305.90, down $5.50,OCT 18 Soybean Oil closed at $28.09, up $0.49
Corn futures closed the Friday session with most contracts 4 to 5 cents in the green. Nearby Dec was up 1.56% over the course of the week. A private export sale this morning was shown for 121,700 MT of 18/19 corn to unknown by the USDA. Total corn export commitments through the second week of the new MY are 50.1% larger than the same time last year. They are 27% of the full year USDA export projection, with the normal pace at 26%. The Friday afternoon Commitment of Traders report indicated that money managers in corn futures and options added 77,806 contracts to their net short position as of Tuesday. That net position was at -141,276 contracts on that date, which is the largest net short position since January. A total of 773,429 MT of corn was sold from Chinese state reserves in an auction on Friday, 19.47% of the offered amount.DEC 18 Corn closed at $3.57 1/4, up 4 3/4 cents,MAR 19 Corn closed at $3.69 1/4, up 4 1/2 cents,MAY 19 Corn closed at $3.77 1/4, up 4 1/2 centsJUL 19 Corn closed at $3.83 1/4, up 4 1/4 cents