AgriCharts Market Commentary


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Corn Closes Lower on Profit Taking

Corn futures ended the Wednesday session with nearby contracts 8 to 9 3/4 cents lower. Profit taking and a 2.3% drop in ethanol futures were seen as pressure. The nearby KC wheat-corn spread is at 16 1/2 cents, as weakness in wheat also weighed on the market. Weekly EIA data showed ethanol production in the week that ended on June 14 at 1.081 million barrels per day. That was above the same week last year but a drop of 15,000 bpd from the previous week. In addition, stocks fell 189,000 barrels wk/wk at 21.613 million barrels, the lowest total since May 2018. Export Sales estimates for the week of June 13 are 100,000-400,000 MT for old crop corn bookings and 200,000-500,000 MT for new crop. The national corn basis index according to cmdtyView is -22 3/4 cents, 7 1/4 cents stronger than the same day last year. Their national average cash price index is 88 cents higher yr/yr at $4.20 1/2.

Jul 19 Corn closed at $4.41, down 8 3/4 cents,

Sep 19 Corn closed at $4.46 1/4, down 9 1/4 cents,

Dec 19 Corn closed at $4.53 1/4, down 9 3/4 cents

Mar 20 Corn closed at $4.58 3/4, down 9 1/2 cents

--provided by Brugler Marketing & Management

Soybeans Post Double Digit losses on Wednesday

Soybean futures settled the day with 10 to 11 1/2 cent losses in the front months, following 7 consecutive sessions high. Soymeal was down $5.10/ton, with bean oil 4 points higher. Analysts expect USDA to show 100,000-400,000 MY in old crop soybean export sales during the week of 6/13. New crop bookings are seen at 100,000-400,000 MT. Meal sales are estimated at 100,000-400,000 MT, with soy oil sales expectations at 5,000-25,000. The national average soybean price index according to cmdtyView is $8.29 1/4, just a 1/4 cent lower than the same day last year. Their national average basis index is 16 cents weaker, however, at -76 cents.

Jul 19 Soybeans closed at $9.03 1/4, down 10 1/4 cents,

Aug 19 Soybeans closed at $9.09 1/2, down 10 3/4 cents,

Sep 19 Soybeans closed at $9.16, down 11 1/4 cents,

Jan 20 Soybeans closed at $9.41, down 11 1/4 cents,

Jul 19 Soybean Meal closed at $316.90, down $5.10,

Jul 19 Soybean Oil closed at $28.37, up $0.04

--provided by Brugler Marketing & Management

Wheat Sees Weakness on Wednesday

Wheat futures saw losses of 7 to 14 cents in most contracts on Wednesday, pressured by profit taking. USDA’s Export Sales report is expected to show 200,000-500,000 MT in 19/20 export bookings during the first full week of the new MY. Egypt’s GASC bought 290,000 MT of wheat from Romania (180,000 MT) and Russia (110,000 MT), as US presented no offers. US FOB prices are not competitive on the world market at the moment

Jul 19 CBOT Wheat closed at $5.22 1/4, down 9 1/4 cents,

Jul 19 KCBT Wheat closed at $4.57 1/2, down 7 3/4 cents,

Jul 19 MGEX Wheat closed at $5.41 1/2, down 10 3/4 cents

--provided by Brugler Marketing & Management

Cattle Lower on Wednesday

Live cattle futures were down 70 cents to $1.075 on Wednesday. Feeder cattle futures were down 15 to 72.5 cents in the front months and slightly higher in deferred contracts. The CME feeder cattle index was down 16 cents to $133.05 on June 18. Wholesale boxed beef prices were higher on Wednesday afternoon. Choice boxes were up $1.06 at $221.59 with Select boxes 44 cents higher @ $202.24. USDA estimated the week to date FI cattle slaughter @ 361,000 head. That was 9,000 head larger than the same point last year and down 3,000 from last week. A few scattered bids of $109 have been reported so far this week but no trade to report. Wednesday’s FCE online auction saw no sales on the 315 head offered. Friday’s Cattle on Feed report is expected to show June 1 on feed numbers up 1.3% from last year. May placements are seen down 4.1%, with marketings up 0.8%.

Jun 19 Cattle closed at $108.500, down $0.950,

Aug 19 Cattle closed at $104.550, down $1.000,

Oct 19 Cattle closed at $106.100, down $0.950,

Aug 19 Feeder Cattle closed at $136.525, down $0.725

Sep 19 Feeder Cattle closed at $137.000, down $0.600

Oct 19 Feeder Cattle closed at $137.425, down $0.275

--provided by Brugler Marketing & Management

Hogs Higher on Wednesday

Lean Hog futures saw 15 cent to $1.30 gains in most contracts on Wednesday. The CME Lean Hog Index was down a penny from the previous day @ $79.26 on June 17. The USDA pork carcass cutout value was down a sharp $3.46 on Wednesday afternoon at $77.69. All primals were lower. The national average base hog was 79 cents higher at $76.49 per hundred pounds. This week’s estimated FI hog slaughter is 1.423 million head through Wednesday. That was up 2,000 from the previous week and well above the same week in 2018.

Jul 19 Hogs closed at $81.625, up $0.150,

Aug 19 Hogs closed at $83.000, up $1.300

Oct 19 Hogs closed at $77.450, up $0.850

--provided by Brugler Marketing & Management

Cotton Close Higher on Wednesday

Cotton futures posted 6 to 56 point gains in most contracts on Wednesday. As expected, the Fed left interest rates UNCH this month, they announced following the 2-day meeting. The US dollar index was down 527 points on the day. USDA will release the Export Sales report on Thursday morning. The Cotlook A index for June 18 was down 5 points from the previous day to 77.00 cents/lb. The weekly Average World Price (AWP) from USDA is 58.97 cents/lb through Thursday, down 2.54 cents from last week.

Jul 19 Cotton closed at 65.380, up 6 points,

Oct 19 Cotton closed at 66.930, up 56 points

Dec 19 Cotton closed at 67.160, up 34 points

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.
Omaha, NE 68022
P: 402-697-3623
F: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com