Ag Market Commentary

Corn futures settled with fractional to 2 1/4 cent gains on Wednesday. Weekly EIA data showed ethanol production in the week of April 5 up 3,000 barrels per day to 1.002 million bpd. Stocks in that week saw the largest weekly draw down since October, 799,000 barrels lower at 23.193 million barrels. The Rockies and Gulf were the only regions to build stocks. Analysts are estimating old crop export sales of 0.6-0.9 MMT for the week that ended on 4/4, with new crop at 50,000-200,000 MT. The Rosario Grain Exchange estimates the Argentine corn crop at 48 MMT, up 0.7 from their previous number and compared to USDA’s 47 MMT.

May 19 Corn closed at $3.61 3/4, up 1 3/4 cents,

Jul 19 Corn closed at $3.70 3/4, up 2 1/4 cents,

Sep 19 Corn closed at $3.79, up 1 3/4 cents

Dec 19 Corn closed at $3.90 3/4, up 1 1/2 cents

--provided by Brugler Marketing & Management

Soybean futures saw 2 to 3 1/2 cent gains in most contracts. Nearby meal futures were up $1/ton, with soy oil 3 points higher. USDA flashed a sale of 133,759 MT of soybeans for 18/19 delivery to unknown destinations this morning. The weekly Export Sales report is expected to show 0.8-1.15MMT in old crop soybean sales, with new crop at 0-100,000 MT. USDA did revise 17/18 Brazil production to 122 MMT on Tuesday, up 1.2 from the March report, with 18/19 @ 117 MMT. AgRural now estimates the Brazilian soybean 18/19 crop at 114.6 MMT, up 1.7 from their previous number, with updated CONAB estimates released on Thursday. Argentina’s soybean crop is seen at 56 MMT according to estimates from the Rosario Grain Exchange, 2 MMT higher than their prior estimate. USDA is at 55 MMT.

May 19 Soybeans closed at $9.02, up 3 1/4 cents,

Jul 19 Soybeans closed at $9.15 1/4, up 3 1/2 cents,

Aug 19 Soybeans closed at $9.21, up 3 1/2 cents,

Nov 19 Soybeans closed at $9.34 1/2, up 2 3/4 cents,

May 19 Soybean Meal closed at $310.10, up $1.00,

May 19 Soybean Oil closed at $29.07, up $0.03

--provided by Brugler Marketing & Management

Wheat futures were down 1 to 2 1/2 cents in the nearby winter wheat contracts. Heavy snow fall expected in HRS country this week supported the MPLS market, up 5 to 7 1/4 cents. Trade range of estimates ahead of Thursday’s Export Sales report are showing 300,000-500,000 MT of old crop wheat bookings and 100,000-200,000 MT for new crop in the week that ended in April 4. Japan’s MOA has set a tender due on Thursday for 113,124 MT of wheat from US, Canada, and Australia, with 55,709 MT sought from the US. The Philippines is also tendering for 165,000 MT of international wheat.

May 19 CBOT Wheat closed at $4.58, down 1 1/2 cents,

May 19 KCBT Wheat closed at $4.26 1/4, down 1 1/4 cents,

May 19 MGEX Wheat closed at $5.30 1/4, up 7 1/4 cents

--Provided by Brugler Marketing & Management

Live cattle futures ended the Wednesday session with most contracts 40 to 75 cents lower, with April down a tick. Feeder cattle futures were 30 to 97.5 cents in negative territory. The CME feeder cattle index was up 13 cents on April 9 at $143.63. Wholesale boxed beef prices were higher on Wednesday afternoon. Choice boxes were up 73 cents at $229.05, with Select boxes 82 cents higher at $219.62. USDA estimated week to date cattle slaughter at 360,000 head through Wednesday. That would be 4,000 above last week and 2,000 head more than the same week a year ago. A total of 416 head were sold of the 510 offered on this morning’s FCE auction, averaging $124. The one lot that went unsold was offered at $125, with no bids. Outside of the FCE few sales of $124 were reported in TX and KS.

Apr 19 Cattle closed at $125.875, down $0.025,

Jun 19 Cattle closed at $119.950, down $0.400,

Aug 19 Cattle closed at $117.000, down $0.650,

Apr 19 Feeder Cattle closed at $145.175, down $0.975

May 19 Feeder Cattle closed at $149.225, down $0.950

Aug 19 Feeder Cattle closed at $157.025, down $0.575

--provided by Brugler Marketing & Management

Lean Hog futures posted 52.5 cent to $2.65 gains in most 2019 contracts on Wednesday, with nearby April up 37.5 cents ahead of Friday’s expiration. The CME Lean Hog Index was up another 21 cents from the previous day @ $78.89 on April 8. The USDA pork carcass cutout value was 83 cents higher at $83.94 per cwt in the afternoon report. The rib and loin primals were both reported lower. The national base hog carcass value was up 47 cents in the afternoon report, at an average weighted price of $75.68. Estimated FI hog slaughter was 1.426 million head through Wednesday, down 3,000 from the previous week but 62,000 above last year. ASF has now spread to South Africa, according to the country’s ag ministry. The National Pork Producers Council has cancelled their World Pork Expo held in Des Moines this June, heeding on the side of caution to try and limit the entry of ASF into the US.

Apr 19 Hogs closed at $78.900, up $0.375,

May 19 Hogs closed at $86.975, up $0.525

Jun 19 Hogs closed at $96.450, up $1.300

--provided by Brugler Marketing & Management

Cotton futures were steady to 47 points lower in the front months on Wednesday, with new crop contracts slightly higher. USDA will give us fresh export data in Thursday’s Export Sales report. The Cotlook A Index was up 55 points at 88.35 on April 9. The USDA Adjusted World Price (AWP) is 68.22 cents/lb through Thursday. On Tuesday, Chinese imports were raised by 500,000 bales, while Turkey imports were trimmed by 200,000 bales. Indian exports were cut by 300,000 bales, with Australia up 200,000 bales.

May 19 Cotton closed at 77.620, down 47 points,

Jul 19 Cotton closed at 78.460, down 1 point

Oct 19 Cotton closed at 77.500, up 16 points

--provided by Brugler Marketing & Management

Market Commentary provided by:

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1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

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