Ag Market Commentary

Corn futures are 2 1/4 to 2 1/2 cents lower at midday, after showing gains earlier in the session. The weekly EIA ethanol report showed average daily ethanol production for the week of June 9 at 1.002 million barrels per day (bpd). That is up 3,000 bpd over last week, with an estimated 105.2 million bushels of corn being used during the week. Ethanol stocks rose 560,000 barrels to 22.542 million barrels, as the Midwest was the only region to see shrinking stocks. Private analysts in China has estimated that 22.8 MMT of corn from state reserves has been sold since May, with this week’s projected amount around 3.5.

Jul 17 Corn is at $3.78 1/2, down 2 1/2 cents,

Sep 17 Corn is at $3.86 1/4, down 2 1/4 cents,

Dec 17 Corn is at $3.96 1/2, down 2 1/2 cents

Mar 18 Corn is at $4.06, down 2 1/4 cents

Soybean futures are trading fractionally to 1 1/2 cents in the green on Wednesday. Soy meal is up $1.30 in the front month, with July 17 soy oil 5 points higher. Analysts are expecting the NOPA report to show May crush increasing to 143.192 million bushels. May 31 soy oil stocks are projected to increase at 1.745 billion pounds. The report will be released tomorrow at 11:00 a.m. CDT. Producer sales in Brazil have picked up over the past few days on a lower Real China’s ag ministry has approved for import some additional varieties of GMO corn and soybeans.

Jul 17 Soybeans are at $9.34, up 1 1/2 cents,

Aug 17 Soybeans are at $9.37 3/4, up 1 1/2 cents,

Sep 17 Soybeans are at $9.38, up 1 1/4 cents,

Nov 17 Soybeans are at $9.39 3/4, up 3/4 cent,

Jul 17 Soybean Meal is at $302.80, up $1.30

Jul 17 Soybean Oil is at $32.14, up $0.05

Wheat futures are mostly higher at midday. CBT and KC are a penny to 4 cents higher. MPLS is trading 2 to 5 cents in the green.Spread traders are having a field day as millers chase protein. Australia’s wheat production projection was updated to 24.19 MMT, from 23.9 MMT in March, by ABARE. Germany’s 2017 wheat crop is estimated at 25.2 MMT, up 0.22 MMT from May’s estimate on wet weather. Some analysts are estimating that Egypt will import nearly 6 MMT of wheat this year, up 11.11% from last year. Russian FOB offers have dipped below US FOB Gulf after several weeks at premium levels. French wheat FOB Rouen is still much cheaper.

Jul 17 CBOT Wheat is at $4.46, up 1 cent,

Jul 17 KCBT Wheat is at $4.60 3/4, up 3 3/4 cents,

Jul 17 MGEX Wheat is at $6.33 1/2, up 5 1/2 cents

futures are $2.475 to $2.825 lower, after most contracts hit limit losses earlier in the day. The CME feeder cattle index was up 6 cents on June12 at $154.21. Wholesale beef prices were higher in the morning report, with choice boxes up 51 cents at $251.70. Select was 65 cents higher, with an average of $222.10. Trade data from the FCE was unavailable this morning due to technical problems. Cash cattle have exchanged hands at around $130 in NE so far today, with bids of $128 in the South. Tuesday trade was around $130-$134. 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 are at $125.125, down $2.375,

Aug 17 Cattle are at $118.725, down $2.150,

Oct 17 Cattle are at $115.400, down $1.975,

Aug 17 Feeder Cattle are at $147.475, down $2.475

Sep 17 Feeder Cattle are at $147.075, down $2.625

Oct 17 Feeder Cattle are at $145.500, down $2.825

Lean hog futures are 22.5 to 87.5 cents higher in the front months on Wednesday. The June contract expires today. The CME Lean Hog Index for 6/12 was up another 57 cents to $81.16. The USDA pork carcass cutout value was 4 cents lower in the morning report, with a weighted average of $94.93. The loin, butt, and ham primal were all lower. The national base hog carcass price was $1.18 higher with a weighted average of $81.00 in the morning 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 are at $83.000, up $0.225,

Jul 17 Hogs are at $83.150, up $0.875

Aug 17 Hogs are at $80.625, up $0.400

Cotton futures are showing losses of 48 to 65 points at midday, despite a sharply lower dollar. The US dollar is posting losses on the session, down 551 points and hitting new 2017 lows. Eyes will be on the Federal Reserve this afternoon, with most expecting them to raise interest rates On Wednesday, China sold another 18,500 MT of the 30,300 MT of cotton offered at an auction of state reserves. The AWP for this week is 68.03 cents/lb, and will be updated tomorrow afternoon.The Cotlook A index for June 13 was 25 points lower to 86 cents/lb.

Jul 17 Cotton is at 73.83, down 65 points,

Oct 17 Cotton is at 73.32, down 54 points

Dec 17 Cotton is at 71.34, down 48 points

Mar 18 Cotton is at 71.310, down 50 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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