Ag Market Commentary

Corn futures are 3 3/4 to 4 1/2 cents lower in midday trading, giving back early gains as additional rainfall either fell or was predicted for many of the dry pockets in the Corn Belt. 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 on its second day of yield checks. Day one averages in Ohio average were 154.35 bpa, well below the 179.5 bpa from last year and 164.4 bpa average. South Dakota average was 154.1 bpa and down 13% from the tour average last year.

SEP 19 Corn is at $3.61, down 4 cents,

DEC 19 Corn is at $3.70, down 4 1/2 cents,

MAR 20 Corn is at $3.82 3/4, down 4 1/4 cents

MAY 20 Corn is at $3.90 1/2, down 3 3/4 cents

--- provided by Brugler Marketing & Management

Soybeans futures are 2 1/4 to 2 1/2 cents per bushel higher at midday. Meal futures are up $2.40 and soy oil is 26 points lower. 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. 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. Of the states surveyed, South Dakota had 59% of the crop setting pods, with Ohio at 54%, both well behind average.

SEP 19 Soybeans are at $8.56 1/4, up 2 1/4 cents,

NOV 19 Soybeans are at $8.69, up 2 1/2 cents,

JAN 19 Soybeans are at $8.82 3/4, up 2 1/4 cents,

MAR 20 Soybeans are at $8.96, up 2 1/4 cents,

SEP 19 Soybean Meal is at $294.40, up $2.40,

SEP 19 Soybean Oil is at $28.42, down $0.26

--- provided by Brugler Marketing & Management

Wheat futures are lower by 1 3/4 to 7 1/2 per bushel higher across the three US markets midday Tuesday. 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. Japan’s weekly MOA tender is for 110,057 MT of wheat sourced from the US and Canada, with 58,332 MT US specific.

SEP 19 CBOT Wheat is at $4.58, down 7 1/2 cents,

SEP 19 KCBT Wheat is at $3.85 1/2, down 5 3/4 cents,

SEP 19 MGEX Wheat is at $5.03 3/4, down 1 3/4 cents

--- provided by Brugler Marketing & Management

Live cattle futures are $.90 to $1.225 higher in Tuesdays trading. Feeder cattle futures are 90 cents higher to $136.575. The CME Feeder Cattle Index is down $1.27 on August 16 at $136.33. Wholesale boxed beef prices were again higher on Tuesday. Choice boxes are up $3.50 at $242.63, with Select boxes are 45 cents higher @ $214.97. A COF pre-report survey of analysts shows an average of estimates of cattle on feed up just 0.8% compared to last August 1. July marketing are seen at 106.4% of last July, with placements up 0.1%. 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.

AUG 19 Cattle are at $101.425, up $1.225,

OCT 19 Cattle are at $99.450, up $1.225,

DEC 19 Cattle are at $104.625, up $0.900,

AUG 19 Feeder Cattle are at $136.575, up $0.900

SEP 19 Feeder Cattle are at $134.000, up $1.175

OCT 19 Feeder Cattle are at $133.925, up $0.750

-- provided by Brugler Marketing & Management

Lean Hog futures are trading higher by $.650 to $1.475 on Tuesday. The CME Lean Hog Index was down 47 cents at $78.55 on August 16. The USDA pork carcass cutout value was down $.87 on Tuesday morning at $84.11. 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.

OCT 19 Hogs are at $64.675, up $0.650,

DEC 19 Hogs are at $64.325, up $1.475

FEB 19 Hogs are at $70.750, up $1.025

--- provided by Brugler Marketing & Management

Cotton futures are trading 30 to 58 points higher in a Turnaround Tuesday attempt. The US dollar index is the highest since August 1. Parts of northern TX and the Southeastern US did receive rain over the weekend. Condition ratings were down 7 to 49% gd/ex, with the Brugler500 index down a sharp 14 points to 340. 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). The Cotlook A Index was unchanged on August 19 at 71.40 cents/lb. The weekly AWP is 52.22 cents/lb, a slight decline from last week but still above loan rate.

OCT 19 Cotton is at 59.76, up 58 points,

DEC 19 Cotton is at 59.54, up 30 points

MAR 20 Cotton is at 60.47, up 42 points

MAY 20 Cotton is at 61.59, up 44 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

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