Ag Market Commentary

Corn futures are trading 8 to 11 cents lower in most nearby contracts on Wednesday. The KC wheat-corn spread is at 12 3/4 cents at midday. Weekly EIA data showed ethanol production in the week that ended on June 14 at 1.081 million barrels per day. That was above the same week last year but a drop of 15,000 bpd from the previous week. In addition, stocks fell 189,000 barrels wk/wk at 21.613 million barrels, the lowest total since May 2018. Export Sales estimates for the week of June 13 are 100,000-400,000 MT for old crop corn bookings and 200,000-500,000 MT for new crop. The national corn basis index according to cmdtyView is -22 3/4 cents, 7 1/4 cents stronger than the same day last year. Their national average cash price index is 88 cents higher yr/yr at $4.20 1/2.

Jul 19 Corn is at $4.40 1/4, down 9 1/2 cents,

Sep 19 Corn is at $4.45 1/4, down 10 1/4 cents,

Dec 19 Corn is at $4.52, down 11 cents

Mar 20 Corn is at $4.57 1/2, down 10 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are down 9 to 11 cents in the front months at midday Soymeal is down $5.20/ton, with bean oil 4 points lower. Analysts expect USDA to show 100,000-400,000 MY in old crop soybean export sales during the week of 6/13. New crop bookings are seen at 100,000-400,000 MT. Meal sales are estimated at 100,000-400,000 MT, with soy oil sales expectations at 5,000-25,000. The national average soybean price index according to cmdtyView is $8.29 1/4, just a 1/4 cent lower than the same day last year. Their national average basis index is 16 cents weaker, however, at -76 cents.

Jul 19 Soybeans are at $9.04, down 9 1/2 cents,

Aug 19 Soybeans are at $9.10 1/4, down 10 cents,

Sep 19 Soybeans are at $9.16 1/4, down 11 cents,

Nov 19 Soybeans are at $9.30, down 10 1/4 cents,

Jul 19 Soybean Meal is at $316.80, down $5.20

Jul 19 Soybean Oil is at $28.29, down $0.04

--provided by Brugler Marketing & Management

Wheat futures are showing double digit losses in most contracts on Wednesday, with CBT 10 to 15 cents lower and MPLS and KC down 6 to 12 cents. USDA’s Export Sales report is expected to show 200,000-500,000 MT in 19/20 export bookings during the first full week of the new MY. Egypt’s GASC is tendering for wheat for late July delivery. Russian offers were the cheapest, with US presenting no offers. Results will be announced later today. US FOB rates are currently priced out of a large part of the international market due to rally over the past month.

Jul 19 CBOT Wheat is at $5.16 3/4, down 14 3/4 cents,

Jul 19 KCBT Wheat is at $4.53, down 12 1/4 cents,

Jul 19 MGEX Wheat is at $5.41, down 11 1/4 cents

--provided by Brugler Marketing & Management

Live cattle futures are down 55 cents to $1.10 at midday. Feeder cattle futures are 30 cents to $1.35 lower. The CME feeder cattle index was down 34 cents to $133.21 on June 17. Wholesale boxed beef prices were higher on Wednesday morning. Choice boxes were up $1.39 at $221.92 with Select boxes $1.69 higher @ $203.49. USDA estimated the week to date FI cattle slaughter @ 240,000 head. That was 6,000 head larger than the same point last year and down 3,000 from last week. A few scattered bids of $109 have been reported so far this week. Wednesday’s FCE online auction saw 0 sales on the 315 head offered.

Jun 19 Cattle are at $108.650, down $0.800,

Aug 19 Cattle are at $104.900, down $0.650,

Oct 19 Cattle are at $106.500, down $0.550,

Aug 19 Feeder Cattle are at $136.400, down $0.850

Sep 19 Feeder Cattle are at $136.950, down $0.650

Oct 19 Feeder Cattle are at $137.400, down $0.300

--provided by Brugler Marketing & Management

Lean Hog futures are up 17.5 to 85 cents in most contracts on Wednesday. The CME Lean Hog Index was down 19 cents from the previous day @ $79.27 on June 14. The USDA pork carcass cutout value was down 80 cents on Wednesday morning at $80.35. The national average base hog was $1.04 lower at $74.66 per hundred pounds. This week’s estimated FI hog slaughter is 477,000 head through Tuesday. That was up 1,000 from the previous week and 84,000 head above the same week in 2018.

Jul 19 Hogs are at $81.750, up $0.275,

Aug 19 Hogs are at $82.550, up $0.850

Oct 19 Hogs are at $77.225, up $0.625

--provided by Brugler Marketing & Management

Cotton futures are trading 37 to 99 points higher in most contracts on Wednesday. The Fed will have an announcement following this week’s meeting later today, with the expectations that they will leave interest rates UNCH this month. The US dollar index is down 211 points at midday. The Cotlook A index for June 18 was down 5 points from the previous day to 77.00 cents/lb. The weekly Average World Price (AWP) from USDA is 58.97 cents/lb through next Thursday, down 2.54 cents from last week.

Jul 19 Cotton is at 65.69, up 37 points,

Oct 19 Cotton is at 67.36, up 99 points

Dec 19 Cotton is at 67.38, up 56 points

Mar 20 Cotton is at 67.690, up 50 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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