AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are showing 1 to 2 1/4 cent gains in most contracts on Monday. 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. Friday afternoon’s Commitment of Traders report indicated that spec traders in corn futures and options extended their record net short position to 261,326 contracts as of March 19. 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 is at $3.80, up 1 3/4 cents,

Jul 19 Corn is at $3.89 1/2, up 2 cents,

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

Dec 19 Corn is at $4.02, up 2 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are trading 2 to 3 1/2 cents higher at midday. Meal futures are up 50 cents/ton, with soy oil up 18 points. 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. Money managers in soybean futures and options backed off their CFTC net short position by 26,205 contracts as of Tuesday to a net position of -63,992 contracts. AgRural estimates that the Brazilian soybean harvest is 67%, vs. the average of 63%. Chinese customs data suggested 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 are at $9.07 1/2, up 3 3/4 cents,

Jul 19 Soybeans are at $9.20 3/4, up 3 1/2 cents,

Aug 19 Soybeans are at $9.26 3/4, up 3 1/2 cents,

Sep 19 Soybeans are at $9.31 3/4, up 3 1/4 cents,

May 19 Soybean Meal is at $315.50, up $0.50

May 19 Soybean Oil is at $28.84, up $0.18

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are 3 to 5 cents higher in the winter wheat contracts, with MPLS mixed and within a penny of UNCH. 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. CFTC data showed that spec funds in KC wheat futures and options added to their record reported net short position. It was 51,380 contracts on Tuesday. Their net short in Chicago was 73,506 contracts on March 19. Ukraine’s final 2018 wheat harvest was tallied at 24.6 MMT according to the country’s statistics, compared to 25 MMT projected by USDA on March 8.

May 19 CBOT Wheat is at $4.70 1/4, up 4 1/4 cents,

May 19 KCBT Wheat is at $4.49 3/4, up 4 3/4 cents,

May 19 MGEX Wheat is at $5.71 3/4, down 1/2 cent

--Provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are down 40 cents to $1.325 in follow up to the Cattle on Feed report. Feeder cattle futures are trading 25 cents to $1.05 lower at midday. The CME feeder cattle index was up $1.90 on March 21 at $141.02. Wholesale boxed beef prices were mixed on Monday morning. Choice boxes were down 27 cents at $228.82, as Select was 69 cents higher @ $219.33. USDA weekly FI cattle slaughter was 631,000 head. The Cattle on Feed report showed March 1 on Feed was 11.796 million head, a rise of 0.69% from the same month last year. The Cold Storage report on Friday indicated 479.28 million pounds of beef as of Feb 28, up 4.34% from a year ago but down 6.06% from last month. Cash trade cattle traded $128 in the south, with sales of $129 and up to $129.50 reported in the North.

Apr 19 Cattle are at $128.475, down $1.250,

Jun 19 Cattle are at $122.175, down $1.325,

Aug 19 Cattle are at $118.800, down $1.225,

Mar 19 Feeder Cattle are at $142.750, down $0.250

Apr 19 Feeder Cattle are at $147.750, down $1.050

May 19 Feeder Cattle are at $153.000, down $1.050

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mixed, with nearby April up 60 cents. 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 $1.21 on Monday morning at an average weighted price of $79.00. The national base hog carcass value was 4 cents lower this morning at an average weighted price of $66.23. USDA estimated WTD FI hog slaughter at 2.508 million head through Saturday. Total pork stocks in cold storage at the end of Feb were 615.979 million pounds, up 1.02% vs. a year ago and 9.46% larger than January. Belly stocks were 53.796 million pounds, just 0.11% larger than January.

Apr 19 Hogs are at $78.925, up $0.600,

May 19 Hogs are at $86.950, down $0.075

Jun 19 Hogs are at $95.725, up $0.050

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 25 to 76 points in the green on Monday. 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. The weekly Commitment of Traders report showed spec funds trimming their net short position as of March 19 by 9,189 contracts to 10,818 contracts in cotton futures and options. 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 is at 77.34, up 76 points,

Jul 19 Cotton is at 78.19, up 62 points

Dec 19 Cotton is at 75.550, up 25 points

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.
Omaha, NE 68022
P: 402-697-3623
F: 402-289-2353