Ag Market Commentary
BRUG - Fri Feb 15, 12:20PM CST

Corn futures are showing fractional gains in most contracts at midday. A private export sale of 205,744 MT of corn was reported by the USDA this morning for 2018/19 delivery to unknown destinations. Safras & Mercado trimmed their Brazil production estimate slightly to 93.305 MMT on Friday, compared to 94.5 MMT from the USDA. Another South Korean importer purchased 69,000 MT of optional origin corn on Friday, following several other tenders this week.

Mar 19 Corn is at $3.75 1/4, up 1/2 cent,

May 19 Corn is at $3.83 1/2, up 1/2 cent,

Jul 19 Corn is at $3.91 1/4, up 1/2 cent

Sep 19 Corn is at $3.94 1/4, up 1/4 cent

--provided by Brugler Marketing & Management

Soybean futures are up 2 to 3 1/4 cents in most contracts on Friday. Meal futures are up $1/ton in the nearby contract, with soy oil 2 points lower. This morning’s NOPA report indicated a record January crush by its members at 171.63 mbu. That was slightly lower than December but 5.22% larger than a year ago. Soy oil stocks were up month/month, but down 10.3% from last year at 1.549 billion pounds. According to trade sources, China’s soybean cancellations in yesterday’s 5-week delayed Export Sales report were likely private importers, which are still subject to the 25% tariff. Brazil’s SAFRAS soybean production estimate was trimmed by 0.3 MMT to 115.4 MMT on Friday. That is not as low as some firms have gone, as they cited a slight improvement to weather.

Mar 19 Soybeans are at $9.06 1/2, up 3 cents,

May 19 Soybeans are at $9.20 1/2, up 2 3/4 cents,

Jul 19 Soybeans are at $9.34, up 2 3/4 cents,

Aug 19 Soybeans are at $9.40, up 3 1/4 cents,

Mar 19 Soybean Meal is at $306.50, up $1.00

Mar 19 Soybean Oil is at $29.87, down $0.02

--provided by Brugler Marketing & Management

Wheat futures are currently 4 to 5 1/4 cents lower in the winter wheat contracts at Friday’s midday. Nearby KC has hit contract lows today, with March CBT hitting a 1 year low. MPLS is seeing fractional losses. Paris milling futures took another hit on Friday, down 1.77% on the day, as they lost 3.82% on the week despite booking export sales to Algeria and Tunisia. Japan purchased 113,138 MT of US, Canadian, and Australian wheat in their weekly MOA tender.

Mar 19 CBOT Wheat is at $5.02 3/4, down 4 1/4 cents,

Mar 19 KCBT Wheat is at $4.76, down 5 1/2 cents,

Mar 19 MGEX Wheat is at $5.74 1/4, down 1/2 cent

--provided by Brugler Marketing & Management

Live cattle futures are trading 15 to 27.5 cents lower in most contracts, as Feb is up 37.5 cents. Feeder cattle futures are down 65 cents to $1.25 at midday. The CME feeder cattle index was down 29 cents on February 13 at $141.50. Wholesale boxed beef prices were higher on Friday morning, with the Ch/Se spread at $5.44. Choice boxes were up 87 cents at $216.94 with Select $1.09 higher at $211.50. The week to date USDA estimated FI cattle slaughter is 459,000 head. That is down 11,000 head from last week and 6,000 smaller than the same week last year. Cash bids are still running $200 in the North and $122 in the south. Asks are still around $202-204 and $126-127 respectively.

Feb 19 Cattle are at $126.500, up $0.375,

Apr 19 Cattle are at $127.100, down $0.275,

Jun 19 Cattle are at $118.000, down $0.275,

Mar 19 Feeder Cattle are at $142.750, down $1.325

Apr 19 Feeder Cattle are at $145.225, down $1.275

May 19 Feeder Cattle are at $146.650, down $1.025

--provided by Brugler Marketing & Management

Lean Hog futures are mostly 20 to 80 cents higher in most contacts on Friday. The CME Lean Hog Index was down 31 cents from the previous day @ $55.24 on February 13. The USDA pork carcass cutout value was up $2.08 on Friday morning at an average weighted price of $64.84. The often volatile belly primal was up $11.06. The national base cash hog carcass value was down 12 cents in the AM report, with a weighted average of $48.13. USDA estimated FI hog slaughter WTD at 1.831 million head through Thursday. That is down 26,000 head from the previous week and the same week last year.

Apr 19 Hogs are at $59.500, up $0.800,

May 19 Hogs are at $68.350, up $0.650

Jun 19 Hogs are at $76.925, up $0.450

--provided by Brugler Marketing & Management

Cotton futures are mixed at midday with the front months down 6 points to a point higher. The weekly Cotton Classing report from USDA showed that 232,083 bales of upland cotton was classed in the week ending on Thursday. That brings the MY total to 16.273 million bales for upland and 16.986 million bales including Pima. The Cotlook A Index was up 25 points on February 14 to 79.65 cents/lb. The USDA Adjusted World Price was updated to 62.27 cents/lb on Thursday. That is good through next Thursday and down 234 points from the week prior.

Mar 19 Cotton is at 70.07, down 6 points,

May 19 Cotton is at 71.69, down 2 points

Jul 19 Cotton is at 73.08, up 1 point

--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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