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Corn futures finished the day with 3 1/2 to 4 3/4 cent gains, as Sep was 1.57% lower on the week. The CFTC Commitment of traders report on Friday showed spec funds backing off their net long position by 17,571 contracts as of Tuesday with a net position of +67,073 contracts in corn futures and options. On Thursday afternoon, the FSA released data that shows 950,344 acres of corn was reported as prevented plantings as of August 1. That is a five year low and down 8.55% compared to 1.039 million acres in August 2016. In Thursday’s WASDE report, exports for new crop were lowered 25 mbu to 1.85 bbu, with the feed and residual number also being lowered to 5.45 bbu. South Korea tendered for 70,000 MT of corn, with results of the tender coming as late as Monday.

Sep 17 Corn closed at $3.60 3/4, up 3 1/2 cents,

Dec 17 Corn closed at $3.74 3/4, up 3 3/4 cents,

Mar 18 Corn closed at $3.86 1/2, up 3 1/2 cents

May 18 Corn closed at $3.92 3/4, up 3 1/2 cents



Soybean futures closed the day with 4 1/4 to 7 1/4 cent gains, on pre-weekend profit taking. Aug soy meal was up $3.90/ton, with nearby bean oil 21 points lower. The August contracts will expire on Monday. The USDA announced a private soybean export sale of 120,000 MT to China, with 60,000 for both 16/17 and 17/18 delivery through their daily reporting system. The FSA showed 436,610 acres were reported for prevent plant as of August 1, up 84.18% from last year’s 237,057 acres. The annual US corn and soybean road tour will start on August 21 and run until August 24. New crop exports were updated to 2.225 bbu, up 75 mbu, with crushing down 10 mbu. The USDA also dropped their average farm price projection 10 cents to $9.30 with a range of $8.45-$10.15. The weekly COT report indicated managed money lowering their net long position by 26,882 contracts, as their net position reported for August 8 was +12,913 contracts in soybean futures and options.

Aug 17 Soybeans closed at $9.35 1/2, up 4 3/4 cents,

Sep 17 Soybeans closed at $9.38 1/4, up 4 1/4 cents,

Nov 17 Soybeans closed at $9.45, up 4 3/4 cents,

Mar 18 Soybeans closed at $9.62, up 5 1/4 cents,

Aug 17 Soybean Meal closed at $298.10, up $3.90,

Aug 17 Soybean Oil closed at $33.53, down $0.21



Wheat futures saw fractional to 1 3/4 cent losses in most CBT contracts on Friday, as KC was 5 to 7 cents lower in most contracts. MPLS was the biggest loser, as it was down 22 to 29 1/4 cents in nearby contracts. Spec traders flipped their net position from long to short as of Tuesday in CBT futures and options. The net change was -26,291 contracts, as they now have an net short position of -14,101 contracts. Wheat prevented plant acres as of August 1, according to FSA data were down 65.52% from last year at 613,884 acres. Total spring wheat prevent plant acres for the 6 states were 237% larger than in August 2016 at 196,790 acres, but in a drought year the main issue is abandonment. The USDA lowered 17/18 US wheat yield 0.6 bpa to 45.6 bpa. Taiwan is seeking 98,850 MT of US wheat, with the tender to close on August 16. Russia’s IKAR analyst group updated their Russian wheat production number to 77-80 MMT from 74-77MMT, a day after the USDA increased their estimate to 77.5 MMT. In addition, SovEcon increased their estimate 5 MMT to 77.9 MMT.

Sep 17 CBOT Wheat closed at $4.39 1/4, down 1 1/4 cents,

Sep 17 KCBT Wheat closed at $4.41 1/4, down 7 cents,

Sep 17 MGEX Wheat closed at $6.74, down 29 1/4 cents



Live cattle futures settled Friday with most contracts 62.5 cents to $1. Feeder cattle futures were 52.5 cents to $1.375. The CME feeder cattle index was $1.97 lower than the previous day at $145.96. Wholesale beef prices were lower in the Friday afternoon report, with choice down $1.03 at $199.60 and select boxes 7 cents lower at $196.12. The CH/SE spreads has now narrowed to $3.48. This is the first time Choice has been reported below $200 since February 24. Weekly FI cattle slaughter is estimated at 641,000 head through Saturday, 7,000 more than last week and 62,000 larger than the same week last year. Cash trade was mostly $115-116 this week. As of Tuesday, managed money continued to show a slow liquidation of their net long position, as it fell 7,758 contracts to a net position of +94,768 contracts in live cattle futures and options.

Aug 17 Cattle closed at $109.725, up $0.875,

Oct 17 Cattle closed at $107.400, up $0.800,

Dec 17 Cattle closed at $109.325, up $0.725,

Aug 17 Feeder Cattle closed at $141.775, up $0.600

Sep 17 Feeder Cattle closed at $142.225, up $0.925

Oct 17 Feeder Cattle closed at $141.600, up $1.125



Lean hog futures were mixed on Friday, with nearby contracts 20 to, 65 cents higher. The CME Lean Hog Index for 8/9 was 12 cents lower than the previous day at $85.50. The USDA pork carcass cutout value was 73 cents lower in the Friday afternoon report, with a weighted average of $94.44. The loin and picnic were both lower, as the belly was down $4.09. The national base hog carcass was down 67 cents to $77.85 in the p.m. report. FI hog slaughter is estimated at 2,272,000 head through Saturday, 22,000 head larger than the previous week and up 26,000 from the same week in 2016.

Aug 17 Hogs closed at $84.650, up $0.200,

Oct 17 Hogs closed at $68.625, up $0.650

Dec 17 Hogs closed at $63.250, up $0.550



Cotton futures posted slight gains in most contracts on Friday, as thinly traded Oct was down 2 points. New crop exports were raised 700,000 bales to 14.2 million bales, but that was not enough to offset larger production. The USDA cotton AWP is now 62.46 cents/lb through next Thursday, 95 points lower than the previous week. The Cotlook A index for August 10th was unchanged from the previous day at 81.35 cents/lb. The FSA reported 17,882 acres of prevented plant as of August 1, compared to 61,340 acres reported for that same date in 2016. China sold another 25,500 MT of cotton from state reserves on Friday, as they sold 82.57% of the 148,600 MT offered on the week.

Oct 17 Cotton closed at 69.240, down 2 points,

Dec 17 Cotton closed at 68.250, up 14 points

May 18 Cotton closed at 68.540, up 27 points



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