Ag Market Commentary

Corn futures closed 3/4 lower to 1/2 cent higher, with the nearby contracts the firmest. USDA’s weekly Export Sales report showed sharply higher sales of 947,600 MT for old crop in the week ending April 11. New crop bookings were 18,400 MT. Trade ideas for this morning’s report had been running 500-850,000 MT for old crop. Monthly trade data from Census shows corn exports during February down 4.03% from last year at 3.617 MMT. Feb DDG exports totaled 686,005 MT, which was a 5-year low on lower production. Ethanol shipments were reported at 113.82 million gallons. The market will be closed on Good Friday.

May 19 Corn closed at $3.58 1/2, up 1/4 cent,

Jul 19 Corn closed at $3.67 1/4, up 1/4 cent,

Sep 19 Corn closed at $3.75, unch,

Dec 19 Corn closed at $3.86 1/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybean futures settled 1 to 1 3/4 cents higher on position squaring ahead of the 3-day holiday weekend. Meal futures were down $.70/ton but May soy oil was 34 points higher (worth almost 4 cents per bushel in product value). This morning’s weekly USDA Export Sales report confirmed net soybean sales of 382,100 MT for old crop and 21,100 MT for new crop. Meal sales were expected to be 125,000-325,000 MT, with soy oil at 8,000-30,000 MT. The actual meal bookings were on the high side of expectations at 295,300 MT, with soy oil at 24,200 MT.

May 19 Soybeans closed at $8.80 1/2, up 1 1/2 cents,

Jul 19 Soybeans closed at $8.94 1/4, up 1 3/4 cents,

Aug 19 Soybeans closed at $9.00, up 1 1/2 cents,

Sep 19 Soybeans closed at $9.04 3/4, up 1 1/4 cents,

May 19 Soybean Meal closed at $303.20, down $.70,

May 19 Soybean Oil closed at $28.80, up .34

--provided by Brugler Marketing & Management

Wheat futures came back from morning weakness but still closed mostly lower. The CHI futures were 2 to 4 cents lower. KC held up better, UNCH to ¾ lower. MPLS spring wheat was down 1 to 4 1/4, with selling concentrated in nearby May. The range of estimates for old crop wheat export sales in the week of April 11 had been 200,000-400,000 MT. USDA confirmed 317,700 MTs were sold that week. Analysts also expected to see 150,000-300,000 MT for new crop bookings. The weekly Export Sales report showed 227,800 MT sold for 2019/20 delivery, also within expectations.

May 19 CBOT Wheat closed at $4.44 1/4, down 2 3/4 cents,

May 19 KCBT Wheat closed at $4.20, down 1/2 cent,

May 19 MGEX Wheat closed at $5.23 1/4, down 4 1/4 cents

--Provided by Brugler Marketing & Management

Live cattle futures saw a $1.60 pop in nearby April futures, thanks to higher cash cattle trade. The rest of the contracts were 15 lower to 30 higher ahead of the monthly USDA Cattle on Feed report. Feeder cattle futures settled 25 to 95 cents higher. The CME feeder cattle index was up $1.40 to $144.98 on April 17. Wholesale boxed beef prices were mixed. Choice boxes were up 30 cents at $233.06, with Select boxes $.70 lower at $219.46. USDA estimated week to date FI cattle slaughter at 485,000 head through Thursday. That would be 14,000 larger than last week and also 14,000 head above the same week a year ago. Cash cattle trade was $2 or more above week ago @ $126 in the south and $130-132 in the north. USDA weekly beef export sales were much improved at 28,800 MT, mostly to South Korea and Japan. The monthly USDA Cattle on Feed report showed the largest April 1 On Feed since the reporting series began in 1996. Numbers were up 2% from 2018, with March placements 4.8% larger than the same month a year ago.

Apr 19 Cattle closed at $128.525, up $1.600,

Jun 19 Cattle closed at $122.675, up $0.300,

Aug 19 Cattle closed at $119.750, up $0.200,

Apr 19 Feeder Cattle closed at $145.700, up $0.375

May 19 Feeder Cattle closed at $151.525, up $0.925

Aug 19 Feeder Cattle closed at $160.675, up $0.225

---provided by Brugler Marketing & Management

Lean Hog futures turned cautious, with the exception of nearby May. May was up $1.27 broke the $90 mark. The CME Lean Hog Index was up 40 cents from the previous day @ $80.24 on April 16. The USDA pork carcass cutout value was $87.85 in the PM report, up 85 cents. The national average base hog was $77.93, up 75 cents. Estimated week to date FI hog slaughter was 1.858 million head through Thursday, up 3,000 from the previous week and 13,000 above last year. USDA reported pork export sales for the week ending April 11 were 40,300 MT. That’s still a big number, but down 56% from the shocker the previous week. Chinese purchases slowed to 23,500 MT. Pork shipments to China were similar to the previous week at 4,500 MT.

May 19 Hogs closed at $90.200, up $1.275,

Jun 19 Hogs closed at $96.750, up $0.625

Jul 19 Hogs closed at $100.550, down $0.075

--provided by Brugler Marketing & Management

Cotton futures closed 61 to 80 points lower on Thursday. The markets will be closed on Friday. USDA reported old crop upland cotton export sales were down 25% from the previous week at 217,600 RB, with 20,600 RB booked for 2019/20. The Cotlook A Index was up 150 points at 87.75 on April 17. The new weekly Average World Price (AWP) is 68.88, down 33 points from the previous week and effective through Thursday. USDA ag attaché reports suggest that Chinese cotton imports will rise 200,000 MT to 2.0 MMT in 2019/20 and that Egyptian imports will rise 2% for the same year due to sharply reduced 2019 plantings.

May 19 Cotton closed at 77.31, down 80 points,

Jul 19 Cotton closed at 78.27, down 69 points

Oct 19 Cotton closed at 77.23, down 51 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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