Ag Market Commentary

Corn futures are fractionally mixed in the nearby contracts at midday. As of August 1, US total corn export commitments are just 94% of the USDA projected total, with the 5-year average at 104%. Accumulated shipments via the Export Sales report are 88% of that projection vs, the typical 91% pace. Ahead of Monday’s USDA report, analysts are looking for old crop world ending corn stocks to be up ~1.09 MMT to 329.84 MMT. New crop estimates are running 290.09 MMT, which would be an 8.93 MMT drop from the July report.

SEP 19 Corn is at $4.10 3/4, down 1/4 cent,

DEC 19 Corn is at $4.18 1/2, up 1/4 cent,

MAR 20 Corn is at $4.28 3/4, up 1/4 cent

MAY 20 Corn is at $4.33 3/4, up 1/4 cent

--provided by Brugler Marketing & Management



Soybean futures are showing 6 to 7 cent gains the front months on Friday, with soon to expire Aug 1 1/4 higher. August soybean meal is up 60 cents/ton, with soy oil 64 points higher. As of August 1, US total soybean export commitments are a robust 106 % of the USDA projected total, with the 5-year average at 104%. Accumulated shipments from the Export Sales report are 91% of that projection vs. the normal 95% pace. Trade estimates for Monday’s WASDE report on average have world old crop ending stocks for soybeans at 112.98 MMT and new crop at 104.53 MMT.

AUG 19 Soybeans are at $8.66 1/4, up 1 1/4 cents,

SEP 19 Soybeans are at $8.76 1/2, up 6 1/4 cents,

NOV 19 Soybeans are at $8.89 1/4, up 6 1/4 cents,

JAN 20 Soybeans are at $9.02 1/4, up 6 1/4 cents,

AUG 19 Soybean Meal is at $295.40, up $0.60,

AUG 19 Soybean Oil is at $29.60, up $0.64

--provided by Brugler Marketing & Management



Wheat futures are showing firm to 2 cent gains in the CBT contracts, with MPLS slightly mixed and KC 1 to 3 cents lower. As of August 1, US total wheat export commitments are 36 % of the USDA projected total, with the 5-year average at 41%. USDA estimates world stocks for old crop wheat at 275.15 MMT, with new crop expected to rise to 286.46 MMT. SovEcon lower its estimates for the Russian wheat harvest to 74.4 mmt, down .7 mmt. A Russian ag watchdog reported an agreement between Russia and Saudi Arabia to allow imports of Russian wheat.

SEP 19 CBOT Wheat is at $4.99 1/2, up 1 cent,

SEP 19 KCBT Wheat is at $4.17, down 1 1/2 cents,

SEP 19 MGEX Wheat is at $5.20 1/4, down 1/4 cent

--provided by Brugler Marketing & Management



Live cattle futures are mixed at midday, with nearby Aug down a dime. Feeder cattle futures are 32.5 to 80 cents lower in the front months. Wholesale boxed beef prices were mixed on Friday morning. Choice boxes were down $0.13 at $216.75, with Select boxes up $0.54 @ $192.91. USDA estimated week to date FI cattle slaughter at 476,000 head through Thursday, 1,000 head below the previous week and 3,000 head above the same week last year. Cash trade has started in the North this week, with a few trades of $113. USDA also reported some exchanging hands at $114-115 in the WCB.

AUG 19 Cattle are at $107.850, down $0.100,

OCT 19 Cattle are at $106.875, up $0.125,

DEC 19 Cattle are at $111.600, down $0.025,

AUG 19 Feeder Cattle are at $139.525, down $0.325

SEP 19 Feeder Cattle are at $139.150, down $0.725

OCT 19 Feeder Cattle are at $138.825, down $0.800

--provided by Brugler Marketing & Management



Lean Hog futures are mixed at midday, with contracts anywhere from $1.10 lower to $1.425 higher. The CME Lean Hog Index was down 58 cents from the previous day on August 7 at $82.85. The USDA pork carcass cutout value was up 91 cents on Friday morning at $89.60. The national average base hog value was down another 79 cents in the Friday AM report at $70.98. Estimated FI hog slaughter WTD through Thursday was 1.852 million head, down 12,000 head from the previous week and 74,000 head above the same week a year ago.

AUG 19 Hogs are at $78.650, up $1.300,

OCT 19 Hogs are at $66.850, down $1.025

DEC 19 Hogs are at $64.600, down $0.650

---provided by Brugler Marketing & Management



Cotton futures are down 29 to 55 points at midday. Through the first few days of the new MY, cotton export commitments are 55% of the USDA export projection, vs. the 41% average. Last year at this time the 18/19 commitments were 63% of the projected total. The Cotlook A was unchanged on August 8 at 70.30 cents/lb. The weekly AWP is 52.67 cents/lb, down 4.29 cents from the previous week. Loan rate is 52 cents, below which cotton is eligible for LDP and MLG payments.

OCT 19 Cotton is at 59.11, down 43 points,

DEC 19 Cotton is at 59.03, down 55 points

MAR 20 Cotton is at 60, down 42 points

MAY 20 Cotton is at 61.24, down 26 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

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