Nuclear Energy Index Hits 7-week High

Live cattle futures posted Friday gains of $1.42 to $2.50 in the nearbys, as deferred contracts were anywhere from a dime lower to 90 cents higher. Cash trade started slow this week, but got kicked off on Friday, with sales of $183 in the South, a $2-3 improvement on the week, with northern sales improving $2-3 to $184-185. Feeder cattle futures were mixed, with September down 45 cents and other nearby contracts 15 to 65 cents higher. The CME Feeder Cattle Index was back down $1.16 at $243.26 on September 19.

The monthly Cattle on Feed report showed August placements down 1.4% from a year ago at 1.975 million head, in line with estimates. August marketings were also near the average trade guess at 1.818 million head, a 3.55% drop from last year. September 1 on feed inventory was up 0.64%at 11.198 million head.

USDA wholesale Boxed Beef prices back higher in the Friday PM report. Choice boxes were back up 63 cents to claw back above the $300 level to $300.19/cwt, with Select 33 cents higher @ $288.59. The Chc/Select spread widened to $11.60. USDA estimated this week’s federally inspected cattle slaughter at 610,000 head, including Saturday. That is 10,000 head below the previous week on lower Friday and Saturday kill and 16,639 head below the same week last year.

Oct 24 Live Cattle closed at $182.475, up $2.500,

Dec 24 Live Cattle closed at $183.200, up $2.075,

Feb 25 Live Cattle closed at $183.775, up $1.425,

Sep 24 Feeder Cattle closed at $244.825, down $0.450,

Oct 24 Feeder Cattle closed at $243.900, up $0.125,

Nov 24 Feeder Cattle closed at $241.775, up $0.425,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Corn futures rounded out the Friday session with losses of 2 to 4 ¼ cents and near the session lows. December was down 11 ½ cents on the week. The national average Cash Corn price from cmdtyView is down 3 ½ cents at $3.68 ¼ per bu.

Commitment of Trader data showed specs in corn futures and options adding back just 2,680 contracts to their net short position as of September 17 to 134,814 contracts. Commercials were peeling back their net short position by 5,121 contracts to 102,228 contracts.

Thursday morning's Export Sales report indicated total export sale commitments for corn are now at 14.209 MMT, 21% larger than the same week last year. That is 24% of the USDA export projection, compared to the 30% average booking pace.

Overnight, a Taiwan buyer tendered for a total of 65,000 MT of corn. The Buenos Aires Grain Exchange pegged the Argentina corn crop at 7.1% planted, near the average pace.

Dec 24 Corn closed at $4.01 3/4, down 4 cents,

Nearby Cash was $3.68 1/4, down 3 1/2 cents,

Mar 25 Corn closed at $4.20, down 4 1/4 cents,

May 25 Corn closed at $4.31, down 4 1/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Lean hog futures ended Friday with mixed trade, as front months were down 2 to 7 cents and others up 20 to 52 cents. October was up $3.77 on the week. The national average base hog price was reported at $76.88 on Friday afternoon, up 61 cents from the previous day. The CME Lean Hog Index was $84.38 on September 18, back up 16 cents from the day prior.

Commitment of Traders data tallied the spec funds in lean hog futures and options at a net long of 39,715 contracts as of September 17, a 2,003 contract addition on the week.

USDA’s FOB plant pork cutout value was back down 66 cents in the Friday PM report at $94.15 per cwt. The picnic and loin were the only primals reported higher, with the belly leading the way to the downside, $5.73 lower. USDA estimated FI hog slaughter 2.506 million head for the full week. That is down 59,000 head from the previous week and 40,648 head below the same week last year.

Oct 24 Hogs closed at $82.225, down $0.025,

Dec 24 Hogs closed at $74.225, down $0.075

Feb 25 Hogs closed at $77.550, up $0.225,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

The wheat complex saw mixed action across the three markets on Friday.Chicago SRW futures were up fractionally to 3 cents on the day, as December was down 26 ¼ cents this week. KC HRW posted fractional to 1 cent losses across the board, with Dec dropping 36 cents since last Friday. MPLS spring wheat closed with Dec up ¼ and the rest of the board steady to 1 ¾ cents lower, as December was down 27 ½ cents this week.

Friday afternoon’s Commitment of Traders report showed specs in Chicago wheat futures and options trimming back 4,364 contracts from their net short position as of Tuesday to 25,033 contracts. In KC wheat, they parred back 1,024 contracts from their net short to 17,486 contracts.

Thursday morning’s Export Sales report showed all export commitments for wheat are now 11.093 MMT, which is 28% above the same time last year and a 4-year high. That is 49% of the USDA export projection, with the 5-year average pace at 52%.

Ukraine’s ag ministry pegs the 2024/25 winter wheat planted area dripping 4.5% from their previous number to 11.07 million acres.

Dec 24 CBOT Wheat closed at $5.68 1/2, up 3 cents,

Mar 25 CBOT Wheat closed at $5.87 1/2, up 2 1/2 cents,

Dec 24 KCBT Wheat closed at $5.64, down 1/2 cent,

Mar 25 KCBT Wheat closed at $5.77 1/2, down 3/4 cent,

Dec 24 MGEX Wheat closed at $6.08, up 1/4 cent,

Mar 25 MGEX Wheat closed at $6.29 3/4, unch,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Cotton futures closed out Friday with contracts rallying 39 to 63 points in most contracts. December was up 370 points this week, helped by the early week limit gains. The dollar index was up 149 points, with crude oil futures 7 cents/barrel higher. Rains expected in the TX panhandle over the next week may put a halt to some cotton harvest.

The large managed money speculators in cotton futures and options slashed 18,974 contracts from their previous net short position as of September 17. They held a net short of 30,518 contracts as of Tuesday.

Export Sales data showed total cotton export commitments at 4.871 million RB, which is down 11% from last year. That is 44% of the current USDA export forecast for the 2024/25 marketing year and lagging the 55% average selling pace.

The Seam reported 4,212 online cash cotton bale sales on Thursday, averaging 69.92 cents/lb. ICE cotton stocks were unchanged on September 19, leaving 265 bales of cert stocks. The Cotlook A Index was down another 95 points on September 19 at 82.80 cents/lb. The USDA Adjusted World Price (AWP) was raised by 283 points on Thursday to 58.83 cents/lb.

Dec 24 Cotton closed at 73.52, up 49 points,

Mar 25 Cotton closed at 75.14, up 54 points,

May 25 Cotton closed at 76.16, up 55 points

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.