Ag Market Commentary

Corn futures saw 1 to 2 1/4 cent losses in most contracts on Thursday. USDA indicated that 547,962 MT of old crop corn was sold for export in the week of April 4, below the low end of estimates. That was slightly larger than last week but down 34.76% from the same week last year. Columbia was the top destination of 181,500 MT, with Israel cancelling 162,000 MT. Due to the recent lagging sales totals, total export commitments are now 9.2% below the same time a year ago. A South Korean importer purchased 60,000 MT of corn likely from the US on Wednesday. CONAB estimates released this morning put the Brazilian corn crop at 94.008 MMT, up 1.2 MMT from March mainly on a larger second crop.

May 19 Corn closed at $3.60, down 1 3/4 cents,

Jul 19 Corn closed at $3.68 3/4, down 2 cents,

Sep 19 Corn closed at $3.76 3/4, down 2 1/4 cents

Dec 19 Corn closed at $3.88 1/2, down 2 1/4 cents

--provided by Brugler Marketing & Management

Soybean futures ended the Thursday session with the nearby contracts 6 to 7 cents lower. Front month meal futures were down $2.90/ton and May soy oil down 9 points. This morning’s Export Sales report showed a weak sales total of 270,376 MT in the week that ended on 4/4, well below estimates. That was well below last week’s total and more than 5 times smaller than the same week last year. The top buyer was Indonesia at 73,700 MT, with China showing a net reduction of 1,108 MT. Export commitments for 18/19 are now down 17.1% from the same time last year. Total new crop sales were shown at 9,980 MT. Soy meal sales were tallied at 152,143 MT, with soy oil at 33,834 MT. Brazil’s soybean production for 18/19 was estimated at 113.82 MMT by CONAB this morning, a revision of 366,000 MT higher than their previous number and still well below USDA and most of the private estimates.

May 19 Soybeans closed at $8.95 1/4, down 6 3/4 cents,

Jul 19 Soybeans closed at $9.08 3/4, down 6 1/2 cents,

Aug 19 Soybeans closed at $9.14 1/2, down 6 1/2 cents,

Nov 19 Soybeans closed at $9.28 1/4, down 6 1/4 cents,

May 19 Soybean Meal closed at $307.20, down $2.90,

May 19 Soybean Oil closed at $28.98, down $0.09

--provided by Brugler Marketing & Management

Wheat futures closed Thursday with most contracts 2 to 5 cents in the green. Heavy snow accumulations in the North are pushing back planting into May for much of the Spring Wheat area. All old crop wheat export sales for the week that ended on April 4 were reported at 272,965 MT by the USDA this morning. That was well below last week and shy of estimates, but more than double the same week in 2018. With the sales improving vs. year ago, total commitments are now 6.8% above this week in 2018. Sales for new crop wheat were tallied at 201,410 MT for that week, above the trade range of estimates. Egypt’s GASC is tendering for wheat delivered in late May/early June, with the tender to close on Friday. Algeria’s latest round of buying saw a purchase of at least 330,000 MT of wheat, with some traders hinting that it could be upwards of 540,000 MT. French wheat is typically the origin due to lower freight costs, though US has been competitive.

May 19 CBOT Wheat closed at $4.60 1/2, up 2 1/2 cents,

May 19 KCBT Wheat closed at $4.30 1/2, up 4 1/4 cents,

May 19 MGEX Wheat closed at $5.33 1/4, up 3 cents

--Provided by Brugler Marketing & Management

Live cattle futures were steady to 47.5 cents higher in most contracts on Thursday. Feeder cattle futures were up 25 to 85 cents. The CME feeder cattle index was down 28 cents on April 10 at $143.35. Wholesale boxed beef prices were mixed on Thursday afternoon. Choice boxes were down 22 cents at $228.83, with Select boxes 33 cents higher at $219.95. USDA estimated week to date cattle slaughter at 471,000 head through Thursday. That would be 6,000 lower last week and 7,000 head fewer than the same week a year ago mainly from transportation issues on Thursday due to weather. A few cash cattle sales of $124 were reported in TX and KS on Wednesday, with bids of up to $126 so far in NE on Thursday. Weekly beef export sales were reported at 11,768 MT for the week of 4/4 the lowest reported so far in 2019.

Apr 19 Cattle closed at $126.000, up $0.125,

Jun 19 Cattle closed at $120.425, up $0.475,

Aug 19 Cattle closed at $117.375, up $0.375,

Apr 19 Feeder Cattle closed at $145.425, up $0.250

May 19 Feeder Cattle closed at $149.850, up $0.625

Aug 19 Feeder Cattle closed at $157.650, up $0.625

--provided by Brugler Marketing & Management

Lean Hog futures posted $1.25 to $2.025 gains in most 2019 contracts. Nearby April was up 32.5 cents as it tries to match the Index ahead of Friday’s expiration. The CME Lean Hog Index was up another 40 cents from the previous day @ $79.29 on April 9. The USDA pork carcass cutout value was 49 cents higher at $84.43 per cwt in the afternoon report. The national base hog carcass value was down $1.38 in the PM report, at an average weighted price of $74.82. Estimated FI hog slaughter was 1.855 million head through Thursday, down 44,000 from the previous week but still 26,000 above last year. All pork export sales during the week of April 4 were 90,683 MTs, the largest weekly pork sales total since 2014. Most of the sales were for China at a weekly record 77,732 MT for that country.

Apr 19 Hogs closed at $79.225, up $0.325,

May 19 Hogs closed at $88.400, up $1.425

Jun 19 Hogs closed at $97.700, up $1.250

--provided by Brugler Marketing & Management

Cotton futures were 43 to 72 points lower in the nearby contracts on Thursday, despite decent export data. USDA reported that 288,975 RB of 18/19 upland cotton was sold during the week of 4/4, with 43,598 RB to China. That was the third largest weekly sales this MY, and up 61.12% from the same week in 2018. It was down 105 from last week, however. Vietnam was the top buyer of 91,700 RB, with India purchasing 70,000 RB. New crop sales were tallied at a MY high 205,917 RB, as China purchased 36,520 RB and 131,200 RB was sold to Vietnam. Weekly shipments were reported at 383,337 RB, which was the second largest reported this MY. The Cotlook A Index was down 65 points at 87.70 on April 10. The weekly AWP was updated to 69.21, 99 points higher than the previous week.

May 19 Cotton closed at 76.980, down 64 points,

Jul 19 Cotton closed at 77.740, down 72 points

Oct 19 Cotton closed at 76.940, down 56 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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