AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures ended the Friday session with most contracts fractionally mixed. CBOT will be closed on Monday in observance of Presidents Day. A private export sale of 205,744 MT of corn was reported by the USDA this morning for 2018/19 delivery to unknown destinations. Safras & Mercado trimmed their Brazil production estimate slightly to 93.305 MMT on Friday, compared to 94.5 MMT from the USDA. Another South Korean importer purchased 69,000 MT of optional origin corn on Friday, following several other tenders this week.

Mar 19 Corn closed at $3.74 3/4, unch,

May 19 Corn closed at $3.82 3/4, down 1/4 cent,

Jul 19 Corn closed at $3.90 1/2, down 1/4 cent

Sep 19 Corn closed at $3.94 1/4, up 1/4 cent

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures managed to extract 3 to 4 cent gains in most contracts on Friday, on positive NOPA data. Meal futures were up $1/ton in the nearby contract, with soy oil 6 points higher. This morning’s NOPA report indicated a record January crush by its members at 171.63 mbu. That was slightly lower than December but 5.22% larger than a year ago. Soy oil stocks were up month/month, but down 10.3% from last year at 1.549 billion pounds. Brazil’s SAFRAS soybean production estimate was trimmed by 0.3 MMT to 115.4 MMT on Friday. That is not as low as some firms have gone, as they cited a slight improvement to weather.

Mar 19 Soybeans closed at $9.07 1/2, up 4 cents,

May 19 Soybeans closed at $9.21 1/2, up 3 3/4 cents,

Jul 19 Soybeans closed at $9.35, up 3 3/4 cents,

Sep 19 Soybeans closed at $9.43 1/2, up 3 1/2 cents,

Mar 19 Soybean Meal closed at $306.50, up $1.00,

Mar 19 Soybean Oil closed at $29.95, up $0.06

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures posted 1 to 5 cent losses in most winter wheat contracts, with MPLS steady to 2 cents lower. Nearby KC hit contract lows today and was down 3.59% on the week, with March CBT hitting a 1 year low and losing 2.51% this week. MPLS was actually the leader to the upside, posting a weekly gain of 0.79%. Due to Presidents day on Monday, the markets will be closed, with the open @ 7:00 PM CST Monday evening. Paris milling futures took another hit on Friday, down 1.77% on the day, as they lost 3.82% on the week despite booking export sales to Algeria and Tunisia. Japan purchased 113,138 MT of US, Canadian, and Australian wheat in their weekly MOA tender.

Mar 19 CBOT Wheat closed at $5.04 1/4, down 2 3/4 cents,

Mar 19 KCBT Wheat closed at $4.76 1/2, down 5 cents,

Mar 19 MGEX Wheat closed at $5.73, down 1 3/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures saw losses of 20 to 27.5 cents in most contracts on Friday, with Feb up 50 cents. Feeder cattle futures were down 55 cents to $1.475. The CME feeder cattle index was down 19 cents on February 14 at $141.31. Wholesale boxed beef prices were higher on Friday afternoon, with the Ch/Se spread at $5.86. Choice boxes were up 78 cents at $216.85 with Select 58 cents higher at $210.99. USDA estimated FI cattle slaughter at 596,000 head through Saturday. That is down 24,000 head from last week and 6,000 smaller than the same week last year. Cash trade developed late on Friday, with most lots exchanging hands around $125 and $199-200 dressed.

Feb 19 Cattle closed at $126.625, up $0.500,

Apr 19 Cattle closed at $127.175, down $0.200,

Jun 19 Cattle closed at $118.075, down $0.200,

Mar 19 Feeder Cattle closed at $142.600, down $1.475

Apr 19 Feeder Cattle closed at $145.225, down $1.275

May 19 Feeder Cattle closed at $146.575, down $1.100

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted 10 to 82.5 cent gains in most contracts on Friday, with August down a dime. The CME Lean Hog Index was down 31 cents from the previous day @ $55.24 on February 13. The USDA pork carcass cutout value was up 27 cents on Friday afternoon at an average weighted price of $63.03. The national base cash hog carcass value was down 21 cents in the PM report, with a weighted average of $48.51. USDA estimated FI hog slaughter WTD at 2.514 million head through Saturday. That is down 2,000 head from the previous week but 129,000 above the same week last year.

Apr 19 Hogs closed at $59.525, up $0.825,

May 19 Hogs closed at $68.450, up $0.750

Jun 19 Hogs closed at $76.725, up $0.250

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures were 9 to 15 points higher in most contracts on Friday, after losses of 3.21% this week. Traders were covering shorts ahead of the long weekend. Delayed CFTC data showed specs adding another 1,303 contracts to their net short position in Cotton futures and options on Jan 22 to 10,038 contracts. The weekly Cotton Classing report from USDA showed that 232,083 bales of upland cotton was classed in the week ending on Thursday. That brings the MY total to 16.273 million bales for upland and 16.986 million bales including Pima. The Cotlook A Index was up 25 points on February 14 to 79.65 cents/lb. The USDA Adjusted World Price was updated to 62.27 cents/lb on Thursday.

Mar 19 Cotton closed at 70.220, up 9 points,

May 19 Cotton closed at 71.860, up 15 points

Jul 19 Cotton closed at 73.240, up 17 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