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AgriCharts Market CommentaryDo you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily. Corn Up 7 to 8 Cents at MiddayCorn futures are trading 7 to 8 cents higher in the front months on Thursday, ignoring poor export sales data. USDA reported a flash sale of 122,000 MT of corn to Mexico this morning, with 52,000 MT for 18/19 and 70,000 MT for 19/20. The weekly Export Sales report indicated that just 38,402 MT of old crop corn was sold in the week of 6/13, well below the range of estimates. New crop bookings totaled 360,834 MT, the third largest this MY and in the middle of expectations. A total of 1.832 MMT of corn was sold form Chinese state reserves at an auction on Thursday, 46.11% of the amount offered.
--provided by Brugler Marketing & Management Soybeans Up Double Digits on ThursdaySoybean futures are showing double digit gains in most contracts at midday. Soymeal is up $6.30/ton, with bean oil 24 points higher. A private export sale of 189,000 MT of soybeans were reported to unknown destinations by the USDA this morning. The sale was spilt between 18/19 (126,000 MT) and 19/20 (63,000 MT). This morning’s Export Sales report showed old crop soybean bookings above the top end of estimates at 571,512 MT. That was an 8-week high and more than double the same week last year. New crop sales totaled 200,027 MT in the week of June 13. Meal sales were tallied at 147,328 MT, with soy oil sales at 4,435 MT.
--provided by Brugler Marketing & Management Wheat Higher at Midday on Strength in CornWheat futures are firm to 7 cents higher in most contracts on Thursday. USDA reported just 187,567 MT of 19/20 wheat export sales in the first full week of the new MY (week ending 6/13). Japan purchased a total of 61,864 MT of US wheat in this week’s MOA tender. Russian wheat production estimates from IKAR saw a 0.5 MMT reduction to 80 MMT, while they trimmed their export forecasts by the same to 36.5 MMT. SovEcon also lowered their Russian export projection by 0.6 MMT to 37.6 MMT
--provided by Brugler Marketing & Management Cattle Lower on Thursday with Weakness in CashLive cattle futures are down a dime to 80 cents in most contracts on Thursday. A few scattered sales of $110 have been reported in the South so far on Thursday. Feeder cattle futures are down 90 cent sot $1.35 at midday. The CME feeder cattle index was down 16 cents to $133.05 on June 18. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 27 cents at $221.86 with Select boxes 23 cents higher @ $202.47. USDA estimated the week to date FI cattle slaughter @ 361,000 head. That was 9,000 head larger than the same point last year and down 3,000 from last week. Friday’s Cattle on Feed report is expected to show June 1 on feed numbers up 1.3% from last year. May placements are seen down 4.1%, with marketings up 0.8%. USDA reported 17,951 MT in weekly beef export sales during the week of June 13, with shipments running 19,292 MT.
--provided by Brugler Marketing & Management Hogs Lower at MiddayLean Hog futures are mostly 12.5 cents to $1.50 lower on Thursday. The CME Lean Hog Index was up 23 cents from the previous day @ $79.49 on June 18. The USDA pork carcass cutout value was up 83 cents on Thursday morning at $78.52. The picnic was the only primal reported lower. The national average base hog was $1.47 lower at $74.93 per hundred pounds. This week’s estimated FI hog slaughter is 1.423 million head through Wednesday. That was up 2,000 from the previous week and well above the same week in 2018. Pork export sales in the week that ended on 6/13 totaled 19,667 MT, with China cancelling just 75 MT of that and 8,200 MT sold to Mexico. Total shipments were tallied at 24,138 MT.
--provided by Brugler Marketing & Management Cotton Shrugs Off Supportive Outside Markets on Weak Export Sales DataCotton futures are down 27 to 133 points in most contracts on Thursday, mainly from poor export sales data. The dollar index is down 577 points at midday, with crude up $2.90/barrel. The weekly Export Sales report showed old crop upland bookings at a net reduction of 119,275 RB in the week of June 13. China cancelled 69,939 RB, with 84,600 RB in net reductions for Turkey. New crop sales totaled 221,829 RB, the second highest this MY. Turkey purchased 98,200 RB of new crop, with China buying 49,444 RB. The Cotlook A index for June 19 was up 50 points from the previous day to 77.50 cents/lb. The weekly Average World Price (AWP) from USDA is 58.97 cents/lb through Thursday, and will be updated later today.
--provided by Brugler Marketing & Management Market Commentary provided by: |
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