Ag Market Commentary

Corn futures ended the Monday session with most contracts 1 to 2 1/4 cents lower. USDA’s delayed Export Inspections report showed 765,618 MT of corn shipped in the week of March 7. That was down 11.54% from the week prior and 44.41% below the same week in 2018. Shipments YTD are still 6.21 MMT (244 mbu) ahead of last year but the lead is shrinking. USDA trimmed their US average farm price range by a dime on Friday to $3.35-3.75, with the midpoint down a nickel to $3.55. USDA left their Brazil corn projection at 94.5 MMT on Friday, with CONAB updating their estimate on Tuesday.

Mar 19 Corn closed at $3.52 1/2, down 2 1/4 cents,

May 19 Corn closed at $3.62, down 2 1/4 cents,

Jul 19 Corn closed at $3.71 1/2, down 2 cents

Sep 19 Corn closed at $3.78 1/4, down 2 cents

--provided by Brugler Marketing & Management

Soybean futures saw 5 to 6 cent losses in most front months on Monday. Meal futures were down $2.40/ton in the nearby contract, with soy oil 1 point higher. The USDA reported another private export sale of 926,000 MT of soybeans to China for 18/19 delivery. This was likely part of the rumored 2 MMT from a week ago, and thus didn’t get the bulls fired up. Soybean exports in the week that ended on March 7 were tallied at 874,363 MT. That was slightly above last week but down 6% from this week last year. A total of 386,581 MT was shipped to China. CONAB will release their monthly Brazil production update on Tuesday, with USDA trimming their projection to 116.5 MMT on Friday. Safras & Mercado estimates the Brazil soybean harvest was 52.1% complete as of March 8, compared to the 46.4% average.

Mar 19 Soybeans closed at $8.77 3/4, down 6 cents,

May 19 Soybeans closed at $8.90, down 5 3/4 cents,

Jul 19 Soybeans closed at $9.04, down 5 3/4 cents,

Sep 19 Soybeans closed at $9.15 1/2, down 5 1/2 cents,

Mar 19 Soybean Meal closed at $296.70, down $2.40,

Mar 19 Soybean Oil closed at $29.40, up $0.01

--provided by Brugler Marketing & Management

Wheat futures posted losses of 8 to 11 cents in most winter wheat contracts on Monday. MPLS was down 2 to 5 cents. The nearby HRS-HRW spread is the largest in over a year (Feb 2018) at $1.36 1/2 as snow cover and cold temps in the Northern Plains are causing concern over spring wheat acres. All wheat export shipments during the week of March 7 totaled 592,001 MT, which was up 21.1% from the week prior and 38.06% larger than the same week last year. A shipment of 42,000 MT of (likely HRS) wheat was headed to China. The US average farm price range for 18/19 wheat was trimmed by 10 cents to $5.10-5.20, with the midpoint UNCH @ $5.15. Egypt’s Supply Minister indicated that he wants origins of wheat imports diversified after rejecting a Romanian cargo on quality issues. French FOB prices were down ~1.3% on Monday, with the Matif futures a few ticks lower.

May 19 CBOT Wheat closed at $4.28 1/2, down 11 cents,

May 19 KCBT Wheat closed at $4.20 1/4, down 10 1/2 cents,

May 19 MGEX Wheat closed at $5.46 1/4, down 3 cents

--provided by Brugler Marketing & Management

Live cattle futures closed Monday with most contracts steady to 70 cents lower. Feeder cattle futures were down 12.5 cents to $1.725. The CME feeder cattle index was down 74 cents on March 8 at $139.29. Wholesale boxed beef prices were higher in the Monday afternoon report, with the Ch/Se spread out to $7.73/cwt. Choice boxes were up $1.23 at $227.36, as Select was 85 cents higher @ $219.63. USDA estimated Monday’s FI cattle slaughter at 119,000 head, up 3,000 wk/wk and 5,000 from last year. Cash cattle traded at $128-128.50 last week, with $205 in the North.

Apr 19 Cattle closed at $129.000, down $0.675,

Jun 19 Cattle closed at $120.250, down $0.700,

Aug 19 Cattle closed at $116.650, down $0.525,

Mar 19 Feeder Cattle closed at $142.300, down $1.625

Apr 19 Feeder Cattle closed at $145.975, down $1.725

May 19 Feeder Cattle closed at $147.400, down $1.125

--provided by Brugler Marketing & Management

Lean Hog futures settled with $1.125 to $2.30 gains in most contracts on Monday. The CME Lean Hog Index was down 4 cents from the previous day @ $51.71 on March 7. The USDA pork carcass cutout value was up $1.38 on Monday afternoon at an average weighted price of $66.42. All primals were reported higher. The national base hog carcass value was up $1.24 this afternoon at an average weighted price of $47.20. Monday’s USDA estimated FI hog slaughter was at 475,000 head, 10,000 head larger than last Monday and 16,000 head above last year.

Apr 19 Hogs closed at $62.850, up $2.300,

May 19 Hogs closed at $71.025, up $2.100

Jun 19 Hogs closed at $79.950, up $1.775

--provided by Brugler Marketing & Management

Cotton futures saw losses of 19 to 29 points in the front months on Monday, with deferred contracts steady to 8 points higher. The Cotlook A Index was down 100 points on March 8 to 81.25 cents/lb. The USDA Adjusted World Price (AWP) was updated to 63.42 cents/ lb on Thursday, up 75 points. The certified stocks level dropped 5,449 bales on March 8 to 123,219 bales. As of March 7, USDA indicated that 16.644 million bales of upland cotton had been classed, with an additional 765,273 bales of Pima.

May 19 Cotton closed at 73.200, down 29 points,

Jul 19 Cotton closed at 74.440, down 19 points

Oct 19 Cotton closed at 74.070, up 8 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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