AgriCharts Market Commentary

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Corn futures saw fractional losses in most contracts on Tuesday. A private export sale of 110,000 MT of corn was reported to Peru for 17/18 delivery by the USDA this morning. The weekly EIA report will be released on Wednesday morning, following record ethanol stocks in last week’s report. A private firm estimates that next week’s USDA Planting Intentions report will show 89 million acres of corn, down from the USDA Ag Forum’s 90 million acres. As of Monday evening, the national average cash price was reported at $3.38 according to DTN, 14 3/4 cents above last year. That puts the national average basis at -37 cents, 3 1/4 cents stronger than this time last year.

May 18 Corn closed at $3.74 1/2, down 1/2 cent,

Jul 18 Corn closed at $3.82 1/2, down 3/4 cent,

Sep 18 Corn closed at $3.89 3/4, down 1/4 cent

Dec 18 Corn closed at $3.97 1/4, down 1/4 cent


Soybean futures ended Turnaround Tuesday with most contracts 2 to 5 3/4 cents higher. Front Month soy meal was up $3.10/ton, with May soy oil down 32 points. US soybean acreage is expected to be reported at 90.5 million acres next Thursday according to a private estimate. That would be slightly higher than the USDA Forum at 90 million acres. DTN reported the national average cash price at $9.44 1/2 on Monday afternoon, 23 1/4 cents higher than a year ago. That would make the national average basis -78 cents, just 1/4 cents stronger than last year. The USDA Ag Attach in China expects the country to import 100 MMT of soybeans during 18/19. Dr. Michael Cordonnier updated his Argentina soybean production estimate to 42 MMT, down 1 MMT from the previous projection. He also expects the Brazilian crop up 1 MMT at 115 MMT.

May 18 Soybeans closed at $10.28 1/4, up 5 3/4 cents,

Jul 18 Soybeans closed at $10.39, up 5 1/2 cents,

Aug 18 Soybeans closed at $10.40 1/4, up 5 cents,

Nov 18 Soybeans closed at $10.25, up 2 1/4 cents,

May 18 Soybean Meal closed at $361.70, up $3.10,

May 18 Soybean Oil closed at $31.74, down $0.32


Wheat futures showed positive movement in most CBT contracts on Tuesday, as KC was fractionally lower. MPLS saw losses of 1 to 3 1/4 cents on the day. State condition reports showed improvement in OK ratings by 4 points to 212 on the Brugler500, with the gd/ex rating down 2% to 5%. For the week that ended on Sunday, TX lost 16 points to 215, with 10% of the crop now rated gd/ex. KS was shown deteriorating 3 points to 240 with a gd/ex rating of 11%. Russia exported 2.475 MMT of wheat during January, according to customs data. That was 27.67% larger than the same month in 2017.

May 18 CBOT Wheat closed at $4.53, up 2 1/4 cents,

May 18 KCBT Wheat closed at $4.70, down 1/4 cent,

May 18 MGEX Wheat closed at $5.93 1/4, down 3 1/4 cents


Live cattle futures ended the day with most contracts 65 cents to $1.15 in the red. Feeder cattle futures were down 65 to 95 cents lower. The CME feeder cattle index was down 48 cents on March 19 at $141.25. Wholesale boxed beef values were lower on Tuesday afternoon. Choice boxes were down $1.52 at $223.35, with Select boxes 55 cents lower at $216.74. Estimated FI cattle slaughter was 236,000 head through Tuesday, 5,000 above last week and 3,000 head above the same week in 2017. Sales of $126 were reported in the South today, with the North showing trade at $204.

Apr 18 Cattle closed at $119.575, down $0.650,

Jun 18 Cattle closed at $109.000, down $1.150,

Aug 18 Cattle closed at $106.700, down $1.000,

Mar 18 Feeder Cattle closed at $137.775, down $0.675

Apr 18 Feeder Cattle closed at $137.450, down $0.750

May 18 Feeder Cattle closed at $138.250, down $0.775

Lean Hogs

Lean hog futures were mixed on Tuesday, with nearby April a dime higher and other back months lower. The CME Lean Hog Index on March 16 was down 55 cents from the previous day to $64.97. The USDA pork carcass cutout value was 9 cents higher at $72.07 in the Tuesday PM report. The loin was up $1.42, with the rib the only other cut higher. The national base hog weighted average price was 68 cents lower at $55.73 on Tuesday afternoon. The USDA estimated FI hog slaughter at 926,000 head through Tuesday. That is up 5,000 head from the previous week and 39,000 head more than the same week last year.

Apr 18 Hogs closed at $63.250, up $0.100,

May 18 Hogs closed at $70.200, down $0.425

Jun 18 Hogs closed at $76.750, down $0.075


Cotton futures posted Turnaround Tuesday gains of 97 to 185 points, despite a sharp 666 point gain in the US dollar index. The Cotlook A index was down 75 points from the previous day on March 19 at 92.10 cents/lb. The Adjusted World Price (AWP) was updated to 75.12 cents/lb last Thursday. The Seam reported cash sales of 5,722 bales, on Monday, with the average price down 4 points to 72.47 cents/lb. China sold another 18,001 MT of cotton offered at an auction of state reserves on Tuesday, totaling 59.95% of the amount offered.

May 18 Cotton closed at 83.080, up 185 points,

Jul 18 Cotton closed at 83.180, up 166 points

Oct 18 Cotton closed at 79.270, up 97 points

Market Commentary provided by:

Brugler Marketing & Management LLC
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