AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading 2 to 2 3/4 cents higher in most nearby contracts on Wednesday. The weekly EIA report showing ethanol production in the week of January 11, pegged output at 1.051 million barrels per day. That was up 51,000 bpd from the week prior and was the largest weekly production (and corn use) since the last week of November. Stocks were also up 97,000 barrels at 23.351 million barrels, with the Midwest and West Coast seeing the reductions. Several South Korean importers purchased a total of 260,000 MT of optional origin corn on Wednesday. Iran also tendered for 300,000 MT of corn, though sanctions on the country made any purchasing limited.

Mar 19 Corn is at $3.74, up 2 3/4 cents,

May 19 Corn is at $3.82 1/4, up 2 1/2 cents,

Jul 19 Corn is at $3.90, up 2 1/2 cents

Sep 19 Corn is at $3.93 3/4, up 2 1/4 cents

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are fractionally to a penny lower in most contracts. Lack of much positive news from the trade dispute with China and no updated numbers from the USDA are pressuring the market. Soymeal futures are up 20 cents/ton, with soy oil 9 points lower. Limited Chinese demand is not only being felt from the trade war, but also with lower hog numbers due to ASF. USDA Sec. Perdue announced several FSA offices will be open Thursday, Friday, and next Tuesday for assistance with “loans and other limited services.” Celeres is the latest Brazilian firm to cut their country’s soybean production estimate, down 4.9 MMT to 117.2 MMT.

Mar 19 Soybeans are at $8.92 1/4, down 1 cent,

May 19 Soybeans are at $9.06, down 3/4 cent,

Jul 19 Soybeans are at $9.19, down 3/4 cent,

Aug 19 Soybeans are at $9.24 1/4, down 1 cent,

Mar 19 Soybean Meal is at $309.50, up $0.20

Mar 19 Soybean Oil is at $28.15, down $0.09

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are currently steady in the KC contracts at midday, with CBT a penny higher and MPLS up 2 to 5 cents. Frigid temps are expected across much of the Northern Plains this weekend, though much of the areas did receive snow cover from last weekend’s storm. A South Korean feed importer purchased 65,000 MT of optional origin wheat on Wednesday. A Chinese auction of state reserves saw 99,961 MT, or 3.3% of the offered amount, sold on Wednesday.

Mar 19 CBOT Wheat is at $5.12, up 1 cent,

Mar 19 KCBT Wheat is at $4.95 1/2, unch ,

Mar 19 MGEX Wheat is at $5.64, up 2 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are marginally mixed in most contracts on Wednesday. Feeder cattle futures are down 35 cents to $1.55 The CME feeder cattle index was down 21 cents on January 14 at $144.44. Wholesale boxed beef prices were mixed on Wednesday morning. Choice boxes were 5 cents lower at $212.16, with Select up 85 cents at $206.72. USDA estimated week to date FI cattle slaughter at 239,000 head through Tuesday. That is 2,000 head above last week and 6,000 head larger than the same week last year. There were no sales on Wednesday’s FCE, with most asks around $127.

Feb 19 Cattle are at $126.975, up $0.025,

Apr 19 Cattle are at $127.225, down $0.200,

Jun 19 Cattle are at $117.075, up $0.025,

Jan 19 Feeder Cattle are at $143.200, down $1.550

Mar 19 Feeder Cattle are at $143.575, down $1.175

Apr 19 Feeder Cattle are at $144.550, down $0.950

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are trading $1.325 to $2.375 lower in the nearby contracts at midday, with deferred contracts 40 to 80 cents lower. The CME Lean Hog Index was up 44 cents from the previous day @ $57.65 on January 14. The USDA pork carcass cutout value was down 20 cents on Wednesday morning at an average weighted price of $70.53. The national base cash hog carcass value was 6 cents lower in the AM report, with a weighted average of $51.38. FI hog slaughter WTD was estimated at 943,000 head through Tuesday, which is down 11,000 head from last week but 105,000 larger than the same week last year. China’s Ag Ministry reported that their hog herd was down 4.8% in Dec vs. last year, with sow numbers 8.3% lower.

Feb 19 Hogs are at $59.900, down $2.250,

Apr 19 Hogs are at $64.575, down $2.375

May 19 Hogs are at $70.650, down $1.325

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are showing 80 to 88 point gains in most contracts at Wednesday’s midday. The Cotlook A Index was up 30 points on January 15 to 82.45 cents/lb. A Cotton Grower survey showed that 13.6 million acres of cotton for 2019, compared to 14.05 last year. The only news on the China trade front was a quote from Senator Grassley yesterday indicating that none of the major issues had been solved in the Beijing session. Those were left for the next round or the one after that. Secretary Perdue announced that ~2,500 FSA employees will return to work on Thursday, Friday, and next Tuesday for to help with loans and other limited. Select office locations will be open.

Mar 19 Cotton is at 73.24, up 88 points,

May 19 Cotton is at 74.52, up 80 points

Jul 19 Cotton is at 75.73, up 84 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