AgriCharts Market Commentary

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Corn futures are showing just fractional gains at midday, following yesterday’s losses. 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. 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 is at $3.75 1/2, up 1/2 cent,

Jul 18 Corn is at $3.83 3/4, up 1/2 cent,

Sep 18 Corn is at $3.90 1/2, up 1/2 cent

Dec 18 Corn is at $3.98, up 1/2 cent


Soybean futures are mostly 4 to 7 cents higher on Tuesday, after Monday’s sharp losses. Front Month soy meal is up $3.50/ton, with May soy oil down 31 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. 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 are at $10.29 1/4, up 6 3/4 cents,

Jul 18 Soybeans are at $10.39 3/4, up 6 1/4 cents,

Aug 18 Soybeans are at $10.40 3/4, up 5 1/2 cents,

Sep 18 Soybeans are at $10.29 3/4, up 4 cents,

May 18 Soybean Meal is at $362.10, up $3.50

May 18 Soybean Oil is at $31.75, down $0.31


Wheat futures are trying to squeeze out a Turnaround Tuesday, with most CBT contracts 3 to 6 cents higher. MPLS and KC are 1 to 2 cents in the green at midday. 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%. However, conditions have likely improved in parts of KS since the rating were submitted. 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 is at $4.56 1/2, up 5 3/4 cents,

May 18 KCBT Wheat is at $4.72, up 1 3/4 cents,

May 18 MGEX Wheat is at $5.97 3/4, up 1 1/4 cents


Live cattle futures are currently lower in most deferred contracts at midday, with nearby April up 17.5 cents. Feeder cattle futures are a nickel to 52.5 cents higher in the front months, with back months lower. The CME feeder cattle index was down 98 cents on March 16 at $141.73. Wholesale boxed beef values were lower on Tuesday morning. Choice boxes were down 3 cents at $224.84, with Select boxes 49 cents lower at $216.80. Estimated FI cattle slaughter was 118,000 head on Monday, 5,000 above last week and 2,000 head above the same week in 2017. Bids of $126 were reported in the South this morning, with the North showing bids of $204.

Apr 18 Cattle are at $120.400, up $0.175,

Jun 18 Cattle are at $109.850, down $0.300,

Aug 18 Cattle are at $107.400, down $0.300,

Mar 18 Feeder Cattle are at $138.975, up $0.525

Apr 18 Feeder Cattle are at $138.375, up $0.175

May 18 Feeder Cattle are at $139.075, up $0.050

Lean Hogs

Lean hog futures are showing 25 cent gains in nearby April, with back months lower on Tuesday. 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 97 cents higher at $72.95 in the Tuesday AM report. The butt and ham primal were slightly lower. The national base hog weighted average price was 38 cents lower at $56.03 on Tuesday morning. The USDA estimated FI hog slaughter at 462,000 head on Monday. That is up 2,000 head from the previous week and 21,000 head more than the same week last year.

Apr 18 Hogs are at $63.400, up $0.250,

May 18 Hogs are at $70.400, down $0.225

Jun 18 Hogs are at $76.725, down $0.100


Cotton futures are posting 29 to 148 point gains in most contracts on Turnaround Tuesday. Last week’s CFTC Cotton on Call report showed mills trimming their May unfixed call sales position by 1,039 contracts to 31,952 contracts as of March 9. 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. 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 is at 82.71, up 148 points,

Jul 18 Cotton is at 82.86, up 134 points

Oct 18 Cotton is at 79.25, up 95 points

Dec 18 Cotton is at 77.580, up 29 points

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353