AgriCharts Market Commentary

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Corn 6 to 8 Cents Lower on Tuesday Morning

Corn futures are trading 6 to 8 cents lower in the front months this morning. They closed Monday off the highs in the front months up 1 to 3 1/4 cents, as new crop contracts saw 4 to 6 1/4 cent gains. Strength in soybeans was supportive. After the close, NASS reported the US corn crop at 92% planted by 6/16, in line with most estimates and lagging the 5-year average of 100%. Emergence was at 79%, 18% below normal. Condition ratings were UNCH on the gd/ex scale at 59%, with the Brugler500 index down 1 to 354. USDA showed just 653,875 MT of corn shipments during the week that ended on June 13 via their Export Inspections report. That was a 23.24% drop from the previous week and down more than 1 MMT same week last year. Agroconsult raised their Brazilian corn crop estimate by 0.8 MMT to 101.2 MMT, while revising the export projection 7 MMT higher from the previous number at 38 MMT.

--provided by Brugler Marketing & Management

Soybeans Lower to Start Turnaround Tuesday

Soybean futures are down 2 to 4 cents since posting 15 to 16 1/4 cent gains in most contracts on Monday. Rains and forecasts for more moisture along the Corn Belt this week were supportive. Soymeal was up 80 cents/ton, with bean oil 53 points higher. USDA reported 77% of the US soybean crop in the ground as of Sunday, vs the average at 93%. The crop was 55% emerged, with the normal pace at 84%. NASS will release initial crop ratings next Monday. The weekly Export Inspections report indicated that 675,302 MT of soybeans were shipped in the week of 6/13, with 274,918 MT headed to China. Total exports were down 8% from last week and 17.76% lower than the same week in 2018. The monthly NOPA crush report showed that 154.796 mbu of soybeans were crushed by its members in May, down 5.37% from last year and well below estimates. Soy oil stocks at the end of May were down 11.5% mo/mo at 1.581 billion lbs.

--provided by Brugler Marketing & Management

Wheat 5 to 10 Lower This Morning

Wheat futures are mostly 5 to 10 cents lower this morning. They were marginally mixed at Monday’s close, with CBT firm to 4 cents higher. MPLS and KC were fractionally to 3 cents lower. The weekly Crop Progress update showed that 89% of the winter wheat crop headed as of Sunday behind the 95% average. Harvest was reported at 8%, a move of 4% from last week and well below the 20% average. Condition ratings were UNCH at 64% gd/ex, with the Brugler500 down 1 to 366. The spring wheat crop was 95% emerged and 2% headed (12% avg). Spring wheat condition ratings were down 4% to 77% gd/ex with the Brugler500 down 6 points to 382. This morning’s Export Inspections report showed wheat exports in the week that ended on June 13 at 375,365 MT. That was a slight increase over the same week last year but down 21.19% from the previous week. Australia’s ABARES showed a 2.5 MMT reduction to projected 19/20 exports, now at 11.7 MMT and compared to 13.5 MMT by the USDA.

--provided by Brugler Marketing & Management

Cattle Close Monday Higher

Live cattle futures ended the Monday session with most contracts 27.5 cents to $1.35 higher. Feeder cattle futures were up 75 cents to $1.40 on the day. The CME feeder cattle index was down 70 cents to $133.55 on June 14. Wholesale boxed beef prices were lower on Monday afternoon. Choice boxes were down 41 cents at $221.82 with Select boxes 25 cents lower @ $202.51. USDA estimated Monday’s FI cattle slaughter @ 120,000 head. That was 14,000 head larger than the same point last year and down 1,000 from last week.

--provided by Brugler Marketing & Management

Hogs Up Triple Digits on Monday

Lean Hog futures saw gains of $1.125 to $1.70 in the front months on Monday. The CME Lean Hog Index was down 11 cents from the previous day @ $79.46 on June 11. The CME Fresh Bacon Index was down $3.54 at 143.20 for the week of June 4. The USDA pork carcass cutout value was down 24 cents on Monday afternoon at $82.97. The loin and ham were the only primals reported lower. The national average base hog was higher cents lower at $76.00 per hundred pounds. Monday’s estimated FI hog slaughter was 467,000 head. That was down 4,000 from the previous week but 51,000 head above the same week in 2018.

--provided by Brugler Marketing & Management

Cotton Mixed to Start Tuesday

Cotton futures are mixed again on Tuesday, with most contracts 13 to 28 points lower, ignoring Oct up 31 points. They were mixed on Monday, with nearby July down 31 points, and other front months 45 to 67 points higher. NASS reported that US cotton acres were 89% planted by Sunday, 5% behind the normal pace. The crop was 19% squared on that date, 1% ahead of normal. Condition ratings were up 5% to 49% gd/ex, with the Brugler500 index up 8 points to 337.The Cotlook A index for June 14 was up 30 points from the previous day to 77.80 cents/lb. The weekly Average World Price (AWP) from USDA is 58.97 cents/lb through next Thursday, down 2.54 cents from last week.

--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
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