AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures ended the Monday session with most contracts fractionally lower. Monday morning’s weekly Export Inspections report from USDA tallied corn exports in the week that ended on 12/13 at 855,060 MT. That was just 1% larger than last week but 38.97% above the same week last year. YTD 2018/19 shipments have totaled 15.991 MMT (629.55 mbu), which is 73.05% larger than last year. China’s NBS reduced estimated 2018 corn production to 257.3 MMT, down 1.7 MMT for them. USDA is already at 256 MMT. USDA’s second round of MFP payments has been announced. It leaves the corn payout @ 1 cent/bu on the remaining 50% of production.

Mar 19 Corn closed at $3.84, down 3/4 cent,

May 19 Corn closed at $3.91 3/4, down 1/2 cent,

Jul 19 Corn closed at $3.98 1/4, down 1/2 cent

Sep 19 Corn closed at $3.99 3/4, down 1/4 cent

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures saw 4 to 5 cent gains in the front months on Monday. Nearby soy meal was up $1.80/ton, with soy oil 32 points lower. Shipments of soybeans in the week that ended on 12/13 totaled 974,876 MT, according to the Export Inspections report. That was 5.21% larger than last week but down 45.72% from the same week in 2017. This morning’s NOPA report indicated members crushed 166.959 mbu of soybeans during November. That was 2.09% above last year but down 3.13% from last month’s record due to one less calendar day. Soy oil stocks were tighter than expectations at 1.484 billion lbs. At the direction of President Trump, USDA Secretary Perdue announce the second round of MFP payments this afternoon, with the payment on the other 50% of soybean production @ $1.65/bu. Producers have until January 15 to apply if they have not already done so. All harvesting must be complete.

Jan 19 Soybeans closed at $9.04 3/4, up 4 1/4 cents,

Mar 19 Soybeans closed at $9.18, up 4 1/4 cents,

May 19 Soybeans closed at $9.31 1/2, up 4 1/2 cents,

Aug 19 Soybeans closed at $9.47, up 4 cents,

Jan 19 Soybean Meal closed at $309.10, up $1.80,

Jan 19 Soybean Oil closed at $28.17, down $0.32

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures closed Monday with 1 to 5 1/4 cent gains in most contracts, helped by decent export data. All wheat export inspections for the week that ended on Thursday December 13 were reported at 682,162 MT by USDA this morning. That was 51.93% above the week prior and 9.12% larger than the same week a year ago. Wheat exports during the 18/19 MY have totaled 11.713 MMT (430.36 mbu) through 12/13, which is now 14.86% below the same week a in 2017. As with the first round of MFP payments, USDA left the second round at 14 cents/bu.

Mar 19 CBOT Wheat closed at $5.35 1/4, up 5 1/4 cents,

Mar 19 KCBT Wheat closed at $5.22, up 3 3/4 cents,

Mar 19 MGEX Wheat closed at $5.85 1/4, up 1 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures settled with most contracts 55 to 95 cents lower. Feeder cattle futures were also a sharp $1.20 to $2.40 lower on Monday. The CME feeder cattle index was down 71 cents on December 14 at $146.20. Wholesale beef prices were higher this afternoon. Choice boxes were up $1.71 at $212.67, with the Select cutout value 62 cents higher at $203.76. USDA estimated Monday’s FI cattle slaughter at 108,000 head. That was 12,000 below last week and 10,000 head fewer than the same Monday last year.

Dec 18 Cattle closed at $119.025, down $0.550,

Feb 19 Cattle closed at $121.550, down $0.850,

Apr 19 Cattle closed at $123.850, down $0.650,

Jan 19 Feeder Cattle closed at $145.375, down $2.200

Mar 19 Feeder Cattle closed at $143.325, down $2.450

Apr 19 Feeder Cattle closed at $144.100, down $2.150

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted losses of 52.5 cents to $1.125 on Monday. The CME Lean Hog Index was down 19 cents from the previous day @ $55.17 on December 13. The USDA pork carcass cutout value was up 16 cents at $71.96 on Monday afternoon. The national base cash hog carcass value was 26 cents lower at a weighted average of $46.12 on Monday. USDA estimated FI hog slaughter for at 477,000 head for Monday. That was 2,000 head lower than the previous week but 8,000 head above a year ago. USDA announced the second round of the MFP will be paid out, with hog producers receiving $8/head.

Feb 19 Hogs closed at $63.825, down $0.675,

Apr 19 Hogs closed at $68.975, down $1.075

May 19 Hogs closed at $74.650, down $1.125

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures were down 46 to 106 points in most contracts on Monday, despite losses in the dollar. Weakening export sales totals this MY are pressuring the market. Last Friday’s USDA Cotton Classing report indicated that 11.423 million bales of upland cotton has been classed so far this MY. Including Pima, 11.805 million bales have been classed. The Cotlook A index was down 50 points from the previous day on Dec 14 at 87.75 cents/lb. The weekly USDA AWP was updated to 69.77, good through Thursday and up 43 points from the previous week. USDA announced round two of the MFP payments. The rate of 6 cents is the same as round 1. Claims must be filed by January 15, but not before harvest is completed.

Mar 19 Cotton closed at 78.540, down 106 points,

May 19 Cotton closed at 79.720, down 95 points

Jul 19 Cotton closed at 80.640, down 70 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