Ag Market Commentary

Corn futures ended the Monday session with most contracts 2 to 5 cents higher, following 7-8 cent losses in the overnight session. After the close, NASS reported the US corn crop was 30% planted as of Sunday, moving only 7% from the prior week and slower than most estimates. That was just half of the same week last year (59%) and 36% below the average pace. The crop was 10% emerged, with the normal pace at 29%. This morning’s Export Inspections report indicated that 1.001 MMT of corn was shipped in the week that ended on May 9. That was up 2.45% from the week prior but still 36.59% below the same week in 2018.

May 19 Corn closed at $3.47 1/2, up 5 cents,

Jul 19 Corn closed at $3.56 1/2, up 4 3/4 cents,

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

Dec 19 Corn closed at $3.76 1/2, up 4 1/2 cents

--provided by Brugler Marketing & Management



Soybean futures closed Monday with most nearby contracts 5 to 6 3/4 cents lower. Front month May was 4 1/4 cents away from the Dec 2008 low this morning on the continuous contract. Nearby soy meal was down a dime/ton, with soybean oil 15 points lower. May futures expire on Tuesday. Trade tensions are rising, as China plans to raise tariffs on $60 billion of US goods to counter the US hike from last week. This afternoon’s Crop Progress report showed soybean planting at 9% complete as of May 12, shy of the 14-15% range of estimates. Last year was pegged at 32%, with the 5 year average at 29% for that date. USDA showed 513,375 MT of soybeans inspected for export during the week of May 9, with 272,061 MT headed to China. Shipments were down 14.87% from last year and 26.55% below the same week last year.

May 19 Soybeans closed at $7.91, down 6 cents,

Jul 19 Soybeans closed at $8.02 1/2, down 6 3/4 cents,

Aug 19 Soybeans closed at $8.09, down 6 3/4 cents,

Nov 19 Soybeans closed at $8.27 1/2, down 5 3/4 cents,

May 19 Soybean Meal closed at $284.00, down $0.10,

May 19 Soybean Oil closed at $26.35, down $0.15

--provided by Brugler Marketing & Management



Wheat futures posted 8 to 12 1/4 cent gains in most winter wheat contracts on Monday, with MPLS 1 to 5 cents higher. The weekly Export Inspections report showed a robust 842,418 MT of wheat shipped in the week of May 9. That was 56.73% larger wk/wk and 80.40% above the same week last year! USDA showed 42% of the winter wheat crop headed as of Sunday, behind the 54% average. Conditions were steady with last week at 64% gd/ex, with 3% moving from good to excellent. That pushed the Brugler500 Index 3 points higher to 369. Spring wheat planting managed to find some dry ground last week with progress moving 23% to 45% complete by Sunday. That was above estimates, yet shy of the average at 67% and last year’s 54%. The crop was shown 10% emerged, well behind the normal pace of 34%.

Jul 19 CBOT Wheat closed at $4.37, up 12 1/4 cents,

Jul 19 KCBT Wheat closed at $3.97, up 10 cents,

Jul 19 MGEX Wheat closed at $5.18, up 1 cent

--provided by Brugler Marketing & Management



Live cattle futures saw $1.45 to $2.70 losses on Monday. Weakness in hogs was an influence, and the new Chinese tariffs were also added to beef and chicken. Feeder cattle futures were down $2.55 to $3.725 on the day. The CME feeder cattle index was down 13 to $135.39 on May 10. Wholesale boxed beef prices were higher on Monday afternoon. Choice boxes were up 47 cents at $221.58 with Select boxes $1.43 higher @ $208.89. USDA estimated weekly FI cattle slaughter at 121,000 head for Monday. That was up 2,000 head from the previous week and 4,000 above the same week last year.

Jun 19 Cattle closed at $109.750, down $2.700,

Aug 19 Cattle closed at $106.925, down $1.975,

Oct 19 Cattle closed at $106.900, down $2.125,

May 19 Feeder Cattle closed at $135.050, down $2.575

Aug 19 Feeder Cattle closed at $143.100, down $3.725

Sep 19 Feeder Cattle closed at $144.300, down $3.475

--provided by Brugler Marketing & Management



Lean Hog futures posted limit losses in the June through August contracts, with nearby May down 20 cents as it converges with cash at expiration. Trade tensions are rising, with China’s adding tariffs on $60 billion of US goods. The CME Lean Hog Index was up 4 cents from the previous day @ $82.80 on May 9. CME’s initial weekly Fresh Bacon index is at $155.39 for the week of May 10, down $9.37 from the previous week. The USDA pork carcass cutout value was up $2.08 at $88.24 on Monday afternoon. The national average base hog was $80.64 on Monday, up 71 cents from the previous day. Estimated weekly FI hog slaughter was 461,000 head on Monday. That was 9,000 head below the previous week but 6,000 above the same week last year.

May 19 Hogs closed at $83.550, down $0.200,

Jun 19 Hogs closed at $86.675, down $3.000

Jul 19 Hogs closed at $87.750, down $3.000

--provided by Brugler Marketing & Management



Cotton futures settled Monday with the front months down the limit. Tuesday will show expanded limits of 4 cents. Trade tensions are rising, as China is planning on raising tariffs on $60 billion of US goods to counter the US hike from last week. US planting progress was reported at 26% in the Monday afternoon Crop Progress report, vs. the 32% average and 34% last year. The Cotlook A index for May 10 was down 120 points from the previous day to 80.70 cents/lb. The weekly Average World Price (AWP) is now 64.65 cents/lb, down 3.62 cents from last week.

Jul 19 Cotton closed at 65.450, down 300 points,

Oct 19 Cotton closed at 66.650, down 300 points

Dec 19 Cotton closed at 66.400, down 300 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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