AgriCharts Market Commentary

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Corn Posts Double Digit Losses to Start the Week

Corn futures closed the Monday session with most nearby contracts 10 to 13 1/4 cents lower. The Export Inspections report indicated that 676,485 MT of corn was shipped in the week that ended on July 11. That was down 6.23% from last week and just above half of what was inspected for the same week last year. Another shipment of 51,075 MT of sorghum was headed to China. NASS reported that 17% of the US corn crop was silking as of July 14, vs. the 5-year average of 42%. They also reported conditions up 1% at 58% gd/ex, which converts to a 1-point rise on the Brugler500 index to 353. That is still the lowest reading for week 28 since the drought-stricken year of 2012.

SEP 19 Corn closed at $4.41, down 13 1/4 cents,

DEC 19 Corn closed at $4.47, down 12 1/4 cents,

MAR 20 Corn closed at $4.53 3/4, down 11 1/4 cents

MAY 20 Corn closed at $4.56 1/2, down 10 1/4 cents

--provided by Brugler Marketing & Management

Soybeans in the Red on Monday

Soybean futures saw 10 to 11 1/2 cent losses in the front months on Monday. August soybean meal was down $3.20/ton, with soy oil 3 points lower. This morning’s USDA Export Inspections report showed soybean exports of 854,373 MT for the week ending on July 11. That was a 12.17% jump from the previous week and 34% above the same week last year. Of that total 460,302 MT was headed to China. The monthly NOPA report indicated its members had crushed just 148.843 mbu of soybeans during June, well below analysts’ estimates. That was down 3.85% from May and a 6.53% drop from last June. Soy oil stocks came in just above the average trade estimate at 1.535 billion lb. The weekly USDA Crop Progress report indicated 95% of the crop emerged, with 22% in the blooming stage (49% average). Crop conditions ended up seeing a 1% improvement to 54% gd/ex, with the Brugler500 up 2 points to 347. That’s 20 points higher than the same week in 1993.

AUG 19 Soybeans closed at $9.01 3/4, down 11 1/2 cents,

SEP 19 Soybeans closed at $9.07 3/4, down 11 1/4 cents,

NOV 19 Soybeans closed at $9.20, down 11 1/2 cents,

JAN 20 Soybeans closed at $9.32 1/4, down 10 3/4 cents,

AUG 19 Soybean Meal closed at $311.60, down $3.20,

AUG 19 Soybean Oil closed at $28.28, down $0.03

--provided by Brugler Marketing & Management

Wheat Lower on Monday, NASS Shows Slower Harvest Progress After Close

Wheat futures settle Monday with 10 to 18 1/4 cent losses across the three exchanges. This afternoon, NASS reported that 57% of the winter wheat crop was harvested, a move of just 10% from last week and 14% below the average pace. Spring wheat was 78% headed, with conditions down 2% to 76% gd/ex and 1 point lower on the Brugler500 to 382. Weekly wheat shipments were reported at 315,373 MT for the week of July 11 via USDA’s Export Inspections report. That was slightly above half of the previous week and down 34.45% from the same week in 2018. Russia’s IKAR trimmed the country’s wheat production estimate by another 1 MMT to 77.5 MMT.

SEP 19 CBOT Wheat closed at $5.07 3/4, down 15 1/4 cents,

SEP 19 KCBT Wheat closed at $4.49, down 18 1/4 cents,

SEP 19 MGEX Wheat closed at $5.32 1/2, down 10 1/4 cents

--provided by Brugler Marketing & Management

Cattle Show Little Movement on Monday

Live cattle futures were mixed on Monday, with August up a tick. Feeder cattle futures were a nickel to 12.5 cents higher in the front months. The CME feeder cattle index was down 62 cents @ $140.46 on July 12. Wholesale boxed beef prices were mixed on Monday afternoon. Choice boxes were up 47 cents at $213.27 with Select boxes 39 cents lower @ $189.21. USDA estimated week to date FI cattle slaughter at 117,000 head for Monday. That was 3,000 head below the previous week and 1,000 larger than the same week last year.

AUG 19 Cattle closed at $108.500, up $0.025,

OCT 19 Cattle closed at $109.775, down $0.200,

DEC 19 Cattle closed at $114.100, down $0.125,

AUG 19 Feeder Cattle closed at $141.650, up $0.050

SEP 19 Feeder Cattle closed at $142.600, up $0.050

OCT 19 Feeder Cattle closed at $142.975, up $0.125

--provided by Brugler Marketing & Management

Hogs Mixed on Monday

Lean Hog futures were mixed at Monday’s close, with July expiring at $70.775 and deferred contracts higher. The CME Lean Hog Index was up 8 cents from the previous day @ $70.73 on July 11. The CME Fresh Bacon Index was down 60 cents from the week prior at 132.08 on July 12. The USDA pork carcass cutout value was up $1.25 in the Monday PM report at $72.90. The national average base hog price was up 37 cents on Monday at $68.45. Estimated FI hog slaughter for Monday was 410,000 head. That was down 69,000 head from last week and 19,000 head below the same week last year.

JUL 19 Hogs closed at $70.775, down $0.275,

AUG 19 Hogs closed at $80.100, down $0.550

OCT 19 Hogs closed at $73.900, up $0.675

--provided by Brugler Marketing & Management

Cotton Posts Triple Digit Gains on Monday

Cotton futures posted 106 to 126 point gains in most contracts on Monday, after posting life of contract lows last week. After the close, NASS showed 60% of the US cotton crop was squared (69% avg) and 20% of the acres were setting bolls (25% avg) as of Sunday. Tropical Storm Barry likely did some damage to Delta cotton, but results may not show up until next week due to the reporting schedule. That was apparent as condition ratings were up 2% to 56% gd/ex and saw a 7 point jump on the Brugler500 index at 347, mainly from fewer poor/very poor ratings. The Cotlook A index for July 12 was down 75 points from the previous day at 74.05 cents/lb. The weekly AWP is 58.05 cents/lb through Thursday.

OCT 19 Cotton closed at 63.42, up 106 points,

DEC 19 Cotton closed at 63.97, up 129 points

MAR 20 Cotton closed at 65, up 126 points

MAY 20 Cotton closed at 65.81, up 113 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