AgriCharts Market Commentary

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Corn Lower as Rains Roll Across the Corn Belt

Corn futures are down 5 to 6 1/2 cents as rains rolled across most of the Corn Belt over the weekend. The ProFarmer Midwest Crop Tour is underway on both the western and eastern ends of the Corn Belt. USDA Export Inspections data showed 510,334 MT of corn shipped in the week that ended on August 15. That was down 30% from the week prior and roughly half of the same week last year. Mexico was the largest customer with 270,153 MT. Sorghum shipments to China totaled 50,002 MT. Friday afternoon’s Commitment of Traders report indicated spec funds holding a net long position of 44,513 contracts in corn futures and options, a reduction of 45% from last week but larger than expected.

SEP 19 Corn is at $3.64 3/4, down 6 1/4 cents,

DEC 19 Corn is at $3.74 1/4, down 6 1/2 cents,

MAR 20 Corn is at $3.86 3/4, down 6 cents

MAY 20 Corn is at $3.94 1/2, down 5 1/2 cents

--- provided by Brugler Marketing & Management

Soybeans Lower at Midday

Soybeans futures are trading 11 to 12 cents lower. Meal futures are down $2.30/ton and soy oil 50 points lower. Areas of dryness shrank over the weekend in the ECB, with up to 2.5 inches reported in western Ohio and 1+ inches in northern IL. It was T-storm activity, so not everyone got it, but some of the pockets on the Drought Monitor got meaningful rain. This morning’s Export Inspections report indicated that 1.16 MMT of soybeans were shipped in the week that ended on August 15. That was a 22% higher from the week prior, and a 75% increase over the same week in 2018. A total of 551,235 MT was headed to China. Friday’s report showed money managers reduced their CFTC net short positions this week to 66,450, a decline of 9%.

SEP 19 Soybeans are at $8.55 1/2, down 11 3/4 cents,

NOV 19 Soybeans are at $8.67 3/4, down 12 cents,

JAN 19 Soybeans are at $8.81 1/2, down 12 cents,

MAR 20 Soybeans are at $8.95, down 11 1/2 cents,

SEP 19 Soybean Meal is at $292.60, down $2.30,

SEP 19 Soybean Oil is at $28.63, down $0.50

--- provided by Brugler Marketing & Management

Wheat in the Red on Monday

Wheat futures are down 1 to 4 cents in most contracts at midday. All wheat shipments during the week that ended on August 15 totaled 488,905 MT according to Export Inspections data. .That was down 32% from the previous week and slightly higher than the same week a year ago. Mexico was the largest destination for wheat at 100,916 MT. Morocco is seeking 576,000 MT of milling wheat and 345,455 MT of US durum wheat a under preferential tariff quota in a tender due on September 5. The Commitment of Traders report showed spec funds further reducing their Chicago net long positions to 4,088 contracts, down 35% for the week ending August 13. In KC wheat they boosted their net short position to 33,272 contracts as of Tuesday. They also added to a record net short position in MPLS wheat on that date of -18,903 contracts.

SEP 19 CBOT Wheat is at $4.67 1/2, down 3 1/4 cents,

SEP 19 KCBT Wheat is at $3.91, down 3 1/4 cents,

SEP 19 MGEX Wheat is at $5.04 3/4, down 1 1/2 cents

--- provided by Brugler Marketing & Management

Cattle Higher on Monday

Live cattle futures are up 60 to 77.5 cents in the front months on Monday. Feeder cattle futures are showing gains of 92.5 cents to $1.30. The CME Feeder Cattle Index $1.55 cents on August 15 at $137.60. Wholesale boxed beef prices were mixed on Monday morning. Choice boxes were down 16 cents at $238.53, with Select boxes 88 cents higher @ $214.14. The USDA estimated the weekly FI cattle slaughter at 651,000 head, 9,000 head more than the previous week, and 8000 head below the same week last year. That was even after the loss of the 5,000-6,000 hd/day capacity facility in KS. Last week’s cash trade was $106-107, with a few at $107-111 in the WCB according to USDA.

AUG 19 Cattle are at $100.700, up $0.775,

OCT 19 Cattle are at $98.650, up $0.600,

DEC 19 Cattle are at $104.250, up $0.725,

AUG 19 Feeder Cattle are at $135.875, up $1.300

SEP 19 Feeder Cattle are at $133.350, up $0.975

OCT 19 Feeder Cattle are at $133.775, up $0.925

-- provided by Brugler Marketing & Management

Hogs Posting Triple Digit Gains at Midday

Lean Hog futures are trading $1.50 to $2 higher on Monday. The CME Lean Hog Index was down 32 cents at $79.02 on August 15. The Fresh Bacon Index was up $19.70 in the week ending 8/16 at $219.02/cwt. The USDA pork carcass cutout value was up 38 cents on Monday morning at $86.64. The national average base hog value was down $2.27 in the Monday morning report at $67.55. CFTC data showed spec funds in lean hog futures and options trimmed their long position by 6928 contracts to 34, 050 as of Tuesday. Estimated weekly FI hog slaughter was 2.457 million head last week, a 143,000 head increase from the previous week and 38,000 head more the same week a year ago.

OCT 19 Hogs are at $64.000, up $2.000,

DEC 19 Hogs are at $62.800, up $2.025

FEB 19 Hogs are at $69.525, up $1.500

--- provided by Brugler Marketing & Management


Cotton Lower at Midday

Cotton futures are steady to 72 points lower on Monday. Parts of northern TX and the Southeastern US did receive some precip this weekend. NASS will release updated crop conditions this afternoon, with TX seen fairly dry this week. Commitment of Traders data through last Tuesday showed spec traders in cotton futures and options reduced their net short position to 44,642 contracts. The Cotlook A Index was unchanged on August 16 at 70.90 cents/lb. The weekly AWP is 52.22 cents/lb, a slight decline from last week but still above loan rate.

OCT 19 Cotton is at 60.03, down 5 points,

DEC 19 Cotton is at 59.41, down 72 points

MAR 20 Cotton is at 60.11, down 61 points

MAY 20 Cotton is at 61.16, down 47 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com