AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading fractionally higher this morning. They saw fractional to 1 3/4 cent losses in most contracts on Monday. Midwest flooding is delaying the likely start of planting. Damaged bridges and rail lines are also hampering grain movement. The weekly Export Inspections report from USDA showed corn shipments in the week of 3/14 down from the week prior at 795,241 MT, which was 44.75% below the same week in 2018. YTD exports are still 25.71% above a year ago at 27.397 MMT (1.079 bbu). State by State Crop Progress data shows the southern states (TX, MS, LA, and AR) all lagging a year ago for planting progress, though it is still early even for those states.

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are currently 1 to 2 cents lower after closing 3 to 3 3/4 cents lower in most front months on Monday. Meal futures were down $1/ton, with soy oil up 1 point. USDA Export Inspections were 841,888 MT during the week of March 14. That was slightly lower than a week ago but 68.23% larger than the same week last year. Of that total, 268,930 MT was headed to China, with 173,737 MT shipped to Egypt. Safras & Mercado estimates Brazil’s soybean harvest at 61.8% complete, vs. the 55.1% average.

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are mostly 3 to 3 3/4 cents per bushel higher this morning across all three contracts. They were 2 to 6 1/2 cents lower in most winter wheat contracts on Monday, as the bulls had expected larger export business fueled by the 5 week price breakdown. MPLS was up 2 to 6 cents on planting weather concerns. The USDA Export Inspections report indicated 353,727 MT of wheat was shipped in the week that ended on March 14. That was a 42.2% drop from the week previous and 20.5% below the same week in 2018. Inspections YTD are now lagging a year ago by 6.17%, at 17.976 MMT (660.5 mbu). Individual State Crop Progress reports show KS winter wheat ratings down 2% to 49% gd/ex, with OK and TX both improved. Ethiopia is seeking 400,000 MT in a tender that expires on April 19.

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures settled steady to 65 cents higher in most contracts on Monday, with nearby April down 77.5 cents. Feeder cattle futures were mixed, with the Spring contracts lower (excluding March) and deferred contracts higher. The CME feeder cattle index was down 15 cents on March 15 at $137.50. Wholesale boxed beef prices were higher in the Monday afternoon report, with the Ch/Se spread at $10.12/cwt. Choice boxes were up $1.34 at $228.33, as Select was 87 cents higher @ $218.21. USDA estimated Monday’s FI cattle slaughter at 115,000 head. That was down 4,000 head from the previous week, with travel in the WCB still an issue. Cash cattle traded $127 across most regions last week, with carcass based also $1 lower at $203-205.

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted triple digit gains in most contracts on Monday, with front month April up $2.225. The CME Lean Hog Index was up $1.27 from the previous day @ $55.40 on March 14. The USDA pork carcass cutout value was up $3.50 on Monday afternoon at an average weighted price of $72.39. All primals saw sharp gains. The national base hog carcass value was up $1.81 in the PM report at an average weighted price of $55.73. USDA estimated Monday’s FI hog slaughter was 463,000 head, down 12,000 from the previous week but even with last year.

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 1 to 14 points higher this morning, with old crop firm and December just above UNCH. They were mixed on Monday, with the nearby contracts down 19-23 points and back months slightly higher. Rumors out of China that a US/China trade agreement may be pushed back into June further pressured the front months. Nobody on the US side has confirmed the rumor. The Cotlook A Index was down 125 points on March 15 to 83.05 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. 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.

--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