Ag Market Commentary
BRUG - Mon Jun 10, 5:33PM CDT

Corn futures settled steady to fractionally lower in the front months, with other contracts firm to 3 1/2 cents higher. After the close, NASS showed that 83% of the US corn crop was planted as of June 9, still lagging the 99% average. That was a 16% move from the previous week and in the range of estimates. Emergence was pegged at 62%, 31% below average. Initial corn ratings were at 59% gd/ex, with the Brugler500 index at 355. That was 35 points lower than last year and the worst first round of ratings since 1996. Monday morning’s Export Inspections report indicated that 850,647 MT of corn was shipped in the week that ended on June 6. That was a 14.2% jump from the week prior but 39.7% slower than the same week in 2018. YTD inspections are now 2% behind the same time last year. USDA reported another 49,753 MT in sorghum exports to China.

Jul 19 Corn closed at $4.15 3/4, unch,

Sep 19 Corn closed at $4.24, down 1/4 cent,

Dec 19 Corn closed at $4.34 1/2, up 3/4 cent

Mar 20 Corn closed at $4.43 1/2, up 1 cent

--provided by Brugler Marketing & Management

Soybean futures ended the Monday session with most contracts 2 to 3 cents higher. Soymeal was up $1.10/ton, with bean oil UNCH on the day. The USDA showed that 714,627 MT of US soybeans were shipped in the week of June 6, according to the Export Inspections report. That was 40% larger wk/wk and 5.77% above the same week last year. Of that total 402,854 MT was headed to China. The weekly Crop Progress report indicated that 60% of the US soybeans crop was planted by Sunday. That was still 28% behind normal, with 34% emerged vs the 73% average. US and Chinese officials met in Japan over the weekend to establish back channel communication. Secretary Mnuchin stated they need to come back to the table for negotiations or the US will go ahead with the plan for more tariffs. Chinese customs data showed 7.36 MMT of soybeans imported in May, down 24.05% from last year.

Jul 19 Soybeans closed at $8.58 1/2, up 2 1/4 cents,

Aug 19 Soybeans closed at $8.65 1/4, up 2 1/4 cents,

Sep 19 Soybeans closed at $8.72 1/4, up 2 1/4 cents,

Jan 20 Soybeans closed at $8.99, up 2 1/2 cents,

Jul 19 Soybean Meal closed at $313.40, up $1.10,

Jul 19 Soybean Oil closed at $27.38, unch,

--provided by Brugler Marketing & Management

Wheat futures saw 1 to 4 cent gains in most winter wheat contracts, with MPLS within a penny on either side of UNCH in the front months. Monday’s Crop Progress report showed that 83% of the US winter wheat crop was headed as of June 9, 8% below normal. Harvest was pegged at 4% complete, shy of estimates and the 10% average. Winter wheat ratings were UNCH at 64% gd/ex, and 367 on the Brugler500 index. Spring wheat progress was indicated at 97% planted, with 85% emerged (vs, 93% avg). Ratings were shown at 81% gd/ex, down 2%, with the index rating of 388. Weekly Export Inspections data showed 464,779 MMT of US wheat shipped in the week of June 6. That was down 21.62% from the previous week but 10.77% larger than the same week in 2018. Egypt’s GASC is tendering for wheat for Mid-July delivery with results due on Tuesday, following a near two-month hiatus from the international market.

Jul 19 CBOT Wheat closed at $5.07 1/2, up 3 cents,

Jul 19 KCBT Wheat closed at $4.53, up 4 cents,

Jul 19 MGEX Wheat closed at $5.68 1/2, down 1/4 cent

--provided by Brugler Marketing & Management

Live cattle futures posted strong $1.80 to $2.775 gains on Monday, with August limit higher. Feeder cattle futures were up $1.875 to $2.625 on the day. The CME feeder cattle index was up 39 cents to $132.26 on June 7. Wholesale boxed beef prices were mixed on Monday afternoon. Choice boxes were down 65 cents at $221.66 with Select boxes $1.87 higher @ $208.79. USDA estimated Monday’s FI cattle slaughter @ 121,000 head. That is 3,000 head larger than the same day last year and steady from last week.

Jun 19 Cattle closed at $109.700, up $2.775,

Aug 19 Cattle closed at $106.300, up $3.000,

Oct 19 Cattle closed at $107.150, up $2.650,

Aug 19 Feeder Cattle closed at $139.825, up $2.575

Sep 19 Feeder Cattle closed at $139.725, up $2.375

Oct 19 Feeder Cattle closed at $139.750, up $2.375

--provided by Brugler Marketing & Management

Lean Hog futures closed $1.60 to $2.725 higher in most contracts on Monday, with soon to expire June up 62.5 cents. The CME Lean Hog Index was down 26 cents from the previous day @ $80.30 on June 6. The CME Fresh Bacon Index was down $10 from the week previous on June 7 at $143.20. The USDA pork carcass cutout value was up 98 cents this afternoon at $84.06. The butt and belly were the only primals lower, both down 51 cents. The national average base hog was down 62 cents at $75.27. Estimated FI hog slaughter for Monday was 477,000 head. That is 10,000 head above last week and 33,000 head larger than the same Monday last year.

Jun 19 Hogs closed at $79.275, up $0.625,

Jul 19 Hogs closed at $86.200, up $2.850

Aug 19 Hogs closed at $84.850, up $2.225

--provided by Brugler Marketing & Management

Cotton futures were up 6 to 40 points in most contracts on Monday, ignoring thinly traded Oct. This afternoon’s Crop Progress report showed US cotton planting progress moving just 4% from last week to 75% complete. That is behind the average pace of 87%, with 11% squaring. Condition ratings were down 2% to 44% gd/ex, with the Brugler500 index down 9 points to 329. The Cotlook A index for June 7 was down 25 points from the previous day to 79.35 cents/lb. The weekly Average World Price (AWP) from USDA is now 61.51 cents/lb through next Thursday.

Jul 19 Cotton closed at 65.990, up 40 points,

Oct 19 Cotton closed at 65.870, down 1 point

Dec 19 Cotton closed at 65.570, up 6 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

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