AgriCharts Market Commentary

Do 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

Corn futures are steady to fractionally higher on Tuesday’s midday. This morning’s USDA Export Inspections report showed 938,099 MT in corn shipments during the week of 2/15. That was up 10.87% from the previous week but still lags the same time last year by 20.64%. Friday’s CFTC Commitment of Traders report showed spec funds in corn futures and options trimming their net short position by 72,310 contracts. Their net position as of Feb 13 was -10.614 contracts, the smallest net short position since mid-August.

Mar 18 Corn is at $3.67 1/2, unch,

May 18 Corn is at $3.75 1/4, up 1/4 cent,

Jul 18 Corn is at $3.83, up 1/4 cent

Sep 18 Corn is at $3.89 1/2, unch

Soybeans

Soybean futures are trading 7 to 8 1/2 cents higher on Tuesday. Soy meal futures are up $6/ton, with nearby soy oil 15 points higher. Dry conditions in Argentina and too much moisture in Brazil continue to push the market higher. Export Inspections totaled just 960,066 MT during the week that ended February 15. That was a drop of 29.3% from the week prior and 12.14% lower than the same week in 2017. Managed money spec traders flipped their net position for the week of 2/13. They added 52,847 contracts to their net long position to 42,869 contracts.

Mar 18 Soybeans are at $10.30, up 8 1/2 cents,

May 18 Soybeans are at $10.41, up 8 1/2 cents,

Jul 18 Soybeans are at $10.50 1/2, up 8 1/4 cents,

Aug 18 Soybeans are at $10.50 1/4, up 7 cents,

Mar 18 Soybean Meal is at $379.30, up $6.00

Mar 18 Soybean Oil is at $31.69, up $0.15

Wheat

Wheat futures are down 5 to 6 cents in the nearby CBT and KC contracts, with pressure from a higher US dollar. MPLS wheat is 1 to 2 cents lower. All wheat shipments for the week of 2/15 were shown at 422,298 MT in this morning’s Export Inspections report. That was down 15.52% from the week before and 26.02% lower than the same time a year ago. FOB export prices in the Black Sea region have been rising, potentially aiding US competitiveness. The COT report showed spec funds in CBT wheat options and futures lower their net short position by 26,563 contracts to -56,831 contracts as of 2/13.

Mar 18 CBOT Wheat is at $4.52 1/2, down 5 1/4 cents,

Mar 18 KCBT Wheat is at $4.72 1/2, down 6 cents,

Mar 18 MGEX Wheat is at $6.03 3/4, down 1 1/2 cents

Cattle

Live cattle futures are steady to 15 cents higher in the front months, with deferred contracts lower. Feeder cattle futures are up 30 to 82.5 cents in most nearby contracts. The CME feeder cattle index was up 45 cents on February 15 at $148.15. Wholesale boxed beef values were sharply higher on Tuesday morning. Choice boxes were up $3.20 at $215.77, with Select boxes $3.07 higher at $210.50. Estimated weekly FI cattle slaughter is 596,000 head through Saturday. That is up 5,000 from the previous week and 20,000 head more than the same week last year. Cash trade was $130 across most regions on Friday (up $4), with dressed trade at $205 in the north.

Feb 18 Cattle are at $130.250, up $0.150,

Apr 18 Cattle are at $127.750, up $0.100,

Jun 18 Cattle are at $118.675, unch,

Mar 18 Feeder Cattle are at $150.550, up $0.825

Apr 18 Feeder Cattle are at $152.700, up $0.300

May 18 Feeder Cattle are at $153.250, up $0.425

Lean Hogs

Lean hog futures are showing $1.35 to $1.75 gains in most contracts on Tuesday. The CME Lean Hog Index on February 16 was $72.09, down 80 cents from the previous day. The USDA pork carcass cutout value was $1.62 higher at $79.98 in the Tuesday AM report. All primal cuts were reported higher. The national base hog weighted average price was down 26 cents at $64.18 Tuesday morning. The USDA estimated week to date FI hog slaughter at 2,384,000 through Saturday. That is down 5,000 head from the previous week but 28,000 head more than the same time last year. Spec fund money managers in lean hog futures and options cut 18,477 contracts off their net long position during the week that ended 2/13. That net position of 20,797 contracts was the smallest net long position since May 9, 2017.

Apr 18 Hogs are at $69.725, up $1.575,

May 18 Hogs are at $76.275, up $1.350

Jun 18 Hogs are at $81.400, up $1.675

Cotton

Cotton futures are posting sharp 207 to 228 point gains in the nearby contracts on Tuesday. The Friday COT report showed spec funds lowering their net long position by 12,509 contracts to 69,378 contracts for the week of Feb 13. The USDA reported that 236,832 bales were classed in the upland category during the week of Feb 15. That brings the total for upland classings to 18.480 million bales for 17/18. The USDA Adjusted World Price or AWP was trimmed 30 points from the previous week to 69.15 cents/lb on Thursday. The Cotlook A index was up 25 points from the previous day on February 19 at 86.85 cents/lb.

Mar 18 Cotton is at 77.9, up 218 points,

May 18 Cotton is at 79.44, up 228 points

Jul 18 Cotton is at 80.19, up 207 points

Oct 18 Cotton is at 76.850, up 47 points


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com