AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are currently fractionally lower after closing Tuesday with most contracts fractionally mixed. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. The weekly EIA ethanol production and implied corn consumption report will be out later this morning. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are mostly 2 to 3 cents lower this morning. They ended Tuesday with the front months steady to 1 3/4 cents lower. Meal futures were up $1/ton, with soy oil 20 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. End user association Abiove reduced their Brazilian soybean production estimate by 1 from their previous number to 116.9 MMT

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are trading a penny lower this morning in the Chicago SRW but are 2-3 cents higher in most of the KC and MPLS contracts. They were fractionally to 2 1/2 cents lower in the winter wheat contracts on Tuesday while MPLS spring wheat was up to 4 1/2 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. Brazil will begin allowing importation of 750,000 MT of US wheat under a tariff rate quota following a meeting between President Trump and Brazil’s President Bolsonaro on Tuesday.

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures settled the Tuesday session with most contracts 15 to 80 cents higher. Feeder cattle futures were 60 cents to $2.20 in the green in most contracts. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were higher in the Tuesday afternoon report, with the Ch/Se spread at $9.87/cwt. Choice boxes were up $1.00 at $229.33, as Select was $1.25 higher @ $219.46. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. Today’s FCE online auction has 596 head offered for sale.

Lean Hogs Market News and Commentary

Lean Hog futures finished Tuesday with 20 to 55 cents losses in most contracts. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.75 on Tuesday afternoon at an average weighted price of $74.14. The belly was the only primal reported lower, down 50 cents. The national base hog carcass value was up $1.20 in the PM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year. A USDA Ag Attach report projected China’s swine inventory would be down 13% by the end of 2019 at 374 million head.

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 2 to 8 points lower this morning. They had 20 to 38 point losses in most contracts on Tuesday. A weaker US dollar supported the market. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. US Trade rep Lighthizer and Treasury Sec Mnuchin are planning to head to Beijing next week for further trade talks. The Federal Reserve FOMC wraps up today. No change in short term interest rates is expected. The economic 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