AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are showing 1 to 1 3/4 cent gains in most contracts on Tuesday. USDA’s second round of MFP payments has been announced. It leaves the corn payout @ 1 cent/bu on the remaining 50% of production. DTN’s national cash average for corn was reported at $3.49 on Monday evening. That puts national basis at -35 cents, 3 1/4 stronger than last year, which is a function of the export program and projections for tighter year end stocks. Ukraine’s UZA estimates corn exports at 27 MMT for 18/19, vs. the USDA at 28 MMT.

Mar 19 Corn is at $3.85 3/4, up 1 3/4 cents,

May 19 Corn is at $3.93 1/2, up 1 3/4 cents,

Jul 19 Corn is at $4.00, up 1 3/4 cents

Sep 19 Corn is at $4.01, up 1 1/4 cents

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are up 3 to 4 1/2 cents at midday. Nearby soy meal is up $2.60/ton, with soy oil 14 points higher. USDA Secretary Perdue announced the second round of MFP checks will be issued, with the payment on the other 50% of soybean production @ $1.65/bu. Producers have until January 15 to apply if they have not already done so. All harvesting must be complete before filing, which has been a problem in several areas. As of Monday evening, DTN reported a national average soybean cash price of $8.18 1/2. That pegged the national basis 15 cents weaker than a year ago at -86 1/4 cents. Wire reports are showing rumored Chinese buying of an unknown additional quantity of US soybeans. There are also rumblings about drought stress in parts of Parana (Brazil).

Jan 19 Soybeans are at $9.09 1/4, up 4 1/2 cents,

Mar 19 Soybeans are at $9.22, up 4 cents,

May 19 Soybeans are at $9.35 1/4, up 3 3/4 cents,

Jul 19 Soybeans are at $9.46 3/4, up 3 3/4 cents,

Jan 19 Soybean Meal is at $311.70, up $2.60

Jan 19 Soybean Oil is at $28.31, up $0.14

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are mostly 2 to 4 cents lower in the winter wheat contracts, with MPLS down 6 to 8 cents in the front months. USDA will release the second round of MFP payments and left the second round at 14 cents/bu. Japan’s weekly Ministry of Ag tender is for 71,040 MT of US and 35,060 MT of Canadian wheat, with the tender to close on Thursday. A Ukrainian grain traders union estimates the country’s wheat exports for 18/19 at 16 MMT (USDA currently @ 16.5 MMT), with 19/20 exports projected at 18 MMT.

Mar 19 CBOT Wheat is at $5.32 1/4, down 3 cents,

Mar 19 KCBT Wheat is at $5.18, down 4 cents,

Mar 19 MGEX Wheat is at $5.77 3/4, down 7 1/2 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are posting 65 cent to $1.30 gains on Turnaround Tuesday. Feeder cattle futures are up $1 to $1.40 at midday. The CME feeder cattle index was down 71 cents on December 14 at $146.20. Wholesale beef prices were higher this morning. Choice boxes were up $1.06 at $213.73, with the Select cutout value $1.40 higher at $205.16. USDA estimated Monday’s FI cattle slaughter at 108,000 head. That was 12,000 below last week and 10,000 head fewer than the same Monday last year. Wednesday’s FCE online auction shows just 255 head for sale, all from KS. Analysts estimate that the December 1 cattle on feed number will be tallied at 11.3724 million head on Thursday, up 1.8% from a year ago.

Dec 18 Cattle are at $120.000, up $0.975,

Feb 19 Cattle are at $122.850, up $1.300,

Apr 19 Cattle are at $125.075, up $1.225,

Jan 19 Feeder Cattle are at $146.625, up $1.250

Mar 19 Feeder Cattle are at $144.725, up $1.400

Apr 19 Feeder Cattle are at $145.425, up $1.325

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are down 65 cents to $1.25 on Thursday. The CME Lean Hog Index was down 4 cents from the previous day @ $55.13 on December 14. The USDA pork carcass cutout value was up $2.35 at $74.31 on Tuesday morning. All primal cuts were higher, with the belly up $8.72. The national base cash hog carcass value was 54 cents higher at a weighted average of $46.76 this morning. USDA estimated FI hog slaughter at 477,000 head for Monday. That was 2,000 head lower than the previous week but 8,000 head above a year ago. USDA announced the second round of the MFP will be paid out, with hog producers receiving $8/head. Some trade estimates call for the hog herd to be 102.4% of year ago when USDA issues the Hogs & Pigs report on Thursday.

Feb 19 Hogs are at $62.575, down $1.250,

Apr 19 Hogs are at $68.100, down $0.875

May 19 Hogs are at $74.000, down $0.650

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 23 to 75 points lower in the nearby contracts on Tuesday. Crude oil is showing sharp $2.42/barrel losses at midday, causing synthetics to pressure the cotton market lower. The Cotlook A index was up 5 points from the previous day on Dec 17 at 87.80 cents/lb. The weekly USDA AWP was updated to 69.77, good through Thursday. USDA announced round two of the MFP payments. The rate of 6 cents is the same as round 1. Claims must be filed by January 15, but not before harvest is completed.

Mar 19 Cotton is at 77.79, down 75 points,

May 19 Cotton is at 78.98, down 74 points

Jul 19 Cotton is at 80, down 64 points

Oct 19 Cotton is at 77.730, down 23 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