Ag Market Commentary
BRUG - Thu Aug 22, 12:27PM CDT

Corn futures are steady to 1 1/2 cents higher at midday. This morning’s USDA Export Sales reported bookings for 18/19 at 119,267 metric tons (MT) in the week that ended on August 15, 112% higher than last week. New crop sales totaled 301,608 MT, down 2% from the previous week and 72% lower than the same week last year. Those were both on the low end of estimates. A sale of 50,000 MT of sorghum was reported to China. The Pro Farmer Midwest Crop Tour found an Illinois average yield of 171.17 bpa vs. 192.63 last year. That’s down 11%, but USDA currently has Illinois corn yield down 14% from year ago. CONAB expects Brazil’s corn-based ethanol production to rise by 70.89% to 1.35 billion liters (8.491 million barrels) in 19/20. President Trump is planning to meet with USDA Secretary Perdue and EPA Administrator Wheeler on Thursday to discuss biofuel policies following last week’s small refinery waivers of 31 oil refineries.

SEP 19 Corn is at $3.64, up 1 1/2 cents,

DEC 19 Corn is at $3.71 3/4, up 1 1/2 cents,

MAR 20 Corn is at $3.83 1/2, up 1 cent

MAY 20 Corn is at $3.91, up 3/4 cent

--- provided by Brugler Marketing & Management



Soybeans futures are trading 2 to 3 cents per bushel lower in the front months on Thursday. Meal futures are down 10 cents/ton and soy oil 9 points lower. The weekly Export Sales report indicated net sales of 25,936 MT for old crop soybeans for the week ending 8/15. Germany was the main buyer of 68,500 MT, with unknown destinations cancelling a net 169,00 MT. New Crop sales beat out the top end of estimates at 792,575 MT, a 3% reduction from last week and 38% above the same week last year. Of this, 421,000 is set for unknown destinations. China officially purchased 9,589 MT in old crop and 66,000 MT for delivery next year. The ProFarmer Midwest Crop Tour will wrap up today.

SEP 19 Soybeans are at $8.58, down 2 1/2 cents,

NOV 19 Soybeans are at $8.70 1/2, down 2 1/2 cents,

JAN 19 Soybeans are at $8.84 1/4, down 2 1/2 cents,

MAR 20 Soybeans are at $8.97 1/4, down 3 cents,

SEP 19 Soybean Meal is at $294.60, down $0.10,

SEP 19 Soybean Oil is at $28.65, down $0.09

--- provided by Brugler Marketing & Management



Wheat futures are 4 to 6 3/4 cents higher in the winter wheat contracts on Thursday. MPLS is posting contract lows, down 2 1/2 cents in nearby Sep. The USDA Export sales report showed net sales of 594,551 MT of 19/20 wheat in the week that ended on August 15, exceeding trade expectations. That was up 28.6 % from last week and 147% higher than the same week last year. Mexico purchased 113,800 MT, with Guatemala buying 60,500 MT. Japan purchased 110,057 MT of US and Canadian wheat in their weekly MOA tender on Thursday, with 58,332 MT US origin.

SEP 19 CBOT Wheat is at $4.69 1/4, up 6 3/4 cents,

SEP 19 KCBT Wheat is at $3.91 1/2, up 5 1/4 cents,

SEP 19 MGEX Wheat is at $4.99 3/4, down 2 1/2 cents

--- provided by Brugler Marketing & Management



Live cattle futures are 40 to 77.5 cents higher in most contracts on Thursday, with Aug up $2.15 ahead of next week’s expiration. Feeder cattle futures are up 30 cents to $1.175. The CME Feeder Cattle Index was 8 cents lower on August 20 at $137.18. Wholesale boxed beef prices are mixed. Choice boxes are down $2.39 at $239.35, with Select boxes $2.38 higher @ $218.08. USDA reported 17,251 MT of beef sold for export in the week that ended on August 15, with shipments at 15,603 MT. 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. A few cash trades have been reported at $108-110 in the North.

AUG 19 Cattle are at $104.825, up $2.150,

OCT 19 Cattle are at $101.000, up $0.775,

DEC 19 Cattle are at $106.025, up $0.725,

AUG 19 Feeder Cattle are at $138.175, up $0.800

SEP 19 Feeder Cattle are at $136.475, up $1.175

OCT 19 Feeder Cattle are at $135.325, up $0.775

--- provided by Brugler Marketing & Management



Lean Hog futures are down 40 to 95 cents in the nearby contracts on Thursday. The CME Lean Hog Index was down 59 cents at $77.40 on August 20. The USDA pork carcass cutout value is down $1.13 on Thursday morning at $84.63. The national average base hog value was down $0.26 in the Wednesday AM report at $66.63. Estimated weekly FI hog slaughter through Wednesday was 1.444 million head, a 27,000 head increase from the previous week and 60,000 head more than the same week a year ago. USDA showed pork export sales of 18,491 MT in the week of August 15. Shipments were at 24,440 MT, with 7,100 MT off to Mexico and 6,900 MT shipped to China.

OCT 19 Hogs are at $62.600, down $0.700,

DEC 19 Hogs are at $61.875, down $0.800

FEB 19 Hogs are at $68.875, down $0.950

--- provided by Brugler Marketing & Management



Cotton futures are trading 60 to 85 points lower at midday, pressured by weak Export Sales. The weekly Export Sales report from USDA showed 19/20 bookings of 163,964 RB for the week ending 8/15. That was 51% lower than last week, with Indonesia accounting for 50,400 RB. New Crop sales were at 528 RB. The Cotlook A Index was unchanged on August 21 at 70.50 cents/lb. The weekly AWP is 52.22 cents/lb and will be updated later today.

OCT 19 Cotton is at 59.24, down 63 points,

DEC 19 Cotton is at 59.09, down 85 points

MAR 20 Cotton is at 60, down 66 points

MAY 20 Cotton is at 60.9, down 60 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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