News Source: BRUG

Corn Market News and Commentary

Corn futures saw fractional gains in most contracts on Wednesday. The weekly EIA report indicated ethanol production in the week that ended on 3/15 slipped 1,000 barrels per day to 1.004 million bpd. Stocks at the end of that week rose 681,000 barrels wk/wk to a record 24.412 million barrels. The Midwest neared their record totals, up 383,000 barrels as rail movement was hindered due to flooding. Export sales for the week of 3/14 are expected to total 0.6-1 MMT for old crop corn in tomorrow morning’s USDA report, with new crop at 0-300,000 MT.

May 19 Corn closed at $3.71 1/2, up 1/4 cent,

Jul 19 Corn closed at $3.81, up 1/4 cent,

Sep 19 Corn closed at $3.88, up 1/2 cent

Dec 19 Corn closed at $3.95 1/2, up 1/4 cent

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted limit gains in most front months on Wednesday, with Thursday having expanded limits of $4.50. The CME Lean Hog Index was up $1.00 from the previous day @ $57.54 on March 18. Futures have been anticipating the rally in cash for several weeks now. The USDA pork carcass cutout value was down 9 cents on Wednesday afternoon at an average weighted price of $74.05. The national base hog carcass value was up $2.79 in the PM report at an average weighted price of $60.38. USDA estimated WTD FI hog slaughter at 1.409 million head, up 5,000 from the previous week and 25,000 above last year.

Apr 19 Hogs closed at $73.825, up $3.000,

May 19 Hogs closed at $82.150, up $3.000

Jun 19 Hogs closed at $90.250, up $3.000

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures settled with the front months 15-16 points lower and deferred contracts lightly higher. A weaker US dollar supported the market. The Cotlook A Index was down 20 points on March 19 to 84.15 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve left interest rates UNCH on Wednesday, indicating no rate hikes expected for the rest of this year. USDA will release their Export Sales report for the week of March 14 on Thursday morning.

May 19 Cotton closed at 75.500, down 15 points,

Jul 19 Cotton closed at 76.560, down 16 points

Oct 19 Cotton closed at 75.470, up 5 points

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures ended the Wednesday session with most contracts 2 to 3 cents higher. Meal futures were up 80 cents/ton, with soy oil 3 points higher. Strong Board profitability for hogs is supporting meal. Analysts are expecting 18/19 soybean export bookings of 0.6-1.6 MMT for the week of 3/14 in Thursday’s USDA Export Sales report. New crop sales are estimated at 0-150,000 MT. Soybean meal sales are seen at 150,000-400,000 MT, with soy oil at 8,000-30,000 MT. Brazil’s Ag Minister says she expects to head to China later this Spring to strengthen soybean trade.

May 19 Soybeans closed at $9.06, up 2 cents,

Jul 19 Soybeans closed at $9.19 1/2, up 2 cents,

Aug 19 Soybeans closed at $9.26, up 2 1/4 cents,

Nov 19 Soybeans closed at $9.40 1/4, up 2 cents,

May 19 Soybean Meal closed at $311.60, up $0.80,

May 19 Soybean Oil closed at $29.27, up $0.03

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures posted 4 to 8 1/4 cent gains in most contracts on Wednesday. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. Where it isn’t melting, the ground is still frozen. All wheat exports sales for the week of 3/14 are estimated in the range of 200,000-450,000 MT for old crop and 100,000-225,000 MT for new crop. Taiwan is seeking 110,000 MT of US wheat in a tender that expires on Friday. Brazil’s Ag Minister stated that the quota of 750,000 MT of tariff free wheat announced yesterday is for global imports, not just US origin according to wire reports. FCStone estimates Brazil imports in 18/19 down 1.3 MMT to 5.7 MMT on larger domestic production. Argentine supplies are also available.

May 19 CBOT Wheat closed at $4.64 3/4, up 8 1/4 cents,

May 19 KCBT Wheat closed at $4.44, up 8 1/4 cents,

May 19 MGEX Wheat closed at $5.71 1/2, up 6 1/4 cents

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures saw fractional gains in most contracts on Wednesday. The weekly EIA report indicated ethanol production in the week that ended on 3/15 slipped 1,000 barrels per day to 1.004 million bpd. Stocks at the end of that week rose 681,000 barrels wk/wk to a record 24.412 million barrels. The Midwest neared their record totals, up 383,000 barrels as rail movement was hindered due to flooding. Export sales for the week of 3/14 are expected to total 0.6-1 MMT for old crop corn in tomorrow morning’s USDA report, with new crop at 0-300,000 MT.

May 19 Corn closed at $3.71 1/2, up 1/4 cent,

Jul 19 Corn closed at $3.81, up 1/4 cent,

Sep 19 Corn closed at $3.88, up 1/2 cent

Dec 19 Corn closed at $3.95 1/2, up 1/4 cent

--provided by Brugler Marketing & Management



Soybean futures ended the Wednesday session with most contracts 2 to 3 cents higher. Meal futures were up 80 cents/ton, with soy oil 3 points higher. Strong Board profitability for hogs is supporting meal. Analysts are expecting 18/19 soybean export bookings of 0.6-1.6 MMT for the week of 3/14 in Thursday’s USDA Export Sales report. New crop sales are estimated at 0-150,000 MT. Soybean meal sales are seen at 150,000-400,000 MT, with soy oil at 8,000-30,000 MT. Brazil’s Ag Minister says she expects to head to China later this Spring to strengthen soybean trade.

May 19 Soybeans closed at $9.06, up 2 cents,

Jul 19 Soybeans closed at $9.19 1/2, up 2 cents,

Aug 19 Soybeans closed at $9.26, up 2 1/4 cents,

Nov 19 Soybeans closed at $9.40 1/4, up 2 cents,

May 19 Soybean Meal closed at $311.60, up $0.80,

May 19 Soybean Oil closed at $29.27, up $0.03

--provided by Brugler Marketing & Management



Wheat futures posted 4 to 8 1/4 cent gains in most contracts on Wednesday. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. Where it isn’t melting, the ground is still frozen. All wheat exports sales for the week of 3/14 are estimated in the range of 200,000-450,000 MT for old crop and 100,000-225,000 MT for new crop. Taiwan is seeking 110,000 MT of US wheat in a tender that expires on Friday. Brazil’s Ag Minister stated that the quota of 750,000 MT of tariff free wheat announced yesterday is for global imports, not just US origin according to wire reports. FCStone estimates Brazil imports in 18/19 down 1.3 MMT to 5.7 MMT on larger domestic production. Argentine supplies are also available.

May 19 CBOT Wheat closed at $4.64 3/4, up 8 1/4 cents,

May 19 KCBT Wheat closed at $4.44, up 8 1/4 cents,

May 19 MGEX Wheat closed at $5.71 1/2, up 6 1/4 cents

--provided by Brugler Marketing & Management



Live cattle futures closed the day with most contracts 45 to 90 cents higher. Feeder cattle futures were steady to $1.95 in the green. The CME feeder cattle index was down 26 cents on March 19 at $137.41. Wholesale boxed beef prices were lower in the Wednesday afternoon report, with the Choice/Sel spread at $10.04/cwt. Choice boxes were down 66 cents at $228.67, as Select was 83 cents lower @ $218.63. USDA estimated this week’s FI cattle slaughter at 355,000 head through Wednesday. That was up 7,000 head from the previous week and even with this time last year. The 596 head offered on Wednesday’s FCE auction went unsold, with the cattle offered at $129-130.

Apr 19 Cattle closed at $129.575, up $0.450,

Jun 19 Cattle closed at $123.375, up $0.650,

Aug 19 Cattle closed at $119.325, up $0.600,

Mar 19 Feeder Cattle closed at $142.250, unch,

Apr 19 Feeder Cattle closed at $148.325, up $0.525

May 19 Feeder Cattle closed at $152.125, up $1.600

--provided by Brugler Marketing & Management



Lean Hog futures posted limit gains in most front months on Wednesday, with Thursday having expanded limits of $4.50. The CME Lean Hog Index was up $1.00 from the previous day @ $57.54 on March 18. Futures have been anticipating the rally in cash for several weeks now. The USDA pork carcass cutout value was down 9 cents on Wednesday afternoon at an average weighted price of $74.05. The national base hog carcass value was up $2.79 in the PM report at an average weighted price of $60.38. USDA estimated WTD FI hog slaughter at 1.409 million head, up 5,000 from the previous week and 25,000 above last year.

Apr 19 Hogs closed at $73.825, up $3.000,

May 19 Hogs closed at $82.150, up $3.000

Jun 19 Hogs closed at $90.250, up $3.000

--provided by Brugler Marketing & Management



Cotton futures settled with the front months 15-16 points lower and deferred contracts lightly higher. A weaker US dollar supported the market. The Cotlook A Index was down 20 points on March 19 to 84.15 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve left interest rates UNCH on Wednesday, indicating no rate hikes expected for the rest of this year. USDA will release their Export Sales report for the week of March 14 on Thursday morning.

May 19 Cotton closed at 75.500, down 15 points,

Jul 19 Cotton closed at 76.560, down 16 points

Oct 19 Cotton closed at 75.470, up 5 points

--provided by Brugler Marketing & Management



Cattle Market News and Commentary

Live cattle futures closed the day with most contracts 45 to 90 cents higher. Feeder cattle futures were steady to $1.95 in the green. The CME feeder cattle index was down 26 cents on March 19 at $137.41. Wholesale boxed beef prices were lower in the Wednesday afternoon report, with the Choice/Sel spread at $10.04/cwt. Choice boxes were down 66 cents at $228.67, as Select was 83 cents lower @ $218.63. USDA estimated this week’s FI cattle slaughter at 355,000 head through Wednesday. That was up 7,000 head from the previous week and even with this time last year. The 596 head offered on Wednesday’s FCE auction went unsold, with the cattle offered at $129-130.

Apr 19 Cattle closed at $129.575, up $0.450,

Jun 19 Cattle closed at $123.375, up $0.650,

Aug 19 Cattle closed at $119.325, up $0.600,

Mar 19 Feeder Cattle closed at $142.250, unch,

Apr 19 Feeder Cattle closed at $148.325, up $0.525

May 19 Feeder Cattle closed at $152.125, up $1.600

--provided by Brugler Marketing & Management

Corn Market News and Commentary

Corn futures are steady to fractionally lower in most contracts on Wednesday, pressured by weak ethanol data. The weekly EIA report indicated ethanol production in the week that ended on 3/15 slipped 1,000 barrels per day to 1.004 million bpd. Stocks at the end of that week rose 681,000 barrels wk/wk to a record 24.412 million barrels. The Midwest neared their record totals, up 383,000 barrels as rail movement was hindered due to flooding. Export sales for the week of 3/14 are expected to total 0.6-1 MMT for old crop corn in tomorrow morning’s USDA report, with new crop at 0-300,000 MT.

May 19 Corn is at $3.70 1/2, down 3/4 cent,

Jul 19 Corn is at $3.80, down 3/4 cent,

Sep 19 Corn is at $3.87, down 1/2 cent

Dec 19 Corn is at $3.94 3/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are showing 1 to 2 cent gains in most contracts at midday on Wednesday. Meal futures are up 80 cents/ton, with soy oil UNCH. Strong Board profitability for hogs is supporting meal. Analysts are expecting 18/19 soybean export bookings of 0.6-1.6 MMT for the week of 3/14 in Thursday’s USDA Export Sales report. New crop sales are estimated at 0-150,000 MT. Soybean meal sales are seen at 150,000-400,000 MT, with soy oil at 8,000-30,000 MT. Brazil’s Ag Minister says she expects to head to China later this Spring to strengthen soybean trade.

May 19 Soybeans are at $9.05, up 1 cent,

Jul 19 Soybeans are at $9.18 3/4, up 1 1/4 cents,

Aug 19 Soybeans are at $9.25 1/4, up 1 1/2 cents,

Sep 19 Soybeans are at $9.30 1/4, up 1 1/2 cents,

May 19 Soybean Meal is at $311.60, up $0.80

May 19 Soybean Oil is at $29.24, unch,

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are mixed at midday, with the front months steady to 14 points lower. A weaker US dollar supported the market. The Cotlook A Index was down 20 points on March 19 to 84.15 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve will make an announcement on interest rates this afternoon, as they are expected to leave them UNCH. USDA will release their Export Sales report for the week of March 14 on Thursday morning.

May 19 Cotton is at 75.51, down 14 points,

Jul 19 Cotton is at 76.59, down 13 points

Oct 19 Cotton is at 75.56, up 14 points

Dec 19 Cotton is at 74.900, unch,

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are seeing some short covering on Wednesday, with most contracts 3 to 7 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. All wheat exports sales for the week of 3/14 are estimated in the range of 200,000-450,000 MT for old crop and 100,000-225,000 MT for new crop. Taiwan is seeking 110,000 MT of US wheat in a tender that expires on Friday. Brazil’s Ag Minister stated that the quota of 750,000 MT of tariff free wheat announced yesterday is for global imports, not just US origin according to wire reports.

May 19 CBOT Wheat is at $4.60 3/4, up 4 1/4 cents,

May 19 KCBT Wheat is at $4.41 1/2, up 5 3/4 cents,

May 19 MGEX Wheat is at $5.72 1/4, up 7 cents

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are steady to fractionally lower in most contracts on Wednesday, pressured by weak ethanol data. The weekly EIA report indicated ethanol production in the week that ended on 3/15 slipped 1,000 barrels per day to 1.004 million bpd. Stocks at the end of that week rose 681,000 barrels wk/wk to a record 24.412 million barrels. The Midwest neared their record totals, up 383,000 barrels as rail movement was hindered due to flooding. Export sales for the week of 3/14 are expected to total 0.6-1 MMT for old crop corn in tomorrow morning’s USDA report, with new crop at 0-300,000 MT.

May 19 Corn is at $3.70 1/2, down 3/4 cent,

Jul 19 Corn is at $3.80, down 3/4 cent,

Sep 19 Corn is at $3.87, down 1/2 cent

Dec 19 Corn is at $3.94 3/4, down 1/2 cent

--provided by Brugler Marketing & Management



Soybean futures are showing 1 to 2 cent gains in most contracts at midday on Wednesday. Meal futures are up 80 cents/ton, with soy oil UNCH. Strong Board profitability for hogs is supporting meal. Analysts are expecting 18/19 soybean export bookings of 0.6-1.6 MMT for the week of 3/14 in Thursday’s USDA Export Sales report. New crop sales are estimated at 0-150,000 MT. Soybean meal sales are seen at 150,000-400,000 MT, with soy oil at 8,000-30,000 MT. Brazil’s Ag Minister says she expects to head to China later this Spring to strengthen soybean trade.

May 19 Soybeans are at $9.05, up 1 cent,

Jul 19 Soybeans are at $9.18 3/4, up 1 1/4 cents,

Aug 19 Soybeans are at $9.25 1/4, up 1 1/2 cents,

Sep 19 Soybeans are at $9.30 1/4, up 1 1/2 cents,

May 19 Soybean Meal is at $311.60, up $0.80

May 19 Soybean Oil is at $29.24, unch,

--provided by Brugler Marketing & Management



Wheat futures are seeing some short covering on Wednesday, with most contracts 3 to 7 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. All wheat exports sales for the week of 3/14 are estimated in the range of 200,000-450,000 MT for old crop and 100,000-225,000 MT for new crop. Taiwan is seeking 110,000 MT of US wheat in a tender that expires on Friday. Brazil’s Ag Minister stated that the quota of 750,000 MT of tariff free wheat announced yesterday is for global imports, not just US origin according to wire reports.

May 19 CBOT Wheat is at $4.60 3/4, up 4 1/4 cents,

May 19 KCBT Wheat is at $4.41 1/2, up 5 3/4 cents,

May 19 MGEX Wheat is at $5.72 1/4, up 7 cents

--provided by Brugler Marketing & Management



Live cattle futures are trading 30 to 75 cents higher on Wednesday. Feeder cattle futures are up $1-1.70 in most contracts, with nearby March down 25 cents. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were lower in the Wednesday morning report, with the Ch/Se spread at $10.12/cwt. Choice boxes were up 71 cents at $228.62, as Select was 96 cents higher @ $218.50. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. The 596 head offered on Wednesday’s FCE auction went unsold, with the cattle offered at $129-130.

Apr 19 Cattle are at $129.500, up $0.375,

Jun 19 Cattle are at $123.300, up $0.575,

Aug 19 Cattle are at $119.200, up $0.475,

Mar 19 Feeder Cattle are at $142.000, down $0.250

Apr 19 Feeder Cattle are at $147.875, up $0.075

May 19 Feeder Cattle are at $151.800, up $1.275

--provided by Brugler Marketing & Management



Lean Hog futures are posting strong gains in most contracts on Wednesday, with several deferred contracts coming off limit up. The CME Lean Hog Index was up $1.00 from the previous day @ $57.54 on March 18. The USDA pork carcass cutout value was up 31 cents on Wednesday morning at an average weighted price of $74.45. The national base hog carcass value was up $1.71 in the AM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs are at $73.375, up $2.550,

May 19 Hogs are at $81.450, up $2.300

Jun 19 Hogs are at $89.850, up $2.600

--provided by Brugler Marketing & Management



Cotton futures are mixed at midday, with the front months steady to 14 points lower. A weaker US dollar supported the market. The Cotlook A Index was down 20 points on March 19 to 84.15 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve will make an announcement on interest rates this afternoon, as they are expected to leave them UNCH. USDA will release their Export Sales report for the week of March 14 on Thursday morning.

May 19 Cotton is at 75.51, down 14 points,

Jul 19 Cotton is at 76.59, down 13 points

Oct 19 Cotton is at 75.56, up 14 points

Dec 19 Cotton is at 74.900, unch,

--provided by Brugler Marketing & Management



Cattle Market News and Commentary

Live cattle futures are trading 30 to 75 cents higher on Wednesday. Feeder cattle futures are up $1-1.70 in most contracts, with nearby March down 25 cents. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were lower in the Wednesday morning report, with the Ch/Se spread at $10.12/cwt. Choice boxes were up 71 cents at $228.62, as Select was 96 cents higher @ $218.50. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. The 596 head offered on Wednesday’s FCE auction went unsold, with the cattle offered at $129-130.

Apr 19 Cattle are at $129.500, up $0.375,

Jun 19 Cattle are at $123.300, up $0.575,

Aug 19 Cattle are at $119.200, up $0.475,

Mar 19 Feeder Cattle are at $142.000, down $0.250

Apr 19 Feeder Cattle are at $147.875, up $0.075

May 19 Feeder Cattle are at $151.800, up $1.275

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are posting strong gains in most contracts on Wednesday, with several deferred contracts coming off limit up. The CME Lean Hog Index was up $1.00 from the previous day @ $57.54 on March 18. The USDA pork carcass cutout value was up 31 cents on Wednesday morning at an average weighted price of $74.45. The national base hog carcass value was up $1.71 in the AM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs are at $73.375, up $2.550,

May 19 Hogs are at $81.450, up $2.300

Jun 19 Hogs are at $89.850, up $2.600

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are mostly 2 to 3 cents lower this morning. They ended Tuesday with the front months steady to 1 3/4 cents lower. Meal futures were up $1/ton, with soy oil 20 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. End user association Abiove reduced their Brazilian soybean production estimate by 1 from their previous number to 116.9 MMT

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are trading a penny lower this morning in the Chicago SRW but are 2-3 cents higher in most of the KC and MPLS contracts. They were fractionally to 2 1/2 cents lower in the winter wheat contracts on Tuesday while MPLS spring wheat was up to 4 1/2 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. Brazil will begin allowing importation of 750,000 MT of US wheat under a tariff rate quota following a meeting between President Trump and Brazil’s President Bolsonaro on Tuesday.

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are currently fractionally lower after closing Tuesday with most contracts fractionally mixed. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. The weekly EIA ethanol production and implied corn consumption report will be out later this morning. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

--provided by Brugler Marketing & Management



Soybean futures are mostly 2 to 3 cents lower this morning. They ended Tuesday with the front months steady to 1 3/4 cents lower. Meal futures were up $1/ton, with soy oil 20 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. End user association Abiove reduced their Brazilian soybean production estimate by 1 from their previous number to 116.9 MMT

--provided by Brugler Marketing & Management



Wheat futures are trading a penny lower this morning in the Chicago SRW but are 2-3 cents higher in most of the KC and MPLS contracts. They were fractionally to 2 1/2 cents lower in the winter wheat contracts on Tuesday while MPLS spring wheat was up to 4 1/2 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. Brazil will begin allowing importation of 750,000 MT of US wheat under a tariff rate quota following a meeting between President Trump and Brazil’s President Bolsonaro on Tuesday.

--provided by Brugler Marketing & Management



Live cattle futures settled the Tuesday session with most contracts 15 to 80 cents higher. Feeder cattle futures were 60 cents to $2.20 in the green in most contracts. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were higher in the Tuesday afternoon report, with the Ch/Se spread at $9.87/cwt. Choice boxes were up $1.00 at $229.33, as Select was $1.25 higher @ $219.46. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. Today’s FCE online auction has 596 head offered for sale.



Lean Hog futures finished Tuesday with 20 to 55 cents losses in most contracts. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.75 on Tuesday afternoon at an average weighted price of $74.14. The belly was the only primal reported lower, down 50 cents. The national base hog carcass value was up $1.20 in the PM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year. A USDA Ag Attach report projected China’s swine inventory would be down 13% by the end of 2019 at 374 million head.

--provided by Brugler Marketing & Management



Cotton futures are trading 2 to 8 points lower this morning. They had 20 to 38 point losses in most contracts on Tuesday. A weaker US dollar supported the market. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. US Trade rep Lighthizer and Treasury Sec Mnuchin are planning to head to Beijing next week for further trade talks. The Federal Reserve FOMC wraps up today. No change in short term interest rates is expected. The economic data is murkier than usual because of the government shutdown back in December and January.

--provided by Brugler Marketing & Management



Cattle Market News and Commentary

Live cattle futures settled the Tuesday session with most contracts 15 to 80 cents higher. Feeder cattle futures were 60 cents to $2.20 in the green in most contracts. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were higher in the Tuesday afternoon report, with the Ch/Se spread at $9.87/cwt. Choice boxes were up $1.00 at $229.33, as Select was $1.25 higher @ $219.46. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. Today’s FCE online auction has 596 head offered for sale.

Lean Hogs Market News and Commentary

Lean Hog futures finished Tuesday with 20 to 55 cents losses in most contracts. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.75 on Tuesday afternoon at an average weighted price of $74.14. The belly was the only primal reported lower, down 50 cents. The national base hog carcass value was up $1.20 in the PM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year. A USDA Ag Attach report projected China’s swine inventory would be down 13% by the end of 2019 at 374 million head.

--provided by Brugler Marketing & Management

Corn Market News and Commentary

Corn futures are currently fractionally lower after closing Tuesday with most contracts fractionally mixed. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. The weekly EIA ethanol production and implied corn consumption report will be out later this morning. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 2 to 8 points lower this morning. They had 20 to 38 point losses in most contracts on Tuesday. A weaker US dollar supported the market. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. US Trade rep Lighthizer and Treasury Sec Mnuchin are planning to head to Beijing next week for further trade talks. The Federal Reserve FOMC wraps up today. No change in short term interest rates is expected. The economic data is murkier than usual because of the government shutdown back in December and January.

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures ended Tuesday with the front months steady to 1 3/4 cents lower. Meal futures were up $1/ton, with soy oil 20 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. End user association Abiove reduced their Brazilian soybean production estimate by 1 from their previous number to 116.9 MMT

May 19 Soybeans closed at $9.04, down 1 3/4 cents,

Jul 19 Soybeans closed at $9.17 1/2, down 1 3/4 cents,

Aug 19 Soybeans closed at $9.23 3/4, down 1 3/4 cents,

Nov 19 Soybeans closed at $9.38 1/4, down 3/4 cent,

May 19 Soybean Meal closed at $310.80, up $1.00,

May 19 Soybean Oil closed at $29.24, down $0.20

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures were fractionally to 2 1/2 cents lower in the winter wheat contracts on Tuesday. MPLS was firm to 4 1/2 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. US FOB prices were below French as of last night, but evidence of improved export sales is what the market wants and has not seen. Brazil will begin allowing importation of 750,000 MT of US wheat under a tariff rate quota following a meeting between President Trump and Brazil’s President Bolsonaro on Tuesday.

May 19 CBOT Wheat closed at $4.56 1/2, down 1/4 cent,

May 19 KCBT Wheat closed at $4.35 3/4, down 3/4 cent,

May 19 MGEX Wheat closed at $5.65 1/4, up 4 1/2 cents

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures closed Tuesday with most contracts fractionally mixed. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. The weekly EIA report will be released on Wednesday morning per normal. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

May 19 Corn closed at $3.71 1/4, down 1/4 cent,

Jul 19 Corn closed at $3.80 3/4, unch,

Sep 19 Corn closed at $3.87 1/2, unch,

Dec 19 Corn closed at $3.95 1/4, up 1/2 cent

--provided by Brugler Marketing & Management



Soybean futures ended Tuesday with the front months steady to 1 3/4 cents lower. Meal futures were up $1/ton, with soy oil 20 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. End user association Abiove reduced their Brazilian soybean production estimate by 1 from their previous number to 116.9 MMT

May 19 Soybeans closed at $9.04, down 1 3/4 cents,

Jul 19 Soybeans closed at $9.17 1/2, down 1 3/4 cents,

Aug 19 Soybeans closed at $9.23 3/4, down 1 3/4 cents,

Nov 19 Soybeans closed at $9.38 1/4, down 3/4 cent,

May 19 Soybean Meal closed at $310.80, up $1.00,

May 19 Soybean Oil closed at $29.24, down $0.20

--provided by Brugler Marketing & Management



Wheat futures were fractionally to 2 1/2 cents lower in the winter wheat contracts on Tuesday. MPLS was firm to 4 1/2 cents higher. There is still significant snow cover in the Dakotas and Minnesota. As it melts, water levels are rising in that area. US FOB prices were below French as of last night, but evidence of improved export sales is what the market wants and has not seen. Brazil will begin allowing importation of 750,000 MT of US wheat under a tariff rate quota following a meeting between President Trump and Brazil’s President Bolsonaro on Tuesday.

May 19 CBOT Wheat closed at $4.56 1/2, down 1/4 cent,

May 19 KCBT Wheat closed at $4.35 3/4, down 3/4 cent,

May 19 MGEX Wheat closed at $5.65 1/4, up 4 1/2 cents

--provided by Brugler Marketing & Management



Live cattle futures settled the Tuesday session with most contracts 15 to 80 cents higher. Feeder cattle futures were 60 cents to $2.20 in the green in most contracts. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were higher in the Tuesday afternoon report, with the Ch/Se spread at $9.87/cwt. Choice boxes were up $1.00 at $229.33, as Select was $1.25 higher @ $219.46. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. This week’s FCE online auction has 596 head offered for sale.

Apr 19 Cattle closed at $129.125, up $0.800,

Jun 19 Cattle closed at $122.725, up $0.150,

Aug 19 Cattle closed at $118.725, up $0.625,

Mar 19 Feeder Cattle closed at $142.250, up $0.600

Apr 19 Feeder Cattle closed at $147.800, up $1.500

May 19 Feeder Cattle closed at $150.525, up $2.200

--provided by Brugler Marketing & Management



Lean Hog futures finished Tuesday with 20 to 55 cents losses in most contracts. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.75 on Tuesday afternoon at an average weighted price of $74.14. The belly was the only primal reported lower, down 50 cents. The national base hog carcass value was up $1.20 in the PM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs closed at $70.825, down $0.200,

May 19 Hogs closed at $79.150, down $0.525

Jun 19 Hogs closed at $87.250, down $0.550

--provided by Brugler Marketing & Management



Cotton futures saw 20 to 38 point losses in most contracts on the day. A weaker US dollar supported the market. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. US Trade rep Lighthizer and Treasury Sec Mnuchin are planning to head to Beijing next week for further trade talks. The Federal Reserve FOMC is meeting today and Wednesday. No change in short term interest rates is expected. The data is murkier than usual because of the government shutdown back in December and January.

May 19 Cotton closed at 75.650, up 38 points,

Jul 19 Cotton closed at 76.720, up 31 points

Oct 19 Cotton closed at 75.420, up 20 points

--provided by Brugler Marketing & Management



Cattle Market News and Commentary

Live cattle futures settled the Tuesday session with most contracts 15 to 80 cents higher. Feeder cattle futures were 60 cents to $2.20 in the green in most contracts. The CME feeder cattle index was up 17 cents on March 18 at $137.67. Wholesale boxed beef prices were higher in the Tuesday afternoon report, with the Ch/Se spread at $9.87/cwt. Choice boxes were up $1.00 at $229.33, as Select was $1.25 higher @ $219.46. USDA estimated this week’s FI cattle slaughter at 235,000 head. That was down 4,000 head from the previous week and 2,000 head below this time last year. This week’s FCE online auction has 596 head offered for sale.

Apr 19 Cattle closed at $129.125, up $0.800,

Jun 19 Cattle closed at $122.725, up $0.150,

Aug 19 Cattle closed at $118.725, up $0.625,

Mar 19 Feeder Cattle closed at $142.250, up $0.600

Apr 19 Feeder Cattle closed at $147.800, up $1.500

May 19 Feeder Cattle closed at $150.525, up $2.200

--provided by Brugler Marketing & Management

Corn Market News and Commentary

Corn futures closed Tuesday with most contracts fractionally mixed. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. The weekly EIA report will be released on Wednesday morning per normal. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

May 19 Corn closed at $3.71 1/4, down 1/4 cent,

Jul 19 Corn closed at $3.80 3/4, unch,

Sep 19 Corn closed at $3.87 1/2, unch,

Dec 19 Corn closed at $3.95 1/4, up 1/2 cent

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures finished Tuesday with 20 to 55 cents losses in most contracts. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.75 on Tuesday afternoon at an average weighted price of $74.14. The belly was the only primal reported lower, down 50 cents. The national base hog carcass value was up $1.20 in the PM report at an average weighted price of $57.46. USDA estimated WTD FI hog slaughter at 930,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs closed at $70.825, down $0.200,

May 19 Hogs closed at $79.150, down $0.525

Jun 19 Hogs closed at $87.250, down $0.550

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures saw 20 to 38 point losses in most contracts on the day. A weaker US dollar supported the market. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. US Trade rep Lighthizer and Treasury Sec Mnuchin are planning to head to Beijing next week for further trade talks. The Federal Reserve FOMC is meeting today and Wednesday. No change in short term interest rates is expected. The data is murkier than usual because of the government shutdown back in December and January.

May 19 Cotton closed at 75.650, up 38 points,

Jul 19 Cotton closed at 76.720, up 31 points

Oct 19 Cotton closed at 75.420, up 20 points

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are showing marginal losses in most winter wheat contracts at midday, with MPLS steady to 4 3/4 cents higher. US FOB prices were below French as of last night, but weakness in corn at midday is pressuring the market. Individual State Crop Progress reports show KS winter wheat ratings down 2% to 49% gd/ex, with OK and TX both improved. NASS will begin releasing their weekly Crop Progress reports on April 1. Ethiopia is seeking 400,000 MT in a tender that expires on April 19.

May 19 CBOT Wheat is at $4.55 1/2, down 1 1/4 cents,

May 19 KCBT Wheat is at $4.36, down 1/2 cent,

May 19 MGEX Wheat is at $5.65 1/2, up 4 3/4 cents

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are down 1 1/4 to 2 3/4 cents in most contracts on Tuesday. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put a national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. State by State Crop Progress data shows the southern states (TX, MS, LA, and AR) all lagging a year ago for planting progress, though it is still early even for those states. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

May 19 Corn is at $3.68 3/4, down 2 3/4 cents,

Jul 19 Corn is at $3.78, down 2 3/4 cents,

Sep 19 Corn is at $3.85 1/4, down 2 1/4 cents

Dec 19 Corn is at $3.93, down 1 3/4 cents

--provided by Brugler Marketing & Management



Soybean futures are 3 to 4 cents lower in the front months at midday. Meal futures are up 20 cents/ton, with soy oil 25 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. Safras & Mercado expects Brazil’s exports in 2019 to be at 70 MMT, which would be down from the 83,86 MMT in 2018.

May 19 Soybeans are at $9.01 3/4, down 4 cents,

Jul 19 Soybeans are at $9.15 1/2, down 3 3/4 cents,

Aug 19 Soybeans are at $9.21 3/4, down 3 3/4 cents,

Sep 19 Soybeans are at $9.26 3/4, down 3 1/4 cents,

May 19 Soybean Meal is at $310.00, up $0.20

May 19 Soybean Oil is at $29.19, down $0.25

--provided by Brugler Marketing & Management



Wheat futures are showing marginal losses in most winter wheat contracts at midday, with MPLS steady to 4 3/4 cents higher. US FOB prices were below French as of last night, but weakness in corn at midday is pressuring the market. Individual State Crop Progress reports show KS winter wheat ratings down 2% to 49% gd/ex, with OK and TX both improved. NASS will begin releasing their weekly Crop Progress reports on April 1. Ethiopia is seeking 400,000 MT in a tender that expires on April 19.

May 19 CBOT Wheat is at $4.55 1/2, down 1 1/4 cents,

May 19 KCBT Wheat is at $4.36, down 1/2 cent,

May 19 MGEX Wheat is at $5.65 1/2, up 4 3/4 cents

--provided by Brugler Marketing & Management



Live cattle futures are mixed on Tuesday with most contracts slightly higher and June down 22.5 cents. Feeder cattle futures are trading 50 cents to $1.825 higher at midday. The CME feeder cattle index was down 15 cents on March 15 at $137.50. Wholesale boxed beef prices were higher in the Tuesday morning report, with the Ch/Se spread at $10.69/cwt. Choice boxes were up $1.73 at $230.06, as Select was $1.16 higher @ $219.37. USDA estimated Monday’s FI cattle slaughter at 115,000 head. That was down 4,000 head from the previous week, with travel in the WCB still an issue. This week’s FCE online auction has 596 head offered for sale.

Apr 19 Cattle are at $128.375, up $0.050,

Jun 19 Cattle are at $122.350, down $0.225,

Aug 19 Cattle are at $118.125, up $0.025,

Mar 19 Feeder Cattle are at $142.150, up $0.500

Apr 19 Feeder Cattle are at $147.925, up $1.625

May 19 Feeder Cattle are at $150.150, up $1.825

--provided by Brugler Marketing & Management



Lean Hog futures are posting 60 cent to $2.05 losses in most contracts on Turnaround Tuesday. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.51 on Tuesday morning at an average weighted price of $73.90. The belly was the only primal reported lower, down $2.17. The national base hog carcass value was down 46 cents in the AM report at an average weighted price of $55.80. USDA estimated Monday’s FI hog slaughter was 463,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs are at $70.425, down $0.600,

May 19 Hogs are at $78.500, down $1.175

Jun 19 Hogs are at $86.175, down $1.625

--provided by Brugler Marketing & Management



Cotton futures are trading 20 to 50 points higher in the front months on Tuesday. A weaker US dollar is supporting the market at midday. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve FOMC is meeting today and Wednesday. No change in short term interest rates is expected. The data is murkier than usual because of the government shutdown back in December and January.

May 19 Cotton is at 75.77, up 50 points,

Jul 19 Cotton is at 76.83, up 42 points

Dec 19 Cotton is at 74.940, up 24 points

--provided by Brugler Marketing & Management



Cattle Market News and Commentary

Live cattle futures are mixed on Tuesday with most contracts slightly higher and June down 22.5 cents. Feeder cattle futures are trading 50 cents to $1.825 higher at midday. The CME feeder cattle index was down 15 cents on March 15 at $137.50. Wholesale boxed beef prices were higher in the Tuesday morning report, with the Ch/Se spread at $10.69/cwt. Choice boxes were up $1.73 at $230.06, as Select was $1.16 higher @ $219.37. USDA estimated Monday’s FI cattle slaughter at 115,000 head. That was down 4,000 head from the previous week, with travel in the WCB still an issue. This week’s FCE online auction has 596 head offered for sale.

Apr 19 Cattle are at $128.375, up $0.050,

Jun 19 Cattle are at $122.350, down $0.225,

Aug 19 Cattle are at $118.125, up $0.025,

Mar 19 Feeder Cattle are at $142.150, up $0.500

Apr 19 Feeder Cattle are at $147.925, up $1.625

May 19 Feeder Cattle are at $150.150, up $1.825

--provided by Brugler Marketing & Management

Corn Market News and Commentary

Corn futures are down 1 1/4 to 2 3/4 cents in most contracts on Tuesday. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put a national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. State by State Crop Progress data shows the southern states (TX, MS, LA, and AR) all lagging a year ago for planting progress, though it is still early even for those states. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.

May 19 Corn is at $3.68 3/4, down 2 3/4 cents,

Jul 19 Corn is at $3.78, down 2 3/4 cents,

Sep 19 Corn is at $3.85 1/4, down 2 1/4 cents

Dec 19 Corn is at $3.93, down 1 3/4 cents

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are posting 60 cent to $2.05 losses in most contracts on Turnaround Tuesday. The CME Lean Hog Index was up $1.14 from the previous day @ $56.54 on March 15. The USDA pork carcass cutout value was up $1.51 on Tuesday morning at an average weighted price of $73.90. The belly was the only primal reported lower, down $2.17. The national base hog carcass value was down 46 cents in the AM report at an average weighted price of $55.80. USDA estimated Monday’s FI hog slaughter was 463,000 head, down 12,000 from the previous week but even with last year.

Apr 19 Hogs are at $70.425, down $0.600,

May 19 Hogs are at $78.500, down $1.175

Jun 19 Hogs are at $86.175, down $1.625

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 20 to 50 points higher in the front months on Tuesday. A weaker US dollar is supporting the market at midday. The Cotlook A Index was up 130 points on March 18 to 84.35 cents/lb. The USDA Adjusted World Price (AWP) was updated to 64.10 cents/ lb on Thursday, up 68 points from the week prior. The Federal Reserve FOMC is meeting today and Wednesday. No change in short term interest rates is expected. The data is murkier than usual because of the government shutdown back in December and January.

May 19 Cotton is at 75.77, up 50 points,

Jul 19 Cotton is at 76.83, up 42 points

Dec 19 Cotton is at 74.940, up 24 points

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are 3 to 4 cents lower in the front months at midday. Meal futures are up 20 cents/ton, with soy oil 25 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16 3/4, down $1.27 1/2 from a year ago. The national basis is -86 cents, which is 8 cents weaker than the same time in 2018. Estimates for both Brazil and Argentina production were left UNCH by Dr. Michael Cordonnier at 113.5 MMT and 54 MMT respectively. Safras & Mercado expects Brazil’s exports in 2019 to be at 70 MMT, which would be down from the 83,86 MMT in 2018.

May 19 Soybeans are at $9.01 3/4, down 4 cents,

Jul 19 Soybeans are at $9.15 1/2, down 3 3/4 cents,

Aug 19 Soybeans are at $9.21 3/4, down 3 3/4 cents,

Sep 19 Soybeans are at $9.26 3/4, down 3 1/4 cents,

May 19 Soybean Meal is at $310.00, up $0.20

May 19 Soybean Oil is at $29.19, down $0.25

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are mostly 3 to 3 3/4 cents per bushel higher this morning across all three contracts. They were 2 to 6 1/2 cents lower in most winter wheat contracts on Monday, as the bulls had expected larger export business fueled by the 5 week price breakdown. MPLS was up 2 to 6 cents on planting weather concerns. The USDA Export Inspections report indicated 353,727 MT of wheat was shipped in the week that ended on March 14. That was a 42.2% drop from the week previous and 20.5% below the same week in 2018. Inspections YTD are now lagging a year ago by 6.17%, at 17.976 MMT (660.5 mbu). Individual State Crop Progress reports show KS winter wheat ratings down 2% to 49% gd/ex, with OK and TX both improved. Ethiopia is seeking 400,000 MT in a tender that expires on April 19.

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures settled steady to 65 cents higher in most contracts on Monday, with nearby April down 77.5 cents. Feeder cattle futures were mixed, with the Spring contracts lower (excluding March) and deferred contracts higher. The CME feeder cattle index was down 15 cents on March 15 at $137.50. Wholesale boxed beef prices were higher in the Monday afternoon report, with the Ch/Se spread at $10.12/cwt. Choice boxes were up $1.34 at $228.33, as Select was 87 cents higher @ $218.21. USDA estimated Monday’s FI cattle slaughter at 115,000 head. That was down 4,000 head from the previous week, with travel in the WCB still an issue. Cash cattle traded $127 across most regions last week, with carcass based also $1 lower at $203-205.

--provided by Brugler Marketing & Management

Corn Market News and Commentary

Corn futures are trading fractionally higher this morning. They saw fractional to 1 3/4 cent losses in most contracts on Monday. Midwest flooding is delaying the likely start of planting. Damaged bridges and rail lines are also hampering grain movement. The weekly Export Inspections report from USDA showed corn shipments in the week of 3/14 down from the week prior at 795,241 MT, which was 44.75% below the same week in 2018. YTD exports are still 25.71% above a year ago at 27.397 MMT (1.079 bbu). State by State Crop Progress data shows the southern states (TX, MS, LA, and AR) all lagging a year ago for planting progress, though it is still early even for those states.

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures posted triple digit gains in most contracts on Monday, with front month April up $2.225. The CME Lean Hog Index was up $1.27 from the previous day @ $55.40 on March 14. The USDA pork carcass cutout value was up $3.50 on Monday afternoon at an average weighted price of $72.39. All primals saw sharp gains. The national base hog carcass value was up $1.81 in the PM report at an average weighted price of $55.73. USDA estimated Monday’s FI hog slaughter was 463,000 head, down 12,000 from the previous week but even with last year.

--provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybean futures are currently 1 to 2 cents lower after closing 3 to 3 3/4 cents lower in most front months on Monday. Meal futures were down $1/ton, with soy oil up 1 point. USDA Export Inspections were 841,888 MT during the week of March 14. That was slightly lower than a week ago but 68.23% larger than the same week last year. Of that total, 268,930 MT was headed to China, with 173,737 MT shipped to Egypt. Safras & Mercado estimates Brazil’s soybean harvest at 61.8% complete, vs. the 55.1% average.

--provided by Brugler Marketing & Management