AgriCharts Market Commentary

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Corn Lower on Thursday

Corn futures are trading 8 to 9 1/4 cents lower in the nearby contracts at midday. This morning’s weekly Export Sales report showed just 200,009 MT of old crop corn bookings in the week that ended on July 11. That was down 68.8% from the same week in 2018 and below trade expectations. Japan was the main buyer of 144,300 MT. New crop sales were tallied at 132,997 MT, within the range of estimates but still 82.83% below this week last year. A Chinese auction of state reserves saw 522,921 MT of corn sold on Thursday, which was 13.47% of the amount offered.

SEP 19 Corn is at $4.27 1/4, down 8 3/4 cents,

DEC 19 Corn is at $4.32 1/4, down 9 1/4 cents,

MAR 20 Corn is at $4.40 1/4, down 8 1/2 cents

MAY 20 Corn is at $4.44 1/4, down 8 cents

--provided by Brugler Marketing & Management

Soybeans Near UNCH at Midday

Soybean futures are 6-7 cents off their lows at midday, with most contracts fractionally lower. August soybean meal is down 20 cents/ton, with soy oil 4 points lower. Old crop soybean sales totaled 127,890 MT during the week of July 11. That was a 10-week low and 34.1% below last year. Indonesia was the lead buyer of 123,500 MT, with net reductions of 171,100 MT for unknown destinations. New crop bookings were shown at 198,367 MT, up 53.2% wk/wk but down 67.7% yr/yr. Soybean Meal were reported at 214,787 MT with the bulk for 19/20, as total soy oil sales were at 13,728 MT.

AUG 19 Soybeans are at $8.82, down 1/2 cent,

SEP 19 Soybeans are at $8.87 3/4, down 1/2 cent,

NOV 19 Soybeans are at $8.99 1/2, down 1 cent,

JAN 20 Soybeans are at $9.12, down 3/4 cent,

AUG 19 Soybean Meal is at $307.30, down $0.20,

AUG 19 Soybean Oil is at $27.64, down $0.04

--provided by Brugler Marketing & Management

Wheat in the Red at Midday

Wheat futures are down 1 to 10 3/4 cents in most contracts on Thursday, with CBT the weakest and MPLS the firmest. The weekly Export Sales report from FAS indicated all wheat export bookings during the week that ended on July 11 at 347,290 MT. That was on the higher end of estimates and 15.75% larger than the same week last year. Mexico was the top buyer of 166,500 MT, with South Korea at 80,000 MT. The US was left out of this week’s Japan MOA tender, with 51,821 MT split between Australia and Canada.

SEP 19 CBOT Wheat is at $4.95 1/4, down 10 1/4 cents,

SEP 19 KCBT Wheat is at $4.34 1/4, down 7 1/2 cents,

SEP 19 MGEX Wheat is at $5.26 1/2, down 1 1/4 cents

--provided by Brugler Marketing & Management

Cattle Showing Weakness on Thursday

Live cattle futures are down 20 to 60 cents at midday. Feeder cattle futures are 45 to 75 cents lower on Thursday, ignoring losses in corn. The biannual Cattle Inventory will be released Friday afternoon. The dairy cow herd is expected to be smaller, with more debate about the beef cow herd. The CME feeder cattle index was down 8 cents @ $141.01 on July 16. Wholesale boxed beef prices were higher on Thursday morning with Choice boxes up 62 cents per cwt and Select boxes 48 cents higher. USDA estimated week to date FI cattle slaughter at 360,000 head through Wednesday. That was even with the previous week and 6,000 larger than the same week last year. A few cattle exchanged hands at $111 in the South on Wednesday, with $113-113.50 in the North as reported by USDA. Bids of $113 are showing up in the North at midday. Beef export sales in the week of July 11 totaled 19,792 MT for 2019, with weekly shipments at 17,959 MT.

AUG 19 Cattle are at $107.850, down $0.275,

OCT 19 Cattle are at $108.525, down $0.225,

DEC 19 Cattle are at $112.900, down $0.450,

AUG 19 Feeder Cattle are at $140.100, down $0.475

SEP 19 Feeder Cattle are at $140.175, down $0.600

OCT 19 Feeder Cattle are at $140.350, down $0.725

--provided by Brugler Marketing & Management

Hogs Mostly Lower on Thursday

Lean Hog futures are down 10 cents to $1.025 at midday, with August up 15 cents. The CME Lean Hog Index was up 17 cents from the previous day on July 16 @ $70.79. The USDA pork carcass cutout value was up another $1.89 in the Thursday AM report at $78.37. The belly was up a sharp $18.64/cwt, with the rib the only other primal reported higher. The national average base hog value was up 62 cents on Thursday at $72.15. Estimated FI hog slaughter through Wednesday was 1.348 million head. That was down 87,000 head from last week due to plant down time and even with the same week last year. The weekly Export Sales report showed 30,107 MT of pork sold in the week of 7/11, with Mexico at 8,800 MT and Taiwan buying 8,200 MT. Shipments were tallied at 36,761 MT, as 9,910 MT was headed to China.

AUG 19 Hogs are at $82.150, up $0.150,

OCT 19 Hogs are at $76.800, down $1.025

DEC 19 Hogs are at $75.300, down $0.425

--provided by Brugler Marketing & Management

Cotton Lower on Thursday

Cotton futures are down 39 to 77 points in the front months at midday. This morning’s Export Sales report indicated that 54,034 RB of 18/19 upland cotton was sold in the week that ended on July 11. That was more than 4 times the same week last year as Vietnam bought 34,40 RB. New crop bookings were the third largest this MY 218,900 RB. That was still down 11.63% from the same week last year, with Vietnam buying 100,900 RB. The Cotlook A index for July 17 was down 75 points from the previous day at 74.20 cents/lb. The weekly AWP is 58.05 cents/lb this week and will be updated later today.

OCT 19 Cotton is at 61.12, down 77 points,

DEC 19 Cotton is at 61.9, down 59 points

MAR 20 Cotton is at 63.1, down 52 points

MAY 20 Cotton is at 64.14, down 39 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