AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are showing fractional to 1 cent gains in most contracts on Friday. Higher ethanol prices at midday are supporting the market. The markets will be closed on Monday for Martin Luther King Jr. Day, as the government shutdown is now in day 28. The BAGE indicated that 86.1% of Argentina’s corn crop is planted, behind the 91.2% average. Conditions of the emerged crop are 55.3% gd/ex, which is well above the same time last year. Brazil’s first corn crop harvest is estimated at 1% complete according to AgRural.

Mar 19 Corn is at $3.80 3/4, up 3/4 cent,

May 19 Corn is at $3.89, up 1 cent,

Jul 19 Corn is at $3.96 1/2, up 1 cent

Sep 19 Corn is at $3.99, up 1/2 cent

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are showing follow through buying at midday, with most contracts 7 to 8 1/4 cents higher. Soymeal futures are up $2.80/ton, with soy oil 21 points higher. Chatter out today shows China has offered to increase annual imports by $1 trillion over the next 6 years to reduce the trade surplus. Rumors on Thursday suggested that the US was considering lifting some or all of the tariffs on Chinese imports. We regard these as trial balloons for the next negotiating round at the end of the month. AgRural estimates that the Brazilian soybean harvest is 6.1% complete, compared to 0.8% this time last year.

Mar 19 Soybeans are at $9.16, up 8 1/4 cents,

May 19 Soybeans are at $9.29 1/4, up 8 1/4 cents,

Jul 19 Soybeans are at $9.41 3/4, up 7 3/4 cents,

Aug 19 Soybeans are at $9.46 3/4, up 7 3/4 cents,

Mar 19 Soybean Meal is at $315.00, up $2.80

Mar 19 Soybean Oil is at $28.98, up $0.21

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are trading steady to 2 cents higher in most contracts on Friday. A higher dollar is limiting those gains and follow through from buying on Thursday. There is also a little talk about potential winter kill on winter wheat, but percentage of the crop with snow cover and the actual low temps observed on bare fields will be the determinants. It also tends to be difficult to prove until the spring green up. The Philippines reportedly purchased 85,000 MT of wheat in tenders this week.

Mar 19 CBOT Wheat is at $5.18, up 1/4 cent,

Mar 19 KCBT Wheat is at $5.06, up 2 cents,

Mar 19 MGEX Wheat is at $5.73 1/2, up 1 1/2 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are mostly 20 to 55 cents higher at midday, with nearby Feb down 70 cents. Feeder cattle futures are steady to 35 cents in positive territory. The CME feeder cattle index was down $1.10 on January 16 at $143.09. Wholesale boxed beef prices were higher on Friday morning, with the Ch/Se spread tightening to $3.28. Choice boxes were up 37 cents at $212.87, with Select $1.95 higher at $209.59. USDA estimated week to date FI cattle slaughter at 480,000 head through Thursday. That is 3,000 head above last week and 13,000 head larger than the same week last year. Cash bids are mostly $122-123 on Friday, with asks still around $127-130.

Feb 19 Cattle are at $126.400, down $0.700,

Apr 19 Cattle are at $127.100, up $0.200,

Jun 19 Cattle are at $117.325, up $0.500,

Jan 19 Feeder Cattle are at $141.775, up $0.350

Mar 19 Feeder Cattle are at $142.925, unch,

Apr 19 Feeder Cattle are at $144.400, up $0.175

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are showing $1.075 to $2.50 gains on Friday. The CME Lean Hog Index was up 16 cents from the previous day @ $58.18 on January 16. The USDA pork carcass cutout value was down 51 cents on Friday morning at an average weighted price of $69.59. The national base cash hog carcass value was 23 cents higher in the AM report, with a weighted average of $51.63. FI hog slaughter WTD was estimated at 1.896 million head through Thursday, which is 188,000 larger than the same week last year.

Feb 19 Hogs are at $61.925, up $1.075,

Apr 19 Hogs are at $67.125, up $2.500

May 19 Hogs are at $72.925, up $2.300

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 5 to 28 points lower in the front months on Friday, with a higher dollar at midday. Traders are taking profits ahead of the long weekend. The markets will be closed on Monday in observance of Martin Luther King Jr. day. The Cotlook A Index was up 100 points on January 17 to 82.90 cents/lb. USDA’s showed that 14.949 million bales of upland cotton have been classed as of January 17, with the total including Pima at 15.545 million bales. Estimated AWP was 63.06 last week, and computes to 64.07 for the coming week.

Mar 19 Cotton is at 74.13, down 24 points,

May 19 Cotton is at 75.55, down 11 points

Jul 19 Cotton is at 76.74, down 5 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