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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 Lower at MiddayCorn futures are 3 to 4 1/2 cents lower at midday. The Pro Farmer Midwest Crop Tour finished up in Minnesota yesterday, with the national Pro Farmer estimate set to be released at 1:30 p.m. CDT. The Minnesota tour average yield was 170.4 bushels per acre, with Iowa at 182.8 bpa. China announces an additional 10% tariff on US corn and sorghum as of Dec 15. While China has not been a large importer of corn recently, the loss of potential ethanol, DDGs and sorghum buying is being felt. China on Friday threatened to raise tariffs another 10% on US wheat, corn and sorghum effective December 15. Reuters reported spot bids for corn from ethanol plants in the Midwest at steady or higher.
-- provided by Brugler Marketing & Management Soybean Prices in the Red in Trade War NewsSoybeans futures are trading mostly 11 to 13 1/4 cents lower. Meal futures are down $3.60/ton and soy oil was down 31 points. China announced a 5% increase to the tariffs on US soybeans, taking them to 30% starting on Sept. 1. This will not make much difference as Chinese private companies have stopped purchases of US soybeans, as state buyers (exempt from tariffs) are making some purchases. President Trump replied by stating he will be responding to the tariff increase this afternoon and US companies should find alternatives, further pressuring the markets. The Pro Farmer Midwest Crop Tour wrapped up on Thursday with legs through MN and IA, again finding pod counts below last year for those routes. USDA’s current national average yield estimate is 6% below year ago.
--- provided by Brugler Marketing & Management Wheat Futures MixedWheat futures are mixed across the three markets at midday, with MPLS steady. KC is 1 to 3 cents lower, with CBT firm to 3 cents higher. Thursday’s Export Sales report showed YTD accumulated shipments at 20% of the USDA full year projection, vs. the average at 21% and 17% last year. Unshipped sales are lagging behind the average, as total commitments are 39% of that projection with the average of 45% and last year’s 35%. China announced a 10% tariff increase on US wheat effective December 15.
--- provided by Brugler Marketing & Management Cattle Showing Sharp Losses Ahead of Cattle on FeedLive cattle futures are down 37.5 cents in Aug and $2.20 lower in Oct. Feeder cattle futures are $1.40 to $4.25 lower in most contracts. The CME Feeder Cattle Index was 70 cents lower on August 21 at $137.89. Wholesale boxed beef prices were lower on Friday. Choice boxes were down $1.40 at $237.88, with Select boxes $1.89 lower @ $214.02. The USDA estimated week to date FI cattle slaughter through Thursday at 462,000 head, 1,000 head less than the previous week, and 8,000 fewer head the same week last year. Beef in Cold Storage at the end of July was at 455.102 million pounds, up 12.19% from June and still 6.02% lower than 2018. A few cash trades have been reported at $105-106 in the South, with $108-110 live in the North.
--- provided by Brugler Marketing & Management
Hogs Limit Lower in Nearby OctLean Hog futures are down the limit in Oct, with nearby contracts $2.325 to $2.775, lower at midday. The CME Lean Hog Index was down 36 cents at $77.04 on August 21. The USDA pork carcass cutout value is up $0.19 on Friday morning at $80.13. The national average base hog value was down $1.02 in the Friday AM report at $65.10. Estimated weekly FI hog slaughter through Thursday was 1.444 million head, a 27,000 head increase from the previous week and 60,000 head more than the same week a year ago. Chinese retail pork prices have risen 46% since earlier this year, the Chinese Ag Ministry announced. The Chinese hog herd has been reduced by a third due to ASF, while Chinese pork imports have double from the levels of last July, according to Reuters. Pork in Cold Storage at the end of July dropped to 601.790 million pounds, a 19 million pound reduction from June. A drop is typical for July, and puts the inventory level similar to 2016 but still the second largest on record behind 2015. New Chinese tariffs increasing by 10% are slated to begin Sept. 1, and will result in US pork having tariffs totaling 72%.
--- provided by Brugler Marketing & Management Cotton In the Red on FridayCotton futures are trading 25 to 83 points lower at midday. The dollar is strong, at near 1 year highs. China announced addition tariffs on several US ag goods this morning in retaliation to the US tariff implementation on $300 billion in Chinses goods in September and December. Export commitments of US upland cotton are now 49% of the USDA export projection, with the average at 43% for this time. The Cotlook A Index was higher 70 points on August 22 at 71.20 cents/lb. The weekly AWP is now 52.57 cents/lb, good through next Thursday.
--- provided by Brugler Marketing & Management Market Commentary provided by: |
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