AgriCharts Market Commentary

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Corn Close Firm on Thursday

Corn futures ended trading fractionally higher on Thursday. This morning’s USDA Export Sales reported bookings for 18/19 at 119,267 metric tons (MT) in the week that ended on August 15, 112% higher than last week. New crop sales totaled 301,608 MT, down 2% from the previous week and 72% lower than the same week last year. Those were both on the low end of estimates. A sale of 50,000 MT of sorghum was reported to China. The Pro Farmer Midwest Crop Tour finished up in Minnesota today, with the national Pro Farmer estimate set to be released on Friday. CONAB expects Brazil’s corn-based ethanol production to rise by 70.89% to 1.35 billion liters (8.491 million barrels) in 19/20.

SEP 19 Corn closed at $3.63 1/4, up 3/4 cent

DEC 19 Corn closed at $3.71, up 3/4 cent

MAR 20 Corn closed at $3.83, up 1/2 cent

MAY 20 Corn closed at $3.90 3/4, up 1/2 cent

--- provided by Brugler Marketing & Management

Soybeans Lower on Thursday

Soybeans futures were down 4 1/4 to 4 3/4 cents per bushel in the front months on Thursday. Meal futures ended lower by $1/ton and soy oil was down 20 points. The weekly Export Sales report indicated net sales of 25,936 MT for old crop soybeans for the week ending 8/15. Germany was the main buyer of 68,500 MT, with unknown destinations cancelling or deferring a net 169,000 MT. New Crop sales beat out the top end of estimates at 792,575 MT, a 3% reduction from last week and 38% above the same week last year. Of this, 421,000 is set for unknown destinations. China officially purchased 9,589 MT in old crop and 66,000 MT for delivery next MY. The ProFarmer Midwest Crop Tour rounded out the last leg in MN and IA on Thursday.

SEP 19 Soybeans closed at $8.56, down 4 1/2 cents,

NOV 19 Soybeans closed at $8.68 3/4, down 4 1/4 cents,

JAN 19 Soybeans closed at $8.82 1/2, down 4 1/4 cents,

MAR 20 Soybeans closed at $8.95 1/2, down 4 3/4 cents,

SEP 19 Soybean Meal closed at $293.70, down $1.00,

SEP 19 Soybean Oil closed at $28.54, down $0.20

--- provided by Brugler Marketing & Management

Wheat Mixed on Thursday

Wheat futures for CBOT were up 4 3/4 cents, with KCBT HRW higher by 7 cents. MPLS posted another round of contract lows, off by 3 3/4 cents in nearby Sep. The USDA Export sales report showed net sales of 594,551 MT of 19/20 wheat in the week that ended on August 15, exceeding trade expectations. That was up 28.6 % from last week and 147% higher than the same week last year. Mexico purchased 113,800 MT, with Guatemala buying 60,500 MT. Japan purchased 110,057 MT of US and Canadian wheat in their weekly MOA tender on Thursday, with 58,332 MT US origin.

SEP 19 CBOT Wheat closed at $4.67 1/4, up 4 3/4 cents

SEP 19 KCBT Wheat closed at $3.93 1/4, up 7 cents

SEP 19 MGEX Wheat closed at $4.98 1/2, down 3 3/4 cents

--- provided by Brugler Marketing & Management

Cattle Higher at the Close

Live cattle futures finished higher in most contracts on Thursday, with Aug up $2.30 ahead of next week’s expiration. Feeder cattle futures finished the today up 92.5 cents to $1.125 in the front months. The CME Feeder Cattle Index was 70 cents lower on August 21 at $137.89. Wholesale boxed beef prices were mixed on Thursday. Choice boxes took a breather and were down $2.46 at $239.28, with Select boxes $.21 higher @ $215.91. USDA reported 17,251 MT of beef sold for export in the week that ended on August 15, with shipments at 15,603 MT. The USDA estimated week to date FI cattle slaughter through Thursday at 462,000 head, 1,000 head less than the previous week, and 8,000 fewer head the same week last year. A few cash trades have been reported at $108-110 live in the North, with dressed sales at $170-178.

AUG 19 Cattle closed at $104.975, up $2.300,

OCT 19 Cattle closed at $101.100, up $0.875,

DEC 19 Cattle closed at $106.100, up $0.800,

AUG 19 Feeder Cattle closed at $138.400, up $1.025

SEP 19 Feeder Cattle closed at $136.425, up $1.125

OCT 19 Feeder Cattle closed at $135.475, up $0.925

--- provided by Brugler Marketing & Management

Hogs Lower on Thursday

Lean Hog futures were $1 to $1.25 lower in the nearby contracts on Thursday. The CME Lean Hog Index was down 59 cents at $77.40 on August 20. The USDA pork carcass cutout value is down $1.30 on Thursday afternoon at $79.94. The national average base hog value was down $1.39 in the Thursday PM report at $66.15. Estimated weekly FI hog slaughter through Thursday was 1.444 million head, a 27,000 head increase from the previous week and 60,000 head more than the same week a year ago. USDA showed pork export sales of 18,491 MT in the week of August 15. Shipments were at 24,440 MT, with 7,100 MT off to Mexico and 6,900 MT shipped to China.

OCT 19 Hogs closed at $62.300, down $1.000,

DEC 19 Hogs closed at $61.550, down $1.125

FEB 19 Hogs closed at $68.575, down $1.250

--- provided by Brugler Marketing & Management

Cotton In the Red on Thursday

Cotton futures were 63 to 107 points lower at closing, pressured by weak Export Sales. The weekly Export Sales report from USDA showed 19/20 bookings of 163,964 RB for the week ending 8/15. That was 51% lower than last week, with Indonesia accounting for 50,400 RB. New Crop sales were at 528 RB. Actual shipments were reported at 343,960 RB, with 81,800 RB headed to Vietnam. The Cotlook A Index was unchanged on August 21 at 70.50 cents/lb. The weekly AWP was updated today to 52.57 cents/lb.

OCT 19 Cotton closed at 59.24, down 63 points,

DEC 19 Cotton closed at 58.87, down 107 points

MAR 20 Cotton closed at 59.79, down 87 points

MAY 20 Cotton closed at 60.71, down 79 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