AgriCharts Market Commentary

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Corn Close Higher on Monday, Helped by Gains in Soybeans

June 17, 2019

Corn futures closed off the highs in the front months up 1 to 3 1/4 cents, as new crop contracts saw 4 to 6 1/4 cent gains. Strength in soybeans was supportive. After the close, NASS reported the US corn crop at 92% planted by 6/16, in line with most estimates and lagging the 5-year average of 100%. Emergence was at 79%, 18% below normal. Condition ratings were UNCH on the gd/ex scale at 59%, with the Brugler500 index down 1 to 354. USDA showed just 653,875 MT of corn shipments during the week that ended on June 13 via their Export Inspections report. That was a 23.24% drop from the previous week and down more than 1 MMT same week last year. Agroconsult raised their Brazilian corn crop estimate by 0.8 MMT to 101.2 MMT, while revising the export projection 7 MMT higher from the previous number at 38 MMT.

Jul 19 Corn closed at $4.54 3/4, up 1 3/4 cents,

Sep 19 Corn closed at $4.61 1/2, up 3 1/4 cents,

Dec 19 Corn closed at $4.68 1/2, up 5 cents

Mar 20 Corn closed at $4.73, up 5 1/2 cents

--provided by Brugler Marketing & Management

Soybeans Higher as Rains Threaten Already Delayed Planting

June 17, 2019

Soybean futures posted 15 to 16 1/4 cent gains in most contracts on Monday. Rains and forecasts for more moisture along the Corn Belt this week were supportive. Soymeal was up 80 cents/ton, with bean oil 53 points higher. USDA reported 77% of the US soybean crop in the ground as of Sunday, vs the average at 93%. The crop was 55% emerged, with the normal pace at 84%. NASS will release initial crop ratings next Monday. The weekly Export Inspections report indicated that 675,302 MT of soybeans were shipped in the week of 6/13, with 274,918 MT headed to China. Total exports were down 8% from last week and 17.76% lower than the same week in 2018. The monthly NOPA crush report showed that 154.796 mbu of soybeans were crushed by its members in May, down 5.37% from last year and well below estimates. Soy oil stocks at the end of May were down 11.5% mo/mo at 1.581 billion lbs.

Jul 19 Soybeans closed at $9.12 3/4, up 16 cents,

Aug 19 Soybeans closed at $9.19 1/4, up 16 1/4 cents,

Sep 19 Soybeans closed at $9.26 1/4, up 16 1/4 cents,

Jan 20 Soybeans closed at $9.50 3/4, up 15 3/4 cents,

Jul 19 Soybean Meal closed at $324.30, up $0.80,

Jul 19 Soybean Oil closed at $28.14, up $0.53

--provided by Brugler Marketing & Management

Wheat Closes Mixed on Monday

June 17, 2019

Wheat futures were marginally mixed at Monday’s close, with CBT firm to 4 cents higher. MPLS and KC were fractionally to 3 cents lower. The weekly Crop Progress update showed that 89% of the winter wheat crop headed as of Sunday behind the 95% average. Harvest was reported at 8%, a move of 4% from last week and well below the 20% average. Condition ratings were UNCH at 64% gd/ex, with the Brugler500 down 1 to 366. The spring wheat crop was 95% emerged and 2% headed (12% avg). Spring wheat condition ratings were down 4% to 77% gd/ex with the Brugler500 down 6 points to 382. This morning’s Export Inspections report showed wheat exports in the week that ended on June 13 at 375,365 MT. That was a slight increase over the same week last year but down 21.19% from the previous week. Australia’s ABARES showed a 2.5 MMT reduction to projected 19/20 exports, now at 11.7 MMT and compared to 13.5 MMT by the USDA.

Jul 19 CBOT Wheat closed at $5.39 1/2, up 1 cent,

Jul 19 KCBT Wheat closed at $4.75 1/2, down 3/4 cent,

Jul 19 MGEX Wheat closed at $5.60 1/4, down 3 cents

--provided by Brugler Marketing & Management

Cattle Higher to Start the Week

June 17, 2019

Live cattle futures ended the Monday session with most contracts 27.5 cents to $1.35 higher. Feeder cattle futures were up 75 cents to $1.40 on the day. The CME feeder cattle index was down 70 cents to $133.55 on June 14. Wholesale boxed beef prices were lower on Monday afternoon. Choice boxes were down 41 cents at $221.82 with Select boxes 25 cents lower @ $202.51. USDA estimated Monday’s FI cattle slaughter @ 120,000 head. That was 14,000 head larger than the same point last year and down 1,000 from last week.

Jun 19 Cattle closed at $109.450, up $0.675,

Aug 19 Cattle closed at $105.625, up $1.350,

Oct 19 Cattle closed at $106.700, up $1.225,

Aug 19 Feeder Cattle closed at $136.925, up $1.400

Sep 19 Feeder Cattle closed at $137.175, up $1.375

Oct 19 Feeder Cattle closed at $137.150, up $1.400

--provided by Brugler Marketing & Management

Hogs Post Triple Digit Gains on Monday

June 17, 2019

Lean Hog futures saw gains of $1.125 to $1.70 in the front months on Monday. The CME Lean Hog Index was down 11 cents from the previous day @ $79.46 on June 11. The CME Fresh Bacon Index was down $3.54 at 143.20 for the week of June 4. The USDA pork carcass cutout value was down 24 cents on Monday afternoon at $82.97. The loin and ham were the only primals reported lower. The national average base hog was higher cents lower at $76.00 per hundred pounds. Monday’s estimated FI hog slaughter was 467,000 head. That was down 4,000 from the previous week but 51,000 head above the same week in 2018.

Jul 19 Hogs closed at $83.050, up $1.700,

Aug 19 Hogs closed at $82.250, up $1.625

Oct 19 Hogs closed at $76.775, up $1.675

--provided by Brugler Marketing & Management

Cotton Mixed on Monday

June 17, 2019

Cotton futures were mixed on Monday, with nearby July down 31 points, and other front months 45 to 67 points higher. NASS reported that US cotton acres were 89% planted by Sunday, 5% behind the normal pace. The crop was 19% squared on that date, 1% ahead of normal. Condition ratings were up 5% to 49% gd/ex, with the Brugler500 index up 8 points to 337.The Cotlook A index for June 14 was up 30 points from the previous day to 77.80 cents/lb. The weekly Average World Price (AWP) from USDA is 58.97 cents/lb through next Thursday, down 2.54 cents from last week.

Jul 19 Cotton closed at 65.630, down 31 points,

Oct 19 Cotton closed at 67.060, up 45 points

Dec 19 Cotton closed at 66.420, up 67 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