Ag Market Commentary

Corn futures closed the day 3 1/4 to 4 cents higher on Turnaround Tuesday. The weekly EIA report will be released Wednesday morning at 9:30 a.m. CST. Informa Economics increased their 2017 US corn acreage projection to 90.186 million acres, up from their May estimate of 89.7 million acres. The Crop Progress report showed IL, IA, and IN with slightly lower conditions, as the Dakotas dropped significantly. SD was down 33 points to 327, with ND down 13 to 350 points.

Jul 17 Corn closed at $3.81, up 3 3/4 cents,

Sep 17 Corn closed at $3.88 1/2, up 3 1/2 cents,

Dec 17 Corn closed at $3.99, up 3 1/2 cents

Mar 18 Corn closed at $4.08 1/4, up 3 1/2 cents

Soybean futures settled with slight gains on Tuesday, as most contracts were 1/4 to 1 1/4 cents higher. Soy meal was down 30 cents in the front month, with July 17 soy oil 15 points higher. On Tuesday, Informa Economics updated their 2017 soybean planted acres estimate to 89.362 million acres, down slightly from May’s number of 89.7 million acres. Soybean condition ratings in most major growing areas were lower than last year, with parts of the ECB and Dakotas around 40 points worse than this time last year, using the Brugler 500 index. Analysts are expecting the NOPA report on Thursday to show May crush at 143.192 million bushels. That would be down 5.97% from last May but up 4.42% from April if realized. May 31 soy oil stocks are projected at 1.745 billion pounds, an increase from April and 12.49% lower than May 2016.

Jul 17 Soybeans closed at $9.32 1/2, up 1 1/4 cents,

Aug 17 Soybeans closed at $9.36 1/4, up 1 1/4 cents,

Sep 17 Soybeans closed at $9.36 3/4, up 1 1/4 cents,

Jan 18 Soybeans closed at $9.46 1/4, up 1/2 cent,

Jul 17 Soybean Meal closed at $301.50, down $0.30,

Jul 17 Soybean Oil closed at $32.09, up $0.15

Wheat futures posted gains in most contracts on Tuesday. CBT was 10 to 12 1/4 cents higher, with KC 7 1/4 to 14 1/4 cents in the green. MPLS was the strongest, as it saw sharp gains of 27 1/2 cents in July and 28 1/4 cents in September. Individual state progress shows winter wheat in TX 72% harvested, with OK 52% complete, and KS at 4%. Spring wheat ratings dropped as expected to 45% g/e, down 10% wk/wk and 34% yr/yr. Individual state ratings show Montana and the Dakotas dropping significantly, as SD was 13% g/e. Taiwan purchased 92,400 MT of US wheat on Tuesday in their recent tender. Japan is seeking 162,286 MT of wheat from the US, Canada, and Australia, as 98,536 MT is US specific, with the tender closing on Thursday. Egypt’s GASC purchased a total of 300,000 MT of wheat on Tuesday, with 180,000 MT from Russia, 60,000 MT from Romania and 60,000 MT from Ukraine. The US did not place an offer.

Jul 17 CBOT Wheat closed at $4.45, up 11 cents,

Jul 17 KCBT Wheat closed at $4.57, up 14 1/4 cents,

Jul 17 MGEX Wheat closed at $6.28, up 27 1/2 cents

Live cattle futures were down 45 to 90 cents on Tuesday. Feeder cattle futures were also 80 cents to $1.60 lower. The CME feeder cattle index was up 6 cents on June12 at $154.21. Wholesale beef prices were lower in the Tuesday afternoon report, with choice boxes down $1.33 at $251.19. Select was 32 cents, with an average of $221.45. Cash trade on Tuesday was light with a few sales around $130-134. Showlists for tomorrow’s FCE auction are only showing 1,041 head on 9 lots. Estimated FI cattle slaughter through Tuesday was 234,000 head, up 1,000 from last week and +12,000 head from the same week a year ago.

Jun 17 Cattle closed at $127.500, down $0.850,

Aug 17 Cattle closed at $120.875, down $0.675,

Oct 17 Cattle closed at $117.375, down $0.825,

Aug 17 Feeder Cattle closed at $149.950, down $1.600

Sep 17 Feeder Cattle closed at $149.700, down $1.525

Oct 17 Feeder Cattle closed at $148.325, down $1.475

Lean hog futures finished Tuesday with gains of 20 cents to $1.575 in the front months, with deferred contracts 5 to 22.5 cents lower. The CME Lean Hog Index for 6/9 was up another 57 cents to $80.59. The USDA pork carcass cutout value was $1.83 higher in the afternoon report, with a weighted average of $94.97. All primal cuts were reported higher. The national base hog carcass price was $2.54 higher with a weighted average of $79.76 in the afternoon report. Through Tuesday, estimated FI hog slaughter WTD was 844,000 head, 31,000 fewer than last week and 10,000 head below last year.

Jun 17 Hogs closed at $82.775, up $0.800,

Jul 17 Hogs closed at $82.275, up $1.575

Aug 17 Hogs closed at $80.225, up $0.225

Cotton futures ended Tuesday with losses of 25 to 65 points in most contracts. The US dollar showed slight losses on the session, down 136 points. The AWP for this week is 68.03 cents/lb. Most states are ahead of their respective Brugler 500 rating last year, with AZ and LA lagging slightly. As of Sunday, individual state data shows TX is 14% squared, with GA 17%. On Tuesday, China sold 19,300 MT of the 29,900 MT of cotton offered at an auction of state reserves. The Cotlook A index for June 12 was 65 points lower to 86.25 cents/lb.

Jul 17 Cotton closed at 74.480, down 65 points,

Oct 17 Cotton closed at 73.860, down 25 points

Mar 18 Cotton closed at 71.810, down 56 points

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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