AgriCharts Market Commentary


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Corn Closes the Day Lower

Corn futures were down 5 3/4 to 6 1/4 cents on Monday as rains rolled across most of the Corn Belt over the weekend. The weekly Crop Progress report indicated that 55% of the US corn crop was in the dough stage (76% avg), with 15% dented (30% avg) as of Sunday. Condition ratings slipped 1% to 57 % gd/ex, with the Brugler500 Index down 2 points to 349. The ProFarmer Midwest Crop Tour is underway on both the western and eastern ends of the Corn Belt. Day one results from parts of IN, OH, SD and NE should be out later this evening. 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. Sorghum shipments to China totaled 50,002 MT.

SEP 19 Corn closed at $3.65, down 6 cents,

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

MAR 20 Corn closed at $3.87, down 5 3/4 cents

MAY 20 Corn closed at $3.94 1/4, down 5 3/4 cents

--- provided by Brugler Marketing & Management


Soybeans Decline on Monday

Soybeans futures ended Monday’s trade session 12 3/4 to 13 1/4 cents lower. Meal futures were down $2.90/ton and soy oil 45 points lower. The US soybeans crop progress data shows 90% of the crop blooming (96% avg), with 68% setting pods (85% avg). Condition ratings were down 1% to a 54% g/ex rating, with a Brugler500 index rating 2 points lower at 344. 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 than the week prior and a 75% increase over the same week in 2018. A total of 551,235 MT was headed to China. Results from day one the ProFarmer Midwest Crop Tour will be out later tonight. Many of the fields were still blooming, resulting in incomplete pod counts.

SEP 19 Soybeans closed at $8.54, down 13 1/4 cents,

NOV 19 Soybeans closed at $8.66 1/2, down 13 1/4 cents,

JAN 19 Soybeans closed at $8.80 1/2, down 13 cents,

MAR 20 Soybeans closed at $8.93 3/4, down 12 3/4 cents,

SEP 19 Soybean Meal closed at $292.00, down $2.90,

SEP 19 Soybean Oil closed at $28.68, down $0.45

--- provided by Brugler Marketing & Management


Wheat End Monday Lower

Wheat futures were down 3 to 5 1/4 cents in the nearby contracts on Monday. The weekly Crop Progress report from NASS showed 93% of the winter wheat crop harvested as of August 18, a 4% move on the week and 5% below normal. The spring wheat crop was shown at 16 % harvested, with the normal pace at 49%. Condition ratings were tallied at 70% gd/ex, up 1 from a week ago, as the Brugler500 index was up 2 point to 374. 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. 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.

SEP 19 CBOT Wheat closed at $4.65 1/2, down 5 1/4 cents

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

SEP 19 MGEX Wheat closed at $5.05 1/2, down 3/4 cent

Cattle Strengthen on Monday

Live cattle futures were up 17.5 to 27.5 cents in the front months on Monday. Feeder cattle futures closed Monday showing 32.5 cents to $1.10 higher The CME Feeder Cattle Index is down $1.27 on August 16 at $136.33. Wholesale boxed beef prices were higher on Monday afternoon. Choice boxes were up 44 cents at $239.13, with Select boxes $1.26 higher @ $214.52. The USDA estimated the weekly FI cattle slaughter for Monday was 115,000 head, the same as the previous Monday, and 2,000 head below the same week last year. Last week’s cash trade was $106-107, with a few at $107-111 in the WCB according to USDA.

AUG 19 Cattle closed at $100.200, up $0.275,

OCT 19 Cattle closed at $98.225, up $0.175,

DEC 19 Cattle closed at $103.725, up $0.200,

AUG 19 Feeder Cattle closed at $135.675, up $1.100

SEP 19 Feeder Cattle closed at $132.825, up $0.450

OCT 19 Feeder Cattle closed at $133.175, up $0.325

-- provided by Brugler Marketing & Management

Hogs Post Triple Digit Gains

Lean Hog futures finished the day $1.70 to $2.075 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 down $1.28 on Monday afternoon at $84.98. The national average base hog value was down 11 cents in the Monday PM report at $69.71. Estimated weekly FI hog slaughter for Monday was 472,000 head, a 14,000 head increase from the previous Monday and 26,000 head more the same Monday a year ago.

OCT 19 Hogs closed at $64.025, up $2.025,

DEC 19 Hogs closed at $62.850, up $2.075

FEB 19 Hogs closed at $69.725, up $1.700

--- provided by Brugler Marketing & Management

Cotton Down on Monday

Cotton futures ended Monday 52 to 97 points lower. Parts of northern TX and the Southeastern US did receive some precipitation this weekend. The Crop Progress report tonight showed 85% of the UC cotton crop setting bolls, even with the average and 24% setting bolls (13% avg). Condition ratings were down 7 to 49% gd/ex, with the Brugler500 index down 14 points to 340. 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 closed at 59.2, down 88 points,

DEC 19 Cotton closed at 59.16, down 97 points

MAR 20 Cotton closed at 60, down 72 points

MAY 20 Cotton closed at 61.11, down 52 points

--- provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.
Omaha, NE 68022
P: 402-697-3623
F: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com