AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are down 1 1/4 to 2 3/4 cents in most contracts on Tuesday. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put a national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. State by State Crop Progress data shows the southern states (TX, MS, LA, and AR) all lagging a year ago for planting progress, though it is still early even for those states. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

May 19 Corn is at $3.68 3/4, down 2 3/4 cents,

Jul 19 Corn is at $3.78, down 2 3/4 cents,

Sep 19 Corn is at $3.85 1/4, down 2 1/4 cents

Dec 19 Corn is at $3.93, down 1 3/4 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are 3 to 4 cents lower in the front months at midday. Meal futures are up 20 cents/ton, with soy oil 25 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. Safras & Mercado expects Brazil’s exports in 2019 to be at 70 MMT, which would be down from the 83,86 MMT in 2018.

May 19 Soybeans are at $9.01 3/4, down 4 cents,

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

Aug 19 Soybeans are at $9.21 3/4, down 3 3/4 cents,

Sep 19 Soybeans are at $9.26 3/4, down 3 1/4 cents,

May 19 Soybean Meal is at $310.00, up $0.20

May 19 Soybean Oil is at $29.19, down $0.25

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are showing marginal losses in most winter wheat contracts at midday, with MPLS steady to 4 3/4 cents higher. US FOB prices were below French as of last night, but weakness in corn at midday is pressuring the market. Individual State Crop Progress reports show KS winter wheat ratings down 2% to 49% gd/ex, with OK and TX both improved. NASS will begin releasing their weekly Crop Progress reports on April 1. Ethiopia is seeking 400,000 MT in a tender that expires on April 19.

May 19 CBOT Wheat is at $4.55 1/2, down 1 1/4 cents,

May 19 KCBT Wheat is at $4.36, down 1/2 cent,

May 19 MGEX Wheat is at $5.65 1/2, up 4 3/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are mixed on Tuesday with most contracts slightly higher and June down 22.5 cents. Feeder cattle futures are trading 50 cents to $1.825 higher at midday. The CME feeder cattle index was down 15 cents on March 15 at $137.50. Wholesale boxed beef prices were higher in the Tuesday morning report, with the Ch/Se spread at $10.69/cwt. Choice boxes were up $1.73 at $230.06, as Select was $1.16 higher @ $219.37. USDA estimated Monday’s FI cattle slaughter at 115,000 head. That was down 4,000 head from the previous week, with travel in the WCB still an issue. This week’s FCE online auction has 596 head offered for sale.

Apr 19 Cattle are at $128.375, up $0.050,

Jun 19 Cattle are at $122.350, down $0.225,

Aug 19 Cattle are at $118.125, up $0.025,

Mar 19 Feeder Cattle are at $142.150, up $0.500

Apr 19 Feeder Cattle are at $147.925, up $1.625

May 19 Feeder Cattle are at $150.150, up $1.825

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are posting 60 cent to $2.05 losses in most contracts on Turnaround Tuesday. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.51 on Tuesday morning at an average weighted price of $73.90. The belly was the only primal reported lower, down $2.17. The national base hog carcass value was down 46 cents in the AM report at an average weighted price of $55.80. USDA estimated Monday’s FI hog slaughter was 463,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs are at $70.425, down $0.600,

May 19 Hogs are at $78.500, down $1.175

Jun 19 Hogs are at $86.175, down $1.625

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 20 to 50 points higher in the front months on Tuesday. A weaker US dollar is supporting the market at midday. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve FOMC is meeting today and Wednesday. No change in short term interest rates is expected. The data is murkier than usual because of the government shutdown back in December and January.

May 19 Cotton is at 75.77, up 50 points,

Jul 19 Cotton is at 76.83, up 42 points

Dec 19 Cotton is at 74.940, up 24 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