Ag Market Commentary
BRUG - Tue Jun 11, 12:18PM CDT

Corn futures are posting 12 to 14 cent gains in most contracts at midday. The monthly WASDE report saw a 100 mbu jump to old crop US carryout at 2.195 bbu, mainly due to a reduction to exports. To the surprise of some, USDA actually slashed their 2019 US corn production number by 1.350 billion to 13.680 bbu. That was mainly driven by a 10 bpa drop to projected yield at 166 bpa, with planted acreage down 3 million acres to 89.8 million. That caused 19/20 ending stocks to drop 810 mbu to 1.675 bbu. On the world side, USDA gave Brazil 18/19 corn production another boost, up 1 to 101 MMT, while CONAB increased their number by 1.76 to 97.01 MMT. USDA’s old crop world stocks projection was down just 0.56 to 325.38 MMT, while new crop was shifted 24.19 MMT lower at 290.52 MMT. On Monday. NASS showed that 83% of the US corn crop was planted as of June 9, still lagging the 99% average, with emergence pegged at 62%. Initial corn ratings were at 59% gd/ex, with the Brugler500 index at 355.

Jul 19 Corn is at $4.29 1/4, up 13 1/2 cents,

Sep 19 Corn is at $4.37 1/4, up 13 1/4 cents,

Dec 19 Corn is at $4.48, up 13 1/2 cents

Mar 20 Corn is at $4.56 1/2, up 13 cents

--provided by Brugler Marketing & Management



Soybean futures are getting help from strength in corn, up 3 to 4 1/2 cents on Tuesday. Soymeal is up $1.50/ton, with bean oil a point lower. On Tuesday morning, USDA made a 75 mbu revision to their old crop US carryout at 1.07 bbu, with the increase coming from a reduction to projected exports. That also translated to the same jump in 2019/20 ending stocks at 1.045 bbu, as USDA left the rest of the 19/20 S&D table alone. The WAOB left the Brazil and Argentine production estimates at 117 MMT and 56 MMT respectively, while CONAB estimates released this morning showed Brazil at 114.84 MMT, a 0.54 MMT increase from last month. USDA world soybean ending stocks were trimmed by 0.38 to 112.80 MMT for 18/19, with new crop also down 0.43 to 112.66 MMT. The weekly Crop Progress report indicated that 60% of the US soybeans crop was planted by Sunday, with 34% emerged.

Jul 19 Soybeans are at $8.62 1/4, up 3 3/4 cents,

Aug 19 Soybeans are at $8.69 3/4, up 4 1/2 cents,

Sep 19 Soybeans are at $8.76 1/2, up 4 1/4 cents,

Nov 19 Soybeans are at $8.89 3/4, up 4 cents,

Jul 19 Soybean Meal is at $314.90, up $1.50

Jul 19 Soybean Oil is at $27.37, down $0.01

--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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