AgriCharts Market Commentary

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Corn Posts Contract Lows, Shrugging Off Slow Planting Progress

April 23, 2019

Corn futures settled Tuesday with 1 to 3 1/2 cent losses, as all 2019 contracts posted life of contracts lows. Forecasts for the next week should allow for some field work to pick up across parts of the Corn Belt. Spillover from soybeans was also seen as pressure. None of the 18 reported states were shown ahead of their average pace for planting in Monday’s Crop Progress report. Last year turned out OK on yield, so the market isn’t getting excited yet. The average US cash price for corn on Tuesday via cmdtyView data is $3.29 1/2, down 27 3/4 cents from last year. That would peg basis at -21 1/2 cents, 9 3/4 cents stronger than the same time in 2018.

May 19 Corn closed at $3.51 1/4, down 3 1/2 cents,

Jul 19 Corn closed at $3.60 1/4, down 3 1/4 cents,

Sep 19 Corn closed at $3.68 1/4, down 2 3/4 cents

Dec 19 Corn closed at $3.79 3/4, down 2 3/4 cents

--provided by Brugler Marketing & Management

Soybean Lower on Global Pressure, Weakness in Product Values

April 23, 2019

Soybean futures posted 13 to 15 1/4 cent losses on Tuesday, hitting new 2019 lows on the continious front month chart. Meal futures were $1.50/ton lower, May soy oil down 64 points, weakening product values. Argentina’s soybean harvest is now thought to be 30% complete. Producers don’t like the price, with plenty of global competition as it comes out of the field. Brazil has harvested 92% of the crop in that country. Brazil’s Ag Ministry expects soybean exports to be hurt by the spread of ASF in China. US Soybean cash prices averaged $7.81 on Tuesday per cmdtyView, $1.73 1/4 lower than the same day a year ago. The national basis was at -81 cents, 14 1/2 cents weaker yr/yr.

May 19 Soybeans closed at $8.62, down 15 cents,

Jul 19 Soybeans closed at $8.75 1/2, down 15 1/4 cents,

Aug 19 Soybeans closed at $8.81 1/2, down 14 3/4 cents,

Nov 19 Soybeans closed at $8.96 1/4, down 13 1/2 cents,

May 19 Soybean Meal closed at $301.00, down $1.50,

May 19 Soybean Oil closed at $28.06, down $0.64

--provided by Brugler Marketing & Management

Wheat Posts a Turnaround Tuesday Bounce

April 23, 2019

Wheat futures saw most contracts steady to 3 1/2 cents higher on Turnaround Tuesday. Individual state winter wheat condition ratings from Monday showed KS down 4 points, with OK, IL, and IN also seen lower. The spring wheat crop has yet to be planted in MN and ND according to NASS data, well behind their respective 24% and 12% averages. Taiwan purchased 109,175 MT of US wheat in their recent tender on Tuesday. SovEcon did trim their Russian wheat exports for 18/19 by 0.2 MMT to 34.9 MMT.

May 19 CBOT Wheat closed at $4.38 3/4, up 3 cents,

May 19 KCBT Wheat closed at $4.14 1/2, up 2 3/4 cents,

May 19 MGEX Wheat closed at $5.11 1/4, up 2 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

April 23, 2019

Live cattle futures ended the day with most contracts steady to 57.5 cents lower. Feeder cattle futures got some help from corn, with marginal gains in most contracts and nearby May down $1.175. The CME feeder cattle index was down 13 cents to $145.84 on April 22. Wholesale boxed beef prices were lower on Tuesday afternoon. Choice boxes were down 37 cents at $234.11, with Select boxes $1.38 lower @ $221.26. USDA estimated this week’s FI cattle slaughter at 236,000 head through Tuesday. That was down 6,000 head from the week prior and even with the same week last year. Wednesday’s FCE has 461 head listed for sale.

Apr 19 Cattle closed at $128.325, down $0.175,

Jun 19 Cattle closed at $121.125, down $0.450,

Aug 19 Cattle closed at $118.200, down $0.575,

May 19 Feeder Cattle closed at $149.625, down $1.175

Aug 19 Feeder Cattle closed at $159.700, up $0.075

Sep 19 Feeder Cattle closed at $160.850, up $0.075

---provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

April 23, 2019

Lean Hog futures closed the Tuesday session with most 2019 contracts steady to $1.40 lower. The CME Lean Hog Index was up another 52 cents from the previous day @ $81.54 on April 19. The USDA pork carcass cutout value was $1.06 higher in the Tuesday afternoon report, at $88.92. All primals were reported higher. The national average base hog was $80.02, down 19 cents on Tuesday. Estimated FI hog slaughter for this week is 799,000 head through Tuesday. That was down from last year and the week prior on Monday’s plant down time.

May 19 Hogs closed at $87.825, down $1.200,

Jun 19 Hogs closed at $92.375, down $1.400

Jul 19 Hogs closed at $97.200, down $0.775

--provided by Brugler Marketing & Management

Cotton Closes Lower, Pressured by a Stronger Dollar

April 23, 2019

Cotton futures were down 37 to 62 points in most front months on Tuesday, with pressure coming from strength in the US dollar. Planting progress in TX was reported at 12% as of Sunday, 1% faster than average, with GA @ 6% planted. China is selling nearly 1 MMT of cotton from state reserves this year, starting on May 5 and running to Sept 30. The Cotlook A Index was up 50 points at 88.25 on April 18. The weekly Average World Price (AWP) is 68.88, effective through Thursday.

May 19 Cotton closed at 76.570, down 62 points,

Jul 19 Cotton closed at 77.910, down 56 points

Oct 19 Cotton closed at 76.970, down 48 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com