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AgriCharts Market CommentaryDo you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily. Corn Market News and CommentaryCorn futures are down 4 to 5 1/2 cents in most contracts on Tuesday, pressured by the rest of the grain complex. The weekly Export Inspections report showed shipments of 941,811 MT of corn in the week of 2/14. That was slightly below last year but 25.34% larger than the previous week. Mexico and Japan were the top two destinations in that week. Inspections YTD are still 44.90% larger than the same time frame last year. The EIA report will be pushed back to Thursday this week due to Monday’s President’s Day holiday.
--provided by Brugler Marketing & Management Soybean Market News and CommentarySoybean futures are showing 10 to 11 3/4 cent losses in most contracts at midday. Meal futures are down $3/ton in the nearby contract, with soy oil 19 points lower. This morning’s USDA Export Inspections report saw exports in the week of February 14 at 1.031 MMT. That was down 3.37% from the week prior but 7.20% above the same time last year. This is the first week this MY that was larger than the same week last year, with shipments still lagging by 490 mbu. Exports to China were reported at 404,420 MT. Brazil’s soybean harvest was estimated at 36% complete vs. the 19% average.
--provided by Brugler Marketing & Management Wheat Market News and CommentaryWheat futures are trading sharply lower at midday, with most contracts 12 to 17 cents lower. All wheat shipments in the week that ended on February 14 were reported at 357,131 MT by the USDA this morning. That was down 36.54% from the week prior and 15.82% lower than the same week in 2018. ABARES pegged the 18/19 Australian wheat crop at 17.3 MMT on Monday, down 3.94 MMT from the year prior. Reuters data shows wheat FOB prices at Russian ports down $6/ton last week, with US still $29/ton lower.
--provided by Brugler Marketing & Management Cattle Market News and CommentaryLive cattle futures are showing 50 cent to $1.80 gains in most contracts on Tuesday. Feeder cattle futures are up 75 cents to $1.975 at midday, with help from cheaper corn. The CME feeder cattle index was down 19 cents on February 14 at $141.31. Wholesale boxed beef prices were higher on Tuesday morning, with the Ch/Se spread at $3.52. Choice boxes were up 87 cents at $218.26 with Select $1.74 higher at $214.74. USDA estimated Monday’s FI cattle slaughter at 100,000 head. That was down 16,000 head from last week but 4,000 larger than the same week last year. Cash trade developed late on Friday, with most lots exchanging hands around $125 and $199-200 dressed.
--provided by Brugler Marketing & Management Lean Hogs Market News and CommentaryLean Hog futures are posting limit losses in most front months at midday. The CME Lean Hog Index was down 28 cents from the previous day @ $55.74 on February 15. The USDA pork carcass cutout value was down 56 cents on Tuesday morning at an average weighted price of $61.02. The national base cash hog carcass value was up 4 cents in the AM report, with a weighted average of $48.29. USDA estimated FI hog slaughter at 476,000 head for Monday. That was up 32,000 head from the previous week and 45,000 above the same week last year. There was recently confirmation of ASF in on 3 farms in Vietnam.
--provided by Brugler Marketing & Management Cotton Market News and CommentaryCotton futures are up 8 to 19 points at Tuesday’s midday. A weaker US dollar is supportive, along with higher crude oil. Another round of US/China trade talks are continuing this week in Washington DC, with the higher level talks taking place later in the week. The Cotlook A Index was up 10 points on February 18 to 80.05 cents/lb. The USDA Adjusted World Price is 62.27 cents/lb through this Thursday.
--provided by Brugler Marketing & Management Market Commentary provided by: |
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