AgriCharts Market Commentary

Do 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 Commentary

Corn futures closed the Tuesday session with most contracts 2 to 5 cents lower, with pressure coming from wheat. 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. A Reuters poll of analysts shows Brazil’s estimated second crop corn acreage at 12 million hectares (29.65 million acres).

Mar 19 Corn closed at $3.69 3/4, down 5 cents,

May 19 Corn closed at $3.78, down 4 3/4 cents,

Jul 19 Corn closed at $3.86, down 4 1/2 cents

Sep 19 Corn closed at $3.90 3/4, down 3 1/2 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures ended Tuesday with most contracts 5-6 cents off their lows, but still down 6 to 7 cents on the day. Meal futures were down $1.10/ton in the nearby contract, with soy oil 2 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. Brazil’s soybean crop is seen at 114.6 MMT according to a Reuters poll, below the USDA’s 117 MMT.

Mar 19 Soybeans closed at $9.00 3/4, down 6 3/4 cents,

May 19 Soybeans closed at $9.14 1/2, down 7 cents,

Jul 19 Soybeans closed at $9.28, down 7 cents,

Sep 19 Soybeans closed at $9.37 1/4, down 6 1/4 cents,

Mar 19 Soybean Meal closed at $305.40, down $1.10,

Mar 19 Soybean Oil closed at $29.74, down $0.21

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures posted sharp 11 to 17 1/2 cent losses in most contracts, with MPLS back months 4 to 9 1/2 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. Egypt set a tender due on Wednesday seeking wheat for April 5-15 delivery.

Mar 19 CBOT Wheat closed at $4.89 3/4, down 14 1/2 cents,

Mar 19 KCBT Wheat closed at $4.60 3/4, down 15 3/4 cents,

Mar 19 MGEX Wheat closed at $5.55 1/2, down 17 1/2 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures settled Tuesday with most contracts steady to $1.275 higher. Feeder cattle futures were 42.5 cents to $1.15 higher, with help from cheaper corn. The CME feeder cattle index was down 22 cents on February 18 at $141.28. Wholesale boxed beef prices were mixed on Tuesday afternoon, with the Ch/Se spread at $3.73. Choice boxes were down 12 cents at $217.27 with Select 54 cents higher at $213.54. USDA estimated the WTD FI cattle slaughter at 214,000 head through Tuesday. That was down 20,000 head from last week but 1,000 larger than the same week last year. Cash trade last week was around $125 and $199-200 dressed.

Feb 19 Cattle closed at $127.875, up $1.250,

Apr 19 Cattle closed at $128.450, up $1.275,

Jun 19 Cattle closed at $118.600, up $0.525,

Mar 19 Feeder Cattle closed at $143.750, up $1.150

Apr 19 Feeder Cattle closed at $146.000, up $0.775

May 19 Feeder Cattle closed at $147.000, up $0.425

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures saw limit losses as far out as August, with deferred contracts sharply lower on Tuesday. 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 $1.67 on Tuesday afternoon at an average weighted price of $59.91. The national base cash hog carcass value was down 2 cents in the PM report, with a weighted average of $48.23. USDA estimated weekly FI hog slaughter at 957,000 head through Tuesday. That was up 60,000 head from the previous week and 82,000 above the same week last year. There was a recent confirmation of ASF in on 3 farms in Vietnam, along with another case in China.

Apr 19 Hogs closed at $56.525, down $3.000,

May 19 Hogs closed at $65.450, down $3.000

Jun 19 Hogs closed at $73.725, down $3.000

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures were up 7 to 33 points in most contracts on Tuesday. A weaker US dollar was supportive, along with higher crude oil. First Notice day for March Cotton is on Friday. 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. Managed money spec funds were continuing to add to their net short position in the week of Jan 29, at -11,412 contracts in cotton futures and options on that date. 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.

Mar 19 Cotton closed at 70.410, up 19 points,

May 19 Cotton closed at 72.190, up 33 points

Jul 19 Cotton closed at 73.480, 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