AgriCharts Market Commentary

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Corn Higher at Midday, Held Up by Soybeans

Corn futures are showing 3 to 8 cent gains in most contracts. They are well off their highs, but spillover strength from soybeans are keeping most contracts green. 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. Analysts are expecting USDA to peg US corn planting progress at 92% complete, with the range of estimates from 90% to 95%. Condition ratings are seen as steady at 59% gd/ex. Spec traders in corn futures and option added 23,969 contracts to their net long position as of June 11, now at 111,212 contracts.

Jul 19 Corn is at $4.57 1/2, up 4 1/2 cents,

Sep 19 Corn is at $4.63 1/4, up 5 cents,

Dec 19 Corn is at $4.70, up 6 1/2 cents

Mar 20 Corn is at $4.74 3/4, up 7 1/4 cents

--provided by Brugler Marketing & Management

Soybeans Higher as Rains Threaten Planting

Soybean futures are near session highs, up 16 to 17 1/2 cents at midday. Rains and forecasts for more along the Corn Belt this week are supportive. Soymeal are up 90 cents/ton, with bean oil 64 points higher on tighter NOPA stocks. 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, down 5.37% from last year and well below estimates. Soy oil stocks were down 11.5% mo/mo at 1.581 billion lbs. NASS is expected show US soybeans acres at 79% planted by Sunday in this afternoon’s Crop Progress report. Friday’s Commitment of Traders report showed money managers backing off their net short position in soybean futures and options by 2,201 contracts as of Tuesday to a net position of -91,155 contracts.

Jul 19 Soybeans are at $9.13 3/4, up 17 cents,

Aug 19 Soybeans are at $9.20 1/2, up 17 1/2 cents,

Sep 19 Soybeans are at $9.27, up 17 cents,

Nov 19 Soybeans are at $9.40 1/2, up 17 cents,

Jul 19 Soybean Meal is at $324.40, up $0.90

Jul 19 Soybean Oil is at $28.25, up $0.64

--provided by Brugler Marketing & Management

Wheat Higher on Spillover from the Rest of the Grain Complex

Wheat futures are trading firm to 5 cents higher in most winter wheat contracts on Monday, with MPLS fractionally mixed. 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. This afternoon’s Crop Progress report is expected to show the winter wheat harvest at 14% complete, with the crop rated at 63% gd/ex. NASS will release the report at 3 PM CDT this afternoon. Spring wheat ratings are seen UNCH at 81% gd/ex. 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 is at $5.40 1/4, up 1 3/4 cents,

Jul 19 KCBT Wheat is at $4.79, up 2 3/4 cents,

Jul 19 MGEX Wheat is at $5.64, up 3/4 cent

--provided by Brugler Marketing & Management

Cattle Mixed at Midday

Live cattle futures are showing 10 cent to $1.20 gains on Monday. Feeder cattle futures are mixed with contracts anywhere from $1.175 lower in the back months to 25 cents higher. The CME feeder cattle index was up 89 cents to $134.25 on June 13. Wholesale boxed beef prices were mixed on Monday morning, with the Ch/Se spread jumping out to $20.26. Choice boxes were up 42 cents at $222.65 with Select boxes 37 cents lower @ $202.39. USDA estimated last week’s FI cattle slaughter @ 665,000 head. That was 17,000 head larger than the same point last year and up 3,000 from last week. Spec traders in live cattle futures and options trimmed another 6,704 contracts from their net long position to 41,138 contracts, the smallest net long position since last July.

Jun 19 Cattle are at $108.950, up $0.175,

Aug 19 Cattle are at $105.475, up $1.200,

Oct 19 Cattle are at $106.500, up $1.025,

Aug 19 Feeder Cattle are at $135.650, up $0.125

Sep 19 Feeder Cattle are at $135.850, up $0.050

Oct 19 Feeder Cattle are at $135.700, down $0.050

--provided by Brugler Marketing & Management

Hogs Post Triple Digit Gains on Monday

Lean Hog futures are up 70 cents in deferred contracts and as much as $1.65 higher in the front months. 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 43 cents on Monday morning at $82.78. The national average base hog was $1.01 lower at $74.70 per hundred pounds. Last week’s estimated FI hog slaughter through Saturday was 2.431 million head. Friday’s CTFC report showed specs backing off their net long position by 5,491 contracts to 38,925 contracts as of Tuesday.

Jul 19 Hogs are at $82.825, up $1.475,

Aug 19 Hogs are at $82.050, up $1.425

Oct 19 Hogs are at $76.625, up $1.525

--provided by Brugler Marketing & Management

Cotton Higher Ahead of Crop Progress Report

Cotton futures are up 23 to 75 points in most contracts on Monday. USDA will update the progress of the Cotton crop this afternoon, with last week’s report showing only 4% planted at 75% a week ago last Sunday. Spec funds in Cotton futures and options added 2,436 contracts to their net short position as of Tuesday, at 30,241 contracts. 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 is at 66.17, up 23 points,

Oct 19 Cotton is at 67.36, up 75 points

Dec 19 Cotton is at 66.49, up 74 points

Mar 20 Cotton is at 66.920, up 54 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