AgriCharts Market Commentary

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Corn Market News and Commentary

February 20, 2019

Corn futures are trading 1 to 2 1/4 cents higher at the moment. They closed the Tuesday session with most contracts 2 to 5 cents lower, with selling pressure coming from wheat. The weekly Export Inspections report showed weekly corn shipments of 941,811 MT through Feb 14. That was slightly below last year but 25.34% larger than the previous week. Mexico and Japan were the top two destinations in that week. Inspections YTD are still 44.90% larger than the same period last year. A Reuters poll of analysts shows Brazil’s estimated second crop corn plantings at 12 million hectares (29.65 million acres).

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

February 20, 2019

Soybean futures are mostly 3 to 4 cents lower this morning. They ended Tuesday with most contracts 5-6 cents off their lows, but still down 6 to 7 cents on the day. Meal futures were down $1.10/ton in the nearby contract, with soy oil 20 points lower. USDA weekly Export Inspections through February 14 totaled 1.031 MMT. That was down 3.37% from the week prior but 7.20% above the same time last year. This is the first week this MY that was larger than the same week last year, with cumulative shipments still lagging by 490 mbu. Exports to China were 404,420 MT. Brazil’s soybean harvest was estimated at 36% complete vs. the 19% average. Brazil’s soybean crop is seen at 114.6 MMT according to a Reuters poll, below the USDA’s 117 MMT. Malaysian palm oil erased all of the price gains since January 23 on Tuesday.

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

February 20, 2019

Wheat futures continue to see selling pressure, down 4 to 6 cents in the winter wheat contracts this morning, with MPLS steady to a penny lower. They posted sharp 11 to 17 1/2 cent losses in most contracts, with MPLS back months 4 to 9 1/2 cents lower. All wheat export shipments in the week that ended on February 14 totaled 357,131 MT. That was down 36.54% from the week prior and 15.82% lower than the same week in 2018. ABARES pegged the 18/19 Australian wheat crop at 17.3 MMT on Monday, down 3.94 MMT from the previous year. Egypt’s GASC set a wheat buying tender for April 5-15 delivery. Results are expected later today. Paris milling wheat futures continued their sell off on Tuesday, seeking to fend off those pesky Russian and optional origin export sales. Russian wheat prices have dropped about $6.00/MT from recent highs.

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

February 20, 2019

Live cattle futures settled Tuesday with most contracts steady to $1.275 higher. Feeder cattle futures were 42.5 cents to $1.15 higher, with help from cheaper corn. The CME feeder cattle index was down 22 cents on February 18 at $141.28. Wholesale boxed beef prices were mixed on Tuesday afternoon, with the Ch/Se spread at $3.73. Choice boxes were down 12 cents at $217.27 with Select 54 cents higher at $213.54. USDA estimated the WTD FI cattle slaughter at 214,000 head through Tuesday. That was down 20,000 head from last week but 1,000 larger than the same two days last year. Cash trade last week was around $125 and $199-200 dressed.

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

February 20, 2019

Lean Hog futures saw limit down declines as far out as August yesterday. The CME Lean Hog Index was down 28 cents from the previous day @ $55.74 on February 15. The USDA pork carcass cutout value was down $1.67 on Tuesday afternoon at an average weighted price of $59.91. The national base cash hog carcass value was down 2 cents in the PM report, with a weighted average of $48.23. USDA estimated weekly FI hog slaughter at 957,000 head through Tuesday. That was up 60,000 head from the previous week and 82,000 above the same week last year. There was a recent confirmation of African Swine Fever (ASF) on 3 farms in Vietnam, along with another case in China.

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

February 20, 2019

Cotton futures are trading 31 to 33 points higher in the front months this morning. They were up 7 to 33 points in most contracts on Tuesday. A weaker US dollar was supportive, along with higher crude oil. First Notice day for March Cotton deliveries is on Friday. The US/China trade talks are continuing this week in Washington DC, with the higher level talks taking place later in the week. Managed money spec funds were continuing to add to their CFTC net short position in the week of Jan 29, at -11,412 contracts in cotton futures and options on that date. The Cotlook A Index was up 10 points on February 18 to 80.05 cents/lb. The USDA Adjusted World Price is 62.27 cents/lb through this Thursday.

--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