Ag Market Commentary
BRUG - Wed Aug 21, 5:23PM CDT

Corn futures were up 1 1/2 to 3 cents on Wednesday. USDA reported a private export sale of 328,000 MT of corn for 19/20 delivery to Mexico through their daily reporting system this morning. Traders are expecting a wide range of old crop export sales in the week of August 15 at 50,000-400,000 MT, with new crop at 200,000-600,000 MT. Weekly ethanol data from EIA showed production in the week that ended on August 16 at 1.023 million barrels per day. That was down 22,000 bpd from the previous week and the lowest output since early April. Ethanol stocks dropped 516,000 barrels to 23.367 million barrels. Reports on Tuesday showed ethanol plants idling or slowing production across the country due to poor margins. The ProFarmer Midwest Crop Tour found a Nebraska average yield of 172.55 bpa vs. 179.17 last year. They were touring IA and IL today. Today is your last chance to submit results for the Brugler Virtual Corn Tour!

SEP 19 Corn closed at $3.62 1/2, up 3 cents,

DEC 19 Corn closed at $3.70 1/4, up 1 1/2 cents,

MAR 20 Corn closed at $3.82 1/2, up 1 1/4 cents

MAY 20 Corn closed at $3.90 1/4, up 1 1/2 cents

--- provided by Brugler Marketing & Management

Soybeans futures settled the Wednesday session 4 3/4 to 5 cents higher in the nearby contracts. Meal futures were up $.70/ton and soy oil 31 points higher. The 8-14 day outlook shows chances for below normal temperatures as we head into September. Ahead of Thursday’s Export Sales report, analysts are expecting a net reduction of 200,000 up to net sales of 100,000 MT of old crop soybeans in the week of 8/15. New crop bookings are seen at 350,000-700,000 MT. Soy meal sales are seen at 100,000-350,000 MT, with soybean oil at 5,000-25,000 MT. The ProFarmer Midwest Crop Tour was in Illinois today and individual car reports showed 12-46 % reduction in pod counts from last year.

SEP 19 Soybeans closed at $8.60 1/2, up 4 3/4 cents,

NOV 19 Soybeans closed at $8.73, up 4 3/4 cents,

JAN 19 Soybeans closed at $8.86 3/4, up 4 3/4 cents,

MAR 20 Soybeans closed at $9.00 1/4, up 5 cents,

SEP 19 Soybean Meal closed at $294.70, up $0.70,

SEP 19 Soybean Oil closed at $28.74, up $0.31

-- provided by Brugler Marketing & Management

Wheat futures finished mixed on Wednesday. CBOT closed higher by 2 1/2 cents, KCBT was down 1/2 cent, and MGEX ended 1 3/4 cents lower. Thursday’s weekly Export Sales report is expected to show 300,000-500,000 MT of wheat booked in the week that ended on August 15. US SRW FOB prices are uncompetitive on the world market, with losses in French wheat adding more pressure. Nearby French milling wheat futures traded at the lowest point since April 2018 this week. US SRW FOB prices are $203.26/ton vs. French at $182.59/ton and US HRW @ $173.06/ton.

SEP 19 CBOT Wheat closed at $4.62 1/2, up 2 1/2 cents

SEP 19 KCBT Wheat closed at $3.86 1/4, down 1/2 cent

SEP 19 MGEX Wheat closed at $5.02 1/4, down 1 3/4 cents

-- provided by Brugler Marketing & Management

Live cattle futures ended 22.5 to 87.5 cents higher on Wednesday. Feeder cattle futures settled Wednesday showing 90 cents to $1.575 gains. The CME Feeder Cattle Index was 8 cents lower on August 20 at $137.18. Wholesale boxed beef prices were higher on Wednesday. Choice boxes were up 4 cents at $241.74, with Select boxes $1.43 higher @ $215.70. The USDA estimated the week to date FI cattle slaughter through Wednesday at 347,000 head, the same as the previous week, and 5,000 head below the same week last year. Little cash action has taken place this week, with FCE showing asks of $108.25 in the North and $107 in the South on Wednesday, both passed by packers.

AUG 19 Cattle closed at $102.675, up $0.875

OCT 19 Cattle closed at $100.225, up $0.225

DEC 19 Cattle closed at $105.300, up $0.475

AUG 19 Feeder Cattle closed at $137.375, up $1.075

SEP 19 Feeder Cattle closed at $135.300, up $1.575

OCT 19 Feeder Cattle closed at $134.550, up $0.900

-- provided by Brugler Marketing & Management

Lean Hog futures were 97.5 cents to $1.675 lower in the nearby contracts on Wednesday. The CME Lean Hog Index was down 56 cents at $77.99 on August 19. The USDA pork carcass cutout value was up 72 cents on Wednesday morning at $84.63. The national average base hog value was down $2.18 in the Wednesday AM report at $66.89. By region, IA/MN was down $2.75, with the WCB $4.70 lower. Estimated weekly FI hog slaughter through Tuesday was 1.444 million head, a 27,000 head increase from the previous Tuesday and 60,000 head more than the same Wednesday a year ago.

OCT 19 Hogs closed at $63.300, down $1.675,

DEC 19 Hogs closed at $62.675, down $1.500

FEB 19 Hogs closed at $69.825, down $0.975

--- provided by Brugler Marketing & Management

Cotton futures were up 34 to 77 points in most contracts at midday. The 7-day QPF shows little precip for most of TX, with some rains expected for the Southeastern US. USDA will release their weekly Export Sales report on Thursday, showing data from the week of 8/15. Traders were thought to be covering their short positions ahead of the report. At an auction of state reserves on Wednesday, China sold 10,455 MT of cotton, totaling 92.67% of the amount offered. The Cotlook A Index was down 90 points on August 20 at 70.50 cents/lb. The weekly AWP is 52.22 cents/lb and will be updated on Thursday.

OCT 19 Cotton closed at 59.66, up 49 points,

DEC 19 Cotton closed at 59.91, up 77 points

MAR 20 Cotton closed at 60.63, up 55 points

MAY 20 Cotton closed at 61.5, up 34 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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