AgriCharts Market Commentary

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Corn Closes Higher, NASS Shows 49% Planted

Corn futures saw 2 to 6 1/2 cents gains on Monday, posting multi-month highs in several contracts. Rains over the weekend and forecasts for more in the WCB over the next week were supportive. In the weekly Crop Progress report, NASS showed corn planting at 49% complete nationwide by Sunday, on the lower side of estimates and the slowest for week 20 since NASS started recording. That was well below the 80% average, with last year at 78% for this week. The crop was 19% emerged, with the 5-year average at 49%. All corn export shipments in the week of May 16 totaled just 820,916 MT. That was down 28% from last week and 47% below the same week last year. Exports YTD are now 3.09% larger than a year ago, at 37.454 MMT (1.474 bbu).

Jul 19 Corn closed at $3.89, up 5 3/4 cents,

Sep 19 Corn closed at $3.96 3/4, up 6 1/4 cents,

Dec 19 Corn closed at $4.04 1/2, up 6 1/4 cents

Mar 20 Corn closed at $4.14 1/4, up 6 1/2 cents

--provided by Brugler Marketing & Management

Soybeans Higher on Monday, Helped by Short Covering

Soybean futures ended the Monday session with the front months 10 to 10 1/2 cents higher. Support came from the grain complex and specs taking profits after Friday’s sell off. July soy meal was up $3/ton, with soybean oil 28 points higher. After the close, the Crop Progress report indicated that just 19% of the soybean crop was planted on May 19, below most expectations. The 5-year average for week 20 is 47%, as last year was 53%. NASS also reported that 5% of the crop was emerged, compared to the normal pace at 17%. This morning’s Export Inspections report from USDA shows soybean shipments of 497,070 MT in the week that ended on May 16. That was a slight drop from the previous week and 45.21% below the same week last year. A total of 205,944 MT was shipped to China.

Jul 19 Soybeans closed at $8.31 3/4, up 10 cents,

Aug 19 Soybeans closed at $8.38 1/2, up 10 1/4 cents,

Sep 19 Soybeans closed at $8.45, up 10 1/4 cents,

Jan 20 Soybeans closed at $8.69 3/4, up 10 1/4 cents,

Jul 19 Soybean Meal closed at $297.30, up $3.00,

Jul 19 Soybean Oil closed at $27.50, up $0.28

--provided by Brugler Marketing & Management

Wheat Higher on Wet Weather and Exports

Wheat futures closed Monday with 9 to 16 cent gains in the front months. The Southern Plains continue to see abnormal amount of rain for this time of year, causing some disease concerns in the HRW crop. Monday afternoon, the Crop Progress report showed the winter wheat crop 54% headed, lagging normal by 12%. Texas is 8% harvested, matching the average pace. Condition ratings saw a 2% boost to 66% gd/ex, with the Brugler500 index up another 3 to 372 points. Spring wheat planting was in line with estimates at 70% complete, vs. the 80% average and 76% last year. Emergence at 26% still lags the 5-year average pace by 25%. Export Inspections for wheat during the week of May 16 totaled 757,704 MT. That was a 13.74% drop from the previous week but more than double the same week last year. YTD shipments are now 2.28% larger yr/yr at 23.58 MMT (866.4 mbu).

Jul 19 CBOT Wheat closed at $4.78 1/4, up 13 1/4 cents,

Jul 19 KCBT Wheat closed at $4.34 1/2, up 14 1/4 cents,

Jul 19 MGEX Wheat closed at $5.43 1/2, up 15 3/4 cents

--provided by Brugler Marketing & Management

Cattle Close Mostly Lower on Monday

Live cattle futures were mostly lower to start the week, with nearby June up a few ticks. Feeder cattle futures were down 32.5 to 82.5 cents, on weakness in live cattle and strength in corn. The CME feeder cattle index was down 30 cents to $132.76 on May 16. Wholesale boxed beef prices were mixed on Monday afternoon. Choice boxes were up $1.14 at $221.45 with Select boxes 25 cents lower @ $208.03. USDA estimated Monday’s FI cattle slaughter at 120,000 head. That was down 1,000 head from last Monday and 1,000 above the same Monday last year. Cash sales were $115-117 last week, with most of Monday’s action compiling showlists for later in the week.

Jun 19 Cattle closed at $111.350, up $0.075,

Aug 19 Cattle closed at $108.525, down $0.400,

Oct 19 Cattle closed at $108.500, down $0.400,

May 19 Feeder Cattle closed at $134.150, down $0.375

Aug 19 Feeder Cattle closed at $144.775, down $0.725

Sep 19 Feeder Cattle closed at $145.875, down $0.825

--provided by Brugler Marketing & Management

Hogs See Gains in Back Months

Lean Hog futures settled Monday mixed, with nearby June down 62.5 cents and deferred contracts steady to 75 cents higher. The CME Lean Hog Index was up 38 cents from the previous day @ $84.59 on May 16. The weekly update to the Fresh Bacon Index shows a price of $168.17/cwt, up $12.78 from the week prior. The USDA pork carcass cutout value was up $1.26 at $86.53 on Monday afternoon. All primals were reported higher. The national average base hog was 23 cents lower on Monday, at an average weighted price of $80.92. Estimated FI hog slaughter was 472,000 head for Monday. That was 12,000 head above the previous week and 14,000 above the same day last year.

Jun 19 Hogs closed at $91.750, down $0.625,

Jul 19 Hogs closed at $93.000, unch,

Aug 19 Hogs closed at $94.450, up $0.500

--provided by Brugler Marketing & Management

Cotton Higher on Monday

Cotton futures saw 119 to 192 point gains in most contracts to start a new week. Rain in parts of northern TX and other parts of the Cotton Belt may slow cotton planting this week. The Crop Progress report indicated that 44% of the US cotton crop was seeded as of Sunday, 1% behind the average pace and 6% behind a year ago. The Cotlook A index for May 17 was up 50 points from the previous day to 77.35 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week.

Jul 19 Cotton closed at 67.910, up 192 points,

Oct 19 Cotton closed at 67.580, up 119 points

Dec 19 Cotton closed at 67.650, up 127 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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