AgriCharts Market Commentary

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Corn Market 2 to 3 Cents Lower

Corn futures are 2 to 3 cents lower this morning. They closed fractionally higher on Thursday. The USDA Export Sales report showed a slow 119,267 metric tons (MT) in the week ending August 15. New crop sales totaled 301,608 MT, down 2% from the previous week and 72% lower than the same week last year. The Pro Farmer Midwest Crop Tour finished up in Minnesota today, with the national Pro Farmer estimate set to be released later today. The Minnesota tour average yield was 170.4 bushels per acre, with Iowa at 182.8 bpa. 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. --- provided by Brugler Marketing & Management

Soybean Market Mostly 2 Cents Lower in US

Soybeans futures are trading mostly 2 cents lower. They were down 4 1/4 to 4 3/4 cents per bushel on Thursday. There was some net new selling, with preliminary open interest rising 13,735 contracts. Meal futures ended lower by $1/ton and soy oil was down 20 points. The weekly Export Sales report indicated net sales of 25,936 MT for old crop soybeans for the week ending 8/15. New Crop sales beat out the top end of estimates at 792,575 MT 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 MY. The Pro Farmer Midwest Crop Tour wrapped up on Thursday with legs through MN and IA, again finding pod counts below last year for those routes. USDA’s current national average yield estimate is 6% below year ago. --- provided by Brugler Marketing & Management

Wheat Trading UNCH to 2 Lower Across Three Markets

Wheat futures are UNCH to 2 cents lower across the three markets this morning. On Thursday the CBOT SRW was up 4 3/4 cents in the nearby, with KCBT HRW higher by 7 cents. MPLS posted another round of contract lows, off by 3 3/4 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. 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. --- provided by Brugler Marketing & Management

Cattle Futures Firmer Ahead of COF Report

Live cattle futures finished higher in most contracts on Thursday, with Aug up $2.30 ahead of next week’s expiration. Feeder cattle futures finished the today up 92.5 cents to $1.125 in the front months. The CME Feeder Cattle Index was 70 cents lower on August 21 at $137.89. Wholesale boxed beef prices were mixed on Thursday. Choice boxes took a breather and were down $2.46 at $239.28, with Select boxes $.21 higher @ $215.91. 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 week to date FI cattle slaughter through Thursday at 462,000 head, 1,000 head less than the previous week, and 8,000 fewer head the same week last year. A few cash trades have been reported at $108-110 live in the North, with dressed sales at $170-178. --- provided by Brugler Marketing & Management

Lean Hogs Still Seeking Export News

Lean Hog futures were $1 to $1.25 lower 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 $1.30 on Thursday afternoon at $79.94. The national average base hog value was down $1.39 in the Thursday PM report at $66.15. Estimated weekly FI hog slaughter through Thursday 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. Pork in Cold Storage at the end of July dropped to 601,790 million pounds. A drop is typical for July, and puts the inventory level similar to 2016. --- provided by Brugler Marketing & Management

Cotton Up 14 to 15 Points Overnight

Cotton futures are trading 14 to 15 points higher to begin Friday morning activity. The dollar is stronger. They were 63 to 107 points lower on Thursday, 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. Actual shipments were reported at 343,960 RB, with 81,800 RB headed to Vietnam. The Cotlook A Index was unchanged on August 21 at 70.50 cents/lb. The weekly AWP is now 52.57 cents/lb, good through next Thursday. --- 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
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