Ag Market Commentary

Corn futures are trading 6 to 9 cents higher in most front months at midday. The 7-day QPF shows forecasts for 5-7 inches of rain for the heart of the Corn Belt, possibly even further delaying planting. USDA showed 553,334 MT of old crop corn sales in the week of May 9, above the range of estimates. That was nearly double last week but 43.7% lower than the same week last year. Columbia bought 226,700 MT of that, with Japan purchasing 121,400 MT. New crop came in below analyst’s low end of guesses at 80,829 MT.

Jul 19 Corn is at $3.78 1/4, up 8 3/4 cents,

Sep 19 Corn is at $3.86 3/4, up 8 1/2 cents,

Dec 19 Corn is at $3.96, up 7 1/4 cents

Mar 20 Corn is at $4.06 1/2, up 6 cents

--provided by Brugler Marketing & Management



Soybean futures are showing 4 to 5 1/4 cent gains in most contracts on Thursday. July soy meal is up $2.40/ton, with soybean oil 40 points higher. This morning’s Export Sales report from FAS indicated that 370,908 MT of 18/19 soybeans were sold during the week of May 9. That was 79.4% larger than last year at this time and well above last week’s net reduction. There was also 303,400 MT in 19/20 sales, the largest this MY. Germany was the lead buyer of old crop at 122,000 MT, with 277,000 MT of new crop sold to unknown. Meal sales totaled 265,432 MT, with soy oil at 10,793 MT.

Jul 19 Soybeans are at $8.40 3/4, up 5 1/4 cents,

Aug 19 Soybeans are at $8.47, up 5 cents,

Sep 19 Soybeans are at $8.53, up 5 cents,

Nov 19 Soybeans are at $8.65, up 5 1/4 cents,

Jul 19 Soybean Meal is at $302.20, up $2.40

Jul 19 Soybean Oil is at $27.64, up $0.40

--provided by Brugler Marketing & Management



Wheat futures are posting 8 to 16 cent gains in most contracts on Thursday, with the winter wheat markets leading the way. All old crop wheat export sales in the week of May 9 were reported at 114,478 MT. That was 81.55% larger than the same week last year, with Indonesia buying 88,500 MT of that. New crop sales were reported at 419,375 MT, above the rage of estimates and a MT high. Total forward 19/20 sales are now at 2.977 MMT, up 44.66% from a year ago at this time.

Jul 19 CBOT Wheat is at $4.64 1/2, up 15 3/4 cents,

Jul 19 KCBT Wheat is at $4.16 1/2, up 14 1/2 cents,

Jul 19 MGEX Wheat is at $5.24 3/4, up 9 1/2 cents

--provided by Brugler Marketing & Management



Live cattle futures are steady to 70 cents higher at midday. Feeder cattle futures are marginally mixed, with nearby May down $2.425. The CME feeder cattle index was down 30 cents to $134.77 on May 14. Wholesale boxed beef prices were lower on Thursday morning. Choice boxes were down 9 cents at $219.48 with Select boxes 3 cents lower @ $208.01. USDA estimated weekly FI cattle slaughter at 363,000 head through Wednesday. That was up 1,000 head from the previous week and 6,000 above the same week last year. Cash sales have been reported at ~$117 this week. Weekly beef export sales were reported at 16,941 MT, down from last week but up 54.54% from the same week in 2018. Shipments were reported at 18,225 MT, the second largest this MY.

Jun 19 Cattle are at $109.700, up $0.025,

Aug 19 Cattle are at $107.275, up $0.300,

Oct 19 Cattle are at $107.150, up $0.400,

May 19 Feeder Cattle are at $133.500, down $2.425

Aug 19 Feeder Cattle are at $141.925, down $0.350

Sep 19 Feeder Cattle are at $142.875, down $0.350

--provided by Brugler Marketing & Management



Lean Hog futures are mixed on Thursday, with front months lower and deferred contracts higher. The CME Lean Hog Index was up 41 cents from the previous day @ $83.68 on May 14. The USDA pork carcass cutout value was 52 cents lower at $86.29 on Thursday morning. The rib primal was the leader to the down side, $29.76 lower. The national average base hog was not reported on Thursday morning due to confidentiality, with the 5-day rolling average at $81.38. Estimated weekly FI hog slaughter was 1.381 million head for the WTD through Wednesday. That was 34,000 head below the previous week but 8,000 above the same week last year. This morning’s Export Sales report showed just 10,480 MT of pork sales in the week of May 9, with reductions of 3,247 MT. Export Shipments were seen at 23,502 MT in that week.

Jun 19 Hogs are at $91.575, down $0.250,

Jul 19 Hogs are at $91.750, down $0.175

Aug 19 Hogs are at $92.750, up $0.125

--provided by Brugler Marketing & Management




Cotton futures are mostly 30 to 50 points higher, with thinly traded Oct down 29 points. The weekly USDA Export Sales report showed 266,919 RB in old crop upland cotton sales in the week that ended on May 9. That was 48.05% larger than a year ago, as China bought a net 4,798 RB. Turkey was the lead buyer of 70,700 RB, with India at 55,800 RB in purchases. New crop sales totaled a 5 week high 176,447 RB. The Cotlook A index for May 14 was up 135 points from the previous day to 77.35 cents/lb. The weekly Average World Price (AWP) is now 64.65 cents/lb, down 3.62 cents from last week.

Jul 19 Cotton is at 66.85, up 50 points,

Oct 19 Cotton is at 67.4, down 29 points

Dec 19 Cotton is at 67.19, up 30 points

Mar 20 Cotton is at 68.270, up 45 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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