AgriCharts Market Commentary

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Corn Closes Lower on Tuesday

August 20, 2019

Corn futures ended trading down 5 1/2 to 5 3/4 cents in the front months, as additional rainfall either fell or was predicted for many of the dry pockets in the Corn Belt. Later in the day, Poet Biofuels announced the idling of their Cloverdale plant indefinitely, citing recent EPA small refinery waivers. They also announced half of the Poet plants will run at reduced production. The ProFarmer Midwest Crop Tour is on its second day of yield checks in parts of NE and IN/IL today. Day one results showed SD and OH both below the 3-year average. Monday’s Crop Progress report showed condition ratings on the Brugler500 Index rising in IL (+6), IN (+2) and ND (+6). They were down 2 points in IA and 7 points lower in MO, with NE and MN deteriorating 3 points.

SEP 19 Corn closed at $3.59 1/2, down 5 1/2 cents,

DEC 19 Corn closed at $3.68 3/4, down 5 3/4 cents,

MAR 20 Corn closed at $3.81 1/4, down 5 3/4 cents

MAY 20 Corn closed at $3.88 3/4, down 5 1/2 cents

--- provided by Brugler Marketing & Management

Soybeans End Tuesday Higher

August 20, 2019

Soybeans futures were 1 1/2 to 1 3/4 cents per bushel higher in the nearby contracts on Turnaround Tuesday. Meal futures were up $2.00/ton, as soy oil was 25 points lower. Losses in soybean crop ratings last week helped to support the market as the 7-day QPF shows up to 2 inches upcoming for a good part of the Midwest. Monday’s conditions by state showed Brugler500 ratings up 7 points in IL, 5 in SD, and 2 points higher in IN. Conditions in IA were down 5 points, with MO 4 points lower and NE down 3. Results from day one of the Midwest Crop Tour had pod counts in the OH and SD lower than normal, consistent with the delayed progress. Day two results from IN and NE will be announced tonight.

SEP 19 Soybeans closed at $8.55 3/4, up 1 3/4 cents,

NOV 19 Soybeans closed at $8.68 1/4, up 1 3/4 cents,

JAN 19 Soybeans closed at $8.82, up 1 1/2 cents,

MAR 20 Soybeans closed at $8.95 1/4, up 1 1/2 cents,

SEP 19 Soybean Meal closed at $294.00, up $2.00,

SEP 19 Soybean Oil closed at $28.43, down $0.25

--- provided by Brugler Marketing & Management

Wheat Lower

August 20, 2019

Wheat futures were lower by 1 1/2 to 5 1/2 per bushel. Large world supply combined with increasing production in Ukraine and the EU pressured prices. Nearby French milling wheat futures closed at the lowest point since April 2018. The weekly Crop Progress report from NASS on Monday showed spring wheat ratings in MN down 2 points on the Brugler500 index. ND conditions were unch, with SD up 7 points. Japan’s weekly MOA tender is for 110,057 MT of wheat sourced from the US and Canada, with 58,332 MT US specific.

SEP 19 CBOT Wheat closed at $4.60, down 5 1/2 cents

SEP 19 KCBT Wheat closed at $3.86 3/4, down 4 1/2cents

SEP 19 MGEX Wheat closed at $5.04, down 1 1/2 cents

--- provided by Brugler Marketing & Management

Cattle Prices Close Higher

August 20, 2019

Live cattle futures ended $1.10 to $1.775 higher in Tuesday’s trading. Feeder cattle futures were 45 to 90 cents higher and getting closer to the Index. The CME Feeder Cattle Index was higher by $.91 on August 19 at $137.24. August futures expire on 8/29. Wholesale boxed beef prices were mixed on Tuesday afternoon. Choice boxes were up $2.57 at $241.70, with Select boxes 25 cents lower @ $214.27. A COF pre-report survey of analysts shows an average of estimates of cattle on feed up just 0.8% compared to last August 1. July marketing are seen at 106.4% of last July, with placements up 0.1%. The USDA estimated the week to date FI cattle slaughter thru Tuesday was 231,000 head, the same as the previous week, and 4,000 head below the same week last year.

AUG 19 Cattle closed at $101.800, up $1.600

OCT 19 Cattle closed at $100.000, up $1.775

DEC 19 Cattle closed at $104.825, up $1.100

AUG 19 Feeder Cattle closed at $136.300, up $0.625

SEP 19 Feeder Cattle closed at $133.725, up $0.900

OCT 19 Feeder Cattle closed at $133.650, up $0.475

-- provided by Brugler Marketing & Management

Hogs Finish Higher

August 20, 2019

Lean Hog futures traded higher on Tuesday, up $.95 to $1.325 in the front months. The CME Lean Hog Index was down 47 cents at $78.55 on August 16. The USDA pork carcass cutout value was down $.1.07 on Tuesday afternoon to $83.91. The national average base hog value was 60 cents lower in the Tuesday PM report at $69.18. Estimated weekly FI hog slaughter thru today was 962,000 head, a 28,000 head increase from the previous Monday and 51,000 head more than the same Tuesday a year ago.

OCT 19 Hogs closed at $64.975, up $0.950

DEC 19 Hogs closed at $64.175, up $1.325

FEB 19 Hogs closed at $70.800, up $1.075

--- provided by Brugler Marketing & Management

Cotton Mixed at the Close

August 20, 2019

Cotton futures closed anywhere from up 58 points in October to 17 points lower in December. The US dollar index hit the highest level since August 1, but closed lower on the day. Monday’s Crop Progress report indicated 32% of the bolls in TX opening as of Sunday, compared to the 15% average. In GA, 22% of the crop had bolls opening vs. the normal pace of 10%. Condition ratings were down 14 points on the Brugelr500 index overall, with TX 20 poitns lower on the week and GA up 5. The Cotlook A Index was unchanged on August 19 at 71.40 cents/lb. The weekly AWP is 52.22 cents/lb, a slight decline from last week but still above loan rate.

OCT 19 Cotton closed at 59.76, up 58 points

DEC 19 Cotton closed at 59.07, down 17 points

MAR 20 Cotton closed at 60.03, down 2 points

MAY 20 Cotton closed at 61.11, down 4 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