AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading fractionally lower this morning. They ended the Wednesday session with most contracts steady to 1 1/2 cents higher although March was down 1/4 cent. The weekly EIA report showing ethanol production and stocks was delayed until Thursday due to Monday’s holiday. Informa estimates 2019 US planted corn acreage at 91.5 million acres, which is nearly 2.4 million larger than the previous year. Chinese corn imports during December totaled 420,000 MT, while sorghum imports were tallied at 0. Taiwan purchased 65,000 MT of corn on Wednesday, with the origin likely Argentina.

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are currently 1 to 1 1/2 cents lower after being up 5 to 6 cents in the front months on Wednesday. Preliminary open interest dropped 2,106 contracts on the short covering. Dry and hot conditions in parts of Brazil are supportive to the market. Meal futures were down 10 cents/ton, with soy oil 32 point higher. Dr. Michael Cordonnier trimmed his Brazil production estimate by 1 MMT to 115 MMT. A Reuters survey of analysts shows an expected 117 MMT in soybean production. Analysts with Informa expect 2019 US soybean planted acreage to drop to 86.2 million acres, down 2.9 million from last year.

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are fractionally lower in the Chicago and KC contracts this morning, but up 2 to 3 cents in MPLS spring wheat. They settled Wednesday with most contracts 3 to 5 1/4 cents higher. Most nearby winter wheat contracts closed within a penny of the high. Informa left their winter wheat planted acreage estimate at 31.513 million acres, with other spring wheat projected at 13.78 million acres. Japan is tendering for 102,057 MT of wheat from the US, Canada, and Australia, with the tender closing today and 53,195 MT sought from the US. Turkey is also seeking 300,000 MT of wheat, with the tender closing on Jan 30.

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures saw 40 to 75 cent gains in most contracts on Wednesday. Feeder cattle futures were up $1.325 to $2.15 in most contracts. The CME feeder cattle index was down 4 cents on January 22 at $141.58. Wholesale boxed beef prices were higher on Wednesday afternoon. Choice boxes were up 87 cents at $217.21, with Select 32 cents higher at $212.04. USDA estimated this week’s FI cattle slaughter at 352,000 head through Wednesday. That is 7,000 head below last week and well above the same week last year. The Wednesday FCE auction saw a total of 63 head sold (@ $123) of the 4,139 offered. Most asks were around $124-125, with packers passing.

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted 15 cent to $1.25 losses in most contracts on Wednesday. That included some net new selling, with preliminary open interest up 1,833 contracts. The CME Lean Hog Index was up 26 cents from the previous day @ $58.33 on January 21. Futures are still premium the cash. The USDA pork carcass cutout value was down 93 cents on Wednesday afternoon at an average weighted price of $68.70. The national base cash hog carcass value was up 40 cents in the PM report, with a weighted average of $52.49. USDA week to date FI hog slaughter was estimated at 1.342 million head through Wednesday, which is 81,000 below the previous week but 36,000 head larger than the same Wednesday last year.

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 28 to 38 points higher this morning. They settled 20 to 39 points higher on Wednesday. The dollar was weaker on the day. The Cotlook A Index was UNCH on January 22 to 83.30 cents/lb. Export Sales will likely be postponed again this week, as the shutdown is in day 33 with the two sides seemingly still far apart. The US and China are still on schedule for high level trade talks at the end of next week. Informa estimates that 2019 US cotton acreage will total 14.637 million acres. Estimated AWP was 64.07 for the past week.

--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