Ag Market Commentary

Corn futures ended the Monday session with most contracts 1 to 2 cents higher. Short covering and rain in the forecast for an already saturated WCB supported the market. This morning’s USDA Export Inspections report showed 995,997 MT of corn shipped in the week of March 21. That was a 24% jump from the previous week but 25.14% below this time last year. Individual state Crop Progress reports tonight show the most Southern states (TX-38%, LA-50%, and MS-18%) other than AR (3%) are above their respective averages for planting progress, though they are all below last year. The final number for the 2018 Ukraine corn harvest was pegged at 35.8 MMT, vs, the current USDA estimate of 35.5 MMT.

May 19 Corn closed at $3.79 3/4, up 1 1/2 cents,

Jul 19 Corn closed at $3.89 1/4, up 1 3/4 cents,

Sep 19 Corn closed at $3.95 1/4, up 2 cents

Dec 19 Corn closed at $4.01 3/4, up 1 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures saw 2 to 2 3/4 cent gains in the front months on Monday. Meal futures were up a dime/ton, with soy oil 16 points higher. USDA indicated that 857,970 MT of soybeans were exported in the week that ended on March 21, according to this morning’s Export Inspections report. That is slightly higher than last week and 20.84% larger than the same week a year ago. Of that total, 335,241 MT was headed to China. AgRural estimates that the Brazilian soybean harvest is 67%, vs. the average of 63%. Chinese customs data shows that the country imported 907,754 MT of US soybeans in February, up sharply from January, but still lagging 3.35 MMT in the same month last year.

May 19 Soybeans closed at $9.06 1/2, up 2 3/4 cents,

Jul 19 Soybeans closed at $9.20, up 2 3/4 cents,

Aug 19 Soybeans closed at $9.26, up 2 3/4 cents,

Nov 19 Soybeans closed at $9.39 3/4, up 2 1/4 cents,

May 19 Soybean Meal closed at $315.10, up $0.10,

May 19 Soybean Oil closed at $28.82, up $0.16

--provided by Brugler Marketing & Management

Wheat futures closed Monday with most winter wheat contracts 3 to 5 cents higher. MPLS was a penny higher in the front months but lower in most other contracts. All wheat export inspections for the week of March 21 were tallied at 340,398 MT by the USDA. That was down 11.62% from the week prior and just a slight 3,374 MT lower that the same week in 2018. State by state Crop Progress reports show winter wheat ratings in the Southern Plains up from last week, with KS at 52% gd/ex (13% last year) and OK at 74% ( 9% LY), as TX was at 39% (vs. 12% LY). Following today’s close, Egypt’s GASC announced a tender for wheat for 4/25-5/5 delivery, with results expected on Tuesday.

May 19 CBOT Wheat closed at $4.69 1/2, up 3 1/2 cents,

May 19 KCBT Wheat closed at $4.49 1/4, up 4 1/4 cents,

May 19 MGEX Wheat closed at $5.73 1/4, up 1 cent

--Provided by Brugler Marketing & Management

Live cattle futures settled with 60 cent to $2.375 losses on Monday in follow up to the Cattle on Feed report. Feeder cattle futures were down 82.5 cents to $3.35 on the day. The CME feeder cattle index was up 78 cents on March 22 at $141.80. Wholesale boxed beef prices were mixed on Monday afternoon. Choice boxes were down 9 cents at $229.00, as Select was 9 cents higher @ $218.73. USDA estimated FI cattle slaughter at 119,000 head for Monday, up 4,000 head from Monday and same day last year. Last week, cattle traded $128 in the south, with sales of $129 and up to $129.50 reported in the North.

Apr 19 Cattle closed at $127.575, down $2.150,

Jun 19 Cattle closed at $121.125, down $2.375,

Aug 19 Cattle closed at $117.975, down $2.050,

Mar 19 Feeder Cattle closed at $142.175, down $0.825

Apr 19 Feeder Cattle closed at $146.200, down $2.600

May 19 Feeder Cattle closed at $150.700, down $3.350

--provided by Brugler Marketing & Management

Lean Hog futures were mixed on Monday, with nearby April up 32.5 cents and most other contracts steady to $1.60 lower. The CME Lean Hog Index was up $1.66 from the previous day @ $62.41 on March 21. The USDA pork carcass cutout value was up $2.41 on Monday afternoon at an average weighted price of $80.20. The national base hog carcass value was $2.55 higher this afternoon at an average weighted price of $68.82. USDA estimated Monday’s FI hog slaughter at 474,000 head, up 11,000 head from last week and 15,000 head larger than the same week last year.

Apr 19 Hogs closed at $78.650, up $0.325,

May 19 Hogs closed at $86.750, down $0.275

Jun 19 Hogs closed at $95.550, down $0.125

--provided by Brugler Marketing & Management

Cotton futures posted 29 to 115 point gains in most contracts on Monday. A weaker dollar was supportive. The Cotlook A Index was up 175 points on March 22 to 86.40 cents/lb. The USDA Adjusted World Price (AWP) is 65.83 cents/ lb and in effect through Thursday. According to USDA’s Cotton Classing report on Friday, as of March 21 a total of 16.779 million bales of upland have been classed. Including Pima, the total for 18/19 is 17.556 million bales through that date.

May 19 Cotton closed at 77.730, up 115 points,

Jul 19 Cotton closed at 78.510, up 94 points

Oct 19 Cotton closed at 76.150, up 29 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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