AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading 1 to 2 cents higher this morning. They ended the Tuesday session with most contracts 2 to 3 cents in negative territory. That was net new selling, with preliminary open interest rising 16,760 contracts during the decline. Weaker ethanol and spillover from soybeans pressured the market lower. USDA Export Inspections data on Tuesday morning showed that 1.108 MMT of corn was shipped in the week that ended 1/17. That was 9.28% larger than the week prior and 53.23% above the same time last year.

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are currently 3 cents or more higher after closing 5 to 7 1/2 cents lower on Tuesday. Some rotation of open interest from March to May was noted although the index fund rolls won’t start until the end of the month. Meal futures were down $2.10/ton yesterday, with soy oil 5 points higher to lead the product values. The weekly Export Inspections report indicated 1.111 MMT of soybeans were exported during the week of January 17. That was 2.08% larger than last week but still 21.9% below the same week in 2018. Shipments to China picked up in that week, with a combined 416,408 MT in exports out of the Gulf and Pacific.

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are mostly 2 to 5 cents higher this morning with MPLS spring wheat the firmest as the spreads snap back. They ended the day with most winter wheat contracts 2 to 4 1/2 cents higher, as MPLS was down 1 to 2 1/2 cents lower. All wheat export inspections were reported at 516,643 MT in for the week that ended on 1/17. That was down 5.52% from the prior week but 21.96% larger than the same week in 2018. Egypt was the top US wheat export destination for the week @ 117,542 MT. It has been a while since we said that! Private forecaster SovEcon is estimating Russian wheat exports for January will drop to 2.3 MMT from 4.3 MMT in December.

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures posted 65 cent to $1.40 losses in most contracts Tuesday. Feeder cattle futures were 40 cents to $1.45 lower on the day. The CME feeder cattle index was down 9 cents on January 21 at $141.62. Wholesale boxed beef prices were higher on Tuesday afternoon. Choice boxes were up $1.08 at $216.34, with Select 86 cents higher at $211.72. USDA estimated this week’s FI cattle slaughter at 235,000 head through Tuesday. That is 4,000 head below last week and well above the same week last year. The online FCE auction today has a total of 4,139 head on showlists, with a majority out of Nebraska.

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures were mixed on Tuesday, with most contracts steady to 70 cents higher and April down 17.5 cents. The CME Lean Hog Index was down 9 cents from the previous day @ $58.07 on January 18. The USDA pork carcass cutout value was down $1.20 on Tuesday afternoon at an average weighted price of $69.63. The belly was the only primal reported lower, down $9.45. The national base cash hog carcass value was down 15 cents in the PM report, with a weighted average of $52.20. USDA FI hog slaughter was estimated at 876,000 head through Tuesday, which is 67,000 below the previous week but 35,000 head larger than this time last year.

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 10 to 12 points higher this morning with assistance from a weaker dollar. They had 76 to 79 point losses in most contracts on Tuesday. The government shutdown continues, now into day 32. Secretary Perdue announced that all FSA offices will be open on Thursday to provide services (listed on USDA’s website). The deadline for MFP payment applications is delayed until February 14. The Cotlook A Index was down 50 points on January 21 to 83.30 cents/lb. Estimated AWP was 63.06 last week, and computes to 64.07 for the week ending this Thursday.

--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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com