Ag Market Commentary

Corn futures are trading 1 to 2 cents higher in the front months on Friday. A private export sale of 300,000 MT of corn for 2018/19 delivery to China was announced by the USDA this morning. An updated Farm Futures survey released this morning indicated 90.9 million planted corn acres for 2019. A Reuters report estimates ~13% of the US ethanol capacity is offline at the moment due to the recent flooding and both bridge and rail damage. Total export commitments for corn are 7.4% below this time last year. They are 69% of the USDA projected full year amount vs. the average of 78% for this date.

May 19 Corn is at $3.78 1/4, up 2 cents,

Jul 19 Corn is at $3.87, up 1 1/2 cents,

Sep 19 Corn is at $3.93, up 1 1/4 cents

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

--provided by Brugler Marketing & Management

Soybean futures are showing 6 to 7 1/4 cent losses in most contracts at Friday’s midday. Meal futures are down 50 cents/ton, with soy oil 39 points lower. US soybean acres are estimated at 85.9 million acres according to a Farm Futures survey of producers. Export commitments for soybeans are down 17% from the same time last year. Compared to USDA’s projection they are 81% complete vs. the 92% average for this time of year.

May 19 Soybeans are at $9.04, down 6 1/2 cents,

Jul 19 Soybeans are at $9.17 1/2, down 6 3/4 cents,

Aug 19 Soybeans are at $9.23 1/2, down 6 3/4 cents,

Sep 19 Soybeans are at $9.28 1/2, down 6 3/4 cents,

May 19 Soybean Meal is at $314.80, down $0.50

May 19 Soybean Oil is at $28.71, down $0.39

--provided by Brugler Marketing & Management

Wheat futures is mixed in most contracts at midday. KC is fractionally to 2 cents lower, with CBT fractionally to 2 cents higher. MPLS is fractionally mixed. Total old crop export commitments are now 3.1% larger than the same time in 2018. They are now 89% of USDA’s export projection, lagging the normal pace of 99%. Taiwan purchased 110,000 MT of US wheat in their tender on Friday. South Korean importers purchased a total of 125,000 MT of optional origin wheat in tenders on Friday.

May 19 CBOT Wheat is at $4.67 1/4, up 3/4 cent,

May 19 KCBT Wheat is at $4.45 3/4, down 1 1/4 cents,

May 19 MGEX Wheat is at $5.72, up 3/4 cent

--provided by Brugler Marketing & Management

Live cattle futures are steady to 32.5 cents higher in most contracts, with June down a few ticks. Feeder cattle futures are up 45 cents to $1.725 at midday. The CME feeder cattle index was up $1.71 on March 20 at $139.12. Wholesale boxed beef prices were mixed on Friday morning, with the Choice/Sel spread at $10.62/cwt. Choice boxes were down 15 cents at $229.16, as Select was 17 cents higher @ $218.54. 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. Analysts expect March 1 cattle on feed to be reported at 11.663 million head this afternoon, down 0.4% from last year. Placements during Feb are seen down 3.8%, with Marketings up 1.5%. A few cash sales of $128 have been reported in TX on Friday, with $128 bids in the rest of the country and $208 dressed in NE.

Apr 19 Cattle are at $129.900, unch,

Jun 19 Cattle are at $123.825, down $0.075,

Aug 19 Cattle are at $120.175, up $0.200,

Mar 19 Feeder Cattle are at $143.475, up $0.700

Apr 19 Feeder Cattle are at $149.425, up $0.500

May 19 Feeder Cattle are at $154.575, up $0.575

--provided by Brugler Marketing & Management

Lean Hog futures are showing continued buying interest on Friday up 10 cents to $1.55 at midday. The CME Lean Hog Index was up $1.53 from the previous day @ $60.75 on March 20. The USDA pork carcass cutout value was up $1.02 on Friday morning at an average weighted price of $77.27. The national base hog carcass value was up $1.01 in the AM report at an average weighted price of $65.16. 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 a healthy 29,302 MT.

Apr 19 Hogs are at $78.625, up $0.300,

May 19 Hogs are at $87.500, up $0.900

Jun 19 Hogs are at $95.800, up $1.050

--provided by Brugler Marketing & Management

Cotton futures are down 7 to 75 points in most contracts at midday, with a stronger US dollar pressuring the market. The Cotlook A Index was UNCH on March 21 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. US export commitments for upland cotton are now 13.1% below the same time last year. In comparison to the USDA projected total, they are 89% complete, with the average pace at 90%.

May 19 Cotton is at 76.43, down 75 points,

Jul 19 Cotton is at 77.44, down 59 points

Dec 19 Cotton is at 75.260, down 7 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

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