Ag Market Commentary

Corn futures are currently 1 to 2 3/4 cents lower at midday, feeling pressure from the rest of the grain complex and ethanol. USDA announced a private export sale of 138,000 MT of optional origin corn to South Korea for 18/19 delivery through their daily reporting system this morning. USDA is planning to release data from the delayed January 11 reports on February 8. That would include the final production number, along with the Dec 1 Grain Stocks report. Brazil corn production is estimated at 90.5 MMT according to Dr. Michael Cordonnier, down 0.5 MMT from his previous number.

Mar 19 Corn is at $3.77, down 2 3/4 cents,

May 19 Corn is at $3.85 3/4, down 2 1/2 cents,

Jul 19 Corn is at $3.93 1/2, down 2 3/4 cents

Sep 19 Corn is at $3.95 3/4, down 2 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are down 4 1/2 to 5 1/4 cents in most contracts on Tuesday, with product values also lower. Meal futures are 80 cents/ton in the red, with soy oil 21 points lower. A Chinese trade delegation arrived in DC on Monday ahead of this week’s talks. We have just a little over a month left in the 90-day window before more tariffs would go into effect. Dr. Michael Cordonnier trimmed his estimate for Brazil and Argentine production by 1 MMT to 114 MMT and 55 MMT respectively.

Mar 19 Soybeans are at $9.18, down 5 1/4 cents,

May 19 Soybeans are at $9.31 3/4, down 5 1/4 cents,

Jul 19 Soybeans are at $9.44 1/2, down 5 1/4 cents,

Aug 19 Soybeans are at $9.49 1/2, down 5 cents,

Mar 19 Soybean Meal is at $311.40, down $0.80

Mar 19 Soybean Oil is at $30.09, down $0.21

--provided by Brugler Marketing & Management

Wheat futures are showing losses of 4 to 6 cents in most contracts on Tuesday, as the US was left out of the latest Egyptian buying. USDA will release the delayed Winter Wheat Seedings report on February 8. Taiwan purchased 55,000 MT of US wheat in their tender on Tuesday. Egypt’s GASC purchased a total of 360,000 MT of wheat in their latest tender, with 180,000 MT each for Romanian and French origin. US had the lowest FOB offer, but freight matters.

Mar 19 CBOT Wheat is at $5.13 1/4, down 5 1/2 cents,

Mar 19 KCBT Wheat is at $5.01 1/4, down 5 1/2 cents,

Mar 19 MGEX Wheat is at $5.68 1/2, down 5 1/2 cents

--provided by Brugler Marketing & Management

Live cattle futures are 5 to 45 cents higher in the front months at midday. Feeder cattle futures are mixed, with most contracts 5 to 30 cents higher and nearby Jan down 42.5 cents ahead of this week’s expiration. The CME feeder cattle index was up 28 cents on January 25 at $143.49. Wholesale boxed beef prices were higher on Tuesday morning, with the Ch/Se spread at $6.08. Choice boxes were up $1.61 at $219.01, with Select $1.32 higher at $212.93. USDA estimated Monday’s FI cattle slaughter at 118,000 head. That is 1,000 head above last week and even with the same week last year.

Feb 19 Cattle are at $126.450, up $0.050,

Apr 19 Cattle are at $127.625, up $0.250,

Jun 19 Cattle are at $117.450, up $0.450,

Jan 19 Feeder Cattle are at $143.050, down $0.425

Mar 19 Feeder Cattle are at $144.525, up $0.175

Apr 19 Feeder Cattle are at $145.850, up $0.250

--provided by Brugler Marketing & Management

Lean Hog futures are mostly 5 to 52.5 cents higher on Tuesday, with front month Feb down 65 cents. The CME Lean Hog Index was down 28 cents from the previous day @ $58.22 on January 25. The USDA pork carcass cutout value was down 2 cents on Tuesday morning at an average weighted price of $68.48. The national base cash hog carcass value was down 15 cents in the AM report, with a weighted average of $51.20. USDA estimated FI hog slaughter at 470,000 head on Monday. That is 69,000 above the previous week and 7,000 head larger than the same week last year.

Feb 19 Hogs are at $57.325, down $0.650,

Apr 19 Hogs are at $62.825, up $0.500

May 19 Hogs are at $68.950, up $0.525

--provided by Brugler Marketing & Management

Cotton futures are up 12 to 25 points at midday. A Tuesday bounce in crude oil is supportive to cotton. The US dollar continues to weaken vs. the Chinese yuan, which could eventually give them some more buying power. The Cotlook A Index was up 100 points on January 28 to 83.6 cents/lb. The USDA Adjusted World Price is 64.90 cents/lb, effective through Thursday. The monthly WASDE report won’t be released until February 8. Yields, of course, continue to be changed monthly as ginning data is received.

Mar 19 Cotton is at 74.1, up 25 points,

May 19 Cotton is at 75.47, up 15 points

Jul 19 Cotton is at 76.76, up 12 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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.