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  • 1/17/18
  • Corn: CH18 +4.50¢, CK18 +4.00¢, CN18 +3.50¢
  • Strength in the marketing this morning
    • Funds were slight buyers of the corn yesterday, based off of estimates
    • Funds being buyers would mean short covering, however, open interest moved 18,000 contracts higher yesterday
    • This movement of money-flow could be attributing to today’s strength
  • More fundamentally, basis is strengthening in the Upper Midwest
    • Soybeans: SH18 -2.50¢, SK18 -2.75¢, SN18 -2.50¢
    • You remember that gap that the SH left us with yesterday???
      • Well it filled it this morning so now we can proceed higher
        • Fingers crossed!
    • EXPORTERS SELL 130,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO UNKNOWN DESTINATIONS DURING THE 2018/2019 MARKETING YEAR- USDA
      • Until we get WAY more and I mean WAY more of this happening I don’t expect futures to be able to rally any significant amount
      • We are terribly behind on bean exports and we are out of our “prime shipping time”
      • PS – don’t give the Argentine weather issue much of your time currently as Brazil is on track to raise ANOTHER bumper crop
    • US fob Gulf beans stand at $374/MT currently while Brazil comes in at $382/MT
      • For March that spreads narrows as Brazil is offered at $379/MT while the US is offered at $375/MT
      • Argentina is no offer currently
    •  

      Livestock: LCG18 +2.825, FCF18 +$2.325, LHG18 -0.975

      ·         Live and feeder cattle futures are sharply higher this AM

      o   Front month futures  are leading the charge higher, driven on higher front-month cash prospects

      o   Southern plains cash cattle bids roughly at $189-190 on a dressed wt. equivalent.

      o   Last week’s cash cattle was roughly traded at $190/cwt. dressed

      ·         Choice beef cutout values were 0.8% higher this week vs. the week prior

      o   Higher cutout values have been driven by 50% beef trimmings which have improved 11.9% week-on-week to $76.49/cwt.

      ·         LH futures are pulling back after reaching new contract highs for many futures months

      o   Cash hogs driving futures higher on colder temps hampering supply chain needs

      o   AM IA/MN cash hogs $0.92 lower to $68.87/cwt.

      o   Belly values have improved 10.2% week-on-week to $127.34



Futures
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
Mar 18 352'4 352'6 352'2 352'4 -0'4 353'0 11:07P Chart for @C8H
May 18 360'4 360'6 360'0 360'2 -0'6 361'0 11:07P Chart for @C8K
Jul 18 368'4 368'6 368'2 368'2 -1'0 369'2 11:07P Chart for @C8N
Sep 18 376'2 376'2 375'6 376'0 -0'6 376'6 11:07P Chart for @C8U
Dec 18 385'2 385'4 385'0 385'2 -0'6 386'0 11:00P Chart for @C8Z
Mar 19 394'4 394'4 394'4 394'4 -0'6 395'2 11:06P Chart for @C9H
@S - SOYBEANS - CBOT
Month Open High Low Last Change Close Time More
Mar 18 968'6 969'2 968'0 968'4 -0'2 968'6 11:07P Chart for @S8H
May 18 980'0 980'2 979'2 979'6 -0'2 980'0 11:07P Chart for @S8K
Jul 18 989'4 990'2 989'0 989'6 0'2 989'4 11:07P Chart for @S8N
Aug 18 992'0 992'0 992'0 992'0 0'0 992'0 11:07P Chart for @S8Q
Sep 18 989'4 989'4 989'2 989'4 0'0 989'4 11:07P Chart for @S8U
Nov 18 988'4 989'4 988'2 989'2 0'4 988'6 11:07P Chart for @S8X
@MW - HARD RED SPRING WHEAT - MGE
Month Open High Low Last Change Close Time More
Mar 18 612'4 612'4 611'0 612'0 0'2 611'6 11:05P Chart for @MW8H
May 18 621'2 621'4 621'0 621'4 0'4 621'0 11:05P Chart for @MW8K
Jul 18 628'4 628'4 628'4 628'4 1'2 627'2 11:05P Chart for @MW8N
Sep 18 625'0 625'0 624'4 625'0 0'4 624'4 11:05P Chart for @MW8U
Dec 18 633'0 635'0 633'0 633'2 0'2 633'4s 11:05P Chart for @MW8Z
Mar 19 640'0 640'0 638'6 638'6 0'2 639'4s 11:00P Chart for @MW9H
@KW - HARD RED WINTER WHEAT - KCBT
Month Open High Low Last Change Close Time More
Mar 18 426'6 427'4 426'4 427'2 0'2 427'0 11:00P Chart for @KW8H
May 18 440'0 441'0 440'0 441'0 0'4 440'4 11:03P Chart for @KW8K
Jul 18 456'4 456'6 456'2 456'6 0'2 456'4 11:03P Chart for @KW8N
Sep 18 468'6 474'2 468'6 473'0 4'4 472'4s 11:05P Chart for @KW8U
Dec 18 488'6 495'4 488'0 493'0 4'2 493'2s 11:05P Chart for @KW8Z
Mar 19 502'0 509'2 502'0 509'2 4'2 507'2s 11:05P Chart for @KW9H
@LE - LIVE CATTLE - CME
Month Open High Low Last Change Close Time More
Feb 18 117.825 121.100 117.700 121.100 2.875 120.975s 04:11P Chart for @LE8G
Apr 18 120.075 123.175 119.975 122.875 2.400 122.775s 04:11P Chart for @LE8J
Jun 18 112.025 114.900 111.900 114.500 2.100 114.450s 04:11P Chart for @LE8M
Aug 18 109.500 112.025 109.300 111.575 1.825 111.525s 01:05P Chart for @LE8Q
Oct 18 110.625 113.025 110.450 112.500 1.550 112.475s 04:11P Chart for @LE8V
Dec 18 112.675 115.000 112.525 114.675 1.625 114.600s 04:11P Chart for @LE8Z
@GF - FEEDER CATTLE - CME
Month Open High Low Last Change Close Time More
Jan 18 145.250 148.950 144.750 147.800 2.275 147.875s 01:05P Chart for @GF8F
Mar 18 143.600 147.400 143.000 146.000 2.050 145.975s 01:05P Chart for @GF8H
Apr 18 143.550 147.350 143.175 146.025 2.050 146.125s 01:05P Chart for @GF8J
@HE - LEAN HOGS - CME
Month Open High Low Last Change Close Time More
Feb 18 73.650 73.700 72.525 72.725 -1.175 72.725s 04:11P Chart for @HE8G
Apr 18 75.900 76.000 75.200 75.550 -0.625 75.525s 01:05P Chart for @HE8J
May 18 80.600 80.750 80.200 80.550 -0.450 80.550s 01:05P Chart for @HE8K
Jun 18 84.825 85.100 84.650 84.925 -0.100 84.925s 01:05P Chart for @HE8M
Jul 18 84.825 85.175 84.650 85.050 0.050 85.025s 01:05P Chart for @HE8N
Aug 18 84.150 84.500 84.000 84.425 -0.050 84.350s 04:11P Chart for @HE8Q
My Custom Markets
Symbol Open High Low Last Change Close Time More

Quote of the Day


"Experience is a hard teacher because she gives the test first, the lesson afterwards."

~ Vernon Sanders Law


DTN Market Matters Blog
Editorial Staff
Friday, January 12, 2018 12:38PM CST
The DTN average dried distillers grains price was higher at $142 per ton for the week ended Jan. 11.
Monday, January 8, 2018 11:19AM CST
Friday, January 5, 2018 11:38AM CST

DTN Ag Headline News
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Bitter Cold Affects Livestock
RFS Standstill
Ag Labor Tied to DACA Bill
Bankruptcy Laws Targeted
USDA Reports Preview
The Market's Fine Print


Local Cash Bids
 
CORN
   1/31/18   2/28/18   New Crop 18 
CCFE Futures Price 352'4 352'4 385'2
Futures Change
-0'4
-0'4
-0'6
Futures Month @C8H @C8H @C8Z
Basis
Cash Price
  Chart Chart Chart

SOYBEANS
   1/31/18   2/28/18   New Crop 18 
CCFE Futures Price 968'4 968'4 989'2
Futures Change
-0'2
-0'2
0'4
Futures Month @S8H @S8H @S8X
Basis
Cash Price
  Chart Chart Chart

SPRING WHEAT
   1/31/18   2/28/18   New Crop 18 
CCFE Futures Price 612'0 612'0 625'0
Futures Change
0'2
0'2
0'4
Futures Month @MW8H @MW8H @MW8U
Basis
Cash Price
  Chart Chart Chart

WINTER WHEAT
   1/31/18   2/28/18   New Crop 18 
CCFE Futures Price 427'2 427'2 472'4s
Futures Change
0'2
0'2
4'4
Futures Month @KW8H @KW8H @KW8U
Basis
Cash Price
  Chart Chart Chart

Price as of 01/17/18 11:19PM CST.
Month Symbols
Click to view more Cash grain bids

DTN Videos
 06:20
1/12/2018 Fertilizer Prices Update
 04:25
1/17/2018 Argentina Showers Wednesday
 01:27
1/17/2018 Grains Variable Wednesday
 04:05
1/17/2018 Corn Rallies Wednesday

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Local Conditions
Clark, SD
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DTN Weather Summary
Mostly Dry Thursday Ahead
Bryce Anderson (Bio) – DTN Meteorologist

Snow continued Wednesday from the Carolinas to the Northeast. Other areas were dry. Very cold conditions covered the eastern third of the continental U.S. while the Plains logged much milder readings. Temperatures ranged from the teens in the eastern Midwest to the low 50s on the Carolina coast. Values into the mid-40s were noted in the western and northwestern Plains. » More DTN Weather Commentary

Posted at 3:36PM Wed Jan 17, 2018 CST

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