Ag Market Commentary

Corn futures are showing 1 to 1 1/2 cent gains in the front months, with deferred contract fractionally mixed. Weekly EIA data showed ethanol production in the week of April 5 up just 3,000 barrels per day to 1.002 million bpd. Stocks in that week saw the largest weekly draw down since October, 799,000 barrels lower at 23.193 million barrels. The Rockies and Gulf were the only regions to build stocks. On Tuesday, USDA trimmed the average farm price range by a nickel on each end to $3.40-3.70, with the mid-point still at $3.55.

May 19 Corn is at $3.61 1/2, up 1 1/2 cents,

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

Sep 19 Corn is at $3.78 1/2, up 1 1/4 cents

Dec 19 Corn is at $3.90 1/4, up 1 cent

--provided by Brugler Marketing & Management

Soybean futures are mostly 3 to 3 3/4 cents higher at midday. Nearby meal futures are up $1/ton, with soy oil 3 points lower. USDA flashed a sale of 133,759 MT of soybeans for 18/19 delivery to unknown destinations this morning. The US cash average price range was narrowed by 50 cents to $8.35-8.85 on Tuesday, with USDA leaving the mid-point at $8.60. USDA did revise 17/18 Brazil production to 122 MMT on Tuesday, up 1.2 from the March report. AgRural now estimates the Brazilian soybean crop at 114.6 MMT, up 1.7 from their previous number, with updated CONAB estimates released on Thursday.

May 19 Soybeans are at $9.02, up 3 1/4 cents,

Jul 19 Soybeans are at $9.15 1/2, up 3 3/4 cents,

Aug 19 Soybeans are at $9.21, up 3 1/2 cents,

Sep 19 Soybeans are at $9.25 1/2, up 3 1/4 cents,

May 19 Soybean Meal is at $310.10, up $1.00

May 19 Soybean Oil is at $29.01, down $0.03

--provided by Brugler Marketing & Management

Wheat futures are trading fractionally to 2 cents lower in the winter wheat contracts on Wednesday. Heavy snow fall expected in HRS country this week is supporting the MPLS market, up 5 to 6 1/2 cents. USDA raised their US cash average price range by a nickel to $5.15-5.25, showing a new mid-point of $5.20 in Tuesday’s monthly S&D update. Japan’s MOA has set a tender due on Thursday for 113,124 MT of wheat from US, Canada, and Australia, with 55,709 MT sought from the US. The Philippines is also looking for 165,000 MT of international wheat, with a tender to close today.

May 19 CBOT Wheat is at $4.59, down 1/2 cent,

May 19 KCBT Wheat is at $4.27 1/4, down 1/4 cent,

May 19 MGEX Wheat is at $5.29 1/2, up 6 1/2 cents

--Provided by Brugler Marketing & Management

Live cattle futures are mostly 15 to 75 cents lower at midday, with front month April up 12.5 cents. Feeder cattle futures are down 60 cents to $1.05. The CME feeder cattle index was up 20 cents on April 8 at $143.50. Wholesale boxed beef prices were higher on Wednesday morning. Choice boxes were up 44 cents at $228.76, with Select boxes 52 cents higher at $219.32. USDA estimated week to date cattle slaughter at 240,000 head through Tuesday. That would be 5,000 above last week and 2,000 head more than the same week a year ago. A total of 416 head were sold of the 510 offered on this morning’s FCE auction, averaging $124. The one lot that went unsold was offered at $125, with no bids. A few sales of $124 in KS have been reported, with IA showing a bid of $127.

Apr 19 Cattle are at $126.025, up $0.125,

Jun 19 Cattle are at $120.175, down $0.175,

Aug 19 Cattle are at $117.175, down $0.475,

Apr 19 Feeder Cattle are at $145.250, down $0.900

May 19 Feeder Cattle are at $149.125, down $1.050

Aug 19 Feeder Cattle are at $157.000, down $0.600

--provided by Brugler Marketing & Management

Lean Hog futures are showing triple digit gains in most contracts, with nearby April up 37.5 cents ahead of Friday’s Expiration. The CME Lean Hog Index was up another 21 cents from the previous day @ $78.89 on April 8. The USDA pork carcass cutout value was $2.34 higher at $85.45 per cwt in the morning report the rib and loin were both lower, with the Belly up a sharp $15.09. The national base hog carcass value was up 29 cents in the morning report, at an average weighted price of $75.50. Estimated FI hog slaughter was 950,000 head through Tuesday, down 2,000 from the previous week but 48,000 above last year. ASF has now spread to South Africa, according to the country’s ag ministry. The National Pork Producers Council has cancelled their World Pork Expo held in Des Moines in June, heading on the side of caution to try and limit the entry of ASF to the US.

Apr 19 Hogs are at $78.900, up $0.375,

May 19 Hogs are at $87.625, up $1.175

Jun 19 Hogs are at $96.950, up $1.800

--provided by Brugler Marketing & Management

Cotton futures are mixed on Wednesday with front months lower and back months slightly higher. USDA will give us fresh export data in Thursday’s Export Sales report. The Cotlook A Index was up 55 points at 88.35 on April 9. The USDA Adjusted World Price (AWP) is 68.22 cents/lb through Thursday. On Tuesday, Chinese imports were raised by 500,000 bales, while Turkey imports were trimmed by 200,000 bales. Indian exports were cut by 300,000 bales, with Australia up 200,000 bales.

May 19 Cotton is at 77.63, down 46 points,

Jul 19 Cotton is at 78.46, down 1 point

Oct 19 Cotton is at 77.59, up 25 points

Dec 19 Cotton is at 77.010, up 12 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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