AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading 4 to 6 cents higher in the front months on Thursday, with support coming from positive news on the Trade War front. The weekly update to the EIA report showed production last week was down 33,000 barrels per day back below 1 million bpd to 996,000. Even with the lower production, ethanol stocks were up 447,000 barrels to 23.913 million barrels. The USDA’s Ag Outlook Forum showed forecast 2019 corn acreage at 92 million acres, which would be 2.9 million larger than last year. Analysts are expecting Friday’s Export Sales report to show 4-7 MMT in old crop sales and 50,000-250,000 MT in new crop bookings in the weeks of Jan 10-Feb 14.

Mar 19 Corn is at $3.76 3/4, up 6 cents,

May 19 Corn is at $3.85 1/2, up 6 cents,

Jul 19 Corn is at $3.93 1/2, up 6 cents

Sep 19 Corn is at $3.97 1/4, up 4 3/4 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are up 8 to 9 cents in nearby contracts at midday That is following reports that several Memorandum of Understandings are being developed between the US and China. Meal futures are up $1.40/ton in the nearby contract, with soy oil 45 points higher. US soybean acreage is forecast to fall to 85 million acres according to the USDA at their Ag Outlook forum. Trade estimates for tomorrows USDA Export Sales report range from 6-9 MMT in old crop sales for the week of 1/10-2/14, with 100,000-600,000 MT for new crop. The 18/19 bookings would imply a 1-1.5 MMT weekly average. That would be down 4.2 million acres from last year if realized. The International Grains Council cut their 18/19 world soybean crop estimate by 5 MMT, with stocks seeing the same reduction, at 49 MMT.

Mar 19 Soybeans are at $9.11, up 8 1/2 cents,

May 19 Soybeans are at $9.24, up 8 cents,

Jul 19 Soybeans are at $9.37 3/4, up 8 cents,

Aug 19 Soybeans are at $9.43 3/4, up 8 1/2 cents,

Mar 19 Soybean Meal is at $306.60, up $1.40

Mar 19 Soybean Oil is at $30.41, up $0.45

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are following the rest of the grain complex, with gains of 7 to 12 3/4 cents in most contracts on Thursday. USDA forecasts 2019 wheat acreage at 47 MMT in their annual Ag Outlook Forum, down 800,000 acres from last year. Friday’s Export Sales report is projected to show 2-3 MMT in all wheat sales for the weeks of 1/10-2/14. That implies a 333,000-500,000 MT per week in sales on average. Taiwan is seeking 110,000 MT of US wheat in a tender that is due next Tuesday. The IGC trimmed their world wheat ending stocks for 18/19 by 1 to 262 MMT, mainly on lower production.

Mar 19 CBOT Wheat is at $4.90, up 9 1/4 cents,

Mar 19 KCBT Wheat is at $4.61, up 11 cents,

Mar 19 MGEX Wheat is at $5.61 1/2, up 12 3/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are steady to 75 cents lower in most contracts at midday. Feeder cattle futures, pressured by lower live cattle and higher corn, are down 30to 92.5 cents in most contracts. The CME feeder cattle index was down 18 cents on February 19 at $141.10. Wholesale boxed beef prices were higher on Thursday morning, with the Ch/Se spread at $6.45. Choice boxes were down $1.58 at $218.07 with Select 12 cents lower at $211.62. USDA estimated the WTD FI cattle slaughter at 322,000 head through Wednesday. That was down 20,000 head from last week and 4,000 lower than the same week last year. The delayed January Cattle on Feed report will be released on Friday. Cash bids are being shown around $123 and $198 so far today.

Feb 19 Cattle are at $127.600, down $0.725,

Apr 19 Cattle are at $128.575, down $0.625,

Jun 19 Cattle are at $118.975, down $0.350,

Mar 19 Feeder Cattle are at $142.950, down $0.925

Apr 19 Feeder Cattle are at $145.150, down $0.925

May 19 Feeder Cattle are at $146.350, down $0.650

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are rebounding from sharp losses so far this week, up $1.60 to $2.50. The CME Lean Hog Index was down 30 cents from the previous day @ $54.13 on February 19. The USDA pork carcass cutout value was up 13 cents on Thursday morning at an average weighted price of $60.30. The national base cash hog carcass value was down $1.34 in the AM report, with a weighted average of $46.56. USDA estimated weekly FI hog slaughter at 1.415 million head through Wednesday. That was up 54,000 head from the previous week and 76,000 above the same week last year.

Apr 19 Hogs are at $55.450, up $2.475,

May 19 Hogs are at $65.500, up $2.475

Jun 19 Hogs are at $75.625, up $2.875

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are posting triple digit gains in most contracts at Thursday’s midday. Progress is reportedly being made between the US and China this week, with reports showing the two countries developing several Memorandum of Understandings. The Cotlook A Index was up 25 poitns on February 20 to 80.30 cents/lb. The USDA Adjusted World Price is was updated to 61.80 cents/ lb on Thursday, down 47 points from the previous week. The USDA Ag Outlook Forum showed a forecast of 14.3 million acres for 2019 all cotton acres.

Mar 19 Cotton is at 72.03, up 175 points,

May 19 Cotton is at 74.03, up 187 points

Jul 19 Cotton is at 75.1, up 176 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