Ag Market Commentary
BRUG - Tue Feb 12, 12:14PM CST

Corn futures are trading 4 to 5 1/2 cents higher in most contracts on Tuesday. The USDA reported a private export sale of 122,376 MT of corn for 18/19 delivery to unknown destinations this morning. CONAB is expected to release their February crop update for Brazil today. A couple South Korean tenders on Tuesday saw a total of 203,000 MT of optional origin corn purchased by importers. CONAB released their latest corn production estimates for Brazil, with the total crop up 462,000 MT from Jan now at 91.652 MMT. That was the cause of a larger projected second crop with the first crop 1 MMT lower.

Mar 19 Corn is at $3.78, up 5 1/4 cents,

May 19 Corn is at $3.86 1/4, up 5 1/2 cents,

Jul 19 Corn is at $3.93 3/4, up 5 1/4 cents

Sep 19 Corn is at $3.96 3/4, up 4 3/4 cents

--provided by Brugler Marketing & Management



Soybean futures are showing 11 to 12 cent gains in most contracts at midday. Hopes of progress in this week’s US/China meeting in Beijing are helping the market. Meal futures are up $3.40/ton in the nearby contracts, with soy oil 13 points higher. Brazil’s estimated 18/19 soybean production is now at 115.34 MMT according to CONAB. That was down 3.46 MMT from the prior projection and is 1.66 MMT below the current USDA forecast. They also trimmed projected exports in the 18/19 MY by 3.5 MMT to 71.5 MMT.

Mar 19 Soybeans are at $9.17, up 12 cents,

May 19 Soybeans are at $9.31, up 11 3/4 cents,

Jul 19 Soybeans are at $9.44 1/2, up 11 1/2 cents,

Aug 19 Soybeans are at $9.50, up 11 1/2 cents,

Mar 19 Soybean Meal is at $308.30, up $3.40

Mar 19 Soybean Oil is at $30.37, up $0.13

--provided by Brugler Marketing & Management



Wheat futures are steady to 3 cents higher in most CBT and MPLS front months, with KC down 2 to 5 cents. Japan’s weekly Ministry of Ag tender is looking for a total of 113,138 MT of wheat from the US, Canada, and Australia. The tender will close on Thursday, with 47,963 MT US specific. Algeria is also tendering for wheat, with the deadline on Friday. Paris milling wheat futures dropped to their lowest price since December 7 on the continuous front month chart on Tuesday.

Mar 19 CBOT Wheat is at $5.19 1/2, up 1 1/4 cents,

Mar 19 KCBT Wheat is at $4.91, down 2 3/4 cents,

Mar 19 MGEX Wheat is at $5.76 3/4, up 3 cents

--provided by Brugler Marketing & Management



Live cattle futures are currently 10 to 80 cents lower in most contracts on Tuesday. Feeder cattle futures are mixed, with front months steady to 27.5 cents lower and back months higher. The CME feeder cattle index was up 4 cents on February 8 at $141.73. Wholesale boxed beef prices were mixed on Tuesday morning, with the Ch/Se spread at $3.82. Choice boxes were up 65 cents at $217.53 with Select 15 cents lower at $213.71. Monday’s USDA estimated FI cattle slaughter was at 116,000 head. That is down 2,000 head from last week but 5,000 larger than the same week last year. Last Saturday’s estimated slaughter was revised to 35,000 head, which brought the weekly total 7,000 head higher to 620,000 head.

Feb 19 Cattle are at $127.025, down $0.800,

Apr 19 Cattle are at $128.025, down $0.275,

Jun 19 Cattle are at $118.150, down $0.225,

Mar 19 Feeder Cattle are at $144.400, down $0.275

Apr 19 Feeder Cattle are at $146.575, down $0.100

May 19 Feeder Cattle are at $147.675, unch,

--provided by Brugler Marketing & Management



Lean Hog futures are steady to $1.90 higher in most contracts at midday. The CME Lean Hog Index was down 39 cents from the previous day @ $56.14 on February 8. The USDA pork carcass cutout value was up $2.14 on Tuesday morning at an average weighted price of $67.60. The often volatile belly primal was up $13.14. The national base cash hog carcass value was down 50 cents in the PM report, with a weighted average of $48.88. USDA estimated FI hog slaughter for Monday at 444,000 head. That is down 28,000 head from the previous week and 18,000 below the same Monday last year.

Feb 19 Hogs are at $55.200, up $0.025,

Apr 19 Hogs are at $60.925, up $1.850

May 19 Hogs are at $69.300, up $1.900

--provided by Brugler Marketing & Management



Cotton futures are seeing continued selling on Tuesday, with most contracts 38 to 60 points in negative territory. A National Cotton Council producer survey released in San Antonio showed intended planted cotton acreage 2.9% larger than last year at 14.5 million acres. The Cotlook A Index was down 25 points on February 11 to 81.80 cents/lb. The USDA Adjusted World Price is 64.61 cents/lb through Thursday.

Mar 19 Cotton is at 70, down 55 points,

May 19 Cotton is at 71.2, down 56 points

Jul 19 Cotton is at 72.53, down 60 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.