News Source: BRUG

Beans Lower Again

Soybean futures closed the Thursday session with losses in the front months of 4 1/4 cents. Meal futures rose by a dollar/ton in the March futures. March soy oil futures were 54 cents lower. The USDA’s Friday export sales report is expected to show soybean sales to 600k- 1.1 MMT of old crop and 100k-200k MT 2020/21, for the week ending 01/16. Traders also expect the report to show between 200k-450k MT of soybean meal sales, and 5,000 to 26,000 MT of oil bookings. Early harvest results out of Brazil have yield estimates there creeping higher. The national average soybean basis from cmdtyView is running 15 cents stronger than last year at this time.

Mar 20 Soybeans closed at $9.09 1/2, down 4 1/4 cents,

May 20 Soybeans closed at $9.23 1/4, down 4 1/4 cents,

Jul 20 Soybeans closed at $9.37, down 4 1/4 cents,

Aug 20 Soybeans closed at $9.41 3/4, down 4 1/4 cents,

Mar 20 Soybean Meal closed at $298.90, up $1.00

Mar 20 Soybean Oil closed at $32.48, down $0.54

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn rallied on demand ideas. Basis has been firming, and there were some export sales reported. March contracts were up the most having gained a nickel. The national average corn basis from cmdyView was -0.1359, at the firmest level since November 29th. The USDA announced this morning a private export sale of 143,948 MT of corn to Guatemala, with the majority (114,224 MT) for 19/20 MY delivery. USDA also announced a 141,000 MT sale of corn from private exporters to unknown for 19/20 MY delivery. Ethanol stocks from the latest EIA data for the week ending 01/17 were 24.031 million barrels. That was a weekly increase of 1.025 million barrels, and over the last three weeks stocks have risen 2.997 million barrels, almost 1 million a week. Rocky Mountain and West Coast were lower wk/wk, but the other regions were higher. Production averaged 1.049m bpd which was a 46,000 bpd reduction wk/wk. Estimates for Corn bookings in tomorrow’s export sales report have old crop sales at 500-950k MT for the week ending 01/16. Traders also anticipate the delayed report to show new crop sales at 100-200k MT.

Mar 20 Corn closed at $3.93 3/4, up 5 cents,

May 20 Corn closed at $3.98 1/2, up 4 1/4 cents,

Jul 20 Corn closed at $4.03 1/4, up 4 cents,

Sep 20 Corn closed at $4.00 3/4, up 2 3/4 cents,

--- provided by Brugler Marketing & Management



Soybean futures closed the Thursday session with losses in the front months of 4 1/4 cents. Meal futures rose by a dollar/ton in the March futures. March soy oil futures were 54 cents lower. The USDA’s Friday export sales report is expected to show soybean sales to 600k- 1.1 MMT of old crop and 100k-200k MT 2020/21, for the week ending 01/16. Traders also expect the report to show between 200k-450k MT of soybean meal sales, and 5,000 to 26,000 MT of oil bookings. Early harvest results out of Brazil have yield estimates there creeping higher. The national average soybean basis from cmdtyView is running 15 cents stronger than last year at this time.

Mar 20 Soybeans closed at $9.09 1/2, down 4 1/4 cents,

May 20 Soybeans closed at $9.23 1/4, down 4 1/4 cents,

Jul 20 Soybeans closed at $9.37, down 4 1/4 cents,

Aug 20 Soybeans closed at $9.41 3/4, down 4 1/4 cents,

Mar 20 Soybean Meal closed at $298.90, up $1.00

Mar 20 Soybean Oil closed at $32.48, down $0.54

--- provided by Brugler Marketing & Management



Thursday, wheat was higher in Chicago as futures gained 1 3/4 to 2 3/4 cents. The average SRW cash price from cmdtyView was also higher on Thursday, up 2 3/4 cents to $5.7457/bu. KC wheat futures were firm to 1/4 of a cent lower. And MGE spring wheat futures ended 1/2 lower to 1/4 higher. Traders anticipate the day delayed Export Sales Report to have wheat bookings 300k-700k MT for the week ending 01/16. The country exported 21.8 MMT of wheat from July 1 to Jan 16 according to the Russian Ag Ministry. Japan bought 108,926 MT of Canadian and American wheat in the weekly MOA tender.

Mar 20 CBOT Wheat closed at $5.80 1/2, up 2 3/4 cents,

Mar 20 KCBT Wheat closed at $4.92 1/4, down 1/4 cent,

Mar 20 MGEX Wheat closed at $5.55 3/4, up 1/4 cent,

--- provided by Brugler Marketing & Management



Feeder cattle futures ended the Thursday session with losses of $2.50 to $2.77 in the front months. Jan feeder futures were down by $1.15, and with only a week left before expiration, the futures are below the index. The 01/22 CME Feeder Cattle index was down 31 cents to $144.86. Live cattle were also down by triple digits at the closing bell on Thursday as futures fell by $1.50 to $2.60 in the nearbys. Afternoon boxed beef prices were mixed, widening the Chc/Sel spread to $4.12. Choice boxes were at $215.32 following a 36 cent increase, while Select boxes were down 82 cents to $211.20. Cash sales this week, were $124.00 in NE, and $125 today in the WCB according to USDA reports. Average estimates of the CoF report have traders anticipating Jan 1 cattle on feed at 11.948 million head, up about 2%. Placements in December are estimated at 1.828 million head, which would be 3.4% higher. The average trade estimate is to see a 5.2% increase yr/yr in December marketings. USDA’s estimate for weekly FI cattle slaughter through Thursday was 490,000 head, which is 2,000 head more than last week.

Feb 20 Cattle closed at $124.675, down $1.500,

Apr 20 Cattle closed at $124.175, down $2.600,

Jun 20 Cattle closed at $116.325, down $2.125,

Jan 20 Feeder Cattle closed at $142.775, down $1.150

Mar 20 Feeder Cattle closed at $140.525, down $2.525

Apr 20 Feeder Cattle closed at $143.475, down $2.550

---provided by Brugler Marketing & Management



Lean hogs futures came back down from midday triple digit highs, but prices still closed up near the dollar mark. Nearby futures were $0.82 to $0.95 higher at the end of Thursday. The 01/20 CME Lean Hog Index was at $61.02 after an 84 cent increase. USDA’s Pork Carcass Cutout was up a dime in the afternoon report. Primal cuts were mixed, with Hams down $4.34. USDA’s Afternoon National Average Base Hog price was 15 cents higher to $52.07. For the week ending 01/16 feedlots and packers imported 96,958 live hogs from Canada. Compared to the same week last year, that was an increase of 2,835 head. Last year, in total 5,109,211 head were imported from Canada. USDA Revised their Wednesday slaughter estimate lower, and projected weekly slaughter through Thursday at 1.894 million head. That is 96,000 head behind last week, but 88,000 head more than the same week last year. Prestage Farms in Iowa is still ramping up first shift runs at its new Eagle Point plant.

Feb 20 Hogs closed at $68.500, up $0.950,

Apr 20 Hogs closed at $75.350, up $0.825

May 20 Hogs closed at $81.775, up $0.925

---provided by Brugler Marketing & Management



Cotton futures were down at least 100 points after Thursday’s third consecutive triple digit day. Low volume October futures were down the most, closing with a loss of 294 points. The online cotton trading platform The Seam sold 20,234 bales at an average gross price of 61.39 cents/lb on 01/22. The week’s total is 23,578 bales through Wednesday, compared to last week totaled 99,899 bales sold. USDA’s bi-monthly cotton ginnings report showed that as of the first half of January 18.288 million 480 bales where ginned. Despite the low January ginnings, the 19/20 MY continues to outpace each of the last 12 years. The 01/22 Cotlook A index was down by 180 points to 78.40 cents/lb. The updated Adjusted World Price for cotton is 61.29 following a drop of 11 points from the previous week.

Mar 20 Cotton closed at 70.03, down 110 points,

May 20 Cotton closed at 70.75, down 109 points

Jul 20 Cotton closed at 71.59, down 115 points

Oct 20 Cotton closed at 69.79, down 294 points

---provided by Brugler Marketing & Management



Wheat Market Mixed on Thursday

Thursday, wheat was higher in Chicago as futures gained 1 3/4 to 2 3/4 cents. The average SRW cash price from cmdtyView was also higher on Thursday, up 2 3/4 cents to $5.7457/bu. KC wheat futures were firm to 1/4 of a cent lower. And MGE spring wheat futures ended 1/2 lower to 1/4 higher. Traders anticipate the day delayed Export Sales Report to have wheat bookings 300k-700k MT for the week ending 01/16. The country exported 21.8 MMT of wheat from July 1 to Jan 16 according to the Russian Ag Ministry. Japan bought 108,926 MT of Canadian and American wheat in the weekly MOA tender.

Mar 20 CBOT Wheat closed at $5.80 1/2, up 2 3/4 cents,

Mar 20 KCBT Wheat closed at $4.92 1/4, down 1/4 cent,

Mar 20 MGEX Wheat closed at $5.55 3/4, up 1/4 cent,

--- provided by Brugler Marketing & Management

Corn Gains on Thursday

Corn rallied on demand ideas. Basis has been firming, and there were some export sales reported. March contracts were up the most having gained a nickel. The national average corn basis from cmdyView was -0.1359, at the firmest level since November 29th. The USDA announced this morning a private export sale of 143,948 MT of corn to Guatemala, with the majority (114,224 MT) for 19/20 MY delivery. USDA also announced a 141,000 MT sale of corn from private exporters to unknown for 19/20 MY delivery. Ethanol stocks from the latest EIA data for the week ending 01/17 were 24.031 million barrels. That was a weekly increase of 1.025 million barrels, and over the last three weeks stocks have risen 2.997 million barrels, almost 1 million a week. Rocky Mountain and West Coast were lower wk/wk, but the other regions were higher. Production averaged 1.049m bpd which was a 46,000 bpd reduction wk/wk. Estimates for Corn bookings in tomorrow’s export sales report have old crop sales at 500-950k MT for the week ending 01/16. Traders also anticipate the delayed report to show new crop sales at 100-200k MT.

Mar 20 Corn closed at $3.93 3/4, up 5 cents,

May 20 Corn closed at $3.98 1/2, up 4 1/4 cents,

Jul 20 Corn closed at $4.03 1/4, up 4 cents,

Sep 20 Corn closed at $4.00 3/4, up 2 3/4 cents,

--- provided by Brugler Marketing & Management

Hog Gains near the Dollar Mark

Lean hogs futures came back down from midday triple digit highs, but prices still closed up near the dollar mark. Nearby futures were $0.82 to $0.95 higher at the end of Thursday. The 01/20 CME Lean Hog Index was at $61.02 after an 84 cent increase. USDA’s Pork Carcass Cutout was up a dime in the afternoon report. Primal cuts were mixed, with Hams down $4.34. USDA’s Afternoon National Average Base Hog price was 15 cents higher to $52.07. For the week ending 01/16 feedlots and packers imported 96,958 live hogs from Canada. Compared to the same week last year, that was an increase of 2,835 head. Last year, in total 5,109,211 head were imported from Canada. USDA Revised their Wednesday slaughter estimate lower, and projected weekly slaughter through Thursday at 1.894 million head. That is 96,000 head behind last week, but 88,000 head more than the same week last year. Prestage Farms in Iowa is still ramping up first shift runs at its new Eagle Point plant.

Feb 20 Hogs closed at $68.500, up $0.950,

Apr 20 Hogs closed at $75.350, up $0.825

May 20 Hogs closed at $81.775, up $0.925

---provided by Brugler Marketing & Management

Triple Digit Fallback in Cattle Market

Feeder cattle futures ended the Thursday session with losses of $2.50 to $2.77 in the front months. Jan feeder futures were down by $1.15, and with only a week left before expiration, the futures are below the index. The 01/22 CME Feeder Cattle index was down 31 cents to $144.86. Live cattle were also down by triple digits at the closing bell on Thursday as futures fell by $1.50 to $2.60 in the nearbys. Afternoon boxed beef prices were mixed, widening the Chc/Sel spread to $4.12. Choice boxes were at $215.32 following a 36 cent increase, while Select boxes were down 82 cents to $211.20. Cash sales this week, were $124.00 in NE, and $125 today in the WCB according to USDA reports. Average estimates of the CoF report have traders anticipating Jan 1 cattle on feed at 11.948 million head, up about 2%. Placements in December are estimated at 1.828 million head, which would be 3.4% higher. The average trade estimate is to see a 5.2% increase yr/yr in December marketings. USDA’s estimate for weekly FI cattle slaughter through Thursday was 490,000 head, which is 2,000 head more than last week.

Feb 20 Cattle closed at $124.675, down $1.500,

Apr 20 Cattle closed at $124.175, down $2.600,

Jun 20 Cattle closed at $116.325, down $2.125,

Jan 20 Feeder Cattle closed at $142.775, down $1.150

Mar 20 Feeder Cattle closed at $140.525, down $2.525

Apr 20 Feeder Cattle closed at $143.475, down $2.550

---provided by Brugler Marketing & Management

Cotton Closed down another Triple Digits

Cotton futures were down at least 100 points after Thursday’s third consecutive triple digit day. Low volume October futures were down the most, closing with a loss of 294 points. The online cotton trading platform The Seam sold 20,234 bales at an average gross price of 61.39 cents/lb on 01/22. The week’s total is 23,578 bales through Wednesday, compared to last week totaled 99,899 bales sold. USDA’s bi-monthly cotton ginnings report showed that as of the first half of January 18.288 million 480 bales where ginned. Despite the low January ginnings, the 19/20 MY continues to outpace each of the last 12 years. The 01/22 Cotlook A index was down by 180 points to 78.40 cents/lb. The updated Adjusted World Price for cotton is 61.29 following a drop of 11 points from the previous week.

Mar 20 Cotton closed at 70.03, down 110 points,

May 20 Cotton closed at 70.75, down 109 points

Jul 20 Cotton closed at 71.59, down 115 points

Oct 20 Cotton closed at 69.79, down 294 points

---provided by Brugler Marketing & Management

Hogs are Higher by Triple Digits

Lean hogs are up as much as $1.40 at midday after triple digit gains on Wednesday. The 01/20 CME Lean Hog Index was at $61.02 after an 84 cent increase. USDA’s Pork Carcass Cutout gained another $0.72 this morning, up to $79.46 cwt. Primal cuts moved triple digits in all directions with ribs the firmest at -$2.74. USDA’s National Average Base Hog price was back up by $0.93 to $52.85. The USDA monthly cold storage report showed that frozen pork in coolers December 31st totaled 580.904 million lbs. Compared to last year, that is up 14.97%, and was a one month increase of 1.05%. December pork in storage was the highest on record for that month. USDA estimated week to date FI hog slaughter at 1.402 million head through Wednesday.

Feb 20 Hogs are at $68.950, up $1.400,

Apr 20 Hogs are at $75.725, up $1.200

May 20 Hogs are at $81.875, up $1.025

---provided by Brugler Marketing & Management

Winter Wheat Extends Losses in KC

The wheat market is continuing yesterday’s correction. Chicago futures are the firmest with a 1/2 cent drop so far in the front month. KC wheat futures are down by 1 3/4 cents at midday, and spring wheat futures are 1 1/4 cents higher. CBT spot futures prices had traded at the highest level since August 2018 in the overnight session. Traders anticipate the day delayed Export Sales Report to have wheat bookings 300k-700k MT for the week ending 01/16. Russian FOB prices continue to climb since their September bottom. Recent quotes are $226/MT ($6.15/bushel). The country exported 21.8 MMT of wheat from July 1 to Jan 16 according to the Russian Ag Ministry. French prices have also firmed as frequent strikes interrupt grain movement. Japan bought 108,926 MT of Canadian and American wheat in the weekly MOA tender.

Mar 20 CBOT Wheat is at $5.77 1/4, down 1/2 cent,

Mar 20 KCBT Wheat is at $4.90 3/4, down 1 3/4 cents,

Mar 20 MGEX Wheat is at $5.56 3/4, up 1 1/4 cents,

--- provided by Brugler Marketing & Management

Cotton Back Down a Penny

Cotton is hosting the third consecutive triple digit move day, as futures are back down 100 points in the March futures. The two previous sessions have featured triple digit days in opposite directions as well. On 01/21 The Seam online cotton trading platform added 2,752 bales sold at 57.19 cents/lb. The week’s total is 3,344 bales, compared to last week totaled 99,899 bales sold. USDA’s bi-monthly cotton ginnings report showed that as of the first half of January 18.288 million 480 bales where ginned. Despite the low January ginnings, the 19/20 MY continues to outpace each of the last 12 years. The 01/22 Cotlook A index was down by 180 points to 78.40 cents/lb. Cotton’s Adjusted World Price from FSA will see its weekly update later this afternoon. The previous week change was a 32-point increase to 61.40 cents/lb.

Mar 20 Cotton is at 70.13, down 100 points,

May 20 Cotton is at 70.95, down 89 points

Jul 20 Cotton is at 71.8, down 94 points

Oct 20 Cotton is at 72.73, unch

---provided by Brugler Marketing & Management

Corn Higher Again for Thursday

Trading action in the corn market has prices 3/4 to 3 cents higher, with stronger gains in the March futures. The USDA announced this morning a private export sale of 143,948 MT of corn to Guatemala, with the majority (114,224 MT) for 19/20 MY delivery. USDA also announced a 141,000 MT sale of corn from private exporters to unknown for 19/20 MY delivery. Ethanol stocks from the latest EIA data for the week ending 01/17 were 24.031 million barrels. That was a weekly increase of 1.025 million barrels, despite slower production. Production was listed at 1.049m bpd which was a 46,000 bpd reduction wk/wk. IL river corn basis was at a new high for the period at +7 over March futures. Estimates for Corn bookings in tomorrow’s export sales report have old crop sales at 500-950k MT for the week ending 01/16. Traders also anticipate the delayed report to show new crop sales at 100-200k MT.

Mar 20 Corn is at $3.91 3/4, up 3 cents,

May 20 Corn is at $3.96 1/2, up 2 1/4 cents,

Jul 20 Corn is at $4.01, up 1 3/4 cents,

Sep 20 Corn is at $3.98 3/4, up 3/4 cent,

--- provided by Brugler Marketing & Management

Soybeans are Down so far

Soybean futures selling has carried over from yesterday into the Thursday session. Front month bean futures are down 4 1/2 to 5 cents at midday. Soy meal futures are back up by $0.20/ton in the March futures. March bean oil futures are 43 cents lower at midday. Board crush margins have widened to more than $1.00 per bushel, making the buying of soybean futures more attractive to crushers. However, early harvest results out of Brazil have yield estimates there creeping higher. The USDA’s day delayed export sales report is expected to show soybean sales to total 700k-1.3 MMT for the week ending 01/16. The national average basis from cmdtyView was a flat 55 under on 01/23, the January average is so far -0.5582. Last year on Jan 01/23 the national average basis from cmdtyView was -0.7030.

Mar 20 Soybeans are at $9.09 1/4, down 4 1/2 cents,

May 20 Soybeans are at $9.22 3/4, down 4 3/4 cents,

Jul 20 Soybeans are at $9.36 1/2, down 4 3/4 cents,

Aug 20 Soybeans are at $9.41, down 5 cents,

Mar 20 Soybean Meal is at $298.10, up $0.20

Mar 20 Soybean Oil is at $32.59, down $0.43

--- provided by Brugler Marketing & Management

Thursday Cattle Lower at Midday

Live cattle futures are lower so far, with April futures down by triple digits. Front month feeder cattle futures are continuing some of yesterday’s losses with futures falling another 35 to 65 cents. The 01/21 CME Feeder Cattle index was down 29 cents to $145.17. Average estimates of the CoF report have traders anticipating Jan 1 cattle on feed at 11.948 million head, up about 2%. Placements in December are estimated at 1.828 million head, which would be 3.4% higher. The average trade estimate is to see a 5.2% increase yr/yr in December marketings to approximately 1.832 million head. Wholesale boxed beef prices were mixed again early Thursday, further widening the Chc/Sel spread to $4.38. Choice boxes were at $215.44 following a 48 cent hike, whereas Select boxes were 96 cents lower to $211.06. USDA’s estimate for weekly FI cattle slaughter through Wednesday was 368,000 head.

Feb 20 Cattle are at $125.575, down $0.600,

Apr 20 Cattle are at $125.700, down $1.075,

Jun 20 Cattle are at $117.700, down $0.750,

Jan 20 Feeder Cattle are at $143.550, down $0.375

Mar 20 Feeder Cattle are at $142.700, down $0.350

Apr 20 Feeder Cattle are at $145.375, down $0.650

---provided by Brugler Marketing & Management

Ag Market Commentary

Trading action in the corn market has prices 3/4 to 3 cents higher, with stronger gains in the March futures. The USDA announced this morning a private export sale of 143,948 MT of corn to Guatemala, with the majority (114,224 MT) for 19/20 MY delivery. USDA also announced a 141,000 MT sale of corn from private exporters to unknown for 19/20 MY delivery. Ethanol stocks from the latest EIA data for the week ending 01/17 were 24.031 million barrels. That was a weekly increase of 1.025 million barrels, despite slower production. Production was listed at 1.049m bpd which was a 46,000 bpd reduction wk/wk. IL river corn basis was at a new high for the period at +7 over March futures. Estimates for Corn bookings in tomorrow’s export sales report have old crop sales at 500-950k MT for the week ending 01/16. Traders also anticipate the delayed report to show new crop sales at 100-200k MT.

Mar 20 Corn is at $3.91 3/4, up 3 cents,

May 20 Corn is at $3.96 1/2, up 2 1/4 cents,

Jul 20 Corn is at $4.01, up 1 3/4 cents,

Sep 20 Corn is at $3.98 3/4, up 3/4 cent,

--- provided by Brugler Marketing & Management



Soybean futures selling has carried over from yesterday into the Thursday session. Front month bean futures are down 4 1/2 to 5 cents at midday. Soy meal futures are back up by $0.20/ton in the March futures. March bean oil futures are 43 cents lower at midday. Board crush margins have widened to more than $1.00 per bushel, making the buying of soybean futures more attractive to crushers. However, early harvest results out of Brazil have yield estimates there creeping higher. The USDA’s day delayed export sales report is expected to show soybean sales to total 700k-1.3 MMT for the week ending 01/16. The national average basis from cmdtyView was a flat 55 under on 01/23, the January average is so far -0.5582. Last year on Jan 01/23 the national average basis from cmdtyView was -0.7030.

Mar 20 Soybeans are at $9.09 1/4, down 4 1/2 cents,

May 20 Soybeans are at $9.22 3/4, down 4 3/4 cents,

Jul 20 Soybeans are at $9.36 1/2, down 4 3/4 cents,

Aug 20 Soybeans are at $9.41, down 5 cents,

Mar 20 Soybean Meal is at $298.10, up $0.20

Mar 20 Soybean Oil is at $32.59, down $0.43

--- provided by Brugler Marketing & Management



The wheat market is continuing yesterday’s correction. Chicago futures are the firmest with a 1/2 cent drop so far in the front month. KC wheat futures are down by 1 3/4 cents at midday, and spring wheat futures are 1 1/4 cents higher. CBT spot futures prices had traded at the highest level since August 2018 in the overnight session. Traders anticipate the day delayed Export Sales Report to have wheat bookings 300k-700k MT for the week ending 01/16. Russian FOB prices continue to climb since their September bottom. Recent quotes are $226/MT ($6.15/bushel). The country exported 21.8 MMT of wheat from July 1 to Jan 16 according to the Russian Ag Ministry. French prices have also firmed as frequent strikes interrupt grain movement. Japan bought 108,926 MT of Canadian and American wheat in the weekly MOA tender.

Mar 20 CBOT Wheat is at $5.77 1/4, down 1/2 cent,

Mar 20 KCBT Wheat is at $4.90 3/4, down 1 3/4 cents,

Mar 20 MGEX Wheat is at $5.56 3/4, up 1 1/4 cents,

--- provided by Brugler Marketing & Management



Live cattle futures are lower so far, with April futures down by triple digits. Front month feeder cattle futures are continuing some of yesterday’s losses with futures falling another 35 to 65 cents. The 01/21 CME Feeder Cattle index was down 29 cents to $145.17. Average estimates of the CoF report have traders anticipating Jan 1 cattle on feed at 11.948 million head, up about 2%. Placements in December are estimated at 1.828 million head, which would be 3.4% higher. The average trade estimate is to see a 5.2% increase yr/yr in December marketings to approximately 1.832 million head. Wholesale boxed beef prices were mixed again early Thursday, further widening the Chc/Sel spread to $4.38. Choice boxes were at $215.44 following a 48 cent hike, whereas Select boxes were 96 cents lower to $211.06. USDA’s estimate for weekly FI cattle slaughter through Wednesday was 368,000 head.

Feb 20 Cattle are at $125.575, down $0.600,

Apr 20 Cattle are at $125.700, down $1.075,

Jun 20 Cattle are at $117.700, down $0.750,

Jan 20 Feeder Cattle are at $143.550, down $0.375

Mar 20 Feeder Cattle are at $142.700, down $0.350

Apr 20 Feeder Cattle are at $145.375, down $0.650

---provided by Brugler Marketing & Management



Lean hogs are up as much as $1.40 at midday after triple digit gains on Wednesday. The 01/20 CME Lean Hog Index was at $61.02 after an 84 cent increase. USDA’s Pork Carcass Cutout gained another $0.72 this morning, up to $79.46 cwt. Primal cuts moved triple digits in all directions with ribs the firmest at -$2.74. USDA’s National Average Base Hog price was back up by $0.93 to $52.85. The USDA monthly cold storage report showed that frozen pork in coolers December 31st totaled 580.904 million lbs. Compared to last year, that is up 14.97%, and was a one month increase of 1.05%. December pork in storage was the highest on record for that month. USDA estimated week to date FI hog slaughter at 1.402 million head through Wednesday.

Feb 20 Hogs are at $68.950, up $1.400,

Apr 20 Hogs are at $75.725, up $1.200

May 20 Hogs are at $81.875, up $1.025

---provided by Brugler Marketing & Management



Cotton is hosting the third consecutive triple digit move day, as futures are back down 100 points in the March futures. The two previous sessions have featured triple digit days in opposite directions as well. On 01/21 The Seam online cotton trading platform added 2,752 bales sold at 57.19 cents/lb. The week’s total is 3,344 bales, compared to last week totaled 99,899 bales sold. USDA’s bi-monthly cotton ginnings report showed that as of the first half of January 18.288 million 480 bales where ginned. Despite the low January ginnings, the 19/20 MY continues to outpace each of the last 12 years. The 01/22 Cotlook A index was down by 180 points to 78.40 cents/lb. Cotton’s Adjusted World Price from FSA will see its weekly update later this afternoon. The previous week change was a 32-point increase to 61.40 cents/lb.

Mar 20 Cotton is at 70.13, down 100 points,

May 20 Cotton is at 70.95, down 89 points

Jul 20 Cotton is at 71.8, down 94 points

Oct 20 Cotton is at 72.73, unch

---provided by Brugler Marketing & Management



Lean Hogs Deciphering Large Cold Storage Number

Lean hog futures closed the Wednesday trading session with gains of 20 cents to 70 cents. The 01/20 CME Lean Hog Index was 4 cents higher to $60.18. USDA’s Pork Carcass Cutout gained another $0.55 this afternoon, up to $79.74 cwt. USDA’s National Average Afternoon Base Hog price was back up by 16 cents to $51.90. The USDA monthly cold storage report showed that frozen pork in coolers December 31st totaled 580.904 million lbs. Compared to last year, that is up 14.97%, and was a one month increase of 1.05%. December pork in storage was the highest on record for that month. Belly stocks were seen at 68.015 million lbs, which was an increase of 61% yr/yr and a 25% increase over the end of November. USDA estimated week to date FI hog slaughter at 1.402 million head through Wednesday.

---provided by Brugler Marketing & Management

Cotton Market Down 80 to 90 Points

Cotton futures are trading 80 to 90 points lower this morning. The two previous sessions have featured triple digit days in opposite directions. On Wednesday, cotton closed with gains of 128 to 189 points in the front months. The March futures were up the most, erasing all but 5.97% of the 201 point drop from Tuesday. On 01/21 The Seam online cotton trading platform added 2,752 bales sold at 57.19 cents/lb. The week’s total is 3,344 bales, compared to last week totaled 99,899 bales sold. In Pakistan, Prime Minister Imran Khan reestablished the country’s national cotton committee; along with other direct measures aimed at revitalizing domestic production (such as rewriting restrictive seed laws, adapting farmer assistance programs, and providing subsidies for certain technology). The 01/21 Cotlook A index remained at 80.20 cents/lb. Cotton’s Adjusted World Price from FSA will see its weekly update later this afternoon. The previous week change was a 32-point increase to 61.40 cents/lb.

---provided by Brugler Marketing & Management

Wheat Futures Mostly Higher This Morning

Your Thursday wheat market is starting off steady to 2 cents per bushel higher. KC HRW is hovering near UNCH. Yesterday wheat closed lower in all three markets, with HRW futures the weakest. KC wheat futures closed down by 7 1/2 cents, and Chicago wheat futures were down by 3 3/4 cents. Spot futures prices had traded at the highest level since August 2018 in the overnight session. MGE HRS wheat futures had losses of 5 to 6 3/4 cents in the front months. Russian FOB prices continue to climb since their September bottom. Recent quotes are $226/MT ($6.15/bushel). French prices have also firmed as frequent strikes interrupt grain movement. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific. Results are expected later today.

--- provided by Brugler Marketing & Management

Soybeans Lower by 4 Cents As Crush Margins Widen

Soybean futures start off Thursday with losses of 4 cents or more from overnight trades. Yesterday, soybean futures closed with red on the board as futures were down 2 to 2 1/4 cents. Soy meal futures were down by $1.20/ton in the March futures. March bean oil futures were 27 points higher. Board crush margins have widened to more than $1.00 per bushel, making the buying of soybean futures more attractive to crushers. However, early harvest results out of Brazil have yield estimates there creeping higher. EPA reported the D4 RIN production in 2019 totaled 4.13 billion gallons, with 2.57 billion generated by domestic producers.

--- provided by Brugler Marketing & Management

Ag Market Commentary

In the overnight trading corn futures moved fractions of a cent higher after ending the Wednesday session mixed. July futures remained UNCH, there were 3/4 cent losses in the Sep contracts, and nearby Mar and May posted gains. The national corn basis from cmdtyView was at -0.1388 for 01/22. Compared to last year it’s 18.91 cents firmer, and 9 out of the past 10 trading days it has tightened. The latest rounds of RIN generation were released, non-cellulosic (corn based D6) ethanol received 1.286 billion RINs from December production. The year’s total was 14.7087 billion gallons, and an average monthly generation rate of 1.225 billion. Total RINS for 2019 topped 19.75 billion gallons including imports, cellulosic, biodiesel, etc.

--- provided by Brugler Marketing & Management



Soybean futures start off Thursday with losses of 4 cents or more from overnight trades. Yesterday, soybean futures closed with red on the board as futures were down 2 to 2 1/4 cents. Soy meal futures were down by $1.20/ton in the March futures. March bean oil futures were 27 points higher. Board crush margins have widened to more than $1.00 per bushel, making the buying of soybean futures more attractive to crushers. However, early harvest results out of Brazil have yield estimates there creeping higher. EPA reported the D4 RIN production in 2019 totaled 4.13 billion gallons, with 2.57 billion generated by domestic producers.

--- provided by Brugler Marketing & Management



Your Thursday wheat market is starting off steady to 2 cents per bushel higher. KC HRW is hovering near UNCH. Yesterday wheat closed lower in all three markets, with HRW futures the weakest. KC wheat futures closed down by 7 1/2 cents, and Chicago wheat futures were down by 3 3/4 cents. Spot futures prices had traded at the highest level since August 2018 in the overnight session. MGE HRS wheat futures had losses of 5 to 6 3/4 cents in the front months. Russian FOB prices continue to climb since their September bottom. Recent quotes are $226/MT ($6.15/bushel). French prices have also firmed as frequent strikes interrupt grain movement. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific. Results are expected later today.

--- provided by Brugler Marketing & Management



Live cattle futures ended the Wednesday session with losses of 20 to 72 cents in the front months. Front month feeder cattle futures were down triple digits, ending the session with losses of as much as $1.62. The 01/21 CME Feeder Cattle index was down 29 cents to $145.17. The NASS Cold Storage report showed that frozen beef stocks as of December 31st were 481.012 million lbs, which was a 2.95% decrease vs. Dec 2018. Total red meat stocks were at an all-time high for the end of December. Based on wire surveys, traders expect to see about a 2% increase in cattle on feed as of Jan 1 vs. year ago, that would put it at 11.948 million head. Placements in December are anticipated to be 3.4% higher, with an estimated 1.828 million head. The average estimate is to see 1.832 million head of marketings, a 5.2% increase year over year. Wholesale boxed beef prices were mixed this afternoon, pushing the Chc/Sel spread to $2.94. Choice boxes were up 45 cents, while Select boxes were $1.45 lower. USDA’s estimate for weekly FI cattle slaughter through Wednesday was 368,000 head.

---provided by Brugler Marketing & Management



Lean hog futures closed the Wednesday trading session with gains of 20 cents to 70 cents. The 01/20 CME Lean Hog Index was 4 cents higher to $60.18. USDA’s Pork Carcass Cutout gained another $0.55 this afternoon, up to $79.74 cwt. USDA’s National Average Afternoon Base Hog price was back up by 16 cents to $51.90. The USDA monthly cold storage report showed that frozen pork in coolers December 31st totaled 580.904 million lbs. Compared to last year, that is up 14.97%, and was a one month increase of 1.05%. December pork in storage was the highest on record for that month. Belly stocks were seen at 68.015 million lbs, which was an increase of 61% yr/yr and a 25% increase over the end of November. USDA estimated week to date FI hog slaughter at 1.402 million head through Wednesday.

---provided by Brugler Marketing & Management



Cotton futures are trading 80 to 90 points lower this morning. The two previous sessions have featured triple digit days in opposite directions. On Wednesday, cotton closed with gains of 128 to 189 points in the front months. The March futures were up the most, erasing all but 5.97% of the 201 point drop from Tuesday. On 01/21 The Seam online cotton trading platform added 2,752 bales sold at 57.19 cents/lb. The week’s total is 3,344 bales, compared to last week totaled 99,899 bales sold. In Pakistan, Prime Minister Imran Khan reestablished the country’s national cotton committee; along with other direct measures aimed at revitalizing domestic production (such as rewriting restrictive seed laws, adapting farmer assistance programs, and providing subsidies for certain technology). The 01/21 Cotlook A index remained at 80.20 cents/lb. Cotton’s Adjusted World Price from FSA will see its weekly update later this afternoon. The previous week change was a 32-point increase to 61.40 cents/lb.

---provided by Brugler Marketing & Management



Cattle Market Sees Tighter Beef Stocks

Live cattle futures ended the Wednesday session with losses of 20 to 72 cents in the front months. Front month feeder cattle futures were down triple digits, ending the session with losses of as much as $1.62. The 01/21 CME Feeder Cattle index was down 29 cents to $145.17. The NASS Cold Storage report showed that frozen beef stocks as of December 31st were 481.012 million lbs, which was a 2.95% decrease vs. Dec 2018. Total red meat stocks were at an all-time high for the end of December. Based on wire surveys, traders expect to see about a 2% increase in cattle on feed as of Jan 1 vs. year ago, that would put it at 11.948 million head. Placements in December are anticipated to be 3.4% higher, with an estimated 1.828 million head. The average estimate is to see 1.832 million head of marketings, a 5.2% increase year over year. Wholesale boxed beef prices were mixed this afternoon, pushing the Chc/Sel spread to $2.94. Choice boxes were up 45 cents, while Select boxes were $1.45 lower. USDA’s estimate for weekly FI cattle slaughter through Wednesday was 368,000 head.

---provided by Brugler Marketing & Management

Corn Market Fractionally Higher

In the overnight trading corn futures moved fractions of a cent higher after ending the Wednesday session mixed. July futures remained UNCH, there were 3/4 cent losses in the Sep contracts, and nearby Mar and May posted gains. The national corn basis from cmdtyView was at -0.1388 for 01/22. Compared to last year it’s 18.91 cents firmer, and 9 out of the past 10 trading days it has tightened. The latest rounds of RIN generation were released, non-cellulosic (corn based D6) ethanol received 1.286 billion RINs from December production. The year’s total was 14.7087 billion gallons, and an average monthly generation rate of 1.225 billion. Total RINS for 2019 topped 19.75 billion gallons including imports, cellulosic, biodiesel, etc.

--- provided by Brugler Marketing & Management

Triple Digit Rebound in Cotton

Cotton futures took back some of Tuesday’s losses with gains of 128 to 189 points in the front months. The March futures were up the most, erasing all but 5.97% of yesterday’s 201 point drop. On 01/21 The Seam online cotton trading platform added 2,752 bales sold at 57.19 cents/lb. The week’s total is 3,344 bales, compared to last week totaled 99,899 bales sold. In Pakistan, Prime Minister Imran Khan reestablished the country’s national cotton committee; along with other direct measures aimed at revitalizing domestic production (such as rewriting restrictive seed laws, adapting farmer assistance programs, and providing subsidies for certain technology). The 01/21 Cotlook A index remained at 80.20 cents/lb. The AWP for cotton will be updated tomorrow afternoon. The previous change was a 32-point increase to 61.40 cents/lb.

Mar 20 Cotton closed at 71.13, up 189 points,

May 20 Cotton closed at 71.84, up 152 points

Jul 20 Cotton closed at 72.74, up 147 points

Oct 20 Cotton closed at 72.73, up 128 points

---provided by Brugler Marketing & Management

Cattle Close Wednesday Lower

Live cattle futures ended the Wednesday session with losses of 20 to 72 cents in the front months. Front month feeder cattle futures were down triple digits, ending the session with losses of as much as $1.62. The 01/21 CME Feeder Cattle index was down 29 cents to $145.17. The NASS Cold Storage report showed that frozen beef stocks as of December 31st were 481.012 million lbs, which was a 2.95% decrease vs. Dec 2018. Total red meat stocks were at an all-time high for the end of December. Based on wire surveys, traders expect to see about a 2% increase in cattle on feed as of Jan 1 vs. year ago. The Fed Cattle Exchange online auction shows that 112 head of the 561 listed were sold this morning. The KS heifers went for $124, packers passed on asks of $124 for the other listings. Wholesale boxed beef prices were mixed this afternoon, pushing the Chc/Sel spread to $2.94. Choice boxes were up 45 cents, while Select boxes were $1.45 lower. The week’s FI cattle slaughter through Wednesday is estimated at 368,000 head, a 2,000 head lead over last week’s pace (despite the holiday break for many packer plants).

Feb 20 Cattle closed at $126.175, down $0.200,

Apr 20 Cattle closed at $126.775, down $0.450,

Jun 20 Cattle closed at $118.450, down $0.725,

Jan 20 Feeder Cattle closed at $143.925, down $1.150

Mar 20 Feeder Cattle closed at $143.050, down $1.625

Apr 20 Feeder Cattle closed at $146.025, down $1.525

---provided by Brugler Marketing & Management

Wednesday Wheat Lower at Close

Wheat retreated from the double digit gains on Tuesday, with HRW futures the weakest. KC wheat futures closed down by 7 1/2 cents, and Chicago wheat futures were down by 3 3/4 cents. MGE HRS wheat futures closed with losses of 5 to 6 3/4 cents in the front months. Impacts on wheat production and output from the Australian bush fires have not been calculated yet, but approximately 16 million acres have been burned so far with at least some portion of that crop land. Algeria purchased at least 400,000 MT of optional origin wheat for delivery in March. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific. Results are expected tomorrow.

Mar 20 CBOT Wheat closed at $5.77 3/4, down 3 3/4 cents,

Mar 20 KCBT Wheat closed at $4.92 1/2, down 7 1/2 cents,

Mar 20 MGEX Wheat closed at $5.55 1/2, down 6 3/4 cents,

--- provided by Brugler Marketing & Management

Hogs Higher on Wednesday

Lean hog futures closed the Wednesday trading session with gains of 20 cents to 70 cents. The 01/20 CME Lean Hog Index was 4 cents higher to $60.18. USDA’s Pork Carcass Cutout gained another $0.55 this afternoon, up to $79.74 cwt. USDA’s National Average Afternoon Base Hog price was back up by 16 cents to $51.90. The USDA monthly cold storage report showed that frozen pork in coolers December 31st totaled 580.904 million lbs. Compared to last year, that is up 14.97%, and was a one month increase of 1.05%. December pork in storage was the highest on record for that month. Belly stocks were seen at 68.015 million lbs, which was an increase of 61% yr/yr and a 25% increase over the end of November. USDA estimated week to date FI hog slaughter at 1.402 million head through Wednesday.

Feb 20 Hogs closed at $67.550, up $0.200,

Apr 20 Hogs closed at $74.525, up $0.700

May 20 Hogs closed at $80.850, up $0.500

---provided by Brugler Marketing & Management

Soybeans Lower on Wednesday

Soybean futures closed with red on the board as futures were down 2 to 2 1/4 cents. Soy meal futures were down by $1.20/ton in the March futures. March bean oil futures were 27 points higher. Malaysian palm oil was up 87 ringgits, yesterday there was reporting of Indian ports full 30,000 MT of unloaded palm oil, as customs were blocking the freight that had been purchased prior to the import curb. MPOA reported that the Jan 1-20 palm oil production was down 17%. Argentina’s Vicentin SAIC halted soybean crushing last month and is still re-organizing. EPA reported the D4 RIN production in 2019 totaled 4.13 billion gallons, with 2.57 billion generated by domestic producers.

Mar 20 Soybeans closed at $9.13 3/4, down 2 1/4 cents,

May 20 Soybeans closed at $9.27 1/2, down 2 1/4 cents,

Jul 20 Soybeans closed at $9.41 1/4, down 2 1/4 cents,

Aug 20 Soybeans closed at $9.46, down 2 cents,

Mar 20 Soybean Meal closed at $297.90, down $1.20

Mar 20 Soybean Oil closed at $33.02, up $0.27

--- provided by Brugler Marketing & Management

Wednesday Corn Mixed

Corn ended the Wednesday session mixed. July futures remained UNCH, there were 3/4 cent losses in the Sep contracts, and nearby Mar and May posted gains. The EIA’s weekly update containing ethanol production data will be delayed by a day due to the MLK federal holiday on Monday. The national corn basis from cmdtyView was at -0.1388 for 01/22. Compared to last year it’s .1891 cents firmer, and 9 out of the past 10 trading days it has tightened. The latest rounds of RIN generation were released, non-cellulosic (corn based D6) ethanol received 1.286 billion RINs from December production. The year’s total was 14.7087 billion gallons, and an average monthly generation rate of 1.225 billion. Total RINS for 2019 topped 19.75 billion gallons.

Mar 20 Corn closed at $3.88 3/4, up 1 1/4 cents,

May 20 Corn closed at $3.94 1/4, up 3/4 cent,

Jul 20 Corn closed at $3.99 1/4, unch,

Sep 20 Corn closed at $3.98, down 3/4 cent,

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn ended the Wednesday session mixed. July futures remained UNCH, there were 3/4 cent losses in the Sep contracts, and nearby Mar and May posted gains. The EIA’s weekly update containing ethanol production data will be delayed by a day due to the MLK federal holiday on Monday. The national corn basis from cmdtyView was at -0.1388 for 01/22. Compared to last year it’s .1891 cents firmer, and 9 out of the past 10 trading days it has tightened. The latest rounds of RIN generation were released, non-cellulosic (corn based D6) ethanol received 1.286 billion RINs from December production. The year’s total was 14.7087 billion gallons, and an average monthly generation rate of 1.225 billion. Total RINS for 2019 topped 19.75 billion gallons.

Mar 20 Corn closed at $3.88 3/4, up 1 1/4 cents,

May 20 Corn closed at $3.94 1/4, up 3/4 cent,

Jul 20 Corn closed at $3.99 1/4, unch,

Sep 20 Corn closed at $3.98, down 3/4 cent,

--- provided by Brugler Marketing & Management



Soybean futures closed with red on the board as futures were down 2 to 2 1/4 cents. Soy meal futures were down by $1.20/ton in the March futures. March bean oil futures were 27 points higher. Malaysian palm oil was up 87 ringgits, yesterday there was reporting of Indian ports full 30,000 MT of unloaded palm oil, as customs were blocking the freight that had been purchased prior to the import curb. MPOA reported that the Jan 1-20 palm oil production was down 17%. Argentina’s Vicentin SAIC halted soybean crushing last month and is still re-organizing. EPA reported the D4 RIN production in 2019 totaled 4.13 billion gallons, with 2.57 billion generated by domestic producers.

Mar 20 Soybeans closed at $9.13 3/4, down 2 1/4 cents,

May 20 Soybeans closed at $9.27 1/2, down 2 1/4 cents,

Jul 20 Soybeans closed at $9.41 1/4, down 2 1/4 cents,

Aug 20 Soybeans closed at $9.46, down 2 cents,

Mar 20 Soybean Meal closed at $297.90, down $1.20

Mar 20 Soybean Oil closed at $33.02, up $0.27

--- provided by Brugler Marketing & Management



Wheat retreated from the double digit gains on Tuesday, with HRW futures the weakest. KC wheat futures closed down by 7 1/2 cents, and Chicago wheat futures were down by 3 3/4 cents. MGE HRS wheat futures closed with losses of 5 to 6 3/4 cents in the front months. Impacts on wheat production and output from the Australian bush fires have not been calculated yet, but approximately 16 million acres have been burned so far with at least some portion of that crop land. Algeria purchased at least 400,000 MT of optional origin wheat for delivery in March. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific. Results are expected tomorrow.

Mar 20 CBOT Wheat closed at $5.77 3/4, down 3 3/4 cents,

Mar 20 KCBT Wheat closed at $4.92 1/2, down 7 1/2 cents,

Mar 20 MGEX Wheat closed at $5.55 1/2, down 6 3/4 cents,

--- provided by Brugler Marketing & Management



Live cattle futures ended the Wednesday session with losses of 20 to 72 cents in the front months. Front month feeder cattle futures were down triple digits, ending the session with losses of as much as $1.62. The 01/21 CME Feeder Cattle index was down 29 cents to $145.17. The NASS Cold Storage report showed that frozen beef stocks as of December 31st were 481.012 million lbs, which was a 2.95% decrease vs. Dec 2018. Total red meat stocks were at an all-time high for the end of December. Based on wire surveys, traders expect to see about a 2% increase in cattle on feed as of Jan 1 vs. year ago. The Fed Cattle Exchange online auction shows that 112 head of the 561 listed were sold this morning. The KS heifers went for $124, packers passed on asks of $124 for the other listings. Wholesale boxed beef prices were mixed this afternoon, pushing the Chc/Sel spread to $2.94. Choice boxes were up 45 cents, while Select boxes were $1.45 lower. The week’s FI cattle slaughter through Wednesday is estimated at 368,000 head, a 2,000 head lead over last week’s pace (despite the holiday break for many packer plants).

Feb 20 Cattle closed at $126.175, down $0.200,

Apr 20 Cattle closed at $126.775, down $0.450,

Jun 20 Cattle closed at $118.450, down $0.725,

Jan 20 Feeder Cattle closed at $143.925, down $1.150

Mar 20 Feeder Cattle closed at $143.050, down $1.625

Apr 20 Feeder Cattle closed at $146.025, down $1.525

---provided by Brugler Marketing & Management



Lean hog futures closed the Wednesday trading session with gains of 20 cents to 70 cents. The 01/20 CME Lean Hog Index was 4 cents higher to $60.18. USDA’s Pork Carcass Cutout gained another $0.55 this afternoon, up to $79.74 cwt. USDA’s National Average Afternoon Base Hog price was back up by 16 cents to $51.90. The USDA monthly cold storage report showed that frozen pork in coolers December 31st totaled 580.904 million lbs. Compared to last year, that is up 14.97%, and was a one month increase of 1.05%. December pork in storage was the highest on record for that month. Belly stocks were seen at 68.015 million lbs, which was an increase of 61% yr/yr and a 25% increase over the end of November. USDA estimated week to date FI hog slaughter at 1.402 million head through Wednesday.

Feb 20 Hogs closed at $67.550, up $0.200,

Apr 20 Hogs closed at $74.525, up $0.700

May 20 Hogs closed at $80.850, up $0.500

---provided by Brugler Marketing & Management



Cotton futures took back some of Tuesday’s losses with gains of 128 to 189 points in the front months. The March futures were up the most, erasing all but 5.97% of yesterday’s 201 point drop. On 01/21 The Seam online cotton trading platform added 2,752 bales sold at 57.19 cents/lb. The week’s total is 3,344 bales, compared to last week totaled 99,899 bales sold. In Pakistan, Prime Minister Imran Khan reestablished the country’s national cotton committee; along with other direct measures aimed at revitalizing domestic production (such as rewriting restrictive seed laws, adapting farmer assistance programs, and providing subsidies for certain technology). The 01/21 Cotlook A index remained at 80.20 cents/lb. The AWP for cotton will be updated tomorrow afternoon. The previous change was a 32-point increase to 61.40 cents/lb.

Mar 20 Cotton closed at 71.13, up 189 points,

May 20 Cotton closed at 71.84, up 152 points

Jul 20 Cotton closed at 72.74, up 147 points

Oct 20 Cotton closed at 72.73, up 128 points

---provided by Brugler Marketing & Management



Cattle Futures Lower on Wednesday

Live cattle futures are lower by 12 to 47 cents so far with the June futures down the most. Feeder cattle futures are lower by as much as $1.25 so far. The 01/20 CME Feeder Cattle index was down 23 cents. The Cold Storage report from NASS will be released later today, and the Cattle on Feed report has a scheduled Friday release. The Fed Cattle Exchange online auction shows that 112 head of the 561 listed were sold this morning. The KS heifers went for $124, packers passed on asks of $124 for the other listings. Wholesale boxed beef prices were mixed this morning, pushing the Chc/Sel spread to $2.22. Choice boxes were up 67 cents, while Select boxes were 51 cents lower. USDA estimated cattle slaughter at 123,000 head for Tuesday. With a weekly running total at 245,000 head, leading the same week last year by 12,000 head

Feb 20 Cattle are at $126.250, down $0.125,

Apr 20 Cattle are at $126.925, down $0.300,

Jun 20 Cattle are at $118.700, down $0.475,

Jan 20 Feeder Cattle are at $144.100, down $0.975

Mar 20 Feeder Cattle are at $143.425, down $1.250

Apr 20 Feeder Cattle are at $146.300, down $1.250

---provided by Brugler Marketing & Management

Hog Futures Making Midday Gains

Front month hog futures are back up for midday, with Apr. futures posting a midday gain of 70 cents. The 01/20 CME Lean Hog Index was 4 cents higher to $60.18. USDA’s Pork Carcass Cutout gained another $1.39 this morning, up to $79.58 cwt. Hams were up by $3.62 to $79.70, and Bellies were $3.29 higher to $112.71. USDA’s National Average Morning Base Hog price was down a penny to $51.73. The USDA monthly cold storage report will be out after the close today. Traders will be eying pork and pork belly stocks. USDA estimated FI hog slaughter at 498,000 head for Tuesday, and 909,000 head on the week.

Feb 20 Hogs are at $67.675, up $0.325,

Apr 20 Hogs are at $74.525, up $0.700

May 20 Hogs are at $80.800, up $0.450

---provided by Brugler Marketing & Management

Cotton Trying to Recover

Cotton futures are fading the triple digit selloff from yesterday with midday gains of as much as 176 points. The Seam online cotton trading platform started off the week with light holiday trading as 592 bales were sold at 57.32 cents/lb. Last week totaled 99,899 bales sold. NASS will release January’s second Cotton Ginning’s report on Thursday at noon E.T. The 01/21 Cotlook A index remained at 80.20 cents/lb. The AWP for cotton is 61.40 cents/lb.

Mar 20 Cotton is at 71, up 176 points,

May 20 Cotton is at 71.76, up 144 points

Jul 20 Cotton is at 72.69, up 142 points

Oct 20 Cotton is at 72, up 55 points

---provided by Brugler Marketing & Management

Wednesday Corn Fractionally Mixed

Corn prices are moving fractionally to 1 cent lower by midday, with the March futures gaining 1/4 of a cent. The EIA’s weekly update containing ethanol production data will be delayed by a day due to the MLK federal holiday on Monday. Corn exports total 9.431 MMT as of the week ending 01/16, that is 20.915% of the January WASDE’s MY forecast, and 54.25% behind the 18/19 MY pace, the Jan WASDE projects MY exports to total 14.05% less than the 18/19 MY.

Mar 20 Corn is at $3.87 3/4, up 1/4 cent,

May 20 Corn is at $3.93 1/4, down 1/4 cent,

Jul 20 Corn is at $3.98 3/4, down 1/2 cent,

Sep 20 Corn is at $3.97 3/4, down 1 cent,

--- provided by Brugler Marketing & Management

The Wheat Market Pulling Back

Wheat futures are falling back at midday, with the KC market down the most. KC wheat futures are down by 8 3/4 cents at midday, and Chicago wheat futures are lower by 7 cents. MGE HRS wheat futures are down by 4 3/4 cents so far. Algeria purchased at least 400,000 MT of optional origin wheat for delivery in March, with Jordan also active. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific. Results are expected tomorrow.

Mar 20 CBOT Wheat is at $5.74 1/2, down 7 cents,

Mar 20 KCBT Wheat is at $4.91 1/4, down 8 3/4 cents,

Mar 20 MGEX Wheat is at $5.57 1/2, down 4 3/4 cents,

--- provided by Brugler Marketing & Management

The Soy Market Mostly Lower at Midday

Soybean futures are fractionally lower after yesterday’s sell off. There was more net new selling, with preliminary open interest rising 11,193 contracts on Tuesday. Meal futures are also lower with losses of $0.60/ton in the March futures. March bean oil futures are gaining 26 points so far at midday. Malaysian palm oil was up 87 ringgits, yesterday there was reporting of Indian ports full 30,000 MT of unloaded palm oil, as customs were blocking the freight that had been purchased prior to the import curb. MPOA reported that the Jan 1-20 palm oil production was down 17%. Argentina’s Vicentin SAIC halted soybean crushing last month and is still re-organizing. Accumulated US exports from the weekly updated Export Inspections report were at 888.053 mbu, which is 50.03% of the Jan WASDE’s projection for the 19/20 crop’s full year exports.

Mar 20 Soybeans are at $9.15 1/4, down 3/4 cent,

May 20 Soybeans are at $9.29, down 3/4 cent,

Jul 20 Soybeans are at $9.42 3/4, down 3/4 cent,

Aug 20 Soybeans are at $9.47 1/2, down 1/2 cent,

Mar 20 Soybean Meal is at $298.50, down $0.60

Mar 20 Soybean Oil is at $33.01, up $0.26

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn prices are moving fractionally to 1 cent lower by midday, with the March futures gaining 1/4 of a cent. The EIA’s weekly update containing ethanol production data will be delayed by a day due to the MLK federal holiday on Monday. Corn exports total 9.431 MMT as of the week ending 01/16, that is 20.915% of the January WASDE’s MY forecast, and 54.25% behind the 18/19 MY pace, the Jan WASDE projects MY exports to total 14.05% less than the 18/19 MY.

Mar 20 Corn is at $3.87 3/4, up 1/4 cent,

May 20 Corn is at $3.93 1/4, down 1/4 cent,

Jul 20 Corn is at $3.98 3/4, down 1/2 cent,

Sep 20 Corn is at $3.97 3/4, down 1 cent,

--- provided by Brugler Marketing & Management



Soybean futures are fractionally lower after yesterday’s sell off. There was more net new selling, with preliminary open interest rising 11,193 contracts on Tuesday. Meal futures are also lower with losses of $0.60/ton in the March futures. March bean oil futures are gaining 26 points so far at midday. Malaysian palm oil was up 87 ringgits, yesterday there was reporting of Indian ports full 30,000 MT of unloaded palm oil, as customs were blocking the freight that had been purchased prior to the import curb. MPOA reported that the Jan 1-20 palm oil production was down 17%. Argentina’s Vicentin SAIC halted soybean crushing last month and is still re-organizing. Accumulated US exports from the weekly updated Export Inspections report were at 888.053 mbu, which is 50.03% of the Jan WASDE’s projection for the 19/20 crop’s full year exports.

Mar 20 Soybeans are at $9.15 1/4, down 3/4 cent,

May 20 Soybeans are at $9.29, down 3/4 cent,

Jul 20 Soybeans are at $9.42 3/4, down 3/4 cent,

Aug 20 Soybeans are at $9.47 1/2, down 1/2 cent,

Mar 20 Soybean Meal is at $298.50, down $0.60

Mar 20 Soybean Oil is at $33.01, up $0.26

--- provided by Brugler Marketing & Management



Wheat futures are falling back at midday, with the KC market down the most. KC wheat futures are down by 8 3/4 cents at midday, and Chicago wheat futures are lower by 7 cents. MGE HRS wheat futures are down by 4 3/4 cents so far. Algeria purchased at least 400,000 MT of optional origin wheat for delivery in March, with Jordan also active. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific. Results are expected tomorrow.

Mar 20 CBOT Wheat is at $5.74 1/2, down 7 cents,

Mar 20 KCBT Wheat is at $4.91 1/4, down 8 3/4 cents,

Mar 20 MGEX Wheat is at $5.57 1/2, down 4 3/4 cents,

--- provided by Brugler Marketing & Management



Live cattle futures are lower by 12 to 47 cents so far with the June futures down the most. Feeder cattle futures are lower by as much as $1.25 so far. The 01/20 CME Feeder Cattle index was down 23 cents. The Cold Storage report from NASS will be released later today, and the Cattle on Feed report has a scheduled Friday release. The Fed Cattle Exchange online auction shows that 112 head of the 561 listed were sold this morning. The KS heifers went for $124, packers passed on asks of $124 for the other listings. Wholesale boxed beef prices were mixed this morning, pushing the Chc/Sel spread to $2.22. Choice boxes were up 67 cents, while Select boxes were 51 cents lower. USDA estimated cattle slaughter at 123,000 head for Tuesday. With a weekly running total at 245,000 head, leading the same week last year by 12,000 head

Feb 20 Cattle are at $126.250, down $0.125,

Apr 20 Cattle are at $126.925, down $0.300,

Jun 20 Cattle are at $118.700, down $0.475,

Jan 20 Feeder Cattle are at $144.100, down $0.975

Mar 20 Feeder Cattle are at $143.425, down $1.250

Apr 20 Feeder Cattle are at $146.300, down $1.250

---provided by Brugler Marketing & Management



Front month hog futures are back up for midday, with Apr. futures posting a midday gain of 70 cents. The 01/20 CME Lean Hog Index was 4 cents higher to $60.18. USDA’s Pork Carcass Cutout gained another $1.39 this morning, up to $79.58 cwt. Hams were up by $3.62 to $79.70, and Bellies were $3.29 higher to $112.71. USDA’s National Average Morning Base Hog price was down a penny to $51.73. The USDA monthly cold storage report will be out after the close today. Traders will be eying pork and pork belly stocks. USDA estimated FI hog slaughter at 498,000 head for Tuesday, and 909,000 head on the week.

Feb 20 Hogs are at $67.675, up $0.325,

Apr 20 Hogs are at $74.525, up $0.700

May 20 Hogs are at $80.800, up $0.450

---provided by Brugler Marketing & Management



Cotton futures are fading the triple digit selloff from yesterday with midday gains of as much as 176 points. The Seam online cotton trading platform started off the week with light holiday trading as 592 bales were sold at 57.32 cents/lb. Last week totaled 99,899 bales sold. NASS will release January’s second Cotton Ginning’s report on Thursday at noon E.T. The 01/21 Cotlook A index remained at 80.20 cents/lb. The AWP for cotton is 61.40 cents/lb.

Mar 20 Cotton is at 71, up 176 points,

May 20 Cotton is at 71.76, up 144 points

Jul 20 Cotton is at 72.69, up 142 points

Oct 20 Cotton is at 72, up 55 points

---provided by Brugler Marketing & Management



Soybeans Fade Tuesday Sell Off

Soybeans are 2 to 3 cents per bushel higher in early Wednesday trading. All soy futures were lower at Tuesday’s close. March beans were down the most giving back 13 3/4 cents, the other front months were down 11 1/4 to 13 1/4 cents. There was more net new selling, with preliminary open interest rising 11,193 contracts. Meal futures ended Tuesday with a $1.50/ton loss. March bean oil futures were 60 points lower. Brazilian soy harvest was 4.8 percentage points behind last year’s harvest pace, per the latest AgRural report. Weekly export inspections were 1.2 MMT for the week ending 01/16. That was 68,830 MT above the same week last year, and an increase of 49,652 MT wk/wk. China and Bangladesh were the top destinations. Accumulated exports have reached 24.169 MMT (888.053 mbu), which is 166.048 mbu above last year’s pace.

--- provided by Brugler Marketing & Management

Wheat Bulls Still In Charge

Overnight action in the Chicago SRW market was sharply higher, up 6 to 9 cents per bushel. Gains are more muted in the hard wheats, with KC up 1 to 2 and MPLS up 3 to 4 cents. Wheat came out of the extended holiday break yesterday with gains. Chicago SRW futures posted double digit gains of 9 3/4 to 11 cents. KC HRW futures were up by 4 to 5 3/4 cents at the close. Spring wheat also was up 1 1/4 to 2 1/4 cents. The latest Export Inspections report indicated there were 435,129 MTof wheat shipments for the week ending 01/16. Wheat exports were down 125,847 MT wk/wk and were 89,813 MT below the same week last year. Within the same report, MYTD shipments were at 15.918 MMT, which is 13.56% ahead of last year’s pace. Pakistan approved an import quota that totals 300,000 MT of wheat. Japan issued a tender for 108,926 MT of wheat, with 82,692 MT of U.S. specific, the rest should be sourced from Canada.

--- provided by Brugler Marketing & Management

Cattle Market Pauses for Cold Storage Input

Live cattle futures were mixed at Tuesday’s close. The Feb futures posted a 2 cent gain, while the April and June contracts closed with 2 cent losses. Feeder cattle futures closed in the red with 27 to 32 cent losses in the front months. The 01/20 CME Feeder Cattle index was down 23 cents. The Cold Storage report from NASS will be released later today, and the Cattle on Feed report has a scheduled Friday release. Today’s FCE online auction has 561 head in the show list. Afternoon boxed beef prices were lower on Tuesday. USDA listed Choice boxes at $214.51, down 13 cents higher; and Select boxes at $213.47, down a penny. USDA estimated cattle slaughter at 123,000 head for Tuesday. With a weekly running total at 245,000 head, leading the same week last year by 12,000 head

---provided by Brugler Marketing & Management

Lean Hogs Lower Despite Cutout Improvement

Front month hog futures were down 27 to 35 cents at the Tuesday CME close. The CME Lean Hog Index was 31 cents lower on 01/17 to $60.14. Chinese pork production from 2019 was down 21.3% yr/yr hitting a 16-year low of 42.55 MMT. The USDA monthly cold storage report will be out after the close today. Traders will be eying pork and pork belly stocks. USDA’s Pork Carcass Cutout was triple digits higher Tuesday, with the $1.08 gain pushing it up to $78.19 cwt in the afternoon report. Hams were the biggest mover, gaining $4.48. USDA’s National Average Base Hog price was down 11 cents to $51.71. USDA estimates FI hog slaughter at 498,000 head for Tuesday, and 909,000 head on the week.

---provided by Brugler Marketing & Management


Cotton Takes Hit, But Higher Overnight

Cotton traders are fading the triple digit selloff yesterday with overnight gains of 16 to 42 points. Front month cotton futures dropped yesterday by 147 to 201 points. Buying interest was limited ahead of the Chinese New Year holiday week and with little fresh news about Chinese purchases. The Seam online cotton trading platform started off the week with light holiday trading as 592 bales were sold at 57.32 cents/lb. Last week totaled 99,899 bales sold. NASS will release January’s second Cotton Ginning’s report on Thursday at noon E.T. The Cotlook A index was up a full penny on 01/20 to 80.20. The AWP for cotton is 61.40 cents/lb. through Thursday.

---provided by Brugler Marketing & Management