Ag Market Commentary

Corn futures ended the Tuesday session with most contracts 3 3/4 to 5 cents in the green, following the wheat complex rebound. IEG Vantage (previously known as Informa) raised their 2019 corn planting estimate by 180,000 acres to 91.771 million acres. Brazil’s corn output estimate for 18/19 was increased by 1.155 MMT to 92.807 MMT according to CONAB. Most of that jump was due to a larger projected second crop at 66.596 MMT. That is still below the USDA forecast from last Friday. A couple South Korean tenders saw purchases of a total of 128,000 MT of optional origin corn on Tuesday.

Mar 19 Corn closed at $3.56 1/2, up 4 cents,

May 19 Corn closed at $3.65 3/4, up 3 3/4 cents,

Jul 19 Corn closed at $3.75 1/2, up 4 cents

Sep 19 Corn closed at $3.82 3/4, up 4 1/2 cents

--provided by Brugler Marketing & Management



Soybean futures ended Turnaround Tuesday with most contracts 6 to 7 cents higher. Meal futures were up $1.60/ton in the nearby contract, with soy oil 38 points higher. This Friday’s NOPA crush report is expected to show February crush among its members at 158.73 mbu, which would be a record for that month if realized. IEG Vantage cut their 2019 US soybean acreage estimate by 550,000 acres to 85.494 million acres. CONAB revised their 18/19 soybean crop projection to 113.459 MMT, down 1.884 MMT from their previous number. AgRural raised their estimate slightly to 112.9 MMT. USDA is 116.5 MMT.

Mar 19 Soybeans closed at $8.84 3/4, up 7 cents,

May 19 Soybeans closed at $8.97, up 7 cents,

Jul 19 Soybeans closed at $9.11, up 7 cents,

Sep 19 Soybeans closed at $9.22, up 6 1/2 cents,

Mar 19 Soybean Meal closed at $298.30, up $1.60,

Mar 19 Soybean Oil closed at $29.78, up $0.38

--provided by Brugler Marketing & Management



Wheat futures posted 18 to 24 cent gains in most winter wheat contracts on Turnaround Tuesday fueled by short covering. MPLS was 11 to 14 1/2 cents higher. Analysts with IEG Vantage trimmed their 2019 US all wheat planting acreage estimate to 46.722 million acres, with most of the reduction to other spring wheat acres. Winter wheat ratings were reported at 51% gd/ex in KS on Monday afternoon, up 2%, with OK 3% higher at 56%gd/ex. Ratings in TX were down 8 to 28% gd/ex. Japan’s weekly MOA tender is seeking 116,365 MT of wheat from the US, Canada, and Australia, with 35,340 MT sought from the US.

May 19 CBOT Wheat closed at $4.53, up 24 1/2 cents,

May 19 KCBT Wheat closed at $4.42 3/4, up 22 1/2 cents,

May 19 MGEX Wheat closed at $5.60 3/4, up 14 1/2 cents

--provided by Brugler Marketing & Management



Live cattle futures saw 75 cent to $2.35 losses in most contracts on Tuesday. Feeder cattle futures were 97.5 cents to $1.575 in the red on the day. The CME feeder cattle index was down 27 cents on March 11 at $139.02. Wholesale boxed beef prices were higher in the Tuesday afternoon report, with the Ch/Se spread at $7.87/cwt. Choice boxes were up 86 cents at $228.22, as Select was 72 cents higher @ $220.35. USDA estimated the WTD FI cattle slaughter at 239,000 head, up 3,000 wk/wk and 7,000 larger than last year. A total of 755 head are being offered on Wednesday’s FCE auction. A few dressed bids of $204-205 are being reported in NE on Tuesday.

Apr 19 Cattle closed at $126.650, down $2.350,

Jun 19 Cattle closed at $118.675, down $1.575,

Aug 19 Cattle closed at $115.475, down $1.175,

Mar 19 Feeder Cattle closed at $141.300, down $1.000

Apr 19 Feeder Cattle closed at $144.400, down $1.575

May 19 Feeder Cattle closed at $146.100, down $1.300

--provided by Brugler Marketing & Management



Lean Hog futures settled the Tuesday session with most contracts 30 to 80 cents lower. The CME Lean Hog Index was up 27 cents from the previous day @ $51.98 on March 8. The USDA pork carcass cutout value was up $1.20 on Tuesday afternoon at an average weighted price of $67.62. The loin and rib were the only primals reported lower. The national base hog carcass value was up $2.42 on Tuesday afternoon at an average weighted price of $49.61. USDA estimated the weekly FI hog slaughter was at 952,000 head, 9,000 head larger than last week and 29,000 head above last year.

Apr 19 Hogs closed at $63.650, up $0.800,

May 19 Hogs closed at $71.750, up $0.725

Jun 19 Hogs closed at $80.250, up $0.300

--provided by Brugler Marketing & Management



Cotton futures posted 77 to 165 point gains in most contracts on Tuesday amid general ag commodity buying. The US dollar index spot was weaker on the day. The Cotlook A Index was up 50 points on March 11 to 81.75 cents/lb. The USDA Adjusted World Price (AWP) is 63.42 cents/ lb through Thursday. The certified stocks level on March 11 dropped by 11,011 bales to 112,228 bales.

May 19 Cotton closed at 74.850, up 165 points,

Jul 19 Cotton closed at 76.040, up 160 points

Oct 19 Cotton closed at 74.920, up 85 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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