Ag Market Commentary

Corn futures saw most contracts firm with nearby July 4 1/2 cents higher. This morning’s Export Inspections report indicated weekly shipments improving 2.5-fold in the week of 7/4 over last week’s abysmal total at 703,192 MT. That was still slightly less than half of the same week last year. Another shipment of 65,999 MT of sorghum was inspected for delivery to China. The weekly Crop Progress report showed 98% of the US corn crop emerged as of 7/7, with 8% silking vs. the 22% average. As expected, NASS indicated crop conditions up 1% to 57% gd/ex, as the Brugler500 index was up 2 points to 352. The 6-10 and 8-14 day outlooks are showing well above normal chances for warm temps and below normal precip chances for most of the Corn Belt. USDA’s Ag Attaché in China estimates 19/20 corn production at 230 MMT, vs the USDA official number of 254 MMT.

JUL 19 Corn closed at $4.38 1/2, up 4 1/2 cents,

SEP 19 Corn closed at $4.39 1/2, up 3/4 cent,

DEC 19 Corn closed at $4.43 3/4, up 1 1/2 cents

MAR 20 Corn closed at $4.50 1/2, up 1 1/2 cents

--provided by Brugler Marketing & Management

Soybean futures closed Monday with the front months 3 to 4 cents higher. Nearby July soybean meal was up 40 cents/ton, with soy oil 42 points higher. After the close, NASS reported that 96% of the intended US soybean acres were planted, with the crop 90% emerged and 10% blooming (32% avg). Conditions were down 1% to 53% gd/ex, with that dropping the Brugler500 another 3 points to 345. IL most notably took a hit, down 17 points from last week. The weekly Export Inspections report showed 757,903 MT of soybeans shipped during the July 4th week. That was a 5.14% jump over the week prior and 13.46% larger than the same time last year. Of that weekly total, 243,419 was headed to China.

JUL 19 Soybeans closed at $8.75 1/4, up 3 cents,

AUG 19 Soybeans closed at $8.79, up 3 cents,

SEP 19 Soybeans closed at $8.85 1/4, up 3 cents,

NOV 19 Soybeans closed at $8.97 3/4, up 3 1/4 cents,

JUL 19 Soybean Meal closed at $304.20, up $0.40,

JUL 19 Soybean Oil closed at $27.86, up $0.42

--provided by Brugler Marketing & Management

Wheat futures ended the Monday session with most contracts steady to 4 cents lower. The 6-10 day outlook shows below normal precip chances and above normal temps for most of the Plains. NASS showed the winter wheat harvest 47% completed, 14% below normal, with the final condition ratings of the year at 64% gd/ex or 368 on the Brugler500. Spring wheat was shown at 56% headed (73% avg), with conditions improving 3% to 78% gd/ex or 383 (+5) on the Brugler500. All wheat exports were tallied at 609,456 MT during the week of 7/4 in this morning’s Export Inspections report. Russian wheat production forecasts were trimmed 3.4 MMT by SovEcon to 76.6 MMT and 0.8 MMT by IKAR to 78.5 MMT. That is compared to USDA’s 78 MMT in June, with another update coming on Thursday. Egypt’s GASC is tendering for wheat with mid-August Delivery, with the tender to close on Tuesday.

JUL 19 CBOT Wheat closed at $5.16 3/4, down 2 1/2 cents,

JUL 19 KCBT Wheat closed at $4.42, up 3 cents,

JUL 19 MGEX Wheat closed at $5.33 1/4, down 1 cent

--provided by Brugler Marketing & Management

Live cattle futures were mostly lower on Monday. Feeder cattle futures were mixed, with front months a few ticks higher. The CME feeder cattle index was up $1.16 @ $134.37 on July 5. Wholesale boxed beef prices were lower on Monday afternoon. Choice boxes were down 21 cents at $217.46 with Select boxes 39 cents lower @ $194.41. USDA estimated Monday’s FI cattle slaughter at 120,000 head. That was even with last week and 2,000 head above the same week last year.

AUG 19 Cattle closed at $106.150, down $0.85,

OCT 19 Cattle closed at $107.400, down $0.675,

DEC 19 Cattle closed at $111.875, down $0.45,

AUG 19 Feeder Cattle closed at $138.900, up $0.075,

SEP 19 Feeder Cattle closed at $138.750, up $0.05,

OCT 19 Feeder Cattle closed at $138.875, down $0.025,

--provided by Brugler Marketing & Management

Lean Hog futures closed with 97.5 cent to $2.075 losses in the front months on Monday. The CME Lean Hog Index was down 40 cents from the previous day @ $72.82 on July 3. The Fresh Bacon Index was down $1.34 from the week prior at $132.68/cwt. The USDA pork carcass cutout value was down $1.29 @ $71.88 on Monday afternoon. The Belly and butt primals were the only components reported higher. The national average base hog price was up 51 cents on Monday afternoon at $66.27. Monday’s estimated FI hog slaughter was 479,000 head. That was up 28,000 head from last Monday and 36,000 head larger than same week last year.

JUL 19 Hogs closed at $70.075, down $2.05,

AUG 19 Hogs closed at $76.075, down $0.975,

OCT 19 Hogs closed at $68.000, down $2.075,

--provided by Brugler Marketing & Management

Cotton futures settled with losses of 99 to 121 points in most contracts on Monday. NASS showed 47% of the US cotton crop was squaring as of Sunday (54% avg), with 13% setting bolls (16% avg). Condition ratings improved 2% to 54% gd/ex, with the more inclusive Brugler500 index showing ratings up 4 points to 340. The Cotlook A index for July 5 was UNCH from the previous day at 78.35 cents/lb. The USDA AWP is 59.32 cents/lb through Thursday. The weekly Cotton On-Call report from CFTC showed mills at a total of 32,814 contracts of unfixed call sales for December, with unfixed call purchases at 39,149 contracts.

OCT 19 Cotton closed at 65.25, down 99 points

DEC 19 Cotton closed at 65.61, down 121 points

MAR 20 Cotton closed at 66.63, down 119 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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.