Ag Market Commentary

Corn futures saw 1 to 2 cent gains in most contracts to start the week. This afternoon’s Crop Progress report indicated the US corn crop was 3% planted as of Sunday, matching last year but lagging the average of 5% for this date. That is expected to be slowed again this week with the 7-day QPF showing much of the Eastern half of the US with an inch or more precip possible. The USDA Export Inspections indicated that 1.182 MMT of corn was shipped in the week that ended on April 11. That was up 11.27% wk/wk but still 25% lower than the same week in 2018.

May 19 Corn closed at $3.62 3/4, up 1 3/4 cents,

Jul 19 Corn closed at $3.71 1/2, up 2 cents,

Sep 19 Corn closed at $3.79 1/2, up 2 cents

Dec 19 Corn closed at $3.90 3/4, up 1 3/4 cents

--provided by Brugler Marketing & Management



Soybean futures ended the Monday session with 3 to 3 3/4 cent gains. Front month meal futures were up $3.10/ton and May soy oil 14 points lower. A private export sale of 140,000 MT of 18/19 soybeans were reported by the USDA this morning. The monthly crush report from NOPA showed its members using 170.011 mbu of soybeans in March. That was the second largest total on record, only behind last year, and nearly 2 mbu above most estimates. Soybean oil stocks were seen at 1.76 billion pounds, slightly above Feb but 9.6% below last year. Soy oil yield was high, with a low meal yield. Weekly Export Inspections were tallied at just 460,667 MT during the week of 4/11. That was 3.18% above this week last year but down 48.2% from the previous week. Just two cargoes were on their way to China @ a total of 130,159 MT.

May 19 Soybeans closed at $8.98 3/4, up 3 1/2 cents,

Jul 19 Soybeans closed at $9.12 1/2, up 3 3/4 cents,

Aug 19 Soybeans closed at $9.18, up 3 3/4 cents,

Nov 19 Soybeans closed at $9.31, up 3 1/4 cents,

May 19 Soybean Meal closed at $311.00, up $3.10,

May 19 Soybean Oil closed at $28.81, down $0.14

--provided by Brugler Marketing & Management



Wheat futures closed Monday with winter wheat contracts down 1 to 8 cents, with MPLS steady to 5 cents lower and May up 1/2 cent. SovEcon estimates the Russian wheat crop in 2019 at 83.4 MMT, up 3.4 MMT from their prior number. After the close, NASS indicated that just 2% of the spring wheat crop has been planted as of Sunday vs. the 13% average, with MN, SD, and ND still at 0%. Winter wheat was seen at 6% headed, compared to the 9% average. Conditions were shown as steady to 60% gd/ex, with the Brugler500 index remaining at 361. All wheat shipments in the week that ended on April 11 were reported at 511,400 MT by USDA this morning. That was down from the previous week, but 1.28% larger than the same week last year.

May 19 CBOT Wheat closed at $4.59 1/2, down 5 cents,

May 19 KCBT Wheat closed at $4.27 1/4, down 7 cents,

May 19 MGEX Wheat closed at $5.31 3/4, up 1/2 cent

--Provided by Brugler Marketing & Management



Live cattle futures were mixed on Monday, with most contracts steady to 30 cents higher and front month April down a quarter. Feeder cattle futures were up 25 to 55 cents in most contracts. The CME feeder cattle index was up 21 cents on April 12 at $142.99. Wholesale boxed beef prices were higher on Monday afternoon. Choice boxes were up $2.23 at $230.98, with Select boxes 20 cents higher at $221.22. We’re keeping a close eye on the wholesale beef/pork spreads. USDA estimated Monday’s FI cattle slaughter at 121,000 head. That would be 1,000 larger than last week and 6,000 head above the same week a year ago.

Apr 19 Cattle closed at $126.300, down $0.250,

Jun 19 Cattle closed at $121.475, up $0.025,

Aug 19 Cattle closed at $118.325, up $0.125,

Apr 19 Feeder Cattle closed at $145.675, up $0.250

May 19 Feeder Cattle closed at $151.025, up $0.525

Aug 19 Feeder Cattle closed at $159.150, up $0.450

--provided by Brugler Marketing & Management



Lean Hog futures settled Monday with most contracts 20 to 50 cents higher, with June down 20 cents. The Chinese hog herd was down 18.8% yr/yr at the end of March according to the country’s ag ministry. In addition, their sow herd is down 21% in the same time period. The CME Lean Hog Index was down 2 cents from the previous day @ $79.34 on April 11. The USDA pork carcass cutout value was $1.33 higher at $87.04 per cwt in the afternoon report. The loin and picnic primals were reported lower, with the volatile belly up $7.39. The national base hog carcass value was up 13 cents in the PM report, at an average weighted price of $76.38. Estimated FI hog slaughter was 436,000 head for Monday, down 39,000 from the previous week and 25,000 below last year.

May 19 Hogs closed at $90.075, up $0.475,

Jun 19 Hogs closed at $98.300, down $0.200

Jul 19 Hogs closed at $101.550, up $0.200

--provided by Brugler Marketing & Management



Cotton futures posted sharp triple digit losses in the front months on Monday. USDA showed that 7% of the US cotton crop has been planted as of 4/14, according to the weekly Crop Progress report. That is even with the average but behind the 8% from last year. The Seam showed cash sales of 12,381 bales on Friday, with an average price of 65.58 cents, down 189 points from the previous day. The Cotlook A Index was down 50 points at 86.70 on April 12. The weekly Average World Price (AWP) is 69.21, 99 points higher than the previous week and effective through Thursday for USDA program purposes.

May 19 Cotton closed at 76.490, down 162 points,

Jul 19 Cotton closed at 77.040, down 182 points

Oct 19 Cotton closed at 76.090, down 259 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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