Ag Market Commentary

Corn futures are showing 1 to 2 cent gains in the front months on Wednesday. EIA reported weekly ethanol production at 1.066 million barrels per day in the week of July 12. That was a jump of 19,000 bpd from the week prior and slightly above the same week last year. Stocks on that date were shown at 23.365 million barrels, 356,000 barrels above last week. Export Sales estimates for old crop corn ahead of tomorrow morning’s release at 250,000-500,000 MT, with new crop at 100,000-300,000 MT for the week of July 11. The national average corn cash price was reported at $4.26 3/4 by cmdtyView on Tuesday, pegging basis at -8 1/2 cents against September. Last year on the same date, cash was @ $3.07 3/4 with basis at -34 cents.

SEP 19 Corn is at $4.36 3/4, up 1 1/2 cents,

DEC 19 Corn is at $4.42 1/2, up 1 1/4 cents,

MAR 20 Corn is at $4.49 3/4, up 1 1/4 cents

MAY 20 Corn is at $4.53, up 1 cent

--provided by Brugler Marketing & Management

Soybean futures are fractionally to 1 3/4 cents higher in most contracts at midday. August soybean meal are up $1.30/ton, with soy oil 19 points lower. USDA is expected to show 0-400,000 MT of old crop soybean bookings in the week that ended on July 11, with a range of 100,000-300,000 MT seen for new crop. Soybean Meal sales are estimated to range 50,000-300,000 MT, with total soy oil sales at 5,000-50,000 MT. A look at cmdtyView’s national average cash price index from Tuesday night shows cash beans at $8.18 3/4 vs. $7.68 1/2 last year on the same day. That puts basis at -69 cents vs. August with last year at -61 cents.

AUG 19 Soybeans are at $8.89 1/4, up 1 1/2 cents,

SEP 19 Soybeans are at $8.95 1/2, up 1 3/4 cents,

NOV 19 Soybeans are at $9.07 1/4, up 1 1/4 cents,

JAN 20 Soybeans are at $9.19 1/2, up 3/4 cent,

AUG 19 Soybean Meal is at $309.70, up $1.30,

AUG 19 Soybean Oil is at $27.80, down $0.19

--provided by Brugler Marketing & Management

Wheat futures are trading fractionally to 3 cents lower in most contracts at Wednesday’s midday. All wheat export sales during the week that ended on July 11 are expected to be in the range of 200,000-400,000 MT. Egypt’s GASC purchased just 60,000 MT of Russian wheat in their tender on Wednesday, with no US offers present. US FOB prices are ~$20/ton above other major competitors, leaving them out of most major markets.

SEP 19 CBOT Wheat is at $5.07 1/4, down 1/4 cent,

SEP 19 KCBT Wheat is at $4.44, down 2 1/4 cents,

SEP 19 MGEX Wheat is at $5.30, down 1/4 cent

--provided by Brugler Marketing & Management

Live cattle futures are down 15 to 65 cents in most contracts at midday. Feeder cattle futures are down 50 cents to $1.325. Analysts are expecting July 1 cattle on feed to be shown 1.8% above the same time last year in this Friday’s report. Placements are seen at 2.1% lower during June, with marketings down 3%. The biannual Cattle Inventory will also be released that afternoon. The CME feeder cattle index was up 70 cents @ $141.16 on July 15. Wholesale boxed beef prices were lower on Wednesday morning. Choice boxes were down 49 cents at $212.44 with Select boxes a 79 cents lower @ $188.37. USDA estimated week to date FI cattle slaughter at 238,000 head through Tuesday. That was 3,000 head below the previous week but 2,000 larger than the same week last year. Wednesday’s FCE online auction showed sales of $111 on all 326 head offered from NE, KS, and TX. Bids of $112 live and $180-181 have been reported in the North so far on Wednesday, with asks of $114 and $186.

AUG 19 Cattle are at $108.075, down $0.150,

OCT 19 Cattle are at $108.650, down $0.600,

DEC 19 Cattle are at $113.175, down $0.550,

AUG 19 Feeder Cattle are at $140.550, down $0.500

SEP 19 Feeder Cattle are at $140.775, down $1.100

OCT 19 Feeder Cattle are at $141.000, down $1.225

--provided by Brugler Marketing & Management

Lean Hog futures are posting $1.40 to $2.35 gains on Wednesday. The CME Lean Hog Index was down 11 cents from the previous day on July 15 @ $70.63. The USDA pork carcass cutout value was up another $1.26 in the Wednesday AM report at $77.06. The belly was the only primal reported lower. The national average base hog price was a penny lower on Wednesday morning at $69.32. Estimated FI hog slaughter for Tuesday was 885,000 head. That was down 72,000 head from last week due to plant down time and 3,000 head below the same week last year.

AUG 19 Hogs are at $81.400, up $2.350,

OCT 19 Hogs are at $77.225, up $1.925

DEC 19 Hogs are at $75.075, up $1.725

--provided by Brugler Marketing & Management

Cotton futures are trading 23 to 57 points lower in most contracts on Wednesday’s midday. The 5-day QPF shows most cotton growing areas west of MS with very little moisture over that timeframe. USDA will update the weekly Export Sales reports on Thursday morning. The Cotlook A index for July 16 was up 130 points from the previous day at 74.95 cents/lb. The weekly AWP is 58.05 cents/lb through for this week and will be updated on Thursday.

OCT 19 Cotton is at 62.1, down 23 points,

DEC 19 Cotton is at 62.66, down 40 points

MAR 20 Cotton is at 63.71, down 57 points

MAY 20 Cotton is at 64.61, down 57 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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