Ag Market Commentary
BRUG - Tue Jan 08, 12:09PM CST

Corn futures are trading 1 to 1 1/2 cents lower in the nearby contracts on Tuesday. The weekly EIA report showing ethanol production and stocks as of is back to the normal Wednesday schedule for this week. CONAB will be releasing their updated January production estimates this Thursday. USDA will be delayed this month, but traders surveyed by Reuters are expecting a 94.31 MMT projection. China approved one new GM corn trait (DP4114) for importation after no approvals since 2017.

Mar 19 Corn is at $3.81, down 1 1/4 cents,

May 19 Corn is at $3.88 3/4, down 1 1/2 cents,

Jul 19 Corn is at $3.96 1/4, down 1 1/4 cents

Sep 19 Corn is at $3.98 1/2, down 1 1/4 cents

--provided by Brugler Marketing & Management

Soybean futures are down 4 to 7 1/2 cents so far on Turnaround Tuesday. Soymeal is down 70 cents/ton, with soy oil 8 points lower. Trade estimates ahead of this month’s USDA reports (which are delayed due to the government shutdown and will NOT be released on Friday) are for Brazil’s soybean production estimate to be trimmed to 120.13 MMT, according to a Reuters survey. Brazil’s CONAB, however, will release their estimates as scheduled this Thursday. The US/China trade talks in Beijing are still on going and heading into a third day on Wednesday according to US trade officials.

Jan 19 Soybeans are at $9.04 3/4, down 7 1/2 cents,

Mar 19 Soybeans are at $9.19, down 5 1/4 cents,

May 19 Soybeans are at $9.31 3/4, down 5 1/4 cents,

Jul 19 Soybeans are at $9.43 1/2, down 5 1/4 cents,

Jan 19 Soybean Meal is at $317.50, down $0.70

Jan 19 Soybean Oil is at $28.18, down $0.08

--provided by Brugler Marketing & Management

Wheat futures are mostly 1 3/4 to 6 cents higher at midday. USDA reports scheduled for this Friday will not be released as planned, with USDA waiting on funding before announcing the next release. A Reuters survey of traders shows expectations for the delayed winter wheat seedings report at 32.279 million acres, with 22.727 million for HRW and 6.019 million acres for SRW. That would be down from 2018 planting acreage. French wheat exports in November totaled 1.26 MMT, with 683,000 headed to destinations other than countries in the EU. That was up slightly from October.

Mar 19 CBOT Wheat is at $5.22 3/4, up 6 cents,

Mar 19 KCBT Wheat is at $5.08 1/4, up 5 1/4 cents,

Mar 19 MGEX Wheat is at $5.69 3/4, up 1 3/4 cents

--provided by Brugler Marketing & Management

Live cattle futures are posting sharp gains in nearby Feb on Tuesday, with back months also higher. Feeder cattle futures are showing triple digit gains at midday. The CME feeder cattle index was up 46 cents on January 4 at $146.06. Wholesale boxed beef prices were slightly lower on Tuesday morning. Choice boxes were down a penny at $214.27, with Select 11 cents lower at $208.10. USDA estimated Monday’s FI cattle slaughter at 118,000 head. That was 1,000 head above the same week last year. The FCE is back online this week, with a total of 513 head offered from KS and NE.

Feb 19 Cattle are at $125.175, up $1.975,

Apr 19 Cattle are at $126.050, up $0.975,

Jun 19 Cattle are at $117.425, up $0.900,

Jan 19 Feeder Cattle are at $147.500, up $1.500

Mar 19 Feeder Cattle are at $145.400, up $1.500

Apr 19 Feeder Cattle are at $145.900, up $1.200

--provided by Brugler Marketing & Management

Lean Hog futures are mixed on Tuesday with front month Feb up 20 cents and back months lower. The CME Lean Hog Index was up 87 cents from the previous day @ $54.50 on January 4. The USDA pork carcass cutout value was up a quarter on Tuesday morning at an average weighted price of $70.81. The national base cash hog carcass value was 45 cents higher in the AM report, with a weighted average of $49.47. Monday’s FI hog slaughter was estimated at 480,000 head, which was 22,000 head larger than the same Monday last year.

Feb 19 Hogs are at $62.100, up $0.200,

Apr 19 Hogs are at $65.700, down $0.675

May 19 Hogs are at $72.650, down $0.275

--provided by Brugler Marketing & Management

Cotton futures are posting 87 to 92 point losses in most contracts on Tuesday. The dollar is up 180 points at the moment. The US and China met for trade talks in Beijing on Monday and Tuesday, as US trade officials confirmed they will meet again on Wednesday. We will likely be without the Export Sales report again this week due to the partial government shutdown. The Cotlook A index was up 180 points from the previous day on January 7 at 81.50 cents/lb.

Mar 19 Cotton is at 71.83, down 92 points,

May 19 Cotton is at 73.21, down 89 points

Jul 19 Cotton is at 74.53, down 87 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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.