AgriCharts Market Commentary

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Corn futures are mostly 2 to 2 1/2 cents lower at midday on spillover from other markets. This morning’s delayed USDA Export Sales report indicated 1.47 MMT in old crop corn export sales for the week ending 3/15, on the low side of expectations. That was down 41.31% from last week’s MY high, but 21.47% larger than this time last year. South Korea was the lead buyer of 449,200 MT, with Japan purchasing 263,100 MT. There were 14,492 MT in net reductions for new crop corn sales. The Buenos Aires Grain Exchange cut the projection for Argentina’s corn production number 2 MMT to 32 MMT. They also estimate that 13.3% of the country’s crop has been harvested.

May 18 Corn is at $3.73 3/4, down 2 1/4 cents,

Jul 18 Corn is at $3.82 1/4, down 2 cents,

Sep 18 Corn is at $3.88 1/2, down 2 cents

Dec 18 Corn is at $3.96, down 2 cents


Soybean futures are down 10 to 12 cents on Friday. Growing concerns of a possible trade war with China are feeding the selling. China announced a list of $3 billion in possible tariffs on US goods overnight, which did not include US soybeans. Nearby May soy meal is up 90 cents/ton, with front month soy oil down 42 points. Export sales of old crop soybeans slid into the bottom of the range of expectations at 759,094 MT. That was a drop of 40.2% from the previous week but 61% larger than this time last year. Sales of new crop were reported at 140,000 MT. Sales of soy meal totaled 194,619 MT, with soy oil tallying 36,504 MT. The Buenos Aires Grain Exchange trimmed their Argentine soybean production number 2.5 MMT to 39.5 MMT.

May 18 Soybeans are at $10.17 3/4, down 12 cents,

Jul 18 Soybeans are at $10.28 3/4, down 12 cents,

Aug 18 Soybeans are at $10.31, down 11 1/2 cents,

Sep 18 Soybeans are at $10.20 3/4, down 10 1/4 cents,

May 18 Soybean Meal is at $368.90, up $0.90

May 18 Soybean Oil is at $31.46, down $0.42


Wheat futures are 1 to 3 cents lower in the CBT contracts, with KC up a penny and MPLS 3 to 5 3/4 cents higher. The 5-day QPF now shows most of the rain chance for early next week concentrated to the eastern parts of the Southern Plains, with western KS now showing little to no rainfall. All wheat export sales were reported at 265,208 MT during the week of 3/15, on the high end of most analysts’ expectations. That is 62.9% larger than last week’s total, but still 36.6% smaller that this time last year. The lead buyer was Taiwan with 94,300 MT in sales, with Nigeria purchasing 49,500 MT. New crop sales were shown at 163,383 MT. Exports of all wheat were tallied at 472,845 MT, up 41.23 % from a week ago but 27.11% lower than this time last year.

May 18 CBOT Wheat is at $4.53 1/4, down 2 1/2 cents,

May 18 KCBT Wheat is at $4.71 3/4, up 3/4 cent,

May 18 MGEX Wheat is at $5.98 3/4, up 5 3/4 cents


Live cattle futures are mostly $1.00 to $1.875 lower at midday. Feeder cattle futures are down 77.5 cents to $1.50 ahead of the monthly Cattle on Feed report this afternoon. The CME feeder cattle index was down $1.56 on March 21 at $139.39. Wholesale boxed beef values were lower on Friday morning. Choice boxes were down $1.09 at $225.12, with Select boxes 29 cents lower at $217.73. Estimated weekly FI cattle slaughter was 473,000 head through Thursday, 7,000 above last week and the same week in 2017. The Thursday USDA Cold Storage report indicated beef stocks of 460.276 million pounds at the end of February. That was down 8.26% from January and 8.39% tighter than last February. Export sales of beef during the week of March 15 totaled just 6,045 MT, a marketing year (MY) low. A reduction of 2,700 MT was reported for Japan.

Apr 18 Cattle are at $116.425, down $1.725,

Jun 18 Cattle are at $106.525, down $1.875,

Aug 18 Cattle are at $105.150, down $1.225,

Mar 18 Feeder Cattle are at $136.150, down $1.375

Apr 18 Feeder Cattle are at $136.525, down $1.500

May 18 Feeder Cattle are at $137.750, down $0.775

Lean Hogs

Lean hog futures are showing $1.00 to $2.00 losses on Friday. Later Thursday afternoon, China proposed a 25% tariff on US pork in response to President Trump’s proposal of tariffs on Chinese steel and aluminum. This also comes the same day that President Trump announced a plan for $60 billion in tariffs on Chinese goods. The CME Lean Hog Index on March 21 was down 60 cents from the previous day to $63.03. The USDA pork carcass cutout value was 24 cents higher at $70.98 on Friday morning. The national base hog weighted average price was 3 cents lower at $53.96 in the Friday AM report. The USDA estimated FI hog slaughter at 1.839 million head through Thursday. That is down 6,000 head from the previous week but 64,000 head more than the same week last year. Pork stocks in cold storage at the end of February totaled 614.918 million pounds, 8.29% larger than last year and up 5.89% from January. Pork export sales for the week ending 3/15 were shown at 19,528 MT.

Apr 18 Hogs are at $59.350, down $1.975,

May 18 Hogs are at $66.150, down $2.000

Jun 18 Hogs are at $74.450, down $1.025


Cotton futures are down 10 to 60 points in most contracts at midday. All upland cotton old crop export sales were tallied at 338,370 RB for the week of 3/15 by the USDA this morning. That was 5.27% larger than the previous week and 3.09% above this time last year. New crop sales were 147,533 RB. The Cotlook A index was down 50 points from the previous day on March 22 at 91.95 cents/lb. China sold another 16,000 MT of cotton offered at an auction of state reserves on Friday, totaling 53.16% of the amount offered. The Adjusted World Price (AWP) was updated to 73.92 cents/lb on Thursday, 120 points lower than the previous week.

May 18 Cotton is at 81.63, down 52 points,

Jul 18 Cotton is at 81.93, down 47 points

Oct 18 Cotton is at 78.86, down 10 points

Dec 18 Cotton is at 77.350, down 60 points

Market Commentary provided by:

Brugler Marketing & Management LLC
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