Ag Market Commentary

Corn futures are showing fractional to 2 cent gains in most contracts on Wednesday. The weekly EIA report showed ethanol production at 1.005 million barrels per day in the week that ended on March 8, down 19,000 bpd from the week prior. Stocks of ethanol were down 530,000 barrels at 23.731 million barrels, as the Gulf was the only region to not show a reduction. Thursday’s Export Sales report is expected to show between 0.8-1.2 MMT in old crop corn sales in the week of 3/7, with 0-300,000 MT for new crop. An Allendale survey shows expected 2019 corn acreage at 91.475 million acres.

Mar 19 Corn is at $3.58 1/2, up 2 cents,

May 19 Corn is at $3.67 3/4, up 2 cents,

Jul 19 Corn is at $3.77 1/2, up 2 cents

Sep 19 Corn is at $3.84 1/2, up 1 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are trading 3 to 4 1/4 cents higher in the front months at midday. Meal futures are up $1.40/ton in the nearby contract, with soy oil 38 points higher. US soybean producers are projected to plant 84.263 million acres this spring according to an Allendale survey. USDA will release the annual Prospective Plantings report on March 29. Analysts expect USDA to show 1.2-1.9 MMT in 18/19 soybean export bookings for the week of 3/7, with 0-150,000 MT for 19/20. Soy meal is seen at 50,000-300,000 MT, with 5,000-20,000 MT for soy oil. This Friday’s NOPA crush report is expected to show February crush at 158.73 mbu, which would be a record for that month if realized.

Mar 19 Soybeans are at $8.89, up 4 1/4 cents,

May 19 Soybeans are at $9.00 1/2, up 3 1/2 cents,

Jul 19 Soybeans are at $9.14 1/2, up 3 1/2 cents,

Aug 19 Soybeans are at $9.20 3/4, up 3 3/4 cents,

Mar 19 Soybean Meal is at $299.70, up $1.40

Mar 19 Soybean Oil is at $29.78, up $0.38

--provided by Brugler Marketing & Management

Wheat futures are posting losses of 5 to 10 1/4 cents in most contracts on Wednesday. Nearby March is showing low trade ahead of Thursday’s expiration. Allendale’s survey or producers shows projected 2019 all wheat acreage at 47.414 million acres. Yesterday, Vantage indicated a tighter 46.722 million acres. All wheat export sales in the week of March 7 are expected to total 400,000-600,000 MT for old crop sales and 50,000-150,000 MT for new crop. A South Korean tender for 50,000 MT of US wheat for late July/early August delivery will close on Thursday.

May 19 CBOT Wheat is at $4.46 1/4, down 6 3/4 cents,

May 19 KCBT Wheat is at $4.35 3/4, down 7 cents,

May 19 MGEX Wheat is at $5.50 1/2, down 10 1/4 cents

--provided by Brugler Marketing & Management

Live cattle futures are mixed, with front month April down slightly and a few back months higher. Feeder cattle futures are up 20 to 60 cents in most contracts. The CME feeder cattle index was down 27 cents on March 11 at $139.02. Wholesale boxed beef prices were lower in the Wednesday morning report, with the Ch/Se spread at $8.14/cwt. Choice boxes were down 9 cents at $228.13, as Select was 36 cents lower @ $219.99. USDA estimated the WTD FI cattle slaughter at 239,000 head, up 3,000 wk/wk and 7,000 larger than last year. A few dressed bids of $204-205 are being reported in NE on Tuesday. FCE’s online auction saw no sales on the 755 head offered on Wednesday, with bids of $126.50 passed by feedlots. A few light trades of $127 and $204 have been reported in NE today.

Apr 19 Cattle are at $126.575, down $0.075,

Jun 19 Cattle are at $119.150, up $0.475,

Aug 19 Cattle are at $115.800, up $0.325,

Mar 19 Feeder Cattle are at $141.825, up $0.525

Apr 19 Feeder Cattle are at $144.625, up $0.225

May 19 Feeder Cattle are at $146.375, up $0.275

--provided by Brugler Marketing & Management

Lean Hog futures are steady to 25 cents lower in the nearby contracts, with deferred contracts higher. The CME Lean Hog Index was up 40 cents from the previous day @ $52.38 on March 11. The USDA pork carcass cutout value was up 17 cents on Wednesday morning at an average weighted price of $67.79. The national base hog carcass value was down 36 cents in the AM report at an average weighted price of $49.19. USDA estimated the weekly FI hog slaughter was at 952,000 head on Tuesday, 9,000 head larger than last week and 29,000 head above last year.

Apr 19 Hogs are at $63.650, unch,

May 19 Hogs are at $71.550, down $0.200

Jun 19 Hogs are at $80.200, down $0.050

--provided by Brugler Marketing & Management

Cotton futures are trading 10 to 57 points higher in the nearby contracts at Wednesday’s midday. A weaker US dollar index and stronger crude oil is helping cotton so far on Wednesday. The Cotlook A Index was down 20 points on March 12 to 81.55 cents/lb. The USDA Adjusted World Price (AWP) is 63.42 cents/ lb through Thursday. USDA will release the Export Sales report on Thursday morning, showing bookings for the week of March 7.

May 19 Cotton is at 75.42, up 57 points,

Jul 19 Cotton is at 76.51, up 47 points

Dec 19 Cotton is at 74.380, up 10 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.