Ag Market Commentary

Corn futures are 1 to 2 cents higher at midday. This morning’s USDA Export Sales report showed old crop corn sales in the week of April 18 on the middle of the range of estimates at 779,872 MT. That was down from the previous week but 23.51% larger than the same week in 2018. Japan was the top buyer of 349,400 MT, with 310,500 MT sold to Mexico. New crop sales totaled just 3,000 MT. The report did show 60,000 MT in sorghum sales to China, with 190,000 MT in unshipped sales on the books. The International Grains Council estimates show 19/20 ending stocks at 275 MMT, up 9 MMT from their prior estimate on larger carryover and an increase to production. That would still be well below the prior year at 311 MMT.

May 19 Corn is at $3.48 1/4, up 1 1/2 cents,

Jul 19 Corn is at $3.57 1/2, up 1 1/2 cents,

Sep 19 Corn is at $3.65 3/4, up 1 1/2 cents

Dec 19 Corn is at $3.77 1/4, up 1 1/4 cents

Soybean futures are trading 4 to 5 cents higher. Meal futures are up $5.10/ton, with May soy oil down 14 points. US exporters sold 596,301 MT of 18/19 soybeans during the week ending on April 18, near the high end of expectations. That was a 56.6% jump from the week prior and 60.6% larger than this week last year. Unknown purchased 230,700 MT, with 212,113 MT for China. There was also 22,697 MT reported for new crop sales. Soy Meal sales totaled 397,978 MT, with soy oil at 19,630 MT. Chinese customs data showed 4.92 MMT of soybeans imported in March, with 1.51 MMT US origin (down 50% yr/yr). IGC upped their 19/20 world soybean production estimate by 2 MMT, which also led to a 5 MMT jump carryout to 56 MMT.

May 19 Soybeans are at $8.59 1/4, up 4 cents,

Jul 19 Soybeans are at $8.72 1/2, up 3 3/4 cents,

Aug 19 Soybeans are at $8.78 1/4, up 3 1/2 cents,

Sep 19 Soybeans are at $8.83 3/4, up 3 3/4 cents,

May 19 Soybean Meal is at $305.60, up $5.20,

May 19 Soybean Oil is at $27.78, down $0.14

--provided by Brugler Marketing & Management

Wheat futures are higher in 2 of the three markets. MPLS is up 3 to 4 1/2 cents, with Chicago up 3 to 3 3/4. KC saw good rains and is steady to up 1 cent. May options expire on Friday. USDA reported 425,255 MT in all wheat old crop export bookings for the week of April 18. That is up 33.8% from the week prior and 43.09% larger than the same time last year. Mexico was the lead buyer of 160,800 MT. There are nearly 5.25 MMT in unshipped 18/19 sales (80% larger yr/yr) with just under a month and a half left in the MY. New crop sales totaled 226,189 MT. IKAR expects Russian wheat production in 2019 to total 80.1 MMT. A total of 600,000 MT of optional origin wheat is sought in a Saudi Arabia tender. World wheat production for 19/20 was increased by 3 MMT, with carryover for new crop up 4 MMT to 274 MMT.

May 19 CBOT Wheat is at $4.35 1/2, up 3 1/4 cents,

May 19 KCBT Wheat is at $4.04 1/4, down 1/4 cent,

May 19 MGEX Wheat is at $5.08 1/4, up 5 cents

--provided by Brugler Marketing & Management

Live cattle futures are down $1.85 to $2.60. Feeder cattle futures are reflecting the loss in live value and are $2.60 to $3.35 lower. The CME feeder cattle index was down 6 cents to $145.78 on April 23. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 63 cents at $233.59, with Select boxes 21 cents higher @ $220.49. USDA estimated this week’s FI cattle slaughter at 357,000 head through Wednesday. That was down 6,000 head from the week prior but 3,000 above the same week last year. A few cash trades were reported at $126 in the South on Wednesday, with $127 sales in NE on Thursday. Beef export sales in the week of April 18 totaled 23,110 MT, the third largest this year.

Apr 19 Cattle are at $124.575, down $2.200,

Jun 19 Cattle are at $115.625, down $2.725,

Aug 19 Cattle are at $113.175, down $2.650,

May 19 Feeder Cattle are at $143.600, down $2.925

Aug 19 Feeder Cattle are at $153.200, down $3.525

Sep 19 Feeder Cattle are at $154.425, down $3.450

Lean Hogs Limit Down on Lack of Chinese Sales, Despite Sharply Higher Cutout

Lean Hog futures are limit down in the June through August contracts. This morning’s Export Sales report showed just 15,505 MT in pork bookings for the week ending 4/18. That was well below last week, as China cancelled 214 MT. The CME Lean Hog Index was up another 72 cents from the previous day @ $82.79 on April 23. The USDA pork carcass cutout value was $3.51 higher in the Thursday morning report, at $90.49. The picnic was up $10.18, with the often volatile belly $14.47 higher, both leading the way. The national average base hog was at $80.23 on Thursday, down 51 cents from the day prior. Estimated week to date FI hog slaughter is 1.276 million head through Wednesday. That was down from last year and the week prior due to Monday’s plant down time.

May 19 Hogs are at $88.000, down $1.175,

Jun 19 Hogs are at $89.775, down $3.000

Jul 19 Hogs are at $94.650, down $3.000

--provided by Brugler Marketing & Management

Cotton futures are up 55 to 117 points All old crop upland cotton export sales were reported at 238,967 RB by the USDA this morning. That was up 9.84% wk/wk but down 23.4% from this time last year. Turkey was the top buyer of 88,400 RB, with 74,600 RB for India. Chinese purchases totaled 13,095 RB. New crop sales were shown at 48,928 RB, with 17,600 MT to China. The Cotlook A Index was down 55 points at 87.20 on April 24. The weekly Average World Price (AWP) was updated on Thursday to 68.68, down 20 points from last week.

May 19 Cotton is at 76.5, up 73 points,

Jul 19 Cotton is at 78.29, up 117 points

Dec 19 Cotton is at 76.61, up 55 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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