AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures ended the Wednesday session with most contracts 1 to 2 1/2 cents higher. Strength in ethanol was supportive. EIA data will be released on Thursday due to Monday’s Holiday, with delayed Grain Crushing data from December (due to the shutdown) out on Friday. The average trade estimate for USDA 2019 corn acreage forecasts in this week’s Ag Outlook forum is 91.512 million acres. Ukraine’s APK-Inform expects the country to export 26.2 MMT of corn in 18/19, up 0.45 MMT from their prior estimate. Agroconsult left their Brazil corn production estimate UNCH at 95.6 MMT.

Mar 19 Corn closed at $3.70 3/4, up 1 cent,

May 19 Corn closed at $3.79 1/2, up 1 1/2 cents,

Jul 19 Corn closed at $3.87 1/2, up 1 1/2 cents

Sep 19 Corn closed at $3.92 1/2, up 1 3/4 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures came back from 6-7 cent losses earlier in the session to close with 1 to 2 cent gains in most contracts. Meal futures were down 20 cents/ton in the nearby contract, with soy oil up 22 points to lead the product values. Traders expect this week’s USDA Ag Outlook Forum to show forecasted 2019 soybean acreage at 86.144 million acres, down 3.052 million acres from last year. December soybean crush data will be released on Friday afternoon, after being delayed due to the government shutdown. Export sales will also be brought up to date this Friday, with a combined report showing data from the weeks ending on Jan 10-Feb 14. Brazil’s soybean production estimate was trimmed slightly to 116.5 MMT by Agroconsult. They also cut their 2019 export projection by 2.8 MMT to 70.2 MMT.

Mar 19 Soybeans closed at $9.02 1/2, up 1 3/4 cents,

May 19 Soybeans closed at $9.16, up 1 1/2 cents,

Jul 19 Soybeans closed at $9.29 3/4, up 1 3/4 cents,

Sep 19 Soybeans closed at $9.39 1/4, up 2 cents,

Mar 19 Soybean Meal closed at $305.20, down $0.20,

Mar 19 Soybean Oil closed at $29.96, up $0.22

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures saw another round of 6 to 10 3/4 cents losses on Wednesday, with most nearby MPLS and KC contracts closing within a penny of their lows. Nearby KC and CBT posted contract lows. Ahead of this week’s USDA Ag Outlook forum, analysts see USDA’s 2019 all wheat acreage forecast at 47.196 million acres, down 604,000 acres from last year. Japan’s weekly MOA tender is seeking a total of 92,830 MT of wheat from US and Canada, with 56,055 MT sought from the US. Egypt’s GASC purchased a total of 360,000 MT of wheat on Wednesday, with 180,000 MT French, and 60,000 each from Russia, Ukraine, and Romania. US had no offers, despite the recent losses. Paris milling wheat futures continued their sell off on Wednesday.

Mar 19 CBOT Wheat closed at $4.80 3/4, down 9 cents,

Mar 19 KCBT Wheat closed at $4.50, down 10 3/4 cents,

Mar 19 MGEX Wheat closed at $5.48 3/4, down 6 3/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures were 30 to 75 cents higher in most contracts on Wednesday. Feeder cattle futures were steady to 15 cents higher in the front months. The CME feeder cattle index was down 18 cents on February 19 at $141.10. Wholesale boxed beef prices were lower on Wednesday afternoon, with the Ch/Se spread at $4.99. Choice boxes were down 78 cents at $216.49 with Select $2.04 lower at $211.50. USDA estimated the WTD FI cattle slaughter at 322,000 head through Wednesday. That was down 20,000 head from last week and 4,000 lower than the same week last year. A total of 785 head were offered on this morning’s FCE online auction, with no sales and 3 lots passing of bids of $125. The delayed January Cattle on Feed report will be released on Friday.

Feb 19 Cattle closed at $128.325, up $0.450,

Apr 19 Cattle closed at $129.200, up $0.750,

Jun 19 Cattle closed at $119.325, up $0.725,

Mar 19 Feeder Cattle closed at $143.875, up $0.125

Apr 19 Feeder Cattle closed at $146.075, up $0.075

May 19 Feeder Cattle closed at $147.000, unch,

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted sharp losses in the nearby contracts, with April using the expanded limits today. Some deferred contracts were slightly higher. The CME Lean Hog Index was down 31 cents from the previous day @ $54.43 on February 18. The USDA pork carcass cutout value was up 26 cents on Wednesday afternoon at an average weighted price of $60.17. The national base cash hog carcass value was down 28 cents in the PM report, with a weighted average of $47.90. USDA estimated weekly FI hog slaughter at 1.415 million head through Wednesday. That was up 54,000 head from the previous week and 76,000 above the same week last year.

Apr 19 Hogs closed at $52.975, down $3.550,

May 19 Hogs closed at $63.025, down $2.425

Jun 19 Hogs closed at $72.750, down $0.975

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures closed the Wednesday session with most contracts steady to 14 points lower. The Cotlook A Index was UNCH points on February 19 to 80.05 cents/lb. The USDA Adjusted World Price is 62.27 cents/lb through this Thursday. This week’s Export Sales report will be delayed until Friday due to Monday’s holiday. It should bring the data up to date, with data reported from the weeks of Jan 10-Feb 14. Chinese trade reps are in DC this week to talk trade.

Mar 19 Cotton closed at 70.280, down 13 points,

May 19 Cotton closed at 72.160, down 3 points

Jul 19 Cotton closed at 73.340, down 14 points

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.
Omaha, NE 68022
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