AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures saw fractional to 1 3/4 cent losses in most contracts on Monday. Midwest flooding is further delaying the likely start of planting. It is still very early, however. The weekly Export Inspections report from USDA showed corn shipments in the week of 3/14 down from the week prior at 795,241 MT, which was 44.75% below the same week in 2018. YTD exports are still 25.71% above a year ago at 27.397 MMT (1.079 bbu). State by State Crop Progress data shows the Southern most states (TX, MS, LA, and AR) all lagging a year ago for planting progress, though it is still early even for those states.

May 19 Corn closed at $3.71 1/2, down 1 3/4 cents,

Jul 19 Corn closed at $3.80 3/4, down 1 1/2 cents,

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

Dec 19 Corn closed at $3.94 3/4, down 1 1/4 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures closed with 3 to 3 3/4 cent losses in most front months on Monday. Meal futures were down $1/ton, with soy oil up 1 point. USDA showed Export Inspections of 841,888 MT to all destinations during the week of March 14. That was slightly lower than a week ago but 68.23% larger than the same week last year. Of that total, 268,930 MT was headed to China, with 173,737 MT shipped to Egypt. Heavy rains have slowed the Brazilian harvest in Parana state (Brazil) but the country as a whole is still further advanced than average for this date. Safras & Mercado estimates Brazil’s soybean harvest at 61.8% complete, vs. the 55.1% average. They also project the 2018/19 production total at 115.85 MMT.

May 19 Soybeans closed at $9.05 3/4, down 3 1/2 cents,

Jul 19 Soybeans closed at $9.19 1/4, down 3 3/4 cents,

Aug 19 Soybeans closed at $9.25 1/2, down 3 1/4 cents,

Nov 19 Soybeans closed at $9.39, down 3 1/2 cents,

May 19 Soybean Meal closed at $309.80, down $1.00,

May 19 Soybean Oil closed at $29.44, up $0.01

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures were 2 to 6 1/2 cents lower in most winter wheat contracts on Monday, as export data disappointed the bulls amid the recent price breakdown. MPLS was up 2 to 6 cents on planting weather concerns. This morning’s USDA Export Inspections report indicated that 353,727 MT of all wheat was shipped in the week that ended on March 14. That was a 42.2% drop from the week previous and 20.5% below the same week in 2018. Inspections YTD are lagging a year ago by 6.17%, at 17.976 MMT (660.5 mbu). Individual State Crop Progress reports show KS winter wheat ratings down 2% to 49% gd/ex, with OK and TX both improved. Ethiopia is seeking 400,000 MT in a tender that expires on April 19.

May 19 CBOT Wheat closed at $4.56 3/4, down 5 1/2 cents,

May 19 KCBT Wheat closed at $4.36 1/2, down 6 1/2 cents,

May 19 MGEX Wheat closed at $5.60 3/4, up 6 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures settled steady to 65 cents higher in most contracts, with nearby April down 77.5 cents. Feeder cattle futures were mixed, with the Spring contracts lower (excluding March) and deferred contracts higher. The CME feeder cattle index was down 15 cents on March 15 at $137.50. Wholesale boxed beef prices were higher in the Monday afternoon report, with the Ch/Se spread at $10.12/cwt. Choice boxes were up $1.34 at $228.33, as Select was 87 cents higher @ $218.21. USDA estimated Monday’s FI cattle slaughter at 115,000 head. That was down 4,000 head from the previous week, with travel across the upper Midwest still an issue. Cash cattle traded $127 across most regions last week, with carcass based also $1 lower at $203-205.

Apr 19 Cattle closed at $128.325, down $0.775,

Jun 19 Cattle closed at $122.575, up $0.650,

Aug 19 Cattle closed at $118.100, up $0.375,

Mar 19 Feeder Cattle closed at $141.650, up $0.325

Apr 19 Feeder Cattle closed at $146.300, down $0.625

May 19 Feeder Cattle closed at $148.325, down $0.125

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted triple digit gains in most contracts on Monday, with front month April up $2.225. The CME Lean Hog Index was up $1.27 from the previous day @ $55.40 on March 14. The USDA pork carcass cutout value was up $3.50 on Monday afternoon at an average weighted price of $72.39. All primals saw sharp gains. The national base hog carcass value was up $1.81 in the PM report at an average weighted price of $55.73. USDA estimated Monday’s FI hog slaughter was 463,000 head, down 12,000 from the previous week but even with last year. The US intercepted an estimated 1 million pounds of Chinese pork being illegally smuggled into the US. No word yet on whether it was contaminated with the highly contagious ASF virus.

Apr 19 Hogs closed at $71.025, up $2.225,

May 19 Hogs closed at $79.675, up $1.775

Jun 19 Hogs closed at $87.800, up $1.275

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures were mixed on Monday, with the nearby contracts down 19-23 points and back months slightly higher. Rumors out of China that a US/China trade agreement may be pushed back even further pressured the front months. The Cotlook A Index was down 125 points on March 15 to 83.05 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve is meeting on Tuesday and Wednesday. No change in short maturity interest rates is expected.

May 19 Cotton closed at 75.270, down 23 points,

Jul 19 Cotton closed at 76.410, down 19 points

Oct 19 Cotton closed at 75.220, up 16 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