Ag Market Commentary
BRUG - Mon Mar 11, 12:15PM CDT

Corn futures are showing fractional to 1 1/2 cent losses in most contracts on Monday. Friday’s CFTC report showed specs in corn futures and options adding 72,318 contracts to their net short position, taking it to 176,777 contracts as of March 5. USDA trimmed their US average farm price range by a dime on Friday to $3.35-3.75, with the midpoint down a nickel to $3.55. USDA left their Brazil corn projection at 94.5 MMT on Friday, with CONAB updating their estimate on Tuesday.

Mar 19 Corn is at $3.53 1/4, down 1 1/2 cents,

May 19 Corn is at $3.63 1/4, down 1 cent,

Jul 19 Corn is at $3.72 1/2, down 1 cent

Sep 19 Corn is at $3.79 1/2, down 3/4 cent

--provided by Brugler Marketing & Management



Soybean futures are down 2 to 3 3/4 cents at midday. Meal futures are $2.30/ton lower in the nearby contract, with soy oil up 1 points. The USDA reported another private export sale of 926,000 MT of soybeans to China for 18/19 delivery on Friday. This was likely part of the rumored 2 MMT from a week ago, and thus didn’t get the bulls fired up. The Export Inspections report, scheduled for this morning, has been delayed due to technical difficulties at USDA. CONAB will release their monthly Brazil production update on Tuesday, with USDA trimming their projection to 116.5 MMT on Friday. Safras & Mercado estimates the Brazil soybean harvest was 52.1% complete as of March 8, compared to the 46.4% average.

Mar 19 Soybeans are at $8.80, down 3 3/4 cents,

May 19 Soybeans are at $8.92 1/2, down 3 1/4 cents,

Jul 19 Soybeans are at $9.06 1/2, down 3 1/4 cents,

Aug 19 Soybeans are at $9.12 3/4, down 3 1/4 cents,

Mar 19 Soybean Meal is at $296.80, down $2.30

Mar 19 Soybean Oil is at $29.50, up $0.11

--provided by Brugler Marketing & Management



Wheat futures are steady to 1 1/2 cents lower in MPLS, with KC and CBT 4 to 6 cents lower in most contracts. The nearby HRS-HRW spread is the largest in over a year (Feb 2017) at $1.31 as snow cover and cold temps in the Northern Plains are causing concern over spring wheat acres. The Friday afternoon Commitment of Traders report indicated money managers in CBT futures and options added 13,882 contracts to their net short position of 72,449 contracts as of March 5. In KC wheat futures and options, they bumped their record net short position up to -44,870 contracts. The US average farm price range for 18/19 wheat was trimmed by 10 cents to $5.10-5.20, with the midpoint UNCH @ $5.15. Egypt’s Supply Minister indicated that he wants origins of wheat imports diversified. French FOB prices were down ~1.5% on Monday, with the Matif futures just a tick lower.

Mar 19 CBOT Wheat is at $4.28 1/2, down 4 1/4 cents,

Mar 19 KCBT Wheat is at $4.24 3/4, up 4 1/2 cents,

Mar 19 MGEX Wheat is at $5.55 3/4, down 1 1/4 cents

--provided by Brugler Marketing & Management



Live cattle futures are 20 to 45 cents lower on Monday. Feeder cattle futures are down 30 cents to $1.725 at midday. The CME feeder cattle index was up 27 cents on March 7 at $140.03. Wholesale boxed beef prices were higher in the Monday morning report, with Choice boxes up $1.09 and Select 53 cents higher. USDA estimated weekly FI cattle slaughter at 603,000 head. Cash cattle traded at $128-128.50 last week, with $205 in the North. The delayed February Cattle on Feed report released on Friday showed 11.678 million head on feed February 1, up 0.41% from February 2018. January placements were down 5.27% from last year at 1.959 million head, while marketings were up 2.8% at 1.91 million head.

Apr 19 Cattle are at $129.325, down $0.350,

Jun 19 Cattle are at $120.525, down $0.425,

Aug 19 Cattle are at $116.775, down $0.400,

Mar 19 Feeder Cattle are at $142.550, down $1.375

Apr 19 Feeder Cattle are at $146.050, down $1.650

May 19 Feeder Cattle are at $147.400, down $1.125

--provided by Brugler Marketing & Management



Lean Hog futures are posting triple digit gains in most contracts on Monday, with front month April up $2.375. The CME Lean Hog Index was down 4 cents from the previous day @ $51.71 on March 7. The USDA pork carcass cutout value was up $2.64 on Monday morning at an average weighted price of $67.68. The belly led the way, up $15.27, with the rib up $6.65. The national base hog carcass value was not reported due to confidentiality reasons, with the 5-day rolling average at $44.91. Last week’s USDA FI hog slaughter was at 2.548 million head, 99,000 head larger wk/wk and 138,000 head above last year.

Apr 19 Hogs are at $62.925, up $2.375,

May 19 Hogs are at $70.700, up $1.775

Jun 19 Hogs are at $79.575, up $1.400

--provided by Brugler Marketing & Management



Cotton futures are mixed in the front months at midday, with nearby May down 4 points. The Cotlook A Index was down 100 points on March 8 to 81.25 cents/lb. The USDA Adjusted World Price (AWP) was updated to 63.42 cents/ lb on Thursday, up 75 points. Spec funds in cotton futures and options trimmed their large net short position, now at 18,301 contracts, by 2,723 contracts in the week of 3/5.

May 19 Cotton is at 73.45, down 4 points,

Jul 19 Cotton is at 74.71, up 8 points

Dec 19 Cotton is at 73.660, up 16 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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