Ag Market Commentary

Corn futures ended the Thursday session with most contracts 5 to 5 3/4 cents lower. USDA will not update their monthly reports in Friday due to the government shutdown. An update from Brazil’s CONAB this morning put the country’s corn crop 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 hiked 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 closed at $3.76 1/4, down 5 3/4 cents,

May 19 Corn closed at $3.84 1/2, down 5 1/2 cents,

Jul 19 Corn closed at $3.92 1/4, down 5 1/4 cents

Sep 19 Corn closed at $3.95, down 5 cents

--provided by Brugler Marketing & Management

Soybean futures posted 16 to 17 1/4 cent losses in most contracts on Thursday. Soymeal futures were down $6.40/ton, with soy oil 38 points lower. Palm oil prices were down 1.47% on the day. Pressure was from lack of much progress on the trade war front and no export sales activity from the USDA. CONAB was not as low as other firms have gone, putting their updated 18/19 Brazil soybean estimate at 118.8 MMT vs. 120.07 MMT last month. 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 closed at $8.95 1/2, down 16 cents,

Mar 19 Soybeans closed at $9.06 3/4, down 17 1/4 cents,

May 19 Soybeans closed at $9.20 1/4, down 17 cents,

Aug 19 Soybeans closed at $9.37 1/4, down 16 1/4 cents,

Jan 19 Soybean Meal closed at $312.60, down $6.40,

Jan 19 Soybean Oil closed at $27.94, down $0.38

--provided by Brugler Marketing & Management

Wheat futures closed Thursday with most contracts 6 to 7 cents lower. 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 also added 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 closed at $5.13 3/4, down 6 1/4 cents,

Mar 19 KCBT Wheat closed at $4.98 3/4, down 6 3/4 cents,

Mar 19 MGEX Wheat closed at $5.64, down 6 1/2 cents

--provided by Brugler Marketing & Management

Live cattle futures saw slight gains in the front months on Thursday. Feeder cattle futures were mixed, with nearby Jan down 7.5 cents. The CME feeder cattle index was down 15 cents on January 9 at $145.55. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up 12 cents at $213.96, with Select $1.30 higher at $207.77. USDA estimated WTD FI cattle slaughter at 477,000 head through Thursday. That was 5,000 head above the same week last year. As of Thursday, bids were scarce with a $119 live in TX and $192 in NE reported. Asks are up around $125-126 and $200 respectively.

Feb 19 Cattle closed at $124.875, up $0.075,

Apr 19 Cattle closed at $125.925, up $0.125,

Jun 19 Cattle closed at $117.375, up $0.125,

Jan 19 Feeder Cattle closed at $146.750, down $0.075

Mar 19 Feeder Cattle closed at $145.075, up $0.175

Apr 19 Feeder Cattle closed at $145.675, up $0.200

--provided by Brugler Marketing & Management

Lean Hog futures settled mixed on Thursday, as nearby Feb was up 30 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 79 cents on Thursday afternoon at an average weighted price of $70.46. The national base cash hog carcass value 2 cents lower in the PM report, with a weighted average of $51.14. This week’s FI hog slaughter through Thursday was estimated at 1.9 million head, which was 91,000 head larger than the same week last year.

Feb 19 Hogs closed at $64.075, up $0.300,

Apr 19 Hogs closed at $67.850, up $0.300

May 19 Hogs closed at $73.900, down $0.300

--provided by Brugler Marketing & Management

Cotton futures were mixed on Thursday with the front months down 16 to 28 points, and deferred contracts slightly higher. The dollar was stronger on the day, adding pressure to the market with no Export sales data to be supportive. 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 closed at 72.850, down 28 points,

May 19 Cotton closed at 74.360, down 16 points

Jul 19 Cotton closed at 75.670, up 1 point

--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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