AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are showing 1 to 2 cent losses at midday 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. Individual state Crop Progress reports last night showed most Southern states (TX-38%, LA-50%, and MS-18%) other than AR (3%) are above their respective averages for planting progress, though they are all below last year.

May 19 Corn is at $3.77 3/4, down 2 cents,

Jul 19 Corn is at $3.87 1/2, down 1 3/4 cents,

Sep 19 Corn is at $3.93 1/2, down 1 3/4 cents

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

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are trading 5 to 6 cents lower in the front months on Tuesday. Meal futures are down $3.20/ton, with soy oil down 19 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 are at $9.00 1/2, down 6 cents,

Jul 19 Soybeans are at $9.14, down 6 cents,

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

Sep 19 Soybeans are at $9.25 1/4, down 5 1/2 cents,

May 19 Soybean Meal is at $311.90, down $3.20,

May 19 Soybean Oil is at $28.63, down $0.19

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are up 1 to 3 1/2 cents in the CBT contracts on expected sales to Egypt. KC and MPLS are steady to 2 1/2 cents lower. The average trade estimate for all wheat acreage in 2019 is 46.9 million acres, down 900,000 acre yr/yr. Of that total, spring wheat acreage is seen at 13.4 million acres. State by state Crop Progress reports show winter wheat ratings in the Southern Plains up from last week, with KS at 52% gd/ex (13% last year) and OK at 74% ( 9% LY), as TX was at 39% (vs. 12% LY). US wheat in Egypt’s GASC tender was the lowest among the offers on Tuesday, with results expected this afternoon. Ethiopia is tendering for 600,000 MT of wheat in a tender that closes on April 30.

May 19 CBOT Wheat is at $4.73, up 3 1/2 cents,

May 19 KCBT Wheat is at $4.47 1/2, down 1 3/4 cents,

May 19 MGEX Wheat is at $5.70 3/4, down 2 1/2 cents

--Provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are steady to 30 cents higher in the front months, with deferred contracts lower. Feeder cattle futures are also mixed, with nearby contracts 35 to 72.5 cents higher and back months lower. The CME feeder cattle index was up 78 cents on March 22 at $141.80. Wholesale boxed beef prices were higher on Tuesday morning. Choice boxes were up 69 cents at $229.69, as Select was 54 cents higher @ $219.27. USDA estimated FI cattle slaughter at 119,000 head for Monday, up 4,000 head from Monday and same day last year. A total of 500 head are being offered in Wednesday’s FCE online auction.

Apr 19 Cattle are at $127.650, up $0.075,

Jun 19 Cattle are at $121.425, up $0.300,

Aug 19 Cattle are at $118.000, up $0.025,

Mar 19 Feeder Cattle are at $142.900, up $0.725

Apr 19 Feeder Cattle are at $146.550, up $0.350

May 19 Feeder Cattle are at $150.450, down $0.250

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mostly 5 to 35 cents lower, as nearby April is up $1.05. 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 $1.10 on Tuesday morning at an average weighted price of $81.30. The loin was the only primal lower. USDA estimated Monday’s FI hog slaughter at 474,000 head, up 11,000 head from last week and 15,000 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.

Apr 19 Hogs are at $79.700, up $1.050,

May 19 Hogs are at $86.400, down $0.350

Jun 19 Hogs are at $95.475, down $0.075

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are showing 4 to 22 point gains in most contracts on Tuesday. 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 is at 77.77, up 4 points,

Jul 19 Cotton is at 78.71, up 20 points

Dec 19 Cotton is at 75.95, up 22 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