Corn futures ended the Wednesday session with most nearby contracts fractionally to 1 1/4 cents lower. This morning’s EIA report showed another record week of ethanol production. It indicated that 1.108 million barrels per day was produced during the week of 12/1. That was 42,000 bpd larger than the previous week, as stocks also increased 500,000 barrels to 22.544 million barrels. US corn exports during the month of October totaled 2.725 MMT, with 1.15 MMT going to Mexico. That was 24.7% lower than last October and down 22.7% from September. Census data also shows 93.6 million gallons of ethanol shipped during October, 8% larger than September. Expectations ahead of the weekly Export Sales report are running 0.8 to 1.2 MMT for 17/18 corn sales. The Stats Canada report on Wednesday showed the country’s 2017 corn production at 14.095 MMT, which was near most expectations and 6.8% larger than last year.
Dec 17 Corn closed at $3.39 1/4, down 1/2 cent,
Mar 18 Corn closed at $3.52 3/4, down 1 cent,
May 18 Corn closed at $3.61, down 1 1/4 cents
Jul 18 Corn closed at $3.69 1/4, down 1 1/4 cents
Soybean futures closed the day with 3 to 5 3/4 cent losses. December meal was down 90 cents/ton, with nearby bean oil 32 points lower. The USDA issued a correction to a private export sale to China reported on Nov 30, lowering the total from 525,000 MT to 393,000 MT. Census data shows soybean exports in October at 9.441 MMT, down 15.8% from last year but more than double September’s total. Wednesday morning’s Stats Canada report put Canadian canola production at 21.313 MMT. That exceeded most analysts’ estimates and was an increase of 8.7% from the previous year. The soybean crop was at 7.717 MMT, just short of expectations but 16.6% larger than 2016 production. Analysts are expecting this week’s USDA Export Sales report to show sales of 1-1.5 MMT for 17/18 soybeans.
Jan 18 Soybeans closed at $10.02 3/4, down 5 3/4 cents,
Mar 18 Soybeans closed at $10.14 3/4, down 5 3/4 cents,
May 18 Soybeans closed at $10.25 1/4, down 5 1/2 cents,
Aug 18 Soybeans closed at $10.34, down 5 1/4 cents,
Dec 17 Soybean Meal closed at $340.40, down $0.90,
Dec 17 Soybean Oil closed at $33.09, down $0.32
Wheat futures saw most contracts 5 to 8 1/4 cents lower today, with a few MPLS contracts down as much as 12 1/2. Trade data from the month of October shows the US shipped 1.393 MMT of wheat. That was down 19.64% from last month and 40.94% lower than the same time last year. This morning’s report from Stats Canada showed the country’s 2017 total wheat production hit 29.984 MMT. That was down 5.5 % from last year but exceeded the average projection of 28 MMT. Durum wheat was also reported higher than expectations at 4.962 MMT, down 36.1% from a year ago. All wheat weekly export sales are estimated to run 250,000-450,000 MT in Thursday morning’s USDA report.
Dec 17 CBOT Wheat closed at $3.98 1/2, down 7 1/2 cents,
Dec 17 KCBT Wheat closed at $4.06, down 8 1/4 cents,
Dec 17 MGEX Wheat closed at $6.03 3/4, down 5 1/4 cents
Live cattle futures finished the Wednesday session with 52.5 cents to $1.275 losses. Feeder cattle futures were down $1.65 to $2.075. The CME feeder cattle index on December 5 was down 29 cents to $156.11. Wholesale boxed beef values were sharply lower on Wednesday afternoon. Choice was down $2.68 at $206.40, with select $2.52 lower at $184.11. Estimated WTD FI slaughter was at 358,000 head through Wednesday, 1,000 above last week and 15,000 head larger than the same week last year. The online FCE auction again showed no sales on the 653 head, as 2 offers were passed by feedlots at $117.25 and $117.50. There were a few cash trades of $117 to $118.5 on Wednesday. US export trade data from October shows a record for that month at 259.996 million pounds of beef shipped. That is 13.6% larger than a year ago and 7% above September.
Dec 17 Cattle closed at $115.900, down $0.525,
Feb 18 Cattle closed at $119.275, down $1.250,
Apr 18 Cattle closed at $120.625, down $0.900,
Jan 18 Feeder Cattle closed at $146.025, down $1.800
Mar 18 Feeder Cattle closed at $144.100, down $1.650
Apr 18 Feeder Cattle closed at $144.375, down $2.025
Lean hog futures were 22.5 cents to $1.55 in the red on Wednesday. The CME Lean Hog Index for 12/4 was up 43 cents to $64.35. The USDA pork carcass cutout value was $2.03 lower at $82.75 in the Wednesday afternoon report. The belly and rib were the only cuts reported higher. The national base hog price was 22 cents lower at $59.28. The IA/MN region cash hog average was 51 cents lower, with the WCB down 48 cents. The USDA FI hog slaughter was estimated at 1,395,000 head through Wednesday. That is up 31,000 head from the previous week and 76,000 head more than last year. US Pork exports during October were a record 494.643 million pounds for the month. That was 9.6% larger than October 2016 and a 17.4% jump from the September Census report.
Dec 17 Hogs closed at $63.825, down $0.450,
Feb 18 Hogs closed at $68.950, down $1.550
Apr 18 Hogs closed at $72.975, down $1.350
Cotton futures settled the Wednesday session with most contracts steady to 21 points in the green. December expired 21 points higher at 75.17 cents/lb. During October, the US shipped 97,302 MT of cotton for export. That was a drop of 21.5% from the previous month and 22.5% lower than last October. The USDA Export Sales report is expected to show a slowdown in upland cotton sales in Thursday’s report. Online cash sales dropped to 13,670 bales reported on the Seam, as prices rose 46 points to 69.46 cents/lb. The Cotlook A index was down 70 points on December 5 to 82.95 cents/lb.
Dec 17 Cotton closed at 75.170, up 21 points,
Mar 18 Cotton closed at 72.720, up 21 points
Jul 18 Cotton closed at 73.800, up 9 points