Ag Market Commentary

Corn futures saw most contracts steady to fractionally higher on Wednesday. Higher ethanol futures provided some strength. The weekly EIA report showed ethanol production at 1.005 million barrels per day in the week that ended on March 8, down 19,000 bpd from the week prior. Stocks of ethanol were down 530,000 barrels at 23.731 million barrels, as the Gulf was the only region to not show a reduction. Thursday’s Export Sales report is expected to show between 0.8-1.2 MMT in old crop corn sales in the week of 3/7, with 0-300,000 MT for new crop. An Allendale survey shows expected 2019 corn acreage at 91.475 million acres.

Mar 19 Corn closed at $3.57 1/4, up 3/4 cent,

May 19 Corn closed at $3.66 1/2, up 3/4 cent,

Jul 19 Corn closed at $3.76 1/4, up 3/4 cent

Sep 19 Corn closed at $3.83 1/2, up 3/4 cent

--provided by Brugler Marketing & Management

Soybean futures ended the Wednesday session with most contracts 3 to 4 1/4 cents higher. Meal futures were up $1.90/ton in the nearby contract, with soy oil down 9 points. March futures expire tomorrow. US soybean producers are projected to plant 84.263 million acres this spring according to an Allendale survey. USDA will release the annual Prospective Plantings report on March 29. Analysts expect USDA to show 1.2-1.9 MMT in 18/19 soybean export bookings for the week of 3/7, with 0-150,000 MT for 19/20. Soy meal is seen at 50,000-300,000 MT, with 5,000-20,000 MT for soy oil.

Mar 19 Soybeans closed at $8.89, up 4 1/4 cents,

May 19 Soybeans closed at $9.01, up 4 cents,

Jul 19 Soybeans closed at $9.14 3/4, up 3 3/4 cents,

Sep 19 Soybeans closed at $9.25 3/4, up 3 3/4 cents,

Mar 19 Soybean Meal closed at $300.20, up $1.90,

Mar 19 Soybean Oil closed at $29.69, down $0.09

--provided by Brugler Marketing & Management

Wheat futures closed Wednesday with 5 to 10 1/4 cent losses in most contracts. Nearby March showed low volume ahead of Thursday’s expiration. Allendale’s survey or producers shows projected 2019 all wheat acreage at 47.414 million acres. Yesterday, Vantage indicated a tighter 46.722 million acres. All wheat export sales in the week of March 7 are expected to total 400,000-600,000 MT for old crop sales and 50,000-150,000 MT for new crop. A South Korean tender for 50,000 MT of US wheat for late July/early August delivery will close on Thursday. Algeria purchased 450,000 MT of optional origin wheat in a tender on Wednesday.

May 19 CBOT Wheat closed at $4.47 1/4, down 5 3/4 cents,

May 19 KCBT Wheat closed at $4.36 3/4, down 6 cents,

May 19 MGEX Wheat closed at $5.50 1/2, down 10 1/4 cents

--provided by Brugler Marketing & Management

Live cattle futures settled the day steady to 65 cents higher. Feeder cattle futures were mixed, with front month March up 25 cents and other nearby contracts lower. The CME feeder cattle index was up 6 cents on March 12 at $139.08. Wholesale boxed beef prices were mixed in the Wednesday afternoon report, with the Ch/Se spread widening to $8.96/cwt. Choice boxes were up 2 cents at $228.24, as Select was $1.07 lower @ $219.28. USDA estimated the WTD FI cattle slaughter at 354,000 head, up 4,000 wk/wk and 3,000 larger than last year. FCE’s online auction saw no sales on the 755 head offered on Wednesday, with bids of $126.50 passed by feedlots. Cash trades on Wednesday were reported at $127 across most regions.

Apr 19 Cattle closed at $126.675, up $0.025,

Jun 19 Cattle closed at $119.325, up $0.650,

Aug 19 Cattle closed at $115.625, up $0.150,

Mar 19 Feeder Cattle closed at $141.550, up $0.250

Apr 19 Feeder Cattle closed at $144.125, down $0.275

May 19 Feeder Cattle closed at $146.075, down $0.025

--provided by Brugler Marketing & Management

Lean Hog futures were mostly 52.5 cents to $1.875 higher on Wednesday, with nearby April down 17.5 cents. The CME Lean Hog Index was up 40 cents from the previous day @ $52.38 on March 11. The USDA pork carcass cutout value was up 23 cents on Wednesday afternoon at an average weighted price of $67.85. The national base hog carcass value was up 89 cents in the PM report at an average weighted price of $50.44. USDA estimated the weekly FI hog slaughter was at 1.42 million head through Wednesday, even with last week and 32,000 head above last year.

Apr 19 Hogs closed at $63.475, down $0.175,

May 19 Hogs closed at $72.275, up $0.525

Jun 19 Hogs closed at $80.825, up $0.575

--provided by Brugler Marketing & Management

Cotton futures posted 20 to 87 point gains in most contracts on Wednesday. A weaker US dollar index and stronger crude oil helped cotton on Wednesday. The Cotlook A Index was down 20 points on March 12 to 81.55 cents/lb. The USDA Adjusted World Price (AWP) is 63.42 cents/ lb through Thursday. USDA will release the Export Sales report on Thursday morning, showing bookings for the week of March 7. A total of 34,412 bales traded on The Seam on Tuesday, with an average price of 65.55 cents/lb.

May 19 Cotton closed at 75.720, up 87 points,

Jul 19 Cotton closed at 76.810, up 77 points

Oct 19 Cotton closed at 75.120, up 20 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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