AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading 4 to 5 3/4 cents higher in the nearby contracts on Thursday. DTN’s national corn index was at $3.42 on Wednesday evening, 22 1/4 cents above last year. That put national basis at -32 cents, just 1/4 cent weaker than the same time in 2018. Export demand has been better this MY, but weaker ethanol margins have a negative impact on basis. South Korean feed importers purchased another 129,000 MT of optional origin corn in separate private purchases on Thursday. Chinese officials noted stronger than expected government auction sales in 2018 and suggested that the oldest corn in their inventory would all be gone by the end of 2019.

Mar 19 Corn is at $3.79 3/4, up 5 3/4 cents,

May 19 Corn is at $3.87 3/4, up 5 1/2 cents,

Jul 19 Corn is at $3.95 1/4, up 5 1/4 cents

Sep 19 Corn is at $3.98 1/2, up 4 3/4 cents

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are up 10 to 10 3/4 cents at midday. Soymeal futures are up $3.30/ton, with soy oil 28 points higher. On Wednesday afternoon, the national soybean cash index was at $8.03 per DTN data, down 96 1/2 cents yr/yr. Against the newly appointed front month March, that put basis at -91 1/2 cents, 23 cents weaker than a year ago. Imea estimates that Mato Grosso soy harvest is 5.6% completed. Parana is about 10% done vs. 5% last week and none in 2018. USDA is/was using 2017 as an analog year because of a similar planting pace.

Mar 19 Soybeans are at $9.05 1/4, up 10 3/4 cents,

May 19 Soybeans are at $9.18 1/2, up 10 1/2 cents,

Jul 19 Soybeans are at $9.31 1/4, up 10 1/2 cents,

Aug 19 Soybeans are at $9.36 1/4, up 10 1/4 cents,

Mar 19 Soybean Meal is at $313.40, up $3.30

Mar 19 Soybean Oil is at $28.51, up $0.28

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are posting 5 to 10 1/2 cent gains in most contracts at Thursday’s midday, with KC HRW leading the way. Japan purchased 111,961 MT of wheat in their weekly MOA tender from Australia, Canada, and the US, with 52,971 MT US specific. Strategie Grans trimmed their 19/20 EU soft wheat production estimate by 0.6 to 146.4 MMT. That would be 15.18% larger than the 18/19 crop of 127.1 MMT.

Mar 19 CBOT Wheat is at $5.20 1/4, up 7 3/4 cents,

Mar 19 KCBT Wheat is at $5.06, up 10 1/2 cents,

Mar 19 MGEX Wheat is at $5.71 1/4, up 6 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are down 80 cents to $1.375 at midday. Feeder cattle futures are trading $1.05 to $2.425 in negative territory on the day. The CME feeder cattle index was down 25 cents on January 15 at $144.19. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 61 cents at $212.54, with Select up $1.00 at $207.94. USDA estimated week to date FI cattle slaughter at 359,000 head through Wednesday. That is 2,000 head above last week and 11,000 head larger than the same week last year. Cash trade so far is week has been quiet, with few reported bids on Thursday thus far ($197 in NE vs. asks of $202-203).

Feb 19 Cattle are at $126.450, down $1.375,

Apr 19 Cattle are at $126.350, down $1.375,

Jun 19 Cattle are at $116.450, down $1.050,

Jan 19 Feeder Cattle are at $141.350, down $2.425

Mar 19 Feeder Cattle are at $142.650, down $2.050

Apr 19 Feeder Cattle are at $143.875, down $1.675

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mixed at midday, with nearby Feb up 85 cents and other contracts steady to 25 cents lower. The CME Lean Hog Index was up 37 cents from the previous day @ $58.02 on January 15. The USDA pork carcass cutout value was up 90 cents on Thursday morning at an average weighted price of $70.54. The national base cash hog carcass value was not reported this AM due to confidentiality reasons, with a 5-day rolling average of $51.47. FI hog slaughter WTD was estimated at 1.423 million head through Wednesday, which is 140,000 larger than the same week last year. China’s Ag Ministry reported yesterday that their hog herd was down 4.8% in Dec vs. last year, with sow numbers a sharp 8.3% lower. They are encouraging larger producers to re-stock, anticipating a sharp rise in pork prices, but movement limitations are still in effect.

Feb 19 Hogs are at $60.900, up $0.850,

Apr 19 Hogs are at $64.825, down $0.250

May 19 Hogs are at $70.575, down $0.250

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are showing 83 to 95 point gains in most contracts so far on Thursday. Bargain buying is helping to prop up the market, as March is trying to break out of the 250 point trade range since early January. The Cotlook A Index was down 55 points on January 16 to 81.90 cents/lb. With the government now in day 27 of the shutdown, we still don’t have a good grip on how exports have been performing over the past month. Estimated AWP was 63.06 last week, and computes to 64.07 for the coming week.

Mar 19 Cotton is at 74.19, up 92 points,

May 19 Cotton is at 75.49, up 95 points

Jul 19 Cotton is at 76.58, up 87 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