Ag Market Commentary

Corn futures are steady to 1 1/4 cents lower in the front months, with new crop contracts steady to 3 cents higher. The monthly USDA Grain Crushings report confirmed corn use for ethanol totaled 402.9 million gallons in February. That was down 9.3% from January (with 3 fewer run days) and down 7.1% vs. year ago. YTD corn use for ethanol is 121 million bushels below last year. Brazil’s Trade Ministry pegged March corn exports at 891,945 MT, which was up 47.36% from the same time last year and 49.4% lower than February. FCStone estimates the Brazilian corn crop at 94.39 MMT, up 0.55 MMT from their prior number.

May 19 Corn is at $3.60 1/2, down 1 1/4 cents,

Jul 19 Corn is at $3.70, down 1 cent,

Sep 19 Corn is at $3.78 1/2, down 3/4 cent

Dec 19 Corn is at $3.88 3/4, unch

--provided by Brugler Marketing & Management

Soybean futures are trading 3 to 4 cents higher in the nearby contracts on Tuesday. Nearby meal futures up 60 cents/ton, with soy oil 34 points higher. The monthly USDA Fats & Oils report showed slower than expected crush in February at 162.76 million bushels. Soy oil stocks were 2.149 billion pounds, up from 2.004 billion in January. The USDA Ag Attach for China estimates Chinese soybean imports at 91.5 MMT for 19/20, which would be up from the 88 MMT projected for 18/19. March soybean exports from Brazil were seen at 8.95 MMT according to Trade Ministry data That was slightly larger than the same month in 2018 and 47% above February shipments. Estimates from FCStone show the Brazilian soybean crop at 115.7 MMT, a 2.7 MMT jump from last month’s estimate.

May 19 Soybeans are at $8.98 3/4, up 3 1/4 cents,

Jul 19 Soybeans are at $9.12, up 3 1/4 cents,

Aug 19 Soybeans are at $9.18 1/4, up 3 1/2 cents,

Sep 19 Soybeans are at $9.23, up 3 3/4 cents,

May 19 Soybean Meal is at $310.00, up $0.60,

May 19 Soybean Oil is at $28.91, up $0.34

--provided by Brugler Marketing & Management

Wheat futures are showing 1 to 3 cent losses in the SRW contracts, with KC down 4 to 7 cents. MPLS is 3 to 10 3/4 cents lower. The first USDA weekly crop progress and condition report of the season shows 56% of the winter wheat crop in good or excellent condition, vs. 32% last year at this time. Parts of the SRW country were lower causing some spread trade today. Japan’s weekly MOA tender is seeking 119,902 MT of US and Canadian wheat to close on Thursday, with 84,254 MT US specific.

May 19 CBOT Wheat is at $4.61 3/4, down 1 cent,

May 19 KCBT Wheat is at $4.27 1/2, down 7 cents,

May 19 MGEX Wheat is at $5.42 1/4, down 10 3/4 cents

--Provided by Brugler Marketing & Management

Live cattle futures are up 10 to 32.5 cents the front months at midday. Feeder cattle futures are down 70 cents to $1.30. The CME feeder cattle index was up 68 cents on March 29 at $142.42. Wholesale boxed beef prices were mixed on Tuesday morning. USDA reported average Choice boxes of $225.95, down 89 cents. Select boxes were quoted @ $219.68 and up 35 cents from the previous day. USDA estimated Monday cattle slaughter at 115,000 head. That would be 12,000 more than the same Monday a year ago, but 4,000 light vs. last Monday. Wednesday’s FCE online auction has 513 head listed out of OK and KS.

Apr 19 Cattle are at $126.500, up $0.325,

Jun 19 Cattle are at $119.750, up $0.275,

Aug 19 Cattle are at $116.300, up $0.100,

Apr 19 Feeder Cattle are at $144.750, down $0.700

May 19 Feeder Cattle are at $147.775, down $1.100

Aug 19 Feeder Cattle are at $155.525, down $1.175

--provided by Brugler Marketing & Management

Lean Hog futures are posting strong $1.525 to $2.875 gains in most contracts at midday. The CME Lean Hog Index was up another $1.93 from the previous day @ $75.80 on March 29. The USDA pork carcass cutout value was 88 cents higher in the AM report at $83.15 per cwt. Estimated daily hog slaughter for Monday was 476,000 head, up 2,000 from last Monday. The national base hog carcass value was 38 cents lower at $74.90 in the morning report.

Apr 19 Hogs are at $78.925, up $1.525,

May 19 Hogs are at $83.800, up $2.800

Jun 19 Hogs are at $91.375, up $2.875

--provided by Brugler Marketing & Management

Cotton futures are steady to 41 points lower in most contracts on Tuesday, with December up 20 points. The Cotlook A Index was down up 175 points at 87.05 on April 1. The USDA Adjusted World Price (AWP) is 68.23 cents/lb, good through Thursday. USDA indicated on Monday afternoon that 4% of the US cotton crop is planted (15 tracking states). That is ahead of the five-year average of 3% but behind last year’s 6%. Major Cotton producer TX was 7% planted up from the average of 5%.

May 19 Cotton is at 76.95, down 41 points,

Jul 19 Cotton is at 77.86, down 35 points

Mar 20 Cotton is at 76.500, down 13 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

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