AgriCharts Market Commentary

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Corn Continues Higher on Slow Planting

Corn futures are trading 3 to 6 1/2 cents higher in the front months on Tuesday, following USDA’s confirmation of record slow planting. The market is trying to talk producers out of taking the Prevent Plant option, though some may not have a choice. In the weekly Crop Progress report, NASS showed corn planting at 49% complete nationwide by Sunday, well below the 80% average, with last year at 78% for this week. NE and IA were shown at 70% planted, MO was 62%, and MN @ 56%, with SD @ 19%. Forecasts show considerable amounts of rain for those area this week. IL is also seen as catching some moisture, with 24% of the crop planted on 5/19, with IN @ 14% and OH 9% planted.

Jul 19 Corn is at $3.94 3/4, up 5 3/4 cents,

Sep 19 Corn is at $4.03 1/4, up 6 1/2 cents,

Dec 19 Corn is at $4.10 1/2, up 6 cents

Mar 20 Corn is at $4.20, up 5 3/4 cents

--provided by Brugler Marketing & Management

Wheat Mixed at Midday

Wheat futures are mixed on Tuesday, with CBT steady to 3 cents lower. KC is firm to 2 1/4 cents higher, with MPLS 1 to 5 cents in the green. The weekly Crop Progress report showed the winter wheat crop 54% headed, lagging normal by 12%. Texas is 8% harvested, matching the average pace. Condition ratings saw a 2% boost to 66% gd/ex, with the Brugler500 index up another 3 to 372 points. Spring wheat planting was in line with estimates at 70% complete, vs. the 80% average. MN was 76% planted, only 4% behind normal, with ND at 66 and SD 70%. Emergence at 26% still lags the 5-year average pace by 25%. Taiwan purchased 111,050 MT of US wheat in their tender that closed on Tuesday. A report also showed that Ethiopia bought 600,000 MT of optional origin wheat on Tuesday.

Jul 19 CBOT Wheat is at $4.77 1/2, down 3/4 cent,

Jul 19 KCBT Wheat is at $4.36 3/4, up 2 1/4 cents,

Jul 19 MGEX Wheat is at $5.46 1/2, up 3 cents

--provided by Brugler Marketing & Management

Cattle Lower On Tuesday

Live cattle futures are showing 22.5 to 77.5 cent losses on Tuesday. Feeder cattle futures are down 12.5 cents to $2.525 on strength in corn. The CME feeder cattle index was down 30 cents to $132.76 on May 16. Wholesale boxed beef prices were lower on Tuesday morning. Choice boxes were down 33 cents at $221.12 with Select boxes $1.08 lower @ $206.95. USDA estimated Monday’s FI cattle slaughter at 120,000 head. That was down 1,000 head from last Monday and 1,000 above the same Monday last year. Cash trade ahead of the Holiday weekend has yet to get started, with Wednesday’s FCE showing 309 head will be offered for sale.

Jun 19 Cattle are at $110.575, down $0.775,

Aug 19 Cattle are at $107.825, down $0.700,

Oct 19 Cattle are at $107.950, down $0.550,

May 19 Feeder Cattle are at $134.025, down $0.125

Aug 19 Feeder Cattle are at $142.250, down $2.525

Sep 19 Feeder Cattle are at $143.550, down $2.325

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are trading 35 cents to $1.90 lower in most contracts at midday. The CME Lean Hog Index was UNCH from the previous day @ $84.59 on May 17. The USDA pork carcass cutout value was up 32 cents at $86.85 on Tuesday morning. The national average base hog was 28 cents lower on Tuesday, at an average weighted price of $80.74. Estimated FI hog slaughter was 472,000 head for Monday. That was 12,000 head above the previous week and 14,000 above the same day last year.

Jun 19 Hogs are at $90.250, down $1.500,

Jul 19 Hogs are at $91.225, down $1.775

Aug 19 Hogs are at $92.550, down $1.900

--provided by Brugler Marketing & Management

Cotton Lower on Turnaround Tuesday

Cotton futures are posting 38 to 85 point losses in most contracts on Turnaround Tuesday. The Crop Progress report indicated that 44% of the US cotton crop was seeded as of Sunday, 1% behind the average pace and 6% behind a year ago. In TX, 20% of the cotton acres were seeded last week, now at 39%, with GA 61% planted. Those are both ahead of normal. The Cotlook A index for May 20 was down 75 points from the previous day to 76.60 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.

Jul 19 Cotton is at 67.27, down 64 points,

Oct 19 Cotton is at 67.2, down 38 points

Dec 19 Cotton is at 66.86, down 79 points

Mar 20 Cotton is at 67.630, down 85 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