Ag Market Commentary

Corn futures closed Tuesday with most contracts fractionally mixed. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. The weekly EIA report will be released on Wednesday morning per normal. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

May 19 Corn closed at $3.71 1/4, down 1/4 cent,

Jul 19 Corn closed at $3.80 3/4, unch,

Sep 19 Corn closed at $3.87 1/2, unch,

Dec 19 Corn closed at $3.95 1/4, up 1/2 cent

--provided by Brugler Marketing & Management



Soybean futures ended Tuesday with the front months steady to 1 3/4 cents lower. Meal futures were up $1/ton, with soy oil 20 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. End user association Abiove reduced their Brazilian soybean production estimate by 1 from their previous number to 116.9 MMT

May 19 Soybeans closed at $9.04, down 1 3/4 cents,

Jul 19 Soybeans closed at $9.17 1/2, down 1 3/4 cents,

Aug 19 Soybeans closed at $9.23 3/4, down 1 3/4 cents,

Nov 19 Soybeans closed at $9.38 1/4, down 3/4 cent,

May 19 Soybean Meal closed at $310.80, up $1.00,

May 19 Soybean Oil closed at $29.24, down $0.20

--provided by Brugler Marketing & Management



Wheat futures were fractionally to 2 1/2 cents lower in the winter wheat contracts on Tuesday. MPLS was firm to 4 1/2 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. US FOB prices were below French as of last night, but evidence of improved export sales is what the market wants and has not seen. Brazil will begin allowing importation of 750,000 MT of US wheat under a tariff rate quota following a meeting between President Trump and Brazil’s President Bolsonaro on Tuesday.

May 19 CBOT Wheat closed at $4.56 1/2, down 1/4 cent,

May 19 KCBT Wheat closed at $4.35 3/4, down 3/4 cent,

May 19 MGEX Wheat closed at $5.65 1/4, up 4 1/2 cents

--provided by Brugler Marketing & Management



Live cattle futures settled the Tuesday session with most contracts 15 to 80 cents higher. Feeder cattle futures were 60 cents to $2.20 in the green in most contracts. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were higher in the Tuesday afternoon report, with the Ch/Se spread at $9.87/cwt. Choice boxes were up $1.00 at $229.33, as Select was $1.25 higher @ $219.46. 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. This week’s FCE online auction has 596 head offered for sale.

Apr 19 Cattle closed at $129.125, up $0.800,

Jun 19 Cattle closed at $122.725, up $0.150,

Aug 19 Cattle closed at $118.725, up $0.625,

Mar 19 Feeder Cattle closed at $142.250, up $0.600

Apr 19 Feeder Cattle closed at $147.800, up $1.500

May 19 Feeder Cattle closed at $150.525, up $2.200

--provided by Brugler Marketing & Management



Lean Hog futures finished Tuesday with 20 to 55 cents losses in most contracts. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.75 on Tuesday afternoon at an average weighted price of $74.14. The belly was the only primal reported lower, down 50 cents. The national base hog carcass value was up $1.20 in the PM 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 closed at $70.825, down $0.200,

May 19 Hogs closed at $79.150, down $0.525

Jun 19 Hogs closed at $87.250, down $0.550

--provided by Brugler Marketing & Management



Cotton futures saw 20 to 38 point losses in most contracts on the day. A weaker US dollar supported the market. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. US Trade rep Lighthizer and Treasury Sec Mnuchin are planning to head to Beijing next week for further trade talks. The Federal Reserve FOMC is meeting today and Wednesday. No change in short term interest rates is expected. The data is murkier than usual because of the government shutdown back in December and January.

May 19 Cotton closed at 75.650, up 38 points,

Jul 19 Cotton closed at 76.720, up 31 points

Oct 19 Cotton closed at 75.420, up 20 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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