Ag Market Commentary

Corn futures ended the Thursday session with most contracts 2 to 4 3/4 cents higher. Corn in flooded grain bins is considered contaminated and cannot be sold commercially. Numerous on farm bins and some commercial ground piles have been flooded. NASS is unlikely to be able to quantify such losses until the June stocks report. Forecasts are showing moisture among already flooded areas in the coming weeks, furthering the ideas of prevent plant acres. This morning’s USDA Export Sales report indicated that 855,944 MT of old crop corn was booked in the week of 3/14, with 60,000 MT for new crop. Combined sales were down 37.08% from the same week a year ago. Japan was the main purchaser of 406,800 MT for combined old and new crop.

May 19 Corn closed at $3.76 1/4, up 4 3/4 cents,

Jul 19 Corn closed at $3.85 1/2, up 4 1/2 cents,

Sep 19 Corn closed at $3.91 3/4, up 3 3/4 cents

Dec 19 Corn closed at $3.98 3/4, up 3 1/4 cents

--provided by Brugler Marketing & Management

Soybean futures saw gains of 4 to 4 3/4 cents in most front months on Thursday. Meal futures led the way, up $3.70/ton, with soy oil 17 points lower. USDA reported this morning that a total of 399,528 MT of 18/19 soybeans were sold for export in the week of 3/14. That was down 47.4% from the same week last year, with new crop shown at a net reduction of 64,446 MT (mostly to China). Old crop sales to China totaled 142,615, with 237,500 MT in reductions for unknown. Soybean meal sales were tallied at 97,396 MT, with soy oil 5,548 MT.

May 19 Soybeans closed at $9.10 1/2, up 4 1/2 cents,

Jul 19 Soybeans closed at $9.24 1/4, up 4 3/4 cents,

Aug 19 Soybeans closed at $9.30 1/4, up 4 1/4 cents,

Nov 19 Soybeans closed at $9.44 3/4, up 4 1/2 cents,

May 19 Soybean Meal closed at $315.30, up $3.70,

May 19 Soybean Oil closed at $29.10, down $0.17

--provided by Brugler Marketing & Management

Wheat futures closed Thursday with most contracts steady to 3 cents higher, with a couple MPLS contracts fractionally lower. Strength in corn and short covering late in the session offset a stronger US dollar. All wheat old crop exports sales for the week of 3/14 were tallied at 298,574 MT this morning, below trade estimates but 12.58% larger than the same week a year ago. South Korea bought 75,500 MT, with reductions of 45,000 MT for Singapore (switched to Sri Lanka). New crop sales were reported at 138,816 MT, with total forward sales for 19/20 YTD up 11.6% over last year. Total export commitments are now 3.1% larger than the same time in 2018.

May 19 CBOT Wheat closed at $4.66 1/2, up 1 3/4 cents,

May 19 KCBT Wheat closed at $4.47, up 3 cents,

May 19 MGEX Wheat closed at $5.71 1/4, down 1/4 cent

--provided by Brugler Marketing & Management

Live cattle futures settled with 32.5 cent to $1.15 gains on Thursday. Feeder cattle futures were up 52.5 cents to $1.475. The CME feeder cattle index was up $1.71 on March 20 at $139.12. Wholesale boxed beef prices were mixed in the Thursday afternoon report, with the Choice/Sel spread at $10.94/cwt. Choice boxes were up 64 cents at $229.31, as Select was 26 cents lower @ $218.37. USDA estimated this week’s FI cattle slaughter at 476,000 head through Thursday. That was up 29,000 head from the previous week and even with this time last year. Beef export sales in the week of March 14 were at 18,625 MT, as Hong Kong was the top buyer of 6,300 MT. Analysts expect March 1 cattle on feed to be reported at 11.663 million head on Friday afternoon, down just 0.4% from last year. Placements during Feb are seen down 3.8%, with Marketings up 1.5%. Cash bids have been light so far this week, with a few $126 in TX and $204 dressed in NE.

Apr 19 Cattle closed at $129.900, up $0.325,

Jun 19 Cattle closed at $123.900, up $0.525,

Aug 19 Cattle closed at $119.975, up $0.650,

Mar 19 Feeder Cattle closed at $142.775, up $0.525

Apr 19 Feeder Cattle closed at $148.925, up $0.600

May 19 Feeder Cattle closed at $154.000, up $1.875

--provided by Brugler Marketing & Management

Lean Hog futures posted limit gains in most nearby contracts for the second day in a row on Thursday. They will have expanded limits of $4.50 again on Friday. The CME Lean Hog Index was up $1.68 from the previous day @ $59.22 on March 19. Futures have been anticipating the rally in cash for several weeks now and are finally seeing the follow through. The USDA pork carcass cutout value was up $2.20 on Thursday afternoon at an average weighted price of $76.25. The national base hog carcass value was up $3.34 in the PM report at an average weighted price of $63.79. USDA estimated WTD FI hog slaughter at 1.887 million head, up 36,000 from the previous week and 41,000 above last year. Export sales of pork for the week that ended on March 15 totaled 29,302 MT, with 3,043 MT sold to China and Mexico buying 15,500 MT.

Apr 19 Hogs closed at $78.325, up $4.500,

May 19 Hogs closed at $86.600, up $4.450

Jun 19 Hogs closed at $94.750, up $4.500

--provided by Brugler Marketing & Management

Cotton futures were up 34 to 168 points in the nearby contracts on Thursday, despite a sharply higher dollar. May had its highest close since December 19. The Cotlook A Index was up 50 points on March 19 to 84.65 cents/lb. The USDA Adjusted World Price (AWP) was updated to 65.83 cents/ lb on Thursday, up 173 points from the week prior. The weekly Export Sales report by the USDA this morning showed sales of 124,985 RB for old crop cotton, with new crop at 32,824 RB. Vietnam purchased 84,700 RB for old crop, with China cancelling a net 11,636 RB. China was the lead buyer of new crop at 15,400 RB, with Pakistan at 8,900 RB. Shipments in that week were the second largest this MY at 350,146 RB. The top destination was Pakistan at 79,000 RB, with 36,241 RB headed to China.

May 19 Cotton closed at 77.180, up 168 points,

Jul 19 Cotton closed at 78.030, up 147 points

Oct 19 Cotton closed at 75.920, up 45 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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

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.