Ag Market Commentary
BRUG - Fri Apr 12, 7:30AM CDT

Corn futures are trading 3/4 to 1 1/4 cent per bushel higher this morning. They saw 1 to 2 1/4 cent losses in most contracts on Thursday. USDA indicated that 547,962 MT of old crop corn was sold for export in the week of April 4, below the low end of estimates. That was slightly larger than last week but down 34.76% from the same week last year. Due to the recent lagging sales totals, total export commitments are now 9.2% below the same time a year ago. CONAB estimates released this morning put the Brazilian corn crop at 94.008 MMT, up 1.2 MMT from March mainly on a larger second crop.

--provided by Brugler Marketing & Management



Soybean futures are as much as 1 1/2 cents higher this morning. They ended the Thursday session with the nearby contracts 6 to 7 cents lower. Front month meal futures were down $2.90/ton and May soy oil down 9 points. The Export Sales report showed only 270,376 MT sold in the week that ended on 4/4. That was well below last week’s total and more than 5 times smaller than the same week last year. Export commitments for 2018/19 are now down 17.1% from the same time last year. Soy meal sales were tallied at 152,143 MT, with soy oil strong at 33,834 MT. Brazil’s soybean production for 18/19 was estimated at 113.82 MMT by CONAB, 366,000 MT higher than their previous number but still well below USDA and most of the private estimates.

--provided by Brugler Marketing & Management



Wheat futures are 1/2 to 2 1/2 cents higher in the Chicago and KC contracts to start your Friday. MPLS spring wheat saw a little profit taking in thin overnight trade and is down 1 3/4 cents. Most contracts were 2 to 5 cents higher on Thursday. Heavy snow accumulations in the North are pushing back planting into May for much of the Spring Wheat area. All old crop wheat export sales for the week that ended on April 4 were reported at 272,965 MT by the USDA. That was more than double the same week in 2018. With the sales improving vs. year ago, total commitments are now 6.8% above this week in 2018. Egypt’s GASC is tendering for wheat for late May/early June, with results expected later today. Algeria’s latest round of buying saw a purchase of at least 330,000 MT of wheat, with some traders hinting that it could be upwards of 540,000 MT. French wheat is typically the origin due to lower freight costs, though US has been competitive.

--Provided by Brugler Marketing & Management



Live cattle futures were steady to 47.5 cents higher in most contracts on Thursday. Feeder cattle futures were up 25 to 85 cents. The CME feeder cattle index was down 28 cents on April 10 at $143.35. Wholesale boxed beef prices were mixed on Thursday afternoon. Choice boxes were down 22 cents at $228.83, with Select boxes 33 cents higher at $219.95. USDA estimated week to date cattle slaughter at 471,000 head through Thursday. That would be 6,000 lower last week and 7,000 head fewer than the same week a year ago. The blizzard in the Plains shut down a number of highways. A few cash cattle sales of $124 were reported in TX and KS on Wednesday, with bids of up to $126 so far in NE.

--provided by Brugler Marketing & Management



Lean Hog futures posted $1.25 to $2.025 gains in most 2019 contracts. April was up 32.5 cents as it converges with the Index at expiration today. The CME Lean Hog Index was up another 40 cents from the previous day @ $79.29 on April 9. The USDA pork carcass cutout value was 49 cents higher at $84.43 per cwt in the afternoon report. The national base hog carcass value was down $1.38 in the PM report, at an average weighted price of $74.82. Estimated FI hog slaughter was 1.855 million head through Thursday, down 44,000 from the previous week but still 26,000 above last year. All pork export sales during the week of April 4 were 90,683 MTs, the largest weekly pork sales total since 2014. Most of the sales were to China despite the tariffs.

--provided by Brugler Marketing & Management



Cotton futures are trading 44 to 88 points higher this morning. They were 43 to 72 points lower in the nearby contracts on Thursday. May cotton options expire today, resulting in some position squaring activity. USDA reported that 288,975 RB of 18/19 upland cotton was sold during the week of 4/4, with 43,598 RB to China. That was the third largest weekly sales this MY, and up 61.12% from the same week in 2018. Vietnam was the top buyer of 91,700 RB, with India purchasing 70,000 RB. New crop sales were a marketing year high 205,917 RB, as China purchased 36,520 RB and 131,200 RB was sold to Vietnam. Weekly shipments were reported at 383,337 RB, which was the second largest total reported this MY. The Cotlook A Index was down 65 points at 87.70 on April 10. The weekly AWP was updated to 69.21, 99 points higher than the previous week.

--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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