Afternoon Market Highlights
9/6/2019 3:58:05 PM
- The ag markets were lower across the board today on light trade and little fresh news.
- The energy markets were higher, with October crude trading at $56.62 per barrel, up $0.32 as of 3:25 PM Central.
- Lean hogs and live cattle will have expanded limits of $4.50 per cwt on Monday, September 9th.
- The next WASDE report will be Thursday, September 12th at 11:00 AM Central.
Corn traded lower today in a quiet session. There was little in the way of news, other than disappointing export sales and continued warm extended forecasts. Corn continues to press down to new contract lows as estimates for the WASDE report next week continue to show a yield in line with the current USDA yield of 169.5 bushels per acre. For the week, the December corn contract lost 14 ¼ cents.
- A private analyst is predicting the U.S. corn crop to have a yield of 169.9 bushels per acre, up from their estimate last month of 167.8 bushels per acre.
- The CFTC COT report showed speculators sellers of 24,685 contracts, bringing them to a new short of 139,669 contracts.
- Weekly export sales were -165,900, below the estimates at 0 to 100,000 tonnes of old crop and new crop sales were 416,700 tonnes, below estimates of 500,000 to 800,000 tonnes.
- Closes: September at $3.42 ½ down 4; December at $3.55 ½ down 3 ¼; March at $3.68 ¾ down 3.
- Spreads: U/Z 13 ¼ cent carry; Z/H 13 cent carry; H/K 8 ¾ cent carry; Z/N 29 ¼ cent carry.
Soybeans continued yesterdays losses today, drawing on the weakness seen across the board. Estimates for the WASDE report continue to stay close to the August WASDE yield of 48.5 bushels per acre. For the week, November soybeans lost 11 ¼ cents.
- A private analyst is predicting the U.S. bean crop to have a yield of 48.4 bushels per acre, up from their estimate last month of 48.4 bushels per acre.
- The StatsCan report showed total canola stocks at 3.873 million tonnes, up 55.0% from last July.
- The CFTC COT report showed speculators buyers of 5,656 contracts, bringing them to a net short of 79,097 contracts.
- Weekly export sales were 69,400 tonnes of old crop soybeans, below estimates of -150,000 to 100,000 tonnes of soybeans and new crop sales were 788,400 tonnes, which was above estimates of 200,000 to 600,000 tonnes. The old crop soy meal sales were 68,500 tonnes, within estimates of 25,000 to 75,000 tonnes of old crop and new crop sales were 158,600 tonnes, within estimates of 100,000 to 250,000 tonnes. Soyoil sales were 3,100 tonnes of old crop, between estimates of 0 to 20,000 tonnes of old crop and 9,500 tonnes of new crop, above estimates of 0 to 8,000 tonnes.
- Closes: September at $8.45 down 4 ¾; November at $8.57 ¾ down 3 ¾; January at $8.72 down 3 ½; March at $8.86 down 2 ¾.
- Spreads: U/X 12 ¾ cent carry; X/F 14 ¼ cent carry; F/H 13 ¾ cent carry; X/N 49 ½ cent carry.
Wheat saw losses across the board today, with Minneapolis the biggest loser followed by Kansas City and Chicago. There have been multiple reports of poor falling numbers in spring wheat in many areas, as rain has been an issue during harvest. For the week, December Chicago wheat gained 1 ¼ cents, December Kansas City lost 6 ½ cents, and the December Minneapolis lost 1 ¼ cents.
- The StatsCan report showed total wheat stocks as of July 31st at 6.184 million tonnes, down 4.6% from last July. Wheat excluding durum was down 9.7% at 4.565 million tonnes.
- The CFTC COT report showed speculators sellers of 19,749 contracts of Chicago wheat, bringing them to a net short of 56,685 contracts. They also sold 7,425 contracts of Kansas City wheat, bringing them to a net short of 39,116 contracts and sellers of 858 contracts of Minneapolis wheat, bringing them to a net short of 21,148 contracts.
- Weekly export sales were 213,100 tonnes, which was below estimates of 400,000 to 800,000 tonnes.
- December closes: Chicago at $4.63 ¾ down 2 ½; Kansas City at $3.90 ¾ down 3; Minneapolis at $4.95 ½ down 7 ¾.
- Spreads: Chicago Z/H 13 cent carry; Kansas City Z/H 14 ¼ cent carry; Minneapolis Z/H 6 ½ cent carry.