AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are steady to fractionally lower in most contracts on Wednesday, pressured by weak ethanol data. The weekly EIA report indicated ethanol production in the week that ended on 3/15 slipped 1,000 barrels per day to 1.004 million bpd. Stocks at the end of that week rose 681,000 barrels wk/wk to a record 24.412 million barrels. The Midwest neared their record totals, up 383,000 barrels as rail movement was hindered due to flooding. Export sales for the week of 3/14 are expected to total 0.6-1 MMT for old crop corn in tomorrow morning’s USDA report, with new crop at 0-300,000 MT.

May 19 Corn is at $3.70 1/2, down 3/4 cent,

Jul 19 Corn is at $3.80, down 3/4 cent,

Sep 19 Corn is at $3.87, down 1/2 cent

Dec 19 Corn is at $3.94 3/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are showing 1 to 2 cent gains in most contracts at midday on Wednesday. Meal futures are up 80 cents/ton, with soy oil UNCH. Strong Board profitability for hogs is supporting meal. Analysts are expecting 18/19 soybean export bookings of 0.6-1.6 MMT for the week of 3/14 in Thursday’s USDA Export Sales report. New crop sales are estimated at 0-150,000 MT. Soybean meal sales are seen at 150,000-400,000 MT, with soy oil at 8,000-30,000 MT. Brazil’s Ag Minister says she expects to head to China later this Spring to strengthen soybean trade.

May 19 Soybeans are at $9.05, up 1 cent,

Jul 19 Soybeans are at $9.18 3/4, up 1 1/4 cents,

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

Sep 19 Soybeans are at $9.30 1/4, up 1 1/2 cents,

May 19 Soybean Meal is at $311.60, up $0.80

May 19 Soybean Oil is at $29.24, unch,

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are seeing some short covering on Wednesday, with most contracts 3 to 7 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. All wheat exports sales for the week of 3/14 are estimated in the range of 200,000-450,000 MT for old crop and 100,000-225,000 MT for new crop. Taiwan is seeking 110,000 MT of US wheat in a tender that expires on Friday. Brazil’s Ag Minister stated that the quota of 750,000 MT of tariff free wheat announced yesterday is for global imports, not just US origin according to wire reports.

May 19 CBOT Wheat is at $4.60 3/4, up 4 1/4 cents,

May 19 KCBT Wheat is at $4.41 1/2, up 5 3/4 cents,

May 19 MGEX Wheat is at $5.72 1/4, up 7 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are trading 30 to 75 cents higher on Wednesday. Feeder cattle futures are up $1-1.70 in most contracts, with nearby March down 25 cents. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were lower in the Wednesday morning report, with the Ch/Se spread at $10.12/cwt. Choice boxes were up 71 cents at $228.62, as Select was 96 cents higher @ $218.50. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. The 596 head offered on Wednesday’s FCE auction went unsold, with the cattle offered at $129-130.

Apr 19 Cattle are at $129.500, up $0.375,

Jun 19 Cattle are at $123.300, up $0.575,

Aug 19 Cattle are at $119.200, up $0.475,

Mar 19 Feeder Cattle are at $142.000, down $0.250

Apr 19 Feeder Cattle are at $147.875, up $0.075

May 19 Feeder Cattle are at $151.800, up $1.275

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are posting strong gains in most contracts on Wednesday, with several deferred contracts coming off limit up. The CME Lean Hog Index was up $1.00 from the previous day @ $57.54 on March 18. The USDA pork carcass cutout value was up 31 cents on Wednesday morning at an average weighted price of $74.45. The national base hog carcass value was up $1.71 in the AM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs are at $73.375, up $2.550,

May 19 Hogs are at $81.450, up $2.300

Jun 19 Hogs are at $89.850, up $2.600

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are mixed at midday, with the front months steady to 14 points lower. A weaker US dollar supported the market. The Cotlook A Index was down 20 points on March 19 to 84.15 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 will make an announcement on interest rates this afternoon, as they are expected to leave them UNCH. USDA will release their Export Sales report for the week of March 14 on Thursday morning.

May 19 Cotton is at 75.51, down 14 points,

Jul 19 Cotton is at 76.59, down 13 points

Oct 19 Cotton is at 75.56, up 14 points

Dec 19 Cotton is at 74.900, unch,

--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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com