Ag Market Commentary

Corn futures saw 1 to 3 cent gains in most contracts on Friday, with May up 2.47% on the week. Support stemmed from strength in wheat, bargain hunting and higher ethanol futures. Friday afternoon’s CFTC Commitment of Traders report showed managed money with a record reported net short position in corn futures and options of 257,965 contracts on March 12. That was an addition of 81,188 contracts from the previous week. Total export commitments are down 6.3% from a year ago, when importers were buying in anticipation of a smaller South American crop. Commitments are now 68% of the newly updated US export projection, vs. the average of 76%.

May 19 Corn closed at $3.73 1/4, up 3 cents,

Jul 19 Corn closed at $3.82 1/4, up 2 3/4 cents,

Sep 19 Corn closed at $3.88 3/4, up 2 1/2 cents

Dec 19 Corn closed at $3.96, up 2 cents

--provided by Brugler Marketing & Management

Soybean futures posted 9 to 10 3/4 cent gains in the front months on Friday, as May was up 1.51% this week. Meal futures were up $4.90/ton, with soy oil 14 points lower. Spec funds added 39,895 contracts to their net short position in the week of 3/12, with the position at -90,197 contracts on that date. Year to date soybean commitments for export are now 16.4% below a year ago, catching up from previous weeks. They are 81% of the USDA export projection, as the 5-year average is 92% and last year was 87%. NOPA’s monthly report showed 154.498 mbu of soybeans crushed in February, below the average trade estimate but still a record for the month. Member soy oil stocks were 1.752 billion pounds. Heavy rains have slowed the Brazilian harvest in Parana, which is now behind last year’s pace and about 66% completed according to local sources.

May 19 Soybeans closed at $9.09 1/4, up 10 3/4 cents,

Jul 19 Soybeans closed at $9.23, up 10 3/4 cents,

Aug 19 Soybeans closed at $9.28 3/4, up 10 1/2 cents,

Nov 19 Soybeans closed at $9.42 1/2, up 9 3/4 cents,

May 19 Soybean Meal closed at $310.80, up $4.90,

May 19 Soybean Oil closed at $29.43, down $0.14

--provided by Brugler Marketing & Management

Wheat futures ended the Friday session with most winter wheat contracts 6 1/2 to 9 1/2 cents higher. MPLS was steady to 3 cents higher. May CBT was up 5.18% this week, with KC 2.84% higher and MPLS up 1%. CFTC data showed KC wheat specs extending their record reported net short position to -49,286 contracts in the week of 3/12. Even with the lower sales total last week, export commitments are now 3% above a year ago. They are 87% of the USDA projected total (revised lower last week), with the 5-year average pace at 97%. Ukraine exporters have shipped 7.7 MMT of milling wheat, which is near the milling wheat export quota of 8 MMT, with the total wheat quota at 16 MMT.

May 19 CBOT Wheat closed at $4.62 1/4, up 9 1/2 cents,

May 19 KCBT Wheat closed at $4.43, up 6 1/2 cents,

May 19 MGEX Wheat closed at $5.54 3/4, up 2 1/4 cents

--provided by Brugler Marketing & Management

Live cattle futures closed Friday with 77.5 cent to $1.70 gains in most contracts. Feeder cattle futures were up 22.5 cents to $2.275 on the day. The CME feeder cattle index was down 74 cents on March 14 at $137.65. Wholesale boxed beef prices were lower in the Friday afternoon report, with the Ch/Se spread at $9.65/cwt. Choice boxes were down 71 cents at $226.99, as Select was $1.42 lower @ $217.34. USDA estimated this week’s FI cattle slaughter at 593,000 head. That is down 10,000 head from last week as snow or flooding in most of NE and parts of IA caused transportation issues on Thursday. Cash trades this week were reported at $127 across most regions.

Apr 19 Cattle closed at $129.100, up $1.700,

Jun 19 Cattle closed at $121.925, up $1.575,

Aug 19 Cattle closed at $117.725, up $1.275,

Mar 19 Feeder Cattle closed at $141.325, up $0.225

Apr 19 Feeder Cattle closed at $146.925, up $2.275

May 19 Feeder Cattle closed at $148.450, up $2.100

--provided by Brugler Marketing & Management

Lean Hog futures posted limit gains in all contracts out to April 2020. Nearby April was up 13.63% on the week, extending the premium to cash. The CME Lean Hog Index was up $1.01 from the previous day @ $54.13 on March 13. The USDA pork carcass cutout value was up 9 cents on Friday afternoon at an average weighted price of $68.89. The national base hog carcass value was up $2.67 in the PM report at an average weighted price of $54.20. USDA estimated the weekly FI hog slaughter was at 2.452 million head through Saturday, down 83,000 from last week but 34,000 head above last year. China’s Ag Ministry data shows the country’s hog herd down 16.6% from a year ago in February, with the sow numbers down 19.1%.

Apr 19 Hogs closed at $68.800, up $3.000,

May 19 Hogs closed at $77.900, up $3.000

Jun 19 Hogs closed at $86.525, up $3.000

--provided by Brugler Marketing & Management

Cotton futures were 73 to 120 points higher in the front months on Friday, as May posted a 2.74% gain this week. A weaker US dollar index was supportive. The Cotlook A Index was up 95 points on March 14 to 84.30 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. Export Commitments for 18/19 upland cotton are now 11.8% below a year ago as sales have been lagging. They are 88% of USDA’s full year projection, just 1% below the average pace. Spec funds added 1,706 contracts to their CFTC net short position as of March 12, with the position at 20,007 contracts on that date.

May 19 Cotton closed at 75.500, up 120 points,

Jul 19 Cotton closed at 76.600, up 115 points

Oct 19 Cotton closed at 75.060, up 73 points

--provided by Brugler Marketing & Management

Market Commentary provided by:

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Phone: 402-697-3623
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