AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are fractionally to 2 1/4 cents lower in most contracts on Monday. Midwest flooding is further delaying the likely start of planting and to a few traders potentially increasing prevented planting. It is still very early, however. The weekly Export Inspections report from USDA showed corn shipments in the week of 3/14 down from the week prior at 795,241 MT, which was 44.75% below the same week in 2018. YTD exports are still 25.71% above a year ago at 27.397 MMT (1.079 bbu). Friday afternoon’s CFTC Commitment of Traders report showed managed money with a record reported net short position in corn futures and options of 257,965 contracts on March 12. That was an addition of 81,188 contracts from the previous week.

May 19 Corn is at $3.71, down 2 1/4 cents,

Jul 19 Corn is at $3.80 1/4, down 2 cents,

Sep 19 Corn is at $3.87, down 1 3/4 cents

Dec 19 Corn is at $3.94, down 2 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are down 4 to 5 cents at midday. Meal futures are $1.10/ton lower, with soy oil 7 points in the red. USDA showed Export Inspections of 841,888 MT to all destinations during the week of March 14. That was slightly lower than a week ago but 68.23% larger than the same week last year. Of that total, 268,930 MT was headed to China, with 173,737 MT shipped to Egypt. Spec funds added 39,895 contracts to their net short position in the week of 3/12, with the net position at -90,197 contracts on that date. Heavy rains have slowed the Brazilian harvest in Parana state (Brazil) but the country as a whole is still further advanced than average for this date. Safras & Mercado estimates Brazil’s soybean harvest at 61.8% complete, vs. the 55.1% average.

May 19 Soybeans are at $9.04 1/2, down 4 3/4 cents,

Jul 19 Soybeans are at $9.18, down 5 cents,

Aug 19 Soybeans are at $9.24 1/4, down 4 1/2 cents,

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

May 19 Soybean Meal is at $309.70, down $1.10

May 19 Soybean Oil is at $29.36, down $0.07

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are showing steady to 7 cent losses in the winter wheat contracts on Monday, with MPLS 2 to 6 3/4 cents higher. This morning’s USDA Export Inspections report indicated that 353,727 MT of all wheat was shipped in the week that ended on March 14. That was a 42.2% drop from the week previous and 20.5% below the same week in 2018. CFTC data showed KC wheat specs expanding their record reported net short position to -49,286 contracts in the week of 3/12. Ethiopia is seeking 400,000 MT in a tender that expires on April 19.

May 19 CBOT Wheat is at $4.56 3/4, down 5 1/2 cents,

May 19 KCBT Wheat is at $4.36, down 7 cents,

May 19 MGEX Wheat is at $5.61 1/2, up 6 3/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures mixed on Monday, with nearby April 82.5 cents lower and other contracts higher. Feeder cattle futures are also mixed, as front month March is up 25 cents. The CME feeder cattle index was down 74 cents on March 14 at $137.65. Wholesale boxed beef prices were higher in the Monday morning report, with the Ch/Se spread at $10.20/cwt. Choice boxes were up $1.25 at $228.24, as Select was 70 cents higher @ $218.04. USDA estimated weekly FI cattle slaughter at 593,000 head. That was down 10,000 head from the previous week due to transportation issues. Cash cattle traded $127 across most regions last week, with carcass based also $1 lower at $203-205.

Apr 19 Cattle are at $128.275, down $0.825,

Jun 19 Cattle are at $122.175, up $0.250,

Aug 19 Cattle are at $117.800, up $0.075,

Mar 19 Feeder Cattle are at $141.425, up $0.100

Apr 19 Feeder Cattle are at $146.350, down $0.575

May 19 Feeder Cattle are at $148.225, down $0.225

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are showing 82.5 cent to $1.825 gains in the nearby contracts on Monday, with back months mixed. The CME Lean Hog Index was up $1.27 from the previous day @ $55.40 on March 14. The USDA pork carcass cutout value was up $1.10 on Monday morning at an average weighted price of $69.99. The national base hog carcass value was up $1.09 in the AM report at an average weighted price of $55.01. USDA estimated the weekly FI hog slaughter was 2.452 million head, down 83,000 from the previous week but 34,000 head above last year. The US intercepted more than 1 million pounds of Chinese pork being illegally smuggled into the US. No word yet on whether it was contaminated with the highly contagious ASF virus.

Apr 19 Hogs are at $70.625, up $1.825,

May 19 Hogs are at $78.725, up $0.825

Jun 19 Hogs are at $86.350, down $0.175

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 16 to 22 points lower in most contracts at Monday’s midday. The US dollar index is firm at midday. The Cotlook A Index was down 125 points on March 15 to 83.05 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve is meeting this week. Spec funds added 1,706 contracts to their CFTC net short position in the week ending March 12, with the position at 20,007 contracts on that date.

May 19 Cotton is at 75.28, down 22 points,

Jul 19 Cotton is at 76.44, down 16 points

Dec 19 Cotton is at 74.310, down 21 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