Ag Market Commentary

Corn futures are showing 3 to 4 cent gains in most contracts on Tuesday. IEG Vantage (previously known as Informa) raised their 2019 corn planning estimate by 180,000 acres to 91.771 million acres. Brazil’s corn output estimate for 18/19 was increased by 1.155 MMT to 92.807 MMT according to CONAB numbers. Most of that jump was due to a larger projected second crop at 66.596 MMT. That is still below the USDA forecast from last Friday. A couple South Korean tenders saw purchases of a total of 128,000 MT of optional origin corn on Tuesday.

Mar 19 Corn is at $3.55 3/4, up 3 1/4 cents,

May 19 Corn is at $3.65 1/4, up 3 1/4 cents,

Jul 19 Corn is at $3.75, up 3 1/2 cents

Sep 19 Corn is at $3.82, up 3 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are trading 6 to 7 cents higher in most front months at midday, following the rest of the grain complex. Meal futures are up $1.20/ton in the nearby contract, with soy oil 25 points higher. IEG Vantage cut their 2019 US soybean acreage estimate by 550,000 acres to 85.494 million acres. CONAB revised their 18/19 soybean crop projection to 113.459 MMT, down 1.884 MMT from their previous number. AgRural raised their estimate slightly to 112.9 MMT.

Mar 19 Soybeans are at $8.80 3/4, up 3 cents,

May 19 Soybeans are at $8.97, up 7 cents,

Jul 19 Soybeans are at $9.10 3/4, up 6 3/4 cents,

Aug 19 Soybeans are at $9.16 1/4, up 6 cents,

Mar 19 Soybean Meal is at $297.90, up $1.20

Mar 19 Soybean Oil is at $29.65, up $0.25

--provided by Brugler Marketing & Management

Wheat futures are posting a Turnaround Tuesday bounce in most contracts, with winter wheat up 15 to 22 cents. MPLS is 7 to 11 cents in the green. Analysts with IEG Vantage trimmed their 2019 US all wheat planting acreage estimate to 46.722 million acres, with most of the reduction to other spring wheat acres. Winter wheat ratings were reported at 51% gd/ex in KS on Monday afternoon, up 2%, with OK 3% higher at 56%gd/ex. Ratings in TX were down 8 to 28% gd/ex. Japan’s weekly MOA tender is seeking 116,365 MT of wheat from the US, Canada, and Australia, with 35,340 MT sought from the US.

May 19 CBOT Wheat is at $4.51 1/2, up 23 cents,

May 19 KCBT Wheat is at $4.40, up 19 3/4 cents,

May 19 MGEX Wheat is at $5.54 1/4, up 8 cents

--provided by Brugler Marketing & Management

Live cattle futures are showing $1 to $1.75 losses in most contracts at midday. Feeder cattle futures are down 95 cents to $1.80 on Tuesday. The CME feeder cattle index was down 74 cents on March 8 at $139.29. Wholesale boxed beef prices were higher in the Tuesday morning report, with the Ch/Se spread at $7.66/cwt. Choice boxes were up $1.48 at $228.84, as Select was $1.55 higher @ $221.18. USDA estimated Monday’s FI cattle slaughter at 119,000 head, up 3,000 wk/wk and up 5,000 from last year. A total of 755 head are being offered on Wednesday’s FCE auction. A few dressed bids of $204-205 are being reported in NE on Tuesday.

Apr 19 Cattle are at $127.650, down $1.350,

Jun 19 Cattle are at $119.025, down $1.225,

Aug 19 Cattle are at $115.400, down $1.250,

Mar 19 Feeder Cattle are at $141.350, down $0.950

Apr 19 Feeder Cattle are at $144.250, down $1.725

May 19 Feeder Cattle are at $146.100, down $1.300

--provided by Brugler Marketing & Management

Lean Hog futures are currently steady to 75 cents higher at midday after some initial profit taking selling on the open. The CME Lean Hog Index was up 27 cents from the previous day @ $51.98 on March 8. The USDA pork carcass cutout value was up a sharp $2.57 on Tuesday morning at an average weighted price of $68.99. The picnic and rib were the only primals lower, down slightly. The national base hog carcass value was up $1.19 on Tuesday morning at an average weighted price of $48.38. 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 are at $63.600, up $0.750,

May 19 Hogs are at $71.500, up $0.475

Jun 19 Hogs are at $80.075, up $0.125

--provided by Brugler Marketing & Management

Cotton futures are trading 49 to 97 points higher in most contracts on Tuesday amid some general ag commodity buying. The US dollar index spot is weaker at midday, providing some support for cotton. The Cotlook A Index was up 50 points on March 11 to 81.75 cents/lb. The USDA Adjusted World Price (AWP) was updated to 63.42 cents/ lb on Thursday, up 75 points. The certified stocks level on March 11 dropped by 11,011 bales to 112,228 bales.

May 19 Cotton is at 74.17, up 97 points,

Jul 19 Cotton is at 75.39, up 95 points

Oct 19 Cotton is at 75, up 93 points

Dec 19 Cotton is at 74.000, up 49 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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