AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are showing 3 to 5 1/2 cent gains in most contracts on Thursday. Corn in flooded grain bins is considered contaminated and cannot be sold commercially. NASS is unlikely to be able to quantify such losses until the June stocks report. Forecasts are showing moisture in the coming weeks, furthering the ideas of prevent plant acres. This morning’s USDA Export Sales report indicated that 855,944 MT of old crop corn was booked in the week of 3/14, with 60,000 MT for new crop. Combined sales were down 37.08% from the same week a year ago. Japan was the main purchaser of 406,800 MT for combined old and new crop.

May 19 Corn is at $3.77, up 5 1/2 cents,

Jul 19 Corn is at $3.86, up 5 cents,

Sep 19 Corn is at $3.92, up 4 cents

Dec 19 Corn is at $3.99, up 3 1/2 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are trading with 2 to 3 cent gains in most contracts at midday. Meal futures are leading the way, up $2.40/ton, with soy oil 14 points lower. USDA reported this morning that a total of 399,528 MT of 18/19 soybeans were sold for export in the week of 3/14. That was down 47.4% from the same week last year, with new crop shown at a net reduction of 64,446 MT (mostly to China). Old crop sales to China totaled 142,615, with 237,500 MT in reductions for unknown. Soybean meal sales were tallied at 97,396 MT, with soy oil 5,548 MT.

May 19 Soybeans are at $9.08 3/4, up 2 3/4 cents,

Jul 19 Soybeans are at $9.22 1/4, up 2 3/4 cents,

Aug 19 Soybeans are at $9.28 3/4, up 2 3/4 cents,

Sep 19 Soybeans are at $9.33 3/4, up 3 cents,

May 19 Soybean Meal is at $314.00, up $2.40

May 19 Soybean Oil is at $29.13, down $0.14

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are mixed at midday, with most contracts within 2 cents of UNCH. A stronger US dollar is limiting any gains. All wheat old crop exports sales for the week of 3/14 were tallied at 298,574 MT this morning, below trade estimates but 12.58% larger than the same week a year ago. South Korea bought 75,500 MT, with reductions of 45,000 MT for Singapore (switched to Sri Lanka). New crop sales were reported at 138,816 MT, with total forward sales for 19/20 YTD up 11.6% over last year.

May 19 CBOT Wheat is at $4.63 3/4, down 1 cent,

May 19 KCBT Wheat is at $4.45, up 1 cent,

May 19 MGEX Wheat is at $5.69 3/4, down 1 3/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are 15 to 55 cents higher in most contracts at midday. Feeder cattle futures are showing 50 cent to $1.20 gains on Thursday. The CME feeder cattle index was down 26 cents on March 19 at $137.41. Wholesale boxed beef prices were higher in the Thursday morning report, with the Choice/Sel spread at $9.68/cwt. Choice boxes were up 18 cents at $228.85, as Select was 54 cents lower @ $219.17. USDA estimated this week’s FI cattle slaughter at 355,000 head through Wednesday. That was up 7,000 head from the previous week and even with this time last year. Beef export sales in the week of March 14 were at 18,625 MT, as Hong Kong was the top buyer of 6,300 MT. Analysts expect March 1 cattle on feed to be reported at 11.663 million head on Friday afternoon, down just 0.4% from last year. Placements during Feb are seen down 3.8%, with Marketings up 1.5%.

Apr 19 Cattle are at $129.775, up $0.200,

Jun 19 Cattle are at $123.650, up $0.275,

Aug 19 Cattle are at $119.700, up $0.375,

Mar 19 Feeder Cattle are at $142.775, up $0.525

Apr 19 Feeder Cattle are at $148.925, up $0.600

May 19 Feeder Cattle are at $153.275, up $1.150

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are using expanded limits in most contracts on Thursday, with most contracts $3 to $4.50 higher. The CME Lean Hog Index was up $1.68 from the previous day @ $59.22 on March 19. Futures have been anticipating the rally in cash for several weeks now and are finally seeing the follow through. The USDA pork carcass cutout value was up $2.33 on Thursday morning at an average weighted price of $76.38. The national base hog carcass value was up 64 cents in the AM report at an average weighted price of $61.09. USDA estimated WTD FI hog slaughter at 1.409 million head, up 5,000 from the previous week and 25,000 above last year. Export sales of pork for the week that ended on March 15 totaled 29,302 MT, with 3,043 MT sold to China and Mexico buying 15,500 MT.

Apr 19 Hogs are at $76.950, up $3.125,

May 19 Hogs are at $85.675, up $3.525

Jun 19 Hogs are at $94.300, up $4.050

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 46 to 56 points higher in most contracts on Thursday, with back months slightly lower. The Cotlook A Index was up 50 points on March 19 to 84.65 cents/lb. The USDA Adjusted World Price (AWP) was updated to 65.83 cents/ lb on Thursday, up 173 points from the week prior. The weekly Export Sales report by the USDA this morning showed sales of 124,985 RB for old crop cotton, with new crop at 32,824 RB. Vietnam purchased 84,700 RB for old crop, with China cancelling a net 11,636 RB. China was the lead buyer of new crop at 15,400 RB, with Pakistan at 8,900 RB.

May 19 Cotton is at 76.06, up 56 points,

Jul 19 Cotton is at 77.02, up 46 points

Dec 19 Cotton is at 74.940, down 5 points

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com