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CFE Grain Comments

9/20/2017

Good Morning!

Mixed to slightly higher markets for this Wednesday morning. December corn is only a nickel away from this summer’s low, while only seeing a 2 cent trading range in last night’s trade. November beans continue to chop between $9.60 to $9.70. Ag futures on the Dalian Exchange were mixed to lower with beans down .6% while corn was showing slight gains. Nearby crude oil is up 1.0% and back above $50/barrel while the dollar index is a touch lower.

Hurricane Maria has made landfall in Puerto Rico as a Cat 4 storm. The track of the hurricane has pushed further west than previously thought. The central US 5 day outlook is exceptionally wet for NE, southeast SD into western and central MN where 3-5” of rainfall is expected. The rest of the WCB will see generally .25-1.0” totals while the ECB stays relatively dry.

The average trade estimate for Friday’s Cattle on Feed report has the number of cattle on feed as of September 1st at 102.7% of a year ago; placements in August are estimated at 97.1%. Marketings in August are estimated at 105.8% of a year ago.

The two day FOMC meeting concludes today with Fed Chair Yellen holding a press conference. The FOMC will likely maintain Fed Funds Rate target at 1.0-1.25% and formally announce the start of its balance sheet reduction program. Much attention will be given to whether the FOMC committee’s expectations for the federal funds rate have declined in light of the slowing in inflation data.

Be safe and have a great day!
 

This Marketing Information provided by

Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman
 

@CZ7
@CZ7
CORN
Last High Low Change Last Updated  
Dec '17 3.4975 3.5150 3.4725 0.0150 9/20/17 11:00 AM
Mar '18 3.6225 3.6400 3.6000 0.0150 9/20/17 11:00 AM
May '18 3.7075 3.7250 3.6850 0.0150 9/20/17 11:00 AM
Jul '18 3.7750 3.7900 3.7525 0.0125 9/20/17 11:00 AM
Sep '18 3.8450 3.8550 3.8225 0.0200 9/20/17 11:00 AM
SOYBEANS
Last High Low Change Last Updated  
Nov '17 9.6975 9.7400 9.6475 0.0425 9/20/17 11:00 AM
Jan '18 9.8000 9.8425 9.7525 0.0400 9/20/17 11:00 AM
Mar '18 9.8875 9.9325 9.8450 0.0350 9/20/17 11:00 AM
May '18 9.9725 10.0150 9.9400 0.0375 9/20/17 11:00 AM
Jul '18 10.0375 10.0800 10.0025 0.0350 9/20/17 11:00 AM
SOYBEAN MEAL
Last High Low Change Last Updated  
Oct '17 306.4 308.4 304.5 1.4 9/20/17 11:00 AM
Dec '17 310.2 312.2 308.3 1.5 9/20/17 11:00 AM
Jan '18 312.2 314.0 310.2 1.6 9/20/17 11:00 AM
Mar '18 314.9 316.7 313.1 1.4 9/20/17 11:00 AM
May '18 317.3 319.2 316.5 1.3 9/20/17 11:00 AM
LEAN HOGS
Last High Low Change Last Updated  
Oct '17 59.025 59.600 58.575 -1.100 9/20/17 11:00 AM
Dec '17 59.925 59.925 58.725 0.200 9/20/17 11:00 AM
Feb '18 64.275 64.325 63.500 -0.100 9/20/17 11:00 AM
FEEDER CATTLE
Last High Low Change Last Updated  
Sep '17 152.700 153.300 151.375 1.125 9/20/17 11:00 AM
Oct '17 155.575 155.975 152.700 2.775 9/20/17 11:00 AM
Nov '17 155.375 155.650 152.975 2.250 9/20/17 11:00 AM
LIVE CATTLE
Last High Low Change Last Updated  
Oct '17 110.075 110.200 107.775 2.100 9/20/17 11:00 AM
Dec '17 115.325 115.425 113.025 1.925 9/20/17 11:00 AM
Feb '18 118.600 118.725 116.925 1.425 9/20/17 11:00 AM
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