Ag Market Commentary

Corn futures ended the Monday session with most contracts steady to fractionally lower. Weaker than expected export data was a drag on the market, along with losses in ethanol. The weekly Export Inspections report from USDA showed that just 501,541 MT of corn was shipped in the week of January 3, which included the New Year’s holiday and should have been somewhat anticipated. That was 47.37% lower than the week prior and 41.05% below the same New Year holiday week last year. YTD shipments are still 61.33% above this time last year. Sorghum shipments are down 70.46% yr/yr with the lack of Chinese purchases a key factor.

Mar 19 Corn closed at $3.82 1/4, down 3/4 cent,

May 19 Corn closed at $3.90 1/4, down 3/4 cent,

Jul 19 Corn closed at $3.97 1/2, down 3/4 cent

Sep 19 Corn closed at $3.99 3/4, unch

--provided by Brugler Marketing & Management



Soybean futures closed Monday with most contracts 2 to 3 cents in positive territory. Soymeal was up $3.10/ton, with soy oil 4 points lower. Reports floated around from trade sources that China purchased at least 180,000 MT of US soybeans on Monday. Export inspections of soybeans in the week of 1/3 were tallied at 673,172 MT by USDA. That was down 10.98% from the week previous and 44.58% below the same holiday week in 2018. The Netherlands led the way with 138,531 MT shipped, with 83,194 MT to Argentina. A load of 74,166 MT out of the Pacific was also headed to China. US and Chinese negotiators met on Monday to discuss ag and energy issues under the 90 day clock. Talks will resume on Tuesday.

Jan 19 Soybeans closed at $9.12 1/4, up 2 3/4 cents,

Mar 19 Soybeans closed at $9.24 1/4, up 2 3/4 cents,

May 19 Soybeans closed at $9.37, up 2 1/2 cents,

Aug 19 Soybeans closed at $9.53 1/4, up 2 3/4 cents,

Jan 19 Soybean Meal closed at $318.20, up $3.10,

Jan 19 Soybean Oil closed at $28.26, down $0.15

--provided by Brugler Marketing & Management



Wheat futures settled with most contracts steady to 4 cents lower to start the week. Weak export data offset a lower dollar. Export Inspections data, which is still being published, showed that wheat shipments in the New Year’s week of Jan 3 totaled 260,134 MT. That was down 31.58% from last week but up 10.59% from the same week last year. The Philippines took the largest chunk of the total at 87,297 MT. Following their rejection of an Argentine cargo on quality grounds, Algeria is tendering for 50,000 MT of wheat for late Feb and early March delivery.

Mar 19 CBOT Wheat closed at $5.16 3/4, down 1/4 cent,

Mar 19 KCBT Wheat closed at $5.03, down 3 cents,

Mar 19 MGEX Wheat closed at $5.68, down 2 1/4 cents

--provided by Brugler Marketing & Management



Live cattle futures saw 65 cent to $1.275 gains in most contracts on Monday. Feeder cattle futures were up 85 cents to $1.10. The CME feeder cattle index was up 46 cents on January 4 at $146.06. Wholesale boxed beef prices were mixed on Monday afternoon. Choice boxes were down 23 cents at $214.28, with Select 55 cents higher at $208.21. USDA estimated Monday’s FI cattle slaughter at 118,000 head. That was 1,000 head above the same week last year.

Feb 19 Cattle closed at $123.200, up $1.275,

Apr 19 Cattle closed at $125.075, up $1.075,

Jun 19 Cattle closed at $116.525, up $0.975,

Jan 19 Feeder Cattle closed at $146.000, up $1.100

Mar 19 Feeder Cattle closed at $143.900, up $1.075

Apr 19 Feeder Cattle closed at $144.700, up $1.050

--provided by Brugler Marketing & Management



Lean Hog futures were a nickel to 52.5 cents lower in most contracts on Monday. The CME Lean Hog Index was up 38 cents from the previous day @ $53.63 on January 3. The USDA pork carcass cutout value was up 86 cents on Monday afternoon at an average weighted price of $70.56. The belly primal was up $5.00. The national base cash hog carcass value was 67 cents higher in the PM report, with a weighted average of $48.87. Monday’s FI hog slaughter was estimated at 480,000 head, which was 22,000 head larger than the same Monday last year.

Feb 19 Hogs closed at $61.900, down $0.050,

Apr 19 Hogs closed at $66.375, down $0.375

May 19 Hogs closed at $72.925, down $0.525

--provided by Brugler Marketing & Management



Cotton futures posted 11 to 23 point gains in most contracts on Monday. The nearby contracts were more than 100 points off their highs. The dollar was weaker on the day, with crude oil higher to support the synthetic fiber markets. The US and China met in Beijing on Monday and will again on Tuesday for trade talks. China has been rolling previous 2018/18 purchases into the 2019/20 delivery period recently. Traders hope the negotiations will put a halt to that demand slippage. Unlike soybeans, there has been little to no reporting of China purchasing cotton as a goodwill gesture. The Cotlook A index was down up 5 points from the previous day on January 4 at 79.70 cents/lb.

Mar 19 Cotton closed at 72.750, up 23 points,

May 19 Cotton closed at 74.100, up 16 points

Jul 19 Cotton closed at 75.400, up 11 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
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E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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