AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are showing fractional to 1 cent gains in most contracts at midday. This morning’s Export Sales report showed old crop sales totaling 6.056 MMT in the weeks ending Jan 10-Feb 14. That was an average weekly sale of 1.009 MMT, and 42% behind last year. New crop sales were 29,170 MT. The lead buyer of corn in that time frame was Mexico at 1.427 MMT, with Japan at 1.349 MMT. USDA released more forecasts for 19/20 at this morning’s Ag Outlook Forum, showing carry out at 1.65 mbu, down 85 mbu from this year’s projection. The Grains Crushing report for December will be released this afternoon.

Mar 19 Corn is at $3.76, up 1/2 cent,

May 19 Corn is at $3.85 1/4, up 1 cent,

Jul 19 Corn is at $3.93, up 3/4 cent

Sep 19 Corn is at $3.97 1/4, up 1 cent

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are up 1 to 2 cents in most contracts on Friday. Meal futures are UNCH in the nearby contract, with soy oil 2 points lower. Export sales of old crop soybeans in the weeks of Jan 10-Feb 14 were tallied at 6.532 MMT, with a weekly average of 1.089 MMT. That was on the lower end of estimates, but more than double the same six-week total in 2018! China purchased a majority of the total at 3.923 MMT, with Egypt buying 602,500 MT. The average trade estimate ahead of this afternoon’s Fats & Oils report called for 182.5 mbu of soybeans crushed in December. A preliminary estimate for the 2019/20 soybean S&D table shows ending stocks at 845 mbu, which would be down from the current 910 mbu 18/19 projection.

Mar 19 Soybeans are at $9.12 1/2, up 1 1/2 cents,

May 19 Soybeans are at $9.25 3/4, up 1 1/2 cents,

Jul 19 Soybeans are at $9.39, up 1 1/2 cents,

Aug 19 Soybeans are at $9.44 1/2, up 1 1/2 cents,

Mar 19 Soybean Meal is at $305.90, unch

Mar 19 Soybean Oil is at $30.47, down $0.02

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are trading steady to 5 cents higher in the winter wheat contracts, with MPLS the leader to the upside, up 9 to 15 cents. The now up to date Export Sale report from this morning indicated that a total of 3.575 MMT of all old crop wheat was sold in the weeks of 1/10-2/14. At a weekly average of 595,801 MT, that was above the range of estimates and 87.9% larger than the same six weeks last year. Nigeria was the top buyer of 444,400 MT, with unknown purchasing 400,600 MT. New crop sales totaled 244,090 MT in that timeframe. At the USDA Ag Outlook Forum, a preliminary estimate of 944 mbu of wheat was shown for 19/20 ending stocks, down 66 mbu from the current 18/19 projection.

Mar 19 CBOT Wheat is at $4.89 1/4, up 2 3/4 cents,

Mar 19 KCBT Wheat is at $4.60 1/4, up 5 cents,

Mar 19 MGEX Wheat is at $5.72 3/4, up 15 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are steady to 85 cents higher in most nearby contracts on Friday. Feeder cattle futures are mixed, with front months 22.5 to 25 cents lower. The CME feeder cattle index was up a penny on February 20 at $141.11. Wholesale boxed beef prices were lower on Friday morning, widening the Ch/Select spread to $7.20. Choice boxes were up $1.32 at $219.39 with Select 78 cents higher at $212.19. USDA estimated the WTD FI cattle slaughter at 436,000 head through Thursday. That was down 23,000 head from last week and 8,000 lower than the same week last year. The delayed January Cattle on Feed report will be released this afternoon, with Jan on feed estimated 2.2% larger yr/yr. Cash cattle bids are being shown around $123 and $202 so far on Friday. Asks are still around $128 and $205-207. Export sales of beef in the six weeks ending on Feb 14 totaled 90,100 MT, which is an average of 15,017 MT per week.

Feb 19 Cattle are at $128.475, up $0.850,

Apr 19 Cattle are at $128.750, up $0.150,

Jun 19 Cattle are at $119.300, up $0.050,

Mar 19 Feeder Cattle are at $143.000, down $0.225

Apr 19 Feeder Cattle are at $145.275, down $0.250

May 19 Feeder Cattle are at $146.900, up $0.025

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mixed on Friday, with front months steady to 42.5 cents lower and back months slightly higher. The CME Lean Hog Index was down 7 cents from the previous day @ $54.06 on February 20. The USDA pork carcass cutout value was down 2 cents on Friday morning at an average weighted price of $61.21. The national base cash hog carcass value was down 90 cents in the AM report, with a weighted average of $47.24. USDA estimated weekly FI hog slaughter at 1.890 million head through Thursday. That was up 59,000 head from the previous week and 91,000 above the same week last year. Accumulated pork export sales for the weeks of 1/10-2/14 were at 122,900 MT, averaging 20,483 MT/week. China was both buying and shipping.

Apr 19 Hogs are at $55.525, down $0.425,

May 19 Hogs are at $65.675, down $0.125

Jun 19 Hogs are at $76.125, up $0.450

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are mixed at midday, with nearby March down 19 points and October up 80 points on thin trade. The Cotlook A Index was UNCH on February 21 to 80.30 cents/lb. The USDA Adjusted World Price was updated to 61.80 cents/ lb on Thursday, down 47 points from the previous week. The Export Sales report showed all old crop upland cotton bookings of 977,144 RB in the weeks of 1/10-2/14. That averaged 162,857 RB per week and was 46.09% shy of the same time frame in 2018. Turkey was the top buyer of 352,800 RB, with China cancelling a net 28,100 RB. There were 161,392 RBs in new crop sales, with 85,600 RB sold to China. The USDA released preliminary forecasts for 19/20 cotton numbers, showing production at 22.5 million bales and a carryout rising 2 million bales to a burdensome 6.3 million.

Mar 19 Cotton is at 72, down 19 points,

May 19 Cotton is at 71.94, down 207 points

Jul 19 Cotton is at 73.2, down 179 points

Oct 19 Cotton is at 75.250, up 80 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