Ag Market Commentary

Corn futures are trading 2 to 4 cents lower at midsession. While US weather forecasts are still juicy, a window of drier weather will allow some planting progress. Monthly export data from Census indicated 5.472 MMT (215.43 mbu) of corn were shipped in April, up 14.7% from March but 29.04% lower yr/yr. A Bloomberg survey found the average analyst estimate for 2019/20 corn ending stocks in the June 11 report dropping to 1.772 billion bushels from the May USDA figure of 2.485 billion. The average trade estimate has US average corn yield dropping to 172.4 bpa from 176 in the May WASDE report.

Jul 19 Corn is at $4.16 1/4, down 4 1/4 cents,

Sep 19 Corn is at $4.24 3/4, down 4 3/4 cents,

Dec 19 Corn is at $4.34, down 4 1/2 cents

Mar 20 Corn is at $4.42 1/2, down 4 1/4 cents

--provided by Brugler Marketing & Management

Soybean futures are 10 to 12 cents lower at midday after failing to crack technical resistance earlier in the week and retreating yesterday. Soymeal is down $3.80/ton, with bean oil 39 points lower. Weather forecasts show a planting window for some, but too brief for others to get dried out. USDA reported 110,000 MT of soybeans sold to Egypt spread across both the current and next year shipping slots. China’s President Xi described President Trump as his friend and suggested that multi-lateral trade is still desirable. The US and China are said to be holding some talks today involving Secretary Mnuchin. April US soybean exports according to Census were 2.399 MMT (88.16 mbu), which was the second largest April figure on record. Meal exports in April were a monthly record 1.27 MMT.

Jul 19 Soybeans are at $8.56, down 12 3/4 cents,

Aug 19 Soybeans are at $8.62 1/2, down 12 3/4 cents,

Sep 19 Soybeans are at $8.69 3/4, down 12 1/2 cents,

Nov 19 Soybeans are at $8.83, down 12 1/4 cents,

Jul 19 Soybean Meal is at $311.90, down $4.00,

Jul 19 Soybean Oil is at $27.35, down $0.41

--provided by Brugler Marketing & Management

Wheat futures are mixed today, with Chicago mostly 2 cents lower and MPLS 3 to 4 cents higher. KC HRW is under the most stress, giving back 6 to 8 cents of the advance from Thursday. The nearby CBT-KC spread closed at the largest CBT premium on record of 54 3/4 cents on Thursday and has widened again today. Census Trade data for April shows US exporters shipped 2.83 MMT (103.98 mbu) of wheat, the highest monthly total all year. That was a 6-year high for April and 44.46% above March, with the YTD total at 813 mbu and just May data remaining.

Jul 19 CBOT Wheat is at $5.05, down 5 cents,

Jul 19 KCBT Wheat is at $4.46 3/4, down 8 1/2 cents,

Jul 19 MGEX Wheat is at $5.68, up 3 cents

--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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