Ag Market Commentary

Corn futures are trading 6 to 8 cents lower in most contracts on Turnaround Tuesday. Some of the pressure is coming from double digit losses in wheat. The nearby KC wheat-corn spread is just 13 1/2 cents. After Monday’s close, NASS reported the US corn crop at 92% planted by 6/16, with the numbers of prevent plant acres widely unknown. OH still has 32% of the crop left to be seeded, with IL 12% remaining. Emergence of the US crop was at 79%, 18% below normal. Condition ratings were UNCH on the gd/ex scale at 59%, with the Brugler500 index down 1 to 354.

Jul 19 Corn is at $4.48 1/4, down 6 1/2 cents,

Sep 19 Corn is at $4.53 1/2, down 8 cents,

Dec 19 Corn is at $4.61 1/2, down 7 cents

Mar 20 Corn is at $4.66 1/4, down 6 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are showing fractional to 1 cent losses in most front months on Tuesday. Forecasts for heavy rainfall totals in most of the Corn Belt (especially the ECB), with 23% of the crop left to be planted are holding the market up at midday. Soymeal is down $2.60/ton, with bean oil 20 points higher. USDA reported that IL was 70% planted, IN was 74%, MO at 57% and OH just 46% planted by Sunday. MN was 94% complete, with IA at 89% and NE 91% planted. TN was the only of the 18 states reported faster than normal. The overall crop was 55% emerged, with the normal pace at 84%.

Jul 19 Soybeans are at $9.12 1/2, down 1/4 cent,

Aug 19 Soybeans are at $9.19, down 1/4 cent,

Sep 19 Soybeans are at $9.25 1/4, down 1 cent,

Nov 19 Soybeans are at $9.39, down 1/2 cent,

Jul 19 Soybean Meal is at $322.30, down $2.00

Jul 19 Soybean Oil is at $28.34, up $0.20

--provided by Brugler Marketing & Management

Wheat futures are trading 10 to 13 3/4 cents lower in most winter wheat contracts on Tuesday, with MPLS 7 to 9 1/2 cents in the red. The weekly Crop Progress update showed the winter wheat harvest was 8% complete on 6/16, well below the 20% average. KS has harvested just 1% (12% avg) with OK 40% back of normal at 16% harvested. Condition ratings were UNCH at 64% gd/ex, with the Brugler500 down 1 to 366. The spring wheat crop was 95% emerged and 2% headed (12% avg). Spring wheat condition ratings were down 4% to 77% gd/ex with the Brugler500 down 6 points to 382. MN ratings were up 5 points, with ND down 1. Japan is tendering for 61,864 MT of US wheat, with the tender to close on Thursday.

Jul 19 CBOT Wheat is at $5.26 1/4, down 13 1/4 cents,

Jul 19 KCBT Wheat is at $4.61 3/4, down 13 3/4 cents,

Jul 19 MGEX Wheat is at $5.50 3/4, down 9 1/2 cents

--provided by Brugler Marketing & Management

Live cattle futures are a tick to 80 cents higher in most contracts, with nearby June down a dime. Feeder cattle futures are supported by weakness in corn, up 77.5 cents to $1.475 at midday. The CME feeder cattle index was down 70 cents to $133.55 on June 14. Wholesale boxed beef prices were mixed on Tuesday morning. Choice boxes were down 3 cents at $221.79 with Select boxes 49 cents higher @ $203.00. USDA estimated Monday’s FI cattle slaughter @ 120,000 head. That was 14,000 head larger than the same point last year and down 1,000 from last week. A few scattered bids of $109 have been reported so far on Tuesday.

Jun 19 Cattle are at $109.350, down $0.100,

Aug 19 Cattle are at $105.650, up $0.025,

Oct 19 Cattle are at $107.075, up $0.375,

Aug 19 Feeder Cattle are at $137.700, up $0.775

Sep 19 Feeder Cattle are at $138.050, up $0.875

Oct 19 Feeder Cattle are at $138.275, up $1.125

--provided by Brugler Marketing & Management

Lean Hog futures are mixed on Tuesday, with nearby contracts 32.5 cents to $1 lower and deferred contracts higher. The CME Lean Hog Index was down 19 cents from the previous day @ $79.27 on June 14. The USDA pork carcass cutout value was up $1.64 on Tuesday morning at $84.61. The rib was the only primal reported lower, with the belly up $9.07. The national average base hog was $1.37 lower at $74.77 per hundred pounds. Monday’s estimated FI hog slaughter was 467,000 head. That was down 4,000 from the previous week but 51,000 head above the same week in 2018. Vietnam’s ag ministry reported that the country had culled more than 2.5 million head of hogs so far in order to limit the spread of ASF.

Jul 19 Hogs are at $82.050, down $1.000,

Aug 19 Hogs are at $81.925, down $0.325

Oct 19 Hogs are at $76.800, up $0.025

--provided by Brugler Marketing & Management

Cotton futures are 43 to 70 points higher in the front months on Tuesday, with thinly traded Oct down 69 points. President Trump this morning tweeted that he and President Xi of China will have an “extended meeting next week at the G-20,” with trade talks to begin prior to their meeting. NASS reported that US cotton acres were 89% planted by Sunday, 5% behind the normal pace. The crop was 19% squared on that date, 1% ahead of normal. Condition ratings were up 5% to 49% gd/ex, with the Brugler500 index up 8 points to 337. Planting in TX progressed to 86%, with ratings back up 9 points to 322. OK planting was at just 64% complete. The Cotlook A index for June 17 was down 75 points from the previous day to 77.05 cents/lb. The weekly Average World Price (AWP) from USDA is 58.97 cents/lb through next Thursday, down 2.54 cents from last week.

Jul 19 Cotton is at 66.06, up 43 points,

Oct 19 Cotton is at 66.37, down 69 points

Dec 19 Cotton is at 67.12, up 70 points

Mar 20 Cotton is at 67.480, up 61 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

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