Ag Market Commentary

Corn futures are trading 1 to 2 1/2 cents lower on Tuesday. The government shutdown continues, as Democrats rejected President Trump’s compromise offer on DACA. USDA Export Inspections data on Tuesday morning showed that 1.108 MMT of corn was shipped in the week that ended 1/17. That was 9.28% larger than the week prior and 53.23% above the same time last year. EU data released on Monday showed corn imports YTD (since July 1 for them) have totaled 9.25 MMT. That is up 45% from the previous year due to tight supplies stemming from drought last year.

Mar 19 Corn is at $3.79 1/4, down 2 1/2 cents,

May 19 Corn is at $3.87 3/4, down 2 1/4 cents,

Jul 19 Corn is at $3.95 1/2, down 1 3/4 cents

Sep 19 Corn is at $3.97 1/2, down 2 1/4 cents

--provided by Brugler Marketing & Management

Soybean futures are down 1 to 2 cents in the nearby contracts at midday. Soymeal futures are $1.40/ton lower, with soy oil 13 points higher to lead the product values. The weekly Export Inspections report indicated 1.111 MMT of soybeans were exported during the week of January 17. That was 2.08% larger than last week but still 21.9% below the same week in 2018. Shipments to China picked up in that week, with a combined 416,408 MT in exports out of the Gulf and Pacific. EU soybean imports since July 1 have totaled 7.8 MMT, up 11.8% year over year with a larger percentage originating in the United States. Meal imports have been down, however.

Mar 19 Soybeans are at $9.14 3/4, down 2 cents,

May 19 Soybeans are at $9.28 1/4, down 1 3/4 cents,

Jul 19 Soybeans are at $9.40 3/4, down 1 3/4 cents,

Aug 19 Soybeans are at $9.46, down 1 1/2 cents,

Mar 19 Soybean Meal is at $313.70, down $1.40

Mar 19 Soybean Oil is at $29.14, up $0.13

--provided by Brugler Marketing & Management

Wheat futures are showing steady to 1 3/4 cent gains in MPLS at midday, with CBT and KC contracts 5 to 6 cents higher. All wheat export inspections were reported at 516,643 MT in for the week that ended on 1/17. That was down 5.52% from the prior week but 21.96% larger than the same week in 2018. Egypt was the top destination @ 117,542 MT. Private forecaster SovEcon is estimating Russian wheat exports for January will drop to 2.3 MMT from 4.3 MMT in December. EU soft wheat exports since July 1 now total 12.218 MMT, down 27% from the previous year. Imports are up 48% at 1.951 MMT.

Mar 19 CBOT Wheat is at $5.23 3/4, up 6 cents,

Mar 19 KCBT Wheat is at $5.11 1/2, up 5 1/2 cents,

Mar 19 MGEX Wheat is at $5.76, up 1 3/4 cents

--provided by Brugler Marketing & Management

Live cattle futures are mostly 40 cents to $1.05 lower on Tuesday. Feeder cattle futures are down a quarter to $1.375 at midday. The CME feeder cattle index was down $1.04 on January 17 at $142.05. Wholesale boxed beef prices were higher on Tuesday morning. Choice boxes were up 59 cents at $215.85, with Select 15 cents higher at $211.01. USDA estimated Monday’s FI cattle slaughter at 117,000 head. That is 2,000 head below last week and well above the same week last year. Wednesday’s online FCE auction has a total of 4,139 head on showlists, with a majority out of Nebraska.

Feb 19 Cattle are at $125.475, down $1.050,

Apr 19 Cattle are at $126.625, down $0.750,

Jun 19 Cattle are at $116.975, down $0.475,

Jan 19 Feeder Cattle are at $141.200, down $0.250

Mar 19 Feeder Cattle are at $141.575, down $1.250

Apr 19 Feeder Cattle are at $143.050, down $1.350

--provided by Brugler Marketing & Management

Lean Hog futures are mixed at midday, with nearby Feb up 25 cents. The CME Lean Hog Index was down 9 cents from the previous day @ $58.07 on January 18. The USDA pork carcass cutout value was up 74 cents on Tuesday morning at an average weighted price of $71.57. The national base cash hog carcass value was down 15 cents in the AM report, with a weighted average of $52.20. Monday FI hog slaughter was estimated at 406,000 head, which is 57,000 below the week but 18,000 head larger than this time last year.

Feb 19 Hogs are at $61.475, up $0.250,

Apr 19 Hogs are at $65.700, down $0.575

May 19 Hogs are at $71.675, down $0.350

--provided by Brugler Marketing & Management

Cotton futures are showing 86 to 91 point losses in most contracts on Tuesday, with crude oil down $1.50/barrel. The government shutdown continues, now into day 32, as Democrats rejected President Trump’s DACA extension proposal this weekend. The lack of USDA data makes it hard to gauge export activity. The Cotlook A Index was down 50 points on January 21 to 83.30 cents/lb. Estimated AWP was 63.06 last week, and computes to 64.07 for the week ending this Thursday.

Mar 19 Cotton is at 73.03, down 86 points,

May 19 Cotton is at 74.45, down 87 points

Jul 19 Cotton is at 75.72, down 87 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

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