Ag Market Commentary
BRUG - Mon Apr 15, 12:15PM CDT

Corn futures are showing 1 to 1 cent gains in most contracts on Monday. USDA indicated that 1.182 MMT of corn was shipped in the week that ended on April 11. That was up 11.27% wk/wk but still 25% lower than the same week in 2018. CFTC data showed money managers posting another record large net short position in corn futures and options of 271,746 contracts as of Tuesday. That was 25,011 contracts larger than the previous week. Traders are expecting this afternoon’s Crop Progress report to show that 5-6% of the US corn crop was planted as of Sunday, with limited activity reported in NE, southern IL and other locations.

May 19 Corn is at $3.62 1/2, up 1 1/2 cents,

Jul 19 Corn is at $3.71 1/2, up 2 cents,

Sep 19 Corn is at $3.79 1/4, up 1 3/4 cents

Dec 19 Corn is at $3.90 1/4, up 1 1/4 cents

--provided by Brugler Marketing & Management

Soybean futures are up 3 to 4 3/4 cents in the nearby contracts at midday. Front month meal futures are up $3.10/ton and May soy oil 6 points lower. The monthly crush report from NOPA showed its members crushed a total of 170.011 mbu of soybeans in March. That was the second largest total on record, only behind last year, and nearly 2 mbu above most estimates. Soybean oil stocks were seen at 1.76 billion pounds, slightly above Feb but 9.6% below last year. Soy oil yield was high, with a low meal yield. A private export sale of 140,000 MT of 18/19 soybeans were reported by the USDA this morning. Weekly Export Inspections were tallied at just 460,667 MT during the week of 4/11. That was 3.18% above this week last year but down 48.2% from the previous week. Just two cargoes were on their way to China @ a total of 130,159 MT.

May 19 Soybeans are at $9.00, up 4 3/4 cents,

Jul 19 Soybeans are at $9.13 1/4, up 4 1/2 cents,

Aug 19 Soybeans are at $9.19, up 4 3/4 cents,

Sep 19 Soybeans are at $9.23 1/4, up 4 1/2 cents,

May 19 Soybean Meal is at $311.00, up $3.10

May 19 Soybean Oil is at $28.89, down $0.06

--provided by Brugler Marketing & Management

Wheat futures are trading 4 to 7 cents lower in the nearby winter wheat contracts, with MPLS Steady to 3 cents lower. All wheat shipments in the week that ended on April 11 were reported at 511,400 MT by USDA this morning. That was down from the week prior, but 1.28% larger than the same week last year. Spring wheat is seen at 4% planted as of 4/14, ahead of the Crop Progress report this afternoon. Winter wheat conditions are seen likely to improve vs. week ago.. Spec traders in KC wheat futures and options trimmed their large CFTC net short position by 1,964 contracts in the week ending on April 9 to -47,793 contracts. SovEcon estimates the Russian wheat crop in 2019 at 83.4 MMT, up 3.4 MMT from their prior number

May 19 CBOT Wheat is at $4.59 3/4, down 4 3/4 cents,

May 19 KCBT Wheat is at $4.27 3/4, down 6 1/2 cents,

May 19 MGEX Wheat is at $5.31 1/4, unch ,

--Provided by Brugler Marketing & Management

Live cattle futures are mixed at midday, with front months lower and deferred contracts steady to 40 cents higher. Feeder cattle futures are up 20 to 60 cents in most contracts. The CME feeder cattle index was down 57 cents on April 11 at $142.78. Wholesale boxed beef prices were higher on Monday morning, widening the Ch/Se spread to $10.11. Choice boxes were up $2.48 at $231.23, with Select boxes 10 cents higher at $221.12. USDA estimated weekly cattle slaughter at 634,000 head. That would be 13,000 larger than last week and 23,000 head above the same week a year ago. The weekly Commitment of Traders report indicated that specs in live cattle futures and options were just 4 contracts from their record net long position as of Tuesday at 148,941 contracts. That was 704 contracts above the past week.

Apr 19 Cattle are at $126.225, down $0.325,

Jun 19 Cattle are at $121.375, down $0.075,

Aug 19 Cattle are at $118.300, up $0.100,

Apr 19 Feeder Cattle are at $145.675, up $0.250

May 19 Feeder Cattle are at $150.825, up $0.325

Aug 19 Feeder Cattle are at $158.900, up $0.200

--provided by Brugler Marketing & Management

Lean Hog futures are showing most contracts firm to 50 cents higher on Monday. The CME Lean Hog Index was down 2 cents from the previous day @ $79.34 on April 11. The USDA pork carcass cutout value was $2.50 higher at $88.21 per cwt in the morning report. The loin and ham primals were reported lower, with the volatile belly up $15.24. The national base hog carcass value was down 1.02 in the AM report, at an average weighted price of $75.23. Estimated FI hog slaughter was 2.384 million head through Saturday, down 74,000 from the previous week but still 12,000 above last year. The Chinese hog herd was down 18.8% yr/yr at the end of March according to the country’s ag ministry. In addition, their sow herd is down 21% in the same time period.

May 19 Hogs are at $90.075, up $0.475,

Jun 19 Hogs are at $98.525, up $0.025

Jul 19 Hogs are at $101.550, up $0.200

--provided by Brugler Marketing & Management

Cotton futures are posting triple digit losses in most contracts on Monday on profit taking . Spec funds in cotton futures and options added 5,945 contracts to their CFTC net long position at 14,652 contracts as of 4/9. USDA will release their weekly Crop Progress report as of 4/14 this afternoon, with updated cotton planting progress. The Cotlook A Index was down 50 points at 86.70 on April 12. The weekly AWP was updated to 69.21, 99 points higher than the previous week.

May 19 Cotton is at 76.56, down 155 points,

Jul 19 Cotton is at 77.03, down 183 points

Oct 19 Cotton is at 75.8, down 288 points

Dec 19 Cotton is at 75.900, down 129 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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