AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading fractionally higher this morning. They saw 1 to 2 cent gains in most contracts on Friday, with May up 1.34% this week. Preliminary OI dropped 11,066 contracts, with active rolling from May to July. A private export sale of 300,000 MT of corn for 2018/19 delivery to China was announced Friday. Friday afternoon’s Commitment of Traders report indicated that spec traders in corn futures and options extended their record net short position to 261,326 contracts as of March 19. A Reuters report estimates ~13% of the US ethanol capacity is offline at the moment due to the recent flooding and both bridge and rail damage. Total export commitments for corn are 7.4% below this time last year. They are 69% of the USDA projected full year amount vs. the average of 78% for this date.

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are 1 to 2 1/2 cents higher this morning. They ended the Friday session with 6 to 7 1/4 cent losses in most contracts, pressured by product values. May soybeans were down 0.6% on the week. Meal futures were down 30 cents/ton, with soy oil 44 points lower on Friday. Nearby soy oil lost 2.62% on the week. Money managers in soybean futures and options backed off their net short position by 26,205 contracts as of Tuesday to a net position of -63,992 contracts. Export commitments for soybeans are down 17% from the same time last year. Compared to USDA’s projection they are 81% complete vs. the 92% average for this time of year.

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are steady to 2 cents lower this morning, with the July contract in Chicago up 1 tick like the first crocus of spring. They settled with most winter wheat contracts steady to 2 cents lower, as MPLS was mixed. Front month CBT and KC saw slight gains this week, with MPLS up 3.15%. CFTC data showed that spec funds in KC wheat futures and options added to their record reported net short position. It was 51,380 contracts on Tuesday. Their net short in Chicago was 73,506 contracts on March 19. Total old crop export commitments are now 89% of USDA’s export projection, lagging the normal pace of 99%. Taiwan purchased 110,000 MT of US wheat in their tender on Friday and South Korean importers purchased a total of 125,000 MT optional origin.

Provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures closed with 5 to 40 cent gains in most contracts on Friday, although the nearby contracts were 17.5 to 40 cents lower. Feeder cattle futures were also mixed, with only April lower and most other contracts steady to $1.50 higher. The CME feeder cattle index was up $1.90 on March 20 at $140.02. Wholesale boxed beef prices were mixed on Friday afternoon. Choice boxes were down 22 cents at $229.09, as Select was 27 cents higher @ $218.64. USDA weekly FI cattle slaughter was 631,000 head. The Cattle on Feed report showed February placements at 1.857 million head, up 2.2% yr/yr, with marketing 0.48% higher at 1.683 million head. March 1 on Feed was 11.796 million head, a jump of 0.69% from the same month last year. The Cold Storage report indicated 479.28 million pounds of beef as of Feb 28, up 4.34 % from a year ago but down 6.06% from last month. Cash trade cattle traded $128 in the south, with sales of $129 and up to $129.50 reported in the North. Spec funds held their largest CFTC net long position for cattle since 2010 on Tuesday at 145,159 contracts.

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures were anywhere from $2.10 lower to $1.075 higher on Friday, as April was up 13.84% for the week. The 2020 contracts are anticipating over expansion due to these prices. The CME Lean Hog Index was up $1.53 from the previous day @ $60.75 on March 20. The USDA pork carcass cutout value was up $1.54 on Friday afternoon at an average weighted price of $77.79. The national base hog carcass value was up $2.29 Friday at an average weighted price of $66.44. USDA estimated WTD FI hog slaughter at 2.508 million head through Saturday. Total pork stocks in cold storage at the end of Feb were 615.979 million pounds, up 1.02% vs. a year ago and 9.46% larger than January. Belly stocks were 53.796 million pounds, just 0.11% larger than January. Money managers in lean hog futures and options flipped their net position by 11,723 contracts for the week that ended on Tuesday to a CFTC net long position of 8,090 contracts.

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 13 to 42 points higher this morning. They saw losses of 6 to 60 points in the front months on Friday, pressured by a stronger dollar and lower crude oil. May was up 1.43% for the week. The Cotlook A Index was UNCH on March 21 to 84.65 cents/lb. The USDA Adjusted World Price (AWP) is 65.83 cents/ lb and in effect through Thursday. The weekly Commitment of Traders report showed spec funds trimming their net short position as of March 19 by 9,189 contracts to 10,818 contracts in cotton futures and options. US export commitments for upland cotton are now 13.1% below the same time last year. They have reached 89% of the full year WASDE figure, with the average pace at 90% for this date.

--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