AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are continuing to see pressure from the wheat complex but are managing fractional to 2 cent gains at midday. Strength in ethanol and a weaker dollar are supportive. EIA data will be released on Thursday due to Monday’s Holiday, with delayed (by the shutdown) Grain Crushing data from December 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.

Mar 19 Corn is at $3.70 1/2, up 3/4 cent,

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

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

Sep 19 Corn is at $3.92, up 1 1/4 cents

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are showing 1 to 2 1/2 cent losses in most contracts on Wednesday. Meal futures are down 90 cents/ton in the nearby contract, with soy oil up 7 points. 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.

Mar 19 Soybeans are at $8.99 1/4, down 1 1/2 cents,

May 19 Soybeans are at $9.12 3/4, down 1 3/4 cents,

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

Aug 19 Soybeans are at $9.31, down 2 1/2 cents,

Mar 19 Soybean Meal is at $304.50, down $0.90

Mar 19 Soybean Oil is at $29.81, up $0.07

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are showing another round of losses on Wednesday, with most contracts 4 to 7 1/2 cents lower. 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, seeking to fend off those pesky Russian and optional origin export sales.

Mar 19 CBOT Wheat is at $4.82 1/4, down 7 1/2 cents,

Mar 19 KCBT Wheat is at $4.54, down 6 3/4 cents,

Mar 19 MGEX Wheat is at $5.51 1/4, down 4 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are steady to 50 cents higher in most contracts at midday. Feeder cattle futures are steady to 25 cents lower. CME feeder cattle index was down 22 cents on February 18 at $141.28. Wholesale boxed beef prices were lower on Wednesday morning, with the Ch/Se spread at $5.23. Choice boxes were down 3 cents at $217.24 with Select $1.53 lower at $212.01. USDA estimated the WTD FI cattle slaughter at 214,000 head through Tuesday. That was down 20,000 head from last week but 1,000 larger than the same two days 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.

Feb 19 Cattle are at $127.925, up $0.050,

Apr 19 Cattle are at $128.900, up $0.450,

Jun 19 Cattle are at $119.025, up $0.425,

Mar 19 Feeder Cattle are at $143.725, down $0.025

Apr 19 Feeder Cattle are at $145.950, down $0.050

May 19 Feeder Cattle are at $146.925, down $0.075

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are continuing their selling in the nearby contracts on Wednesday, with April down $2.80. There are expanded limits today. 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 $1.15 on Wednesday morning at an average weighted price of $61.06. The national base cash hog carcass value was down 17 cents in the AM report, with a weighted average of $48.01. USDA estimated weekly FI hog slaughter at 957,000 head through Tuesday. That was up 60,000 head from the previous week and 82,000 above the same week last year.

Apr 19 Hogs are at $53.725, down $2.800,

May 19 Hogs are at $64.100, down $1.350

Jun 19 Hogs are at $72.775, down $0.950

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are marginally mixed in most contracts on Wednesday’s midday. A weaker dollar is supportive, along with bargain buying. Managed money spec funds were continuing to add to their CFTC net short position in the week of Jan 29, at -11,412 contracts in cotton futures and options on that date. 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.

Mar 19 Cotton is at 70.39, down 2 points,

May 19 Cotton is at 72.26, up 7 points

Jul 19 Cotton is at 73.55, up 7 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