Ag Market Commentary

Corn futures are showing fractional gains in most contracts on Tuesday. The weekly EIA report will be released on Wednesday morning. The Quarterly Grain Stocks report on Friday is expected to show 12.092 bbu of corn on hand on Dec 1 according to a Reuters survey. That would be down 475 mbu from last Dec 1 if realized. Final 2018 production numbers are estimated to see a yield of 177.9 bpa, down 1 bpa from the November update. The delayed January Grain Crushing report showed a total of 454.533 mbu of corn was crushed for ethanol during November. Lower numbers were expected as several plants were idled during that time frame.

Mar 19 Corn is at $3.79 3/4, up 1/2 cent,

May 19 Corn is at $3.88 1/4, up 3/4 cent,

Jul 19 Corn is at $3.96, up 3/4 cent

Sep 19 Corn is at $3.98 1/2, up 1/4 cent

--provided by Brugler Marketing & Management

Soybean futures are trading fractionally to 1 1/4 cents lower at midday. Meal futures are down $1.50/ton, with soy oil up 10 points. Private export sales of 2.603 MMT of soybeans to China and 274,000 MT to unknown were reported by the USDA this morning. Ahead of Friday’s USDA reports, traders estimate Dec 1 soybean stocks at 3.743 bbu, which would be 582 mbu above last year. The Crop Production report is expected to show US soybean yield updated to 51.8 bpa, down 0.3 bpa from November. The Fats & Oils report indicated that 178.08 mbu of soybeans were crushed in November, exceeding expectations. Total soy oil stocks were seen at 1.9 bbu. Canadian canola stocks were tallied at 14.552 MMT on Dec 31 according to Stats Canada this morning, which is 4.9% larger than this time last year.

Mar 19 Soybeans are at $9.17 1/4, down 1 1/4 cents,

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

Jul 19 Soybeans are at $9.44 1/2, down 1/2 cent,

Aug 19 Soybeans are at $9.49 1/2, down 3/4 cent,

Mar 19 Soybean Meal is at $309.10, down $1.50,

Mar 19 Soybean Oil is at $30.23, up $0.10

--provided by Brugler Marketing & Management

Wheat futures are steady to 3 cents lower in most contracts on Tuesday. Prior to Friday’s USDA reports, the average trade estimate for all wheat stocks on December 31 is 1.957 bbu. If realized, that would be nearly 84 mbu larger than a year ago. Japan is seeking a total of 131,165 MT of Australian, Canadian and US wheat in a tender that closes on Thursday, with 58,492 MT US specific. Tuesday morning’s Stats Canada report showed that Dec 31 stocks of all wheat were slightly lower than last year at 23.233 MMT. Stocks of Durum were up 12.5% from last year at 5.328 MMT, with other wheat stocks down 3.5%.

Mar 19 CBOT Wheat is at $5.25 1/2, down 1/4 cent,

Mar 19 KCBT Wheat is at $5.09 1/2, down 1 cent,

Mar 19 MGEX Wheat is at $5.74 1/4, down 1/2 cent

--provided by Brugler Marketing & Management

Live cattle futures are up 20 to 75 cents on Tuesday. Feeder cattle futures are down 60 to 77.5 cents at midday. The CME feeder cattle index was down 85 cents on February 1 at $141.01. Wholesale boxed beef prices were mixed on Tuesday morning, with the Ch/Select spread widening back out to $3.70. Choice boxes were down 26 cents at $213.69 with Select 28 cents higher at $213.69. Monday’s USDA estimated FI cattle slaughter was 118,000 head. That is even with last week and 8,000 below the same week last year. Most of last week’s cash trade as reported at $123-124, with a few dressed sales of $198-199 in the North.

Feb 19 Cattle are at $126.475, up $0.750,

Apr 19 Cattle are at $127.450, up $0.450,

Jun 19 Cattle are at $117.225, up $0.225,

Mar 19 Feeder Cattle are at $143.475, down $0.750

Apr 19 Feeder Cattle are at $145.150, down $0.675

May 19 Feeder Cattle are at $145.750, down $0.625

--provided by Brugler Marketing & Management

Lean Hog futures are down 65 to $1.625 in most contracts at midday. The CME Lean Hog Index was up 23 cents from the previous day @ $57.41 on February 1. The USDA pork carcass cutout value was down $1.14 on Tuesday morning at an average weighted price of $66.98. The national base cash hog carcass value was down 12 cents in the AM report, with a weighted average of $50.43. USDA estimated FI hog slaughter at 478,000 head on Monday. That is 8,000 above the previous week and 17,000 head larger than the same week last year.

Feb 19 Hogs are at $56.725, down $0.650,

Apr 19 Hogs are at $61.425, down $1.625

May 19 Hogs are at $69.225, down $0.600

--provided by Brugler Marketing & Management

Cotton futures are showing 66 to 70 point gains in most contracts on Turnaround Tuesday. The Cotlook A Index was down 75 points on February 4 to 83.00 cents/lb. The USDA Adjusted World Price is 65.07 cents/lb through Thursday, up 17 points from the previous week. The Cotton Systems report from USDA showed November US extra long staple consumption at 1,632 RB, with stocks at 3,186 RB.

Mar 19 Cotton is at 73.46, up 70 points,

May 19 Cotton is at 74.69, up 61 points

Jul 19 Cotton is at 76, up 56 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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