AgriCharts Market Commentary

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Corn Continues Higher on Planting Delays

May 21, 2019

Corn futures ended the Tuesday session with most contracts 3 to 6 cents higher as rains continue to slow planting. The front month chart hit its highest price since May 2018 today, as new crop Dec was at the highest levels since last August. The market is trying to talk producers out of taking the Prevent Plant insurance option, though some may not have a choice. In the weekly Crop Progress report, NE and IA were 70% planted, MO was 62%, and MN @ 56%, with SD @ 19%. Forecasts show considerable amounts of rain for those area this week. IL is also seen as catching some moisture, with 24% of the crop planted on 5/19, with IN @ 14% and OH 9% planted.

Jul 19 Corn closed at $3.94 1/4, up 5 1/4 cents,

Sep 19 Corn closed at $4.02 3/4, up 6 cents,

Dec 19 Corn closed at $4.10 1/2, up 6 cents

Mar 20 Corn closed at $4.20, up 5 3/4 cents

--provided by Brugler Marketing & Management

Soybeans Close Lower on Trade Aid Rumor

May 21, 2019

Soybean futures closed Turnaround Tuesday with 9 to 9 3/4 cent losses, after being higher for most of the morning. July soy meal was down $2/ton, with soybean oil 36 points lower. A rumor this morning said President Trump is considering $2/bu trade aid for soybeans, though no other details or official announcements have been made. That would talk a lot of producers out of considering prevent plant claims and into late planted soybeans. After Monday’s close, the Crop Progress report indicated IA was 27% planted, with MN at 10% complete, SD only 4%, IL 9% and NE 40% in the ground.

Jul 19 Soybeans closed at $8.22, down 9 3/4 cents,

Aug 19 Soybeans closed at $8.28 3/4, down 9 3/4 cents,

Sep 19 Soybeans closed at $8.35 1/2, down 9 1/2 cents,

Jan 20 Soybeans closed at $8.60 1/4, down 9 1/2 cents,

Jul 19 Soybean Meal closed at $295.30, down $2.00,

Jul 19 Soybean Oil closed at $27.14, down $0.36

--provided by Brugler Marketing & Management

Wheat Markets Close Mixed, Off Their Highs

May 21, 2019

Wheat futures saw mixed trade at Tuesday’s close after spending much of the session higher. KC was mostly a penny to 1 1/2 cents higher, with CBT up fractionally in the front months and lower in deferred contracts. MPLS was also mixed, with nearby contracts lower. The rumor mill also showed expected trade aid payment for wheat of 63 cents, which would discourage abandonment. USDA on Monday showed MN was 76% planted for spring wheat, only 4% behind normal, with ND at 66% and SD 70%. Japan’s weekly MOA tender is for 122,844 MT of US, and Canadian wheat, with 90,194 US specific. Taiwan purchased 111,050 MT of US wheat in their tender that closed on Tuesday. A report also showed that Ethiopia bought 600,000 MT of optional origin wheat on Tuesday.

Jul 19 CBOT Wheat closed at $4.78 3/4, up 1/2 cent,

Jul 19 KCBT Wheat closed at $4.36, up 1 1/2 cents,

Jul 19 MGEX Wheat closed at $5.43, down 1/2 cent

--provided by Brugler Marketing & Management

Cattle Still Weaker On Tuesday

May 21, 2019

Live cattle futures were down 20 to 50 cents on the day. Feeder cattle futures saw losses of $1.30 to $1.775 on Tuesday, with May up 22.5 cents ahead of Thursday’s Expiration. The CME feeder cattle index was up 43 cents to $132.25 on May 20. Wholesale boxed beef prices were lower on Tuesday afternoon. Choice boxes were down $1.87 at $219.58 with Select boxes $1.45 lower @ $206.58. Cool and wet weather ahead of the Memorial Day weekend may affect some wholesale demand. USDA estimated this week’s FI cattle slaughter at 240,000 head through Tuesday. That was down 2,000 head from last Monday and even with the same week last year. Cash trade ahead of the Holiday weekend has yet to get started, with Wednesday’s FCE showing 309 head will be offered for sale.

Jun 19 Cattle closed at $110.850, down $0.500,

Aug 19 Cattle closed at $108.275, down $0.250,

Oct 19 Cattle closed at $108.300, down $0.200,

May 19 Feeder Cattle closed at $134.375, up $0.225

Aug 19 Feeder Cattle closed at $143.000, down $1.775

Sep 19 Feeder Cattle closed at $144.175, down $1.700

--provided by Brugler Marketing & Management

Hogs Close Lower on Tuesday

May 21, 2019

Lean Hog posted 12.5 cent to $1.975 losses in most contracts on Tuesday. The CME Lean Hog Index was UNCH from the previous day @ $84.59 on May 17. The USDA pork carcass cutout value was up 54 cents at $87.07 on Tuesday afternoon. The national average base hog was 11 cents lower on Tuesday, at an average weighted price of $80.91. This week’s estimated FI hog slaughter is 942,000 head through Tuesday. That was 21,000 head above the previous week and 23,000 above the same week last year.

Jun 19 Hogs closed at $90.100, down $1.650,

Jul 19 Hogs closed at $91.375, down $1.625

Aug 19 Hogs closed at $92.475, down $1.975

--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