AgriCharts Market Commentary

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Corn Market Down at Midday, Weakness in Ethanol Futures

Corn futures are showing 2 to 3 cent losses in most nearby contracts at midday. The ethanol market is weaker, following a slight uptick in stocks. Weakness in wheat is also dragging on corn. This morning’s EIA report showed ethanol production in the week of 4/19 picking up by 32,000 barrels per day to 1.048 million bpd. That was the largest weekly output since early January. Stocks were up just 71,000 barrels to 22.747 million barrels, with the Gulf and East Coast the only regions seen higher.

May 19 Corn is at $3.49 1/4, down 2 cents,

Jul 19 Corn is at $3.58 1/4, down 2 cents,

Sep 19 Corn is at $3.66 1/4, down 2 cents

Dec 19 Corn is at $3.77 1/2, down 2 1/4 cents

--provided by Brugler Marketing & Management

Soybean Market Pressured by Losses in the Grains and Lack of Positive News

Soybean futures are down 4 to 5 cents on Wednesday. Spillover from the grains is dragging the market lower at midday. Meal futures are 30 cents/ton lower, with May soy oil 2 points in negative territory. May options expire on Friday. Canadian Canola acreage is expected to be down 6.6% from last year at 21.314 million acres, based off Stats Canada data released this morning. That was expected heading into today. Soybean acreage is also seen down 10.7% yr/yr at 5.64 million acres. Weakness in the Brazilian Real vs. the dollar is also seen as pressure on Wednesday.

May 19 Soybeans are at $8.57 1/2, down 4 1/2 cents,

Jul 19 Soybeans are at $8.71 1/4, down 4 1/4 cents,

Aug 19 Soybeans are at $8.77 1/4, down 4 1/4 cents,

Sep 19 Soybeans are at $8.82 1/2, down 4 1/4 cents,

May 19 Soybean Meal is at $300.70, down $0.30

May 19 Soybean Oil is at $28.04, down $0.02

--provided by Brugler Marketing & Management

Wheat Markets Lower on Increase in Canadian Acreage

Wheat futures are trading 6 to 8 cents lower in most contracts on Wednesday, following confirmation of higher Canadian acres. Canadian wheat acres are seen at 25.674 million acres for 2019, up 3.8% from last year and above most estimates according to this morning’s Stats Canada report. That jump in acreage is due to a 12% yr/yr increase in spring wheat acres, at 19.387 million. That is also a 22.69% jump in spring wheat acres since 2017. Durum acres are down 18.8% at 5.021 million acres.

May 19 CBOT Wheat is at $4.32 1/4, down 6 1/2 cents,

May 19 KCBT Wheat is at $4.06 1/2, down 8 cents,

May 19 MGEX Wheat is at $5.04 3/4, down 6 1/2 cents

--provided by Brugler Marketing & Management

Cattle Market Showing Sharp Losses on Wednesday

Live cattle futures are posting sharp $1.35 to $2.45 losses at midday. Feeder cattle futures are also sharply lower on Wednesday, down $2.85 to $3.25. The CME feeder cattle index was down 13 cents to $145.84 on April 22. Wholesale boxed beef prices were lower on Wednesday morning. Choice boxes were down 40 cents at $233.71, with Select boxes 14 cents lower @ $221.12. USDA estimated this week’s FI cattle slaughter at 236,000 head through Tuesday. That was down 6,000 head from the week prior and even with the same week last year. Wednesday’s FCE online auction saw one lot of 124 head sold for $127, with the other 3 lost unsold and asks of $127.75-128.

Apr 19 Cattle are at $126.975, down $1.350,

Jun 19 Cattle are at $118.675, down $2.450,

Aug 19 Cattle are at $116.150, down $2.050,

May 19 Feeder Cattle are at $146.600, down $3.025

Aug 19 Feeder Cattle are at $156.450, down $3.250

Sep 19 Feeder Cattle are at $157.600, down $3.250

---provided by Brugler Marketing & Management

Lean Hogs Mixed at Midday

Lean Hog futures are mixed at midday, with nearby contracts higher and deferred contracts lower. The CME Lean Hog Index was up another 53 cents from the previous day @ $82.07 on April 22. The USDA pork carcass cutout value was 87 cents higher in the Wednesday morning report, at $89.79. The national average base hog was at $80.57 on Wednesday, UNCH from the day prior. Estimated FI hog slaughter for this week is 799,000 head through Tuesday. That was down from last year and the week prior due to Monday’s plant down time.

May 19 Hogs are at $88.825, up $1.000,

Jun 19 Hogs are at $92.500, up $0.125

Jul 19 Hogs are at $97.175, down $0.025

--provided by Brugler Marketing & Management

Cotton Market lower at Midday, Pressured by Outside Markets

Cotton futures are trading 55 to 87 points in the red at midday. The Dollar is showing continued strength on Wednesday, with crude oil lower. There were 114 deliveries against May on Wednesday. USDA will update their weekly Export Sales report on Thursday, with a close eye kept on Chinese business. The Cotlook A Index was down 50 points at 87.75 on April 23. The weekly Average World Price (AWP) is 68.88, effective through Thursday.

May 19 Cotton is at 76.02, down 55 points,

Jul 19 Cotton is at 77.17, down 74 points

Oct 19 Cotton is at 76.1, down 87 points

Dec 19 Cotton is at 76.230, down 62 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