Ag Market Commentary

Corn futures are 4 to 5 cents higher to start Turnaround Tuesday trading. The weekly Crop Progress report indicated that 55% of the US corn crop was in the dough stage (76% avg), with 15% dented (30% avg) as of Sunday. Condition ratings slipped 1% to 57 % gd/ex, with the Brugler500 Index down 2 points to 349. The ProFarmer Midwest Crop Tour is underway on both the western and eastern ends of the Corn Belt. The Ohio average was 154.35 bpa, and down the same 14% as USDA. South Dakota average was 154.1 bpa and down 13% from the tour average last year. USDA Export Inspections data showed 510,334 MT of corn shipped in the week that ended on August 15. That was down 30% from the week prior and roughly half of the same week last year. Sorghum shipments to China totaled 50,002 MT.

--- provided by Brugler Marketing & Management

Soybeans futures are 6 to 7 cents per bushel higher this morning after double digit losses on Monday. Meal futures are up more than $2 from their Monday close and soy oil is 21 points higher. The US soybeans crop progress data shows 90% of the crop blooming (96% avg), with 68% setting pods (85% avg). Condition ratings were down 1% to a 54% g/ex rating, with a Brugler500 index rating 2 points lower at 344. Monday’s Export Inspections report indicated 1.16 MMT of soybeans were shipped in the week ending August 15. That was 22% higher than the week prior and a 75% increase over the same week in 2018. A total of 551,235 MT was headed to China. Results from day one of the Midwest Crop Tour had pod counts down as much as 39% from last year. Many of the fields were still blooming, resulting in incomplete pod counts. --- provided by Brugler Marketing & Management

Wheat futures are steady to 2 cents per bushel higher across the three US markets early Tuesday. Chicago is the firmest, with MPLS spring wheat hovering near UNCH. The weekly Crop Progress report from NASS showed 93% of the winter wheat crop harvested as of August 18, up 4% on the week and 5% behind normal. The spring wheat crop was 16 % harvested, with the normal pace at 49%. Condition ratings were tallied at 70% gd/ex, up 1 from a week ago, as the Brugler500 index for spring wheat was up 2 point to 374. Wheat exports during the week that ended on August 15 totaled 488,905 MT, according to USDA Export Inspections data. That was down 32% from the previous week and slightly higher than the same week a year ago. Morocco is seeking 576,000 MT of milling wheat and 345,455 MT of US durum wheat a under preferential tariff quota in a tender due on September 5.

--- provided by Brugler Marketing & Management

Live cattle futures were $.175 to $.275 cents higher in the front months Monday. Feeder cattle futures closed 32.5 cents to $1.10 higher with nearby August the strongest. The CME Feeder Cattle Index is down $1.27 on August 16 at $136.33. Wholesale boxed beef prices were again higher on Monday afternoon. Choice boxes were up 44 cents at $239.13, with Select boxes $1.26 higher @ $214.52. The USDA estimated the FI cattle slaughter for Monday was 115,000 head, the same as the previous Monday, and 2,000 head below the same week last year. Last week’s cash trade was $106-107, with a few at $107-111 in the WCB according to USDA.

-- provided by Brugler Marketing & Management

Lean Hog futures finished the day $1.70 to $2.075 higher on Tuesday. The CME Lean Hog Index was down 32 cents at $79.02 on August 15. The Fresh Bacon Index was up $19.70 in the week ending 8/16 at $219.02/cwt. The USDA pork carcass cutout value was down $1.28 on Monday afternoon at $84.98. The national average base hog value was down 11 cents in the Monday PM report at $69.71. Estimated weekly FI hog slaughter for Monday was 472,000 head, a 14,000 head increase from the previous Monday and 26,000 head more than the same Monday a year ago.

--- provided by Brugler Marketing & Management

Cotton futures are trading 15 to 27 points higher in a Turnaround Tuesday attempt. They ended Monday 52 to 97 points lower. The US dollar index is the highest since August 1. Parts of northern TX and the Southeastern US did receive rain over the weekend. The Crop Progress report on Monday night showed 85% of the cotton crop setting bolls, even with the average pace and with and 24% setting bolls (13% avg). Condition ratings were down 7 to 49% gd/ex, with the Brugler500 index down a sharp 14 points to 340. The Cotlook A Index was unchanged on August 16 at 70.90 cents/lb. The weekly AWP is 52.22 cents/lb, a slight decline from last week but still above loan rate.

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

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