Ag Market Commentary
BRUG - Mon Jan 07, 12:15PM CST

Corn futures are currently fractionally to a penny lower on Monday. Weaker than expected export data is a drag on the market this morning. The weekly Export Inspections report from USDA showed that just 501,541 MT of corn was shipped in the week of January 3, which included the New Years holiday and should have been somewhat anticipated. That was 47.37% lower than the week prior and 41.05% below the same New Year holiday week last year. YTD shipments are still 61.33% above this time last year. Sorghum shipments are down 70.46% yr/yr with the lack of Chinese purchases a key factor.

Mar 19 Corn is at $3.82 1/4, down 3/4 cent,

May 19 Corn is at $3.90, down 1 cent,

Jul 19 Corn is at $3.97 1/2, down 3/4 cent

Sep 19 Corn is at $3.99 1/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybean futures are showing 1 to 1 1/2 cent gains in most contracts at midday. Soymeal was up $2.90/ton, with soy oil 4 points lower. Reports are floating around from trade sources that China purchased at least 180,000 MT of US soybeans on Monday. Export inspections of soybeans in the week of 1/3 were tallied at 673,172 MT by USDA. That was down 10.98% from the week previous and 44.58% below the same holiday week in 2018. The Netherlands led the way with 138,531 MT shipped, with 83,194 MT to Argentina. A load of 74,166 MT out of the Pacific was also headed to China. US and Chinese negotiators met on Monday to discuss ag and energy issues under the 90 day clock. Talks will resume on Tuesday.

Jan 19 Soybeans are at $9.11, up 1 1/2 cents,

Mar 19 Soybeans are at $9.23, up 1 1/2 cents,

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

Jul 19 Soybeans are at $9.47 1/4, up 1 1/4 cents,

Jan 19 Soybean Meal is at $318.00, up $2.90

Jan 19 Soybean Oil is at $28.37, down $0.04

--provided by Brugler Marketing & Management

Wheat futures are trading 2 1/2 to 5 cents lower in most contracts on Monday. Weak export data is offsetting a lower dollar. Export Inspections data, which is still being published, showed that wheat shipments in the New Year’s week of Jan 3 totaled 260,134 MT. That was down 31.58% from last week but up 10.59% from the same week last year. The Philippines saw the most of the total at 87,297 MT. Following their rejection of an Argentine cargo, Algeria is tendering for 50,000 MT of wheat for late Feb and early March delivery.

Mar 19 CBOT Wheat is at $5.14 1/2, down 2 1/2 cents,

Mar 19 KCBT Wheat is at $5.01, down 5 cents,

Mar 19 MGEX Wheat is at $5.67, down 3 1/4 cents

--provided by Brugler Marketing & Management

Live cattle futures are up 70 to 85 cents in the front months at midday. Feeder cattle futures are trading $1 to $1.30 higher in most contracts on Monday. The CME feeder cattle index was down $.46 on January 3 at $145.60. Wholesale boxed beef prices were mixed on Monday morning. Choice boxes were down 50 cents at $214.01, with Select 58 cents higher at $208.24. USDA estimated this week’s FI cattle slaughter at 520,000 head through Saturday. Cash trade was reported at $123 on Thursday, with a few sales of $122.5-123 live and 195 in the beef on Friday.

Feb 19 Cattle are at $122.775, up $0.850,

Apr 19 Cattle are at $124.775, up $0.775,

Jun 19 Cattle are at $116.400, up $0.850,

Jan 19 Feeder Cattle are at $146.100, up $1.200

Mar 19 Feeder Cattle are at $144.125, up $1.300

Apr 19 Feeder Cattle are at $144.900, up $1.250

--provided by Brugler Marketing & Management

Lean Hog futures are mostly 25 to 60 cents in positive territory. The CME Lean Hog Index was up 38 cents from the previous day @ $53.63 on January 3. The USDA pork carcass cutout value was up $1.95 on Monday morning at an average weighted price of $71.65. The belly primal was a major reason, up $12.74. The national base cash hog carcass value was not reported this morning due to confidentiality reasons, with a 5-day rolling average of $47.12. Last week’s FI hog slaughter was estimated at 2.262 million head including a big Saturday kill, which is 140,000 head above last year.

Feb 19 Hogs are at $61.675, down $0.275,

Apr 19 Hogs are at $66.250, down $0.500

May 19 Hogs are at $72.850, down $0.600

--provided by Brugler Marketing & Management

Cotton futures are trading 34 to 43 points higher in most contracts at midday. The dollar is weaker at midday, with crude oil higher to support the synthetic fiber markets. The US and China met in Beijing on Monday and will again on Tuesday for trade talks. China has been rolling previous purchase into the 2019/20 delivery period recently. Traders hope the negotiations will put a halt to that demand slippage. The US dollar is also weaker. The Cotlook A index was down up 5 points from the previous day on January 4 at 79.70 cents/lb.

Mar 19 Cotton is at 72.95, up 43 points,

May 19 Cotton is at 74.35, up 41 points

Jul 19 Cotton is at 75.63, up 34 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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