Ag Market Commentary

Corn futures are trading 4 to 5 cents lower in most contracts on Thursday. An update from Brazil’s CONAB this morning showed the country’s total corn crop estimate at 91.19 MMT, up slightly from their December number on a larger first crop. Agroconsult is well above Brazil’s government agency (CONAB) at 95.6 MMT. Argentina’s corn crop estimate from the Rosario Grain Exchange was up from their prior range of 42-43 MMT to 44 MMT. A South Korean feed importer purchased 69,000 MT of optional origin corn on Thursday.

Mar 19 Corn is at $3.77, down 5 cents,

May 19 Corn is at $3.85, down 5 cents,

Jul 19 Corn is at $3.92 3/4, down 4 3/4 cents

Sep 19 Corn is at $3.95 1/4, down 4 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are posting 16 to 18 cent losses in the front months on Thursday. Soymeal futures are down $5.30/ton, with soy oil 28 points lower. CONAB put out their updated 18/19 Brazil soybean estimates this morning at 118.8 MMT vs. 120.07 MMT last month. That was not as low as other firms have gone. They also pegged 18/19 exports at 75 MMT, UNCH from last month but down 8.865 MMT from 17/18. Agroconsult also released updated numbers, down 5.2 MMT from last month at 117.6 MMT.

Jan 19 Soybeans are at $8.95 1/4, down 16 1/4 cents,

Mar 19 Soybeans are at $9.06, down 18 cents,

May 19 Soybeans are at $9.19 1/4, down 18 cents,

Jul 19 Soybeans are at $9.31 1/2, down 17 1/2 cents,

Jan 19 Soybean Meal is at $313.70, down $5.30

Jan 19 Soybean Oil is at $28.04, down $0.28

--provided by Brugler Marketing & Management

Wheat futures are showing 3 to 6 cent losses in most contracts at midday. Weakness comes as the US was left out of the Egyptian tender on Wednesday, mainly due to a freight disadvantage. A higher US dollar and general selling in the grain complex is also seen as adding pressure. Outside of actual shipping data (Export Inspections report) we will not have an update to any Export Sales data until the government is back open. A South Korean importer purchased 65,000 MT of optional origin wheat in a tender on Wednesday. The EU awarded 718,000 MT of wheat imports under their import quota.

Mar 19 CBOT Wheat is at $5.14, down 6 cents,

Mar 19 KCBT Wheat is at $5.00 1/2, down 5 cents,

Mar 19 MGEX Wheat is at $5.67, down 3 1/2 cents

--provided by Brugler Marketing & Management

Live cattle futures are 25 to 40 cents higher at midday. Feeder cattle futures are up 10 to 30 cents in the front months. The CME feeder cattle index was up 7 cents on January 8 at $145.70. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 61 cents at $214.45, with Select 58 cents higher at $207.05. USDA estimated WTD FI cattle slaughter at 357,000 head through Wednesday. That was 4,000 head above the same week last year. As of Thursday morning, bids are scarce with a $119 live in TX and $192 in NE reported. Asks are up around $125-126 and $200 respectively.

Feb 19 Cattle are at $125.050, up $0.250,

Apr 19 Cattle are at $126.200, up $0.400,

Jun 19 Cattle are at $117.675, up $0.425,

Jan 19 Feeder Cattle are at $146.925, up $0.100

Mar 19 Feeder Cattle are at $145.225, up $0.325

Apr 19 Feeder Cattle are at $145.775, up $0.300

--provided by Brugler Marketing & Management

Lean Hog futures are mixed at midday, with nearby Feb up 32.5 cents. The CME Lean Hog Index was up 25 cents from the previous day @ $54.10 on January 8. The USDA pork carcass cutout value was up $2.08 on Thursday morning at average weighted price of $71.75. The belly primal was up $7.13 with the loin $3.28 higher. The national base cash hog carcass value 27 cents lower in the AM report, with a weighted average of $50.89. This week’s FI hog slaughter through Wednesday was estimated at 1.423 million head, which was 54,000 head larger than the same week last year.

Feb 19 Hogs are at $64.100, up $0.325,

Apr 19 Hogs are at $67.975, up $0.425

May 19 Hogs are at $73.950, down $0.250

--provided by Brugler Marketing & Management

Cotton futures are mostly 18 to 29 points in negative territory on Thursday, with October higher on thin volume. The dollar is stronger at midday, adding pressure to the market. The weekly AWP update is not being released due to the government shutdown, as well as the CFTC Commitment of Traders and Cotton on Calls reports. The Cotlook A index was down 85 points from the previous day on January 9 at 81.05 cents/lb.

Mar 19 Cotton is at 72.84, down 29 points,

May 19 Cotton is at 74.36, down 16 points

Jul 19 Cotton is at 75.48, down 18 points

Oct 19 Cotton is at 74.730, up 19 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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