AgriCharts Market Commentary

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Corn Market Fractionally Higher At the Close

Corn futures closed the Wednesday session with most contracts fractionally higher. EIA reported weekly ethanol production at 1.066 million barrels per day in the week of July 12. That was a jump of 19,000 bpd from the week prior and slightly above the same week last year. Stocks on that date were 23.365 million barrels, 356,000 barrels above last week. Export Sales estimates for old crop corn ahead of tomorrow morning’s USDA release are running 250,000-500,000 MT, with new crop at 100,000-300,000 MT for the week of July 11.

SEP 19 Corn closed at $4.36, up 3/4 cent,

DEC 19 Corn closed at $4.41 1/2, up 1/4 cent,

MAR 20 Corn closed at $4.48 3/4, up 1/4 cent

MAY 20 Corn closed at $4.52 1/4, up 1/4 cent

--provided by Brugler Marketing & Management

Soybean Market Sees 5 to 6 cents Losses

Soybean futures saw 5 to 6 cent losses in the front months on Wednesday. The 6-10 and 8-14 day outlooks shows forecasts of cooler and drier weather on the way. August soybean meal was down 90 cents/ton, with soy oil 31 points lower. USDA is expected to show 0-400,000 MT of old crop soybean bookings in the week that ended on July 11, with surveyed traders showing a range of 100,000-300,000 MT seen for new crop. Soybean Meal sales are estimated to be somewhere between 50,000-300,000 MT, with total soy oil sales at 5,000-50,000 MT.

AUG 19 Soybeans closed at $8.82 1/2, down 5 1/4 cents,

SEP 19 Soybeans closed at $8.88 1/4, down 5 1/2 cents,

NOV 19 Soybeans closed at $9.00 1/2, down 5 1/2 cents,

JAN 20 Soybeans closed at $9.12 3/4, down 6 cents,

AUG 19 Soybean Meal closed at $307.50, down $0.90,

AUG 19 Soybean Oil closed at $27.68, down $0.31

--provided by Brugler Marketing & Management

Wheat Markets All Lower As Harvest Advances

Wheat futures ended the Wednesday session with most contracts 2 to 5 cents in the red. Dry and warm weather are allowing for the winter wheat harvest to move north. All wheat export sales during the week that ended on July 11 are expected to be in the range of 200,000-400,000 MT. Egypt’s GASC purchased just 60,000 MT of Russian wheat in their tender on Wednesday, with no US offers present. US FOB prices are ~$20/ton above other major competitors, leaving them out of most major markets unless there are specific quality specs or a freight advantage (i.e. close to the US).

SEP 19 CBOT Wheat closed at $5.05 1/2, down 2 cents,

SEP 19 KCBT Wheat closed at $4.41 3/4, down 4 1/2 cents,

SEP 19 MGEX Wheat closed at $5.27 3/4, down 2 1/2 cents

--provided by Brugler Marketing & Management

Cattle Market 10 to 80 Cents Lower

Live cattle futures saw 10 to 80 cent losses in most contracts on Wednesday. Feeder cattle futures were 47.5 cents to $1.15 lower. Analysts are expecting July 1 cattle on feed to be shown 1.8% above the same time last year in this Friday’s report. Placements are seen 2.1% lower during June, with marketings down 3%. As usual, there is a wide spread of ideas on placements. The biannual Cattle Inventory will also be released that afternoon. The dairy cow herd is expected to be smaller, with more debate about the beef cow herd. The CME feeder cattle index was down 8 cents @ $141.01 on July 16. Wholesale boxed beef prices were lower on Wednesday afternoon. Choice boxes were down 36 cents at $212.57 with Select boxes 82 cents lower @ $188.34. USDA estimated week to date FI cattle slaughter at 360,000 head through Wednesday. That was even with the previous week and 6,000 larger than the same week last year. Wednesday’s FCE online auction showed sales of $111 on all 326 head offered from NE, KS, and TX. Bids of $112 live and $180-181 have been reported in the North post sale, with asks of $114 and $186.

AUG 19 Cattle closed at $108.125, down $0.100,

OCT 19 Cattle closed at $108.750, down $0.500,

DEC 19 Cattle closed at $113.350, down $0.375,

AUG 19 Feeder Cattle closed at $140.575, down $0.475

SEP 19 Feeder Cattle closed at $140.775, down $1.100

OCT 19 Feeder Cattle closed at $141.075, down $1.150

--provided by Brugler Marketing & Management

Lean Hogs Just Miss Limit Up on Firming Cash Market

Lean Hog futures saw strong triple digit gains on Wednesday, with August a nickel below limit up at the close. The CME Lean Hog Index was down 11 cents from the previous day on July 15 @ $70.63. The USDA pork carcass cutout value was up another 68 cents in the Wednesday PM report at $76.48. The belly and rib were the only primals reported lower. The national average base hog price was up $1.10 on Wednesday afternoon at $70.43. Estimated FI hog slaughter through Wednesday was 1.348 million head. That was down 87,000 head from last week due to plant down time and even with the same week last year.

AUG 19 Hogs closed at $82.000, up $2.950,

OCT 19 Hogs closed at $77.825, up $2.525

DEC 19 Hogs closed at $75.725, up $2.375

--provided by Brugler Marketing & Management

Cotton Market Down 23 to 61 Points

Cotton futures closed Wednesday with most contracts 23 to 61 points lower. The 5-day QPF shows most cotton growing areas west of MS with very little moisture in that timeframe. USDA will update the weekly Export Sales reports on Thursday morning. The Cotlook A index for July 16 was up 130 points from the previous day at 74.95 cents/lb. The weekly AWP is 58.05 cents/lb this week and will be updated on Thursday.

OCT 19 Cotton closed at 62.1, down 23 points,

DEC 19 Cotton closed at 62.53, down 53 points

MAR 20 Cotton closed at 63.67, down 61 points

MAY 20 Cotton closed at 64.63, down 55 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