Ag Market Commentary

Corn futures are showing fractional to 3 1/2 cent gains in most contracts, as March expires today. The USDA reported a disappointing 371,981 MT for old crop weekly export sales, just half of estimates and well below this time last year. South Korea was the lead buyer of 120,200 MT, with Japan purchasing 110,600 MT. New crop sales were a supportive 474,577 MT. Mexico purchased 269,600 MT, as 202,000 MT was sold to Japan. Those export results are being treated as old news, but show you why a price break was needed. In a tender on Wednesday a South Korean importer purchased 60,000 MT of US corn. Analysts with ProAgro estimate Ukraine’s 2019 corn crop at 31.2 MMT, down 4.4 MMT from the year prior.

Mar 19 Corn is at $3.62 3/4, up 5 1/2 cents,

May 19 Corn is at $3.70, up 3 1/2 cents,

Jul 19 Corn is at $3.79 1/4, up 3 cents

Sep 19 Corn is at $3.86 1/4, up 2 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are trading fractionally to 1 cent lower on Thursday. Meal futures are up $1.90/ton in the nearby contract, with soy oil down 9 points. March futures expire today. This morning’s Export Sales report showed 1.912 MMT of old crop soybean bookings in the week that ended on March 7. That was just above the top end of trade estimates and 50.6% larger than the same week in 2018. Most of that was known sales to China (1.708 MMT total), with Mexico the next largest buyer of 67,500 MT. Meal sales totaled 225,978MT, with soy oil at 13,986 MT. Both were in the mainstream of trade ideas.

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

May 19 Soybeans are at $9.00 1/4, down 3/4 cent,

Jul 19 Soybeans are at $9.14, down 3/4 cent,

Aug 19 Soybeans are at $9.20 1/4, down 3/4 cent,

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

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

--provided by Brugler Marketing & Management

Wheat futures are posting 6 to 10 cent gains in most contracts at midday, as March expires today. All wheat sales totaled 262,973 MT for old crop in the week of 3/7 well shy of estimates. New crop sales totaled 83,038 MT. Nigeria was the lead buyer of both old and new at 106,300 MT and 48,020 MT respectively. ProAgro estimates the Ukraine 2019 wheat harvest at 28.3 MMT, up from 27.6 MMT in 2018. Turkey purchased 290,000 MT of wheat in their tender on Thursday.

May 19 CBOT Wheat is at $4.57, up 9 3/4 cents,

May 19 KCBT Wheat is at $4.42 3/4, up 6 cents,

May 19 MGEX Wheat is at $5.57 1/4, up 6 3/4 cents

--provided by Brugler Marketing & Management

Live cattle futures are up 30 to 77.5 cents in most contracts on Thursday. Feeder cattle futures are mostly 42.5 to 75 cents higher, with March down 32.5 cents. The CME feeder cattle index was up 6 cents on March 12 at $139.08. Wholesale boxed beef prices were lower in the Thursday morning report, with the Ch/Se spread at $8.59/cwt. Choice boxes were down 40 cents at $227.24, as Select was 3 cents lower @ $219.25. USDA estimated the WTD FI cattle slaughter at 354,000 head, up 4,000 wk/wk and 3,000 larger than last year. Cash trades on Wednesday were later reported at $127 across most regions. Beef export sales in the week of March 7 totaled 12,811 MT.

Apr 19 Cattle are at $127.250, up $0.575,

Jun 19 Cattle are at $120.100, up $0.775,

Aug 19 Cattle are at $116.325, up $0.700,

Mar 19 Feeder Cattle are at $141.225, down $0.325

Apr 19 Feeder Cattle are at $144.825, up $0.700

May 19 Feeder Cattle are at $146.500, up $0.425

--provided by Brugler Marketing & Management

Lean Hog futures are posting $1.15 to $2 gains in most contracts at midday. The CME Lean Hog Index was up 74 cents from the previous day @ $53.12 on March 12. The USDA pork carcass cutout value was up 72 cents on Thursday morning at an average weighted price of $68.57. The national base hog carcass value was down 4 cents in the AM report at an average weighted price of $50.40. 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. USDA reported 50,288 MT in all pork export sales during the week of 3/7, with 23,846 MT sold to China, and 8,900 MT purchased by Mexico.

Apr 19 Hogs are at $65.025, up $1.550,

May 19 Hogs are at $73.900, up $1.625

Jun 19 Hogs are at $82.725, up $1.900

--provided by Brugler Marketing & Management

Cotton futures are down 79 to 144 points in most contracts on Thursday. 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 and will be updated later today. This morning’s USDA report indicated that US exporters sold 166,125 RB of old crop upland cotton in the week of 3/7. That was up 45.69% from last week but still 48.31% below that week last year. China purchased 49,269 RB of that total, with Turkey buying 35,400 RB. New crop sales totaled 23,008 RB, with China buying 18,966 RB. A total of 27,338 bales traded on The Seam on Wednesday, with an average price of 68.09 cents/lb.

May 19 Cotton is at 74.28, down 144 points,

Jul 19 Cotton is at 75.49, down 132 points

Dec 19 Cotton is at 73.800, down 79 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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