AgriCharts Market Commentary

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Corn Post Turnaround Tuesday Bounce

July 23, 2019

Corn futures ended the Turnaround Tuesday session with most contracts 3 to 4 3/4 cents higher. Lower than expected crop condition ratings encouraged some light buying. USDA Secretary Perdue stated on Tuesday that this year’s MFP payment will have a minimum payment of $15/acre, with the initial county rates and guidelines released later this week. The drop in corn condition ratings was due to heat stress in a number of states during the reporting period, as IN and SD were 5 points lower, with MN and OH down 6. Ratings improved in IA (+4), NE and MO (+3), and IL (+1),

SEP 19 Corn is at $4.25 1/2, up 3 1/4 cents,

DEC 19 Corn is at $4.31 1/2, up 4 3/4 cents,

MAR 20 Corn is at $4.40 1/2, up 4 3/4 cents,

MAY 20 Corn is at $4.44 1/4, up 4 cents

--provided by Brugler Marketing & Management

Soybeans Close Lower on Tuesday

July 23, 2019

Soybean futures closed with 2 to 2 1/2 cent losses in the front months on Tuesday. August soybean meal was down $2/ton, with soy oil 28 points higher. The 5-day QPF shows dry weather for most of the Midwest over the next several days. The 6-10 day outlook indicates above normal chances for precip in most of the Corn Belt, up into the Dakotas. Monday afternoon’s NASS report indicated that none of the 18 reported states were above normal progress for either stage. For conditions by state, the most notable jump was for IL (+10), with IA (+1) and NE (+4) both higher as well. Ratings in IN (-4), ND and OH (-7), and SD (-6) were all lower. More information about this year’s MFP payment will be released this week according to a statement from USDA secretary Perdue.

AUG 19 Soybeans are at $8.85 3/4, down 2 1/2 cents,

SEP 19 Soybeans are at $8.91 1/2, down 2 1/2 cents,

NOV 19 Soybeans are at $9.03 3/4, down 2 cents,

JAN 20 Soybeans are at $9.16 1/2, down 2 cents,

AUG 19 Soybean Meal is at $306.40, down $2.00,

AUG 19 Soybean Oil is at $28.01, up 28 points,

--provided by Brugler Marketing & Management

Wheat Mixed on Tuesday

July 23, 2019

Wheat futures closed Tuesday with most contracts firm to 3 cents higher, as MPLS was fractionally lower in nearby Sep. Initial reports from the Spring Wheat Quality Tour show above normal yields, with day one results expected out later tonight. NASS showed spring wheat ratings in ID (+11) and ND (+3) as the only states to show improvement from last week. Taiwan purchased 90,650 MT of US wheat in their tender. Japan is tendering for 114,242 MT of wheat in their weekly MOA tender, all US origin. Results are expected Thursday. Egypt purchased 300,000 MT in their recent GASC tender, with the origins split between Ukraine (120,000 MT), Romania (120,000 MT) and Russia (60,000 MT). The US was not price competitive.

SEP 19 CBOT Wheat is at $4.87 1/4, unch,

SEP 19 KCBT Wheat is at $4.31 1/2, up 2 1/4,

SEP 19 MGEX Wheat is at $5.20 1/2, down 3/4,

--provided by Brugler Marketing & Management

Cattle Mostly Higher on Tuesday

July 23, 2019

Live cattle futures were up 45 to 72.5 cents in the front months on Tuesday. Feeder cattle futures posted gains of just a tick in the nearby contracts. The CME feeder cattle index was down $1.24 cents @ $136.94 on July 22. Wholesale boxed beef prices were higher on Tuesday afternoon. Choice boxes were up 46 cents per cwt at $213.78, with Select boxes 12 cents higher @ $189.71. USDA estimated this week’s FI cattle slaughter at 236,000 head through Tuesday, which is 2,000 head below last week and 7,000 above the same week last year.

AUG 19 Cattle are at $109.050, up $0.60,

OCT 19 Cattle are at $109.875, up $0.725,

DEC 19 Cattle are at $114.250, up $0.45,

AUG 19 Feeder Cattle are at $142.200, up $0.025,

SEP 19 Feeder Cattle are at $142.450, up $0.025,

OCT 19 Feeder Cattle are at $142.675, up $0.025,

--provided by Brugler Marketing & Management

Hogs Post Strong Gains on Tuesday

July 23, 2019

Lean Hog futures saw triple digit gains in the front months, with Aug closing a nickel off limit up. The CME Lean Hog Index was up 87 cents from the previous day on July 19 @ $73.27. The USDA pork carcass cutout value was just a penny on Tuesday afternoon at $80.60. The national average base hog value was up $2.71 on Tuesday at $78.80. Estimated weekly FI hog slaughter was 948,000 head through Tuesday. That was up 63,000 head from the previous week and 64,000 head above the same week last year. Chinese pork imports during June were up 62.8% from the same month last year.

AUG 19 Hogs are at $86.175, up $2.95,

OCT 19 Hogs are at $81.800, up $2.60,

DEC 19 Hogs are at $79.675, up $2.65,

--provided by Brugler Marketing & Management

Cotton End Higher on Tuesday

July 23, 2019

Cotton futures settled with 17 to 38 point gains in most contracts on Tuesday. The 6-10 day forecast shows lower chances for precip in most of TX, with above normal temps seen. The weekly Crop Progress report from NASS showed that TS Barry helped more acres than it hurt, as LA (+3) and TX (+15) both improved. AZ was down 21 points, with MS 4 points lower. The Cotlook A index for July 22 was up 125 points from the previous day at 74.20 cents/lb. The weekly AWP is 55.81 cents/lb effective through Thursday.

OCT 19 Cotton is at 62.96, up 17 points,

DEC 19 Cotton is at 63.74, up 38 points

MAR 20 Cotton is at 64.5, up 35 points

MAY 20 Cotton is at 65.34, up 29 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com