AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures saw 1 to 2 1/2 cent losses in most contracts on Turnaround Tuesday. Trade estimates for this Friday’s Planting Intentions report are averaging 91.332 million corn acres, with a range of 89.5 to 92.7 million acres. That would be up more than 2 million from last year if realized. Analysts also estimate March 1 corn stocks at 8.335 bbu, a drop of 557 mbu from the same time a year ago. USDA is unlikely to reflect grain lost to flooding in this report, as many bins are still unreachable and the survey was done at the beginning of the month. The EIA report will be released on Wednesday and is expected to show reduced production due to forced downtime.

May 19 Corn closed at $3.77 1/4, down 2 1/2 cents,

Jul 19 Corn closed at $3.87, down 2 1/4 cents,

Sep 19 Corn closed at $3.93 1/4, down 2 cents

Dec 19 Corn closed at $4.00 1/4, down 1 1/2 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures closed the Tuesday session with most contracts 4 to 5 3/4 cents lower. Meal futures were down $4.10/ton, with soy oil down 17 points. Ahead of Friday’s USDA Planting Intentions report, traders are expecting US producers to plant 86.17 million soybean acres in 2019. If realized, that would be a drop of nearly 3 million acres from last year. The quarterly Grain Stocks report will also be released, with analysts at 2.728 bbu for March 1 soybean stocks, up 619 mbu from the same time in 2018.

May 19 Soybeans closed at $9.00 3/4, down 5 3/4 cents,

Jul 19 Soybeans closed at $9.14 1/4, down 5 3/4 cents,

Aug 19 Soybeans closed at $9.20 1/4, down 5 3/4 cents,

Nov 19 Soybeans closed at $9.34 3/4, down 5 cents,

May 19 Soybean Meal closed at $311.00, down $4.10,

May 19 Soybean Oil closed at $28.65, down $0.17

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures posted 4 to 6 1/2 cent losses in most KC and MPLS contracts on Tuesday. CBT was the firmest, steady to 2 cents lower and supported by SRW sales to Egypt. The average trade estimate for all wheat acreage in 2019 is 46.9 million acres, down 900,000 acres yr/yr. Of that total, spring wheat acreage is seen at 13.4 million acres in the pre-report surveys. Egypt’s GASC purchased a total of 120,000 MT of US SRW wheat in their tender on Tuesday. Ethiopia is tendering for 600,000 MT of wheat in a tender that closes on April 30.

May 19 CBOT Wheat closed at $4.69 1/4, down 1/4 cent,

May 19 KCBT Wheat closed at $4.43 1/4, down 6 cents,

May 19 MGEX Wheat closed at $5.67 1/4, down 6 cents

--Provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures ended Tuesday with the nearby contracts down 40 to 70 cents. Feeder cattle futures were mixed, with the front months steady to 57.5 cents higher and deferred contracts lower. The CME feeder cattle index was up 24 cents on March 25 at $142.04. Wholesale boxed beef prices were higher on Tuesday afternoon. Choice boxes were up 51 cents at $229.51, as Select was 26 cents higher @ $218.99. USDA estimated FI cattle slaughter at 238,000 head WTD through Tuesday, up 3,000 head from last week and same week last year. A total of 500 head are being offered in Wednesday’s FCE online auction. There were a few heifers sold in IA at $206 but not enough to establish a trend.

Apr 19 Cattle closed at $126.900, down $0.675,

Jun 19 Cattle closed at $120.725, down $0.400,

Aug 19 Cattle closed at $117.575, down $0.400,

Mar 19 Feeder Cattle closed at $142.750, up $0.575

Apr 19 Feeder Cattle closed at $146.225, up $0.025

May 19 Feeder Cattle closed at $149.800, down $0.900

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures were mostly steady to 25 cents lower in most contracts, as nearby April was up $1.075. The CME Lean Hog Index was up $2.56 from the previous day @ $64.97 on March 22. The USDA pork carcass cutout value was up 87 cents on Tuesday afternoon at an average weighted price of $81.07. The ham was the only primal lower. The national base hog carcass value was $3.91 higher on Tuesday at an average weighted price of $73.03. USDA estimated the week’s FI hog slaughter at 950,000 head through Tuesday, up 20,000 head from last week and 30,000 head larger than the same week last year. A Bloomberg report estimates that China could increase US pork imports to 300,000 MT for 2019. There is still that pesky set of tariffs!

Apr 19 Hogs closed at $79.725, up $1.075,

May 19 Hogs closed at $86.650, down $0.100

Jun 19 Hogs closed at $95.325, down $0.225

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures ended the Tuesday session with most front month contracts 16 to 35 points higher. Higher crude oil prices helped to support the market. The Cotlook A Index was up down 60 points on March 25 to 85.80 cents/lb. The USDA Adjusted World Price (AWP) is 65.83 cents/ lb and in effect through Thursday. The annual Planting Intentions report will be released on Friday, with traders showing an average guess of 14.498 million acres for cotton in 2019, up 400,000 acres from 2018.

May 19 Cotton closed at 77.890, up 16 points,

Jul 19 Cotton closed at 78.780, up 27 points

Dec 19 Cotton closed at 75.970, up 24 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