News Source: BRUG

Hogs Lower on Thursday

On the last trading day of the week, lean hog futures were down $0.32 to $2.77. The CME Lean Hog Index was down by $2.55 at $52.97. The basis continues to weaken. The National Average Base Hog price was down 38 cents to $39.96. The April WASDE update to pork production was a 50 million lb increase to 29.049 billion lbs. Pork export bookings from the week ending April 2 were 55,913 MT, which was the biggest sales number since April 4 of last year. The Afternoon Pork Carcass Cutout Value was $51.07 on Thursday, which was down by $0.34. The primal cuts remained below $100 cwt. USDA estimated FI hog slaughter for the week through Thursday at 1.909 million head. That is 39,000 head lower wk/wk, but only 44,000 head more than the same week last year.

Apr 20 Hogs closed at $42.800, down $0.325,

May 20 Hogs closed at $43.425, down $2.475

Jun 20 Hogs closed at $48.675, down $2.775

--- provided by Brugler Marketing & Management


Ag Market Commentary

Corn futures ended report day 1 1/4 to 1 3/4 cents higher. The USDA cut U.S. corn used for ethanol by 375 mbu, increased feed and residual use by 150, and left exports UNCH at 1.725 bbu vs. their March numbers. The updates left 2019/20 corn carryout at 2.092 bbu (up 10.6%, compared to the average trade guess of 6.2%). The USDA average cash price for the year was lowered 20 cents to $3.60/bu. World corn carryout is 303.17 MMT, higher than the estimated 299 MMT, and up 5.83 MMT from the March WASDE. CONAB lowered their first crop production but increased second crop’s production for a net bump of 1.784 MMT for a new projected 101.868 MMT, citing an increase in Safrinha corn acreage. Corn export sales from the week ending April 02 were 1.85 MMT, which was a 72% increase wk/wk and 237% above the same week last year. New crop bookings of 608,770 MT brought the total corn sales on the week to 2.46 MMT, which was the most for any week since 12/20 of 2018.

May 20 Corn closed at $3.31 3/4, up 1 3/4 cents,

Jul 20 Corn closed at $3.36 3/4, up 1 1/4 cents,

Sep 20 Corn closed at $3.41 3/4, up 1 1/4 cents,

Dec 20 Corn closed at $3.50 3/4, up 1 1/2 cents,

--- provided by Brugler Marketing & Management



Soybeans futures closed the last trading day of the week with 8 to 9 1/4 cent gains. May soymeal futures were down by $0.30/ton at the close. May bean oil futures closed with 23 point gains. USDA updated the 2019/20 soybean projected carryout 55 mbu higher to 480 mbu. That was above the pre-report estimates of 446, but still 47.2% lower than last year. The export cut lowered the average cash price for soybeans to $8.65/bu. The average cash price for bean oil was 150 points lower at 30 cents/lb. World bean carryout was revised lower by 1.94 MMT, traders were looking for a smaller 900k MT cut. USDA estimated Brazilian soybean production at 124.5 MMT, which is down from the March WASDE but a smaller reduction than pre-report estimates. CONAB estimates Brazil’s soybean output at 122.06 MMT, which is down 2.14 from their previous estimate. Argentina’s 19/20 bean production is estimated at 52 MMT, which was a bigger than anticipated cut from the March forecast. Soybean bookings from the weekly USDA Export Sales report were down 45% wk/wk with only 523,476 MT for the week ending April 02. Cumulative commitments are 37.38 MMT, which is 14% behind last year. Soybean sales to China hit an 8 week high and made up 27% of the total with 143,500 MT.

May 20 Soybeans closed at $8.63 1/2, up 9 cents,

Jul 20 Soybeans closed at $8.71, up 9 1/4 cents,

Aug 20 Soybeans closed at $8.73 1/2, up 9 cents,

Sep 20 Soybeans closed at $8.72 1/4, up 8 cents,

May 20 Soybean Meal closed at $292.50, down $0.30

May 20 Soybean Oil closed at $27.41, up $0.23

--- provided by Brugler Marketing & Management



The wheat futures market ended higher after Thursday trading. KC HRW gained the most with May futures up 14 cents. Chicago wheat was 8 1/4 cents/bu higher in May, and May HRS wheat futures gained 2 1/2 cents. Weather forecasts contain several potential frost/freeze events over the next 10 days. The April estimate for 19/20 wheat ending stocks was 970 mbu, which is up 30 million from March, but still 10.2% below last year’s carryout. The bump to ending stocks came from reduced export and feed use ideas. USDA estimates World wheat ending stocks at 292.78 MMT. That is a 5.64 MMT hike, traders were looking for a slight dip from the March edition. USDA’s Export Sales report showed wheat bookings from the week ending April 02 just above estimates at 258,598 MT. Sales for 2020/21 wheat were 117,400 MT, which was just below estimates. Wheat commitments for the MY are at 25.04 MMT which is 1.81% above last year’s pace.

May 20 CBOT Wheat closed at $5.56 1/2, up 8 1/4 cents,

May 20 KCBT Wheat closed at $4.92, up 14 cents,

May 20 MGEX Wheat closed at $5.32 1/2, up 2 1/2 cents,

--- provided by Brugler Marketing & Management



Cattle futures traded triple digits in both directions on Thursday, with April $1.17 higher and June contracts $2.30 lower. Feeder futures were lower by $1.45 in April, but the August contracts closed $1.32 higher. The CME Feeder Cattle Index was $114.97, down by $1.82. USDA estimates 2020 beef production at 27,511 million lbs, which is down 255 million from the March estimate. Cash trade for the week to date has been $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were mixed on Thursday. Choice boxes were $222.67, which was $0.33 higher. Select boxes were $207.57, which was a $4.20 decrease. Beef export sales from the week ending April 2 were 15,822 MT, which was down 13% wk/wk but they were 34% above the same week last year. Accumulated beef exports were 228,281 MT which is 27.9% above last year’s pace. USDA estimated the week’s FI cattle slaughter at 417,000 head, with Thursday only having added 99,000 head. That was down 58,000 from the same week last year.

Apr 20 Cattle closed at $94.000, up $1.175,

Jun 20 Cattle closed at $84.375, down $2.300,

Aug 20 Cattle closed at $90.750, down $1.450,

Apr 20 Feeder Cattle closed at $119.525, down $0.350

May 20 Feeder Cattle closed at $118.950, down $0.425

Aug 20 Feeder Cattle closed at $128.875, up $1.325

--- provided by Brugler Marketing & Management



On the last trading day of the week, lean hog futures were down $0.32 to $2.77. The CME Lean Hog Index was down by $2.55 at $52.97. The basis continues to weaken. The National Average Base Hog price was down 38 cents to $39.96. The April WASDE update to pork production was a 50 million lb increase to 29.049 billion lbs. Pork export bookings from the week ending April 2 were 55,913 MT, which was the biggest sales number since April 4 of last year. The Afternoon Pork Carcass Cutout Value was $51.07 on Thursday, which was down by $0.34. The primal cuts remained below $100 cwt. USDA estimated FI hog slaughter for the week through Thursday at 1.909 million head. That is 39,000 head lower wk/wk, but only 44,000 head more than the same week last year.

Apr 20 Hogs closed at $42.800, down $0.325,

May 20 Hogs closed at $43.425, down $2.475

Jun 20 Hogs closed at $48.675, down $2.775

--- provided by Brugler Marketing & Management




Cotton futures closed Thursday with gains of as much as 59 points in the front months. OPEC agreed to cut crude oil production, and oil prices “sold the fact” by closing near $23.11/ barrel. US cotton export sales from the week ending April 2 were negative, largely because China canceled 101,007 RBs. Still, cotton commitments on the MY are 15.29m RBs, which is 16% above last year’s pace and the all-time highest through the first 36 weeks. The WASDE updated cotton exports to 15 million bales for 19/20, which was a 1.5 million bale cut from March. Cotton ending stocks were 6.70 million bales, which was a more drastic than anticipated increase from 5.1 million in the March WASDE. The Seam reported 1,736 bales sold at an average gross price of 46.15 on April 08. The Cotlook A index was 10 points lower at 63.45 c/lb on April 8. The AWP for cotton was up 1.66 points to 44.29 cents/lb. and will be updated on after the close. The LDP is 7.71 cents/lb.

May 20 Cotton closed at 54.37, up 53 points,

Jul 20 Cotton closed at 54.4, up 46 points

Oct 20 Cotton closed at 55.8, up 51 points

Dec 20 Cotton closed at 55.96, up 59 points

--- provided by Brugler Marketing & Management



Cattle Market Closes Mixed

Cattle futures traded triple digits in both directions on Thursday, with April $1.17 higher and June contracts $2.30 lower. Feeder futures were lower by $1.45 in April, but the August contracts closed $1.32 higher. The CME Feeder Cattle Index was $114.97, down by $1.82. USDA estimates 2020 beef production at 27,511 million lbs, which is down 255 million from the March estimate. Cash trade for the week to date has been $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were mixed on Thursday. Choice boxes were $222.67, which was $0.33 higher. Select boxes were $207.57, which was a $4.20 decrease. Beef export sales from the week ending April 2 were 15,822 MT, which was down 13% wk/wk but they were 34% above the same week last year. Accumulated beef exports were 228,281 MT which is 27.9% above last year’s pace. USDA estimated the week’s FI cattle slaughter at 417,000 head, with Thursday only having added 99,000 head. That was down 58,000 from the same week last year.

Apr 20 Cattle closed at $94.000, up $1.175,

Jun 20 Cattle closed at $84.375, down $2.300,

Aug 20 Cattle closed at $90.750, down $1.450,

Apr 20 Feeder Cattle closed at $119.525, down $0.350

May 20 Feeder Cattle closed at $118.950, down $0.425

Aug 20 Feeder Cattle closed at $128.875, up $1.325

--- provided by Brugler Marketing & Management

Cotton Ends Higher on Thursday

Cotton futures closed Thursday with gains of as much as 59 points in the front months. OPEC agreed to cut crude oil production, and oil prices “sold the fact” by closing near $23.11/ barrel. US cotton export sales from the week ending April 2 were negative, largely because China canceled 101,007 RBs. Still, cotton commitments on the MY are 15.29m RBs, which is 16% above last year’s pace and the all-time highest through the first 36 weeks. The WASDE updated cotton exports to 15 million bales for 19/20, which was a 1.5 million bale cut from March. Cotton ending stocks were 6.70 million bales, which was a more drastic than anticipated increase from 5.1 million in the March WASDE. The Seam reported 1,736 bales sold at an average gross price of 46.15 on April 08. The Cotlook A index was 10 points lower at 63.45 c/lb on April 8. The AWP for cotton was up 1.66 points to 44.29 cents/lb. and will be updated on after the close. The LDP is 7.71 cents/lb.

May 20 Cotton closed at 54.37, up 53 points,

Jul 20 Cotton closed at 54.4, up 46 points

Oct 20 Cotton closed at 55.8, up 51 points

Dec 20 Cotton closed at 55.96, up 59 points

--- provided by Brugler Marketing & Management

Wheat Market Rallied on Thursday

The wheat futures market ended higher after Thursday trading. KC HRW gained the most with May futures up 14 cents. Chicago wheat was 8 1/4 cents/bu higher in May, and May HRS wheat futures gained 2 1/2 cents. Weather forecasts contain several potential frost/freeze events over the next 10 days. The April estimate for 19/20 wheat ending stocks was 970 mbu, which is up 30 million from March, but still 10.2% below last year’s carryout. The bump to ending stocks came from reduced export and feed use ideas. USDA estimates World wheat ending stocks at 292.78 MMT. That is a 5.64 MMT hike, traders were looking for a slight dip from the March edition. USDA’s Export Sales report showed wheat bookings from the week ending April 02 just above estimates at 258,598 MT. Sales for 2020/21 wheat were 117,400 MT, which was just below estimates. Wheat commitments for the MY are at 25.04 MMT which is 1.81% above last year’s pace.

May 20 CBOT Wheat closed at $5.56 1/2, up 8 1/4 cents,

May 20 KCBT Wheat closed at $4.92, up 14 cents,

May 20 MGEX Wheat closed at $5.32 1/2, up 2 1/2 cents,

--- provided by Brugler Marketing & Management

Corn Closes in Black

Corn futures ended report day 1 1/4 to 1 3/4 cents higher. The USDA cut U.S. corn used for ethanol by 375 mbu, increased feed and residual use by 150, and left exports UNCH at 1.725 bbu vs. their March numbers. The updates left 2019/20 corn carryout at 2.092 bbu (up 10.6%, compared to the average trade guess of 6.2%). The USDA average cash price for the year was lowered 20 cents to $3.60/bu. World corn carryout is 303.17 MMT, higher than the estimated 299 MMT, and up 5.83 MMT from the March WASDE. CONAB lowered their first crop production but increased second crop’s production for a net bump of 1.784 MMT for a new projected 101.868 MMT, citing an increase in Safrinha corn acreage. Corn export sales from the week ending April 02 were 1.85 MMT, which was a 72% increase wk/wk and 237% above the same week last year. New crop bookings of 608,770 MT brought the total corn sales on the week to 2.46 MMT, which was the most for any week since 12/20 of 2018.

May 20 Corn closed at $3.31 3/4, up 1 3/4 cents,

Jul 20 Corn closed at $3.36 3/4, up 1 1/4 cents,

Sep 20 Corn closed at $3.41 3/4, up 1 1/4 cents,

Dec 20 Corn closed at $3.50 3/4, up 1 1/2 cents,

--- provided by Brugler Marketing & Management

Beans Higher into Extended Weekend

Soybeans futures closed the last trading day of the week with 8 to 9 1/4 cent gains. May soymeal futures were down by $0.30/ton at the close. May bean oil futures closed with 23 point gains. USDA updated the 2019/20 soybean projected carryout 55 mbu higher to 480 mbu. That was above the pre-report estimates of 446, but still 47.2% lower than last year. The export cut lowered the average cash price for soybeans to $8.65/bu. The average cash price for bean oil was 150 points lower at 30 cents/lb. World bean carryout was revised lower by 1.94 MMT, traders were looking for a smaller 900k MT cut. USDA estimated Brazilian soybean production at 124.5 MMT, which is down from the March WASDE but a smaller reduction than pre-report estimates. CONAB estimates Brazil’s soybean output at 122.06 MMT, which is down 2.14 from their previous estimate. Argentina’s 19/20 bean production is estimated at 52 MMT, which was a bigger than anticipated cut from the March forecast. Soybean bookings from the weekly USDA Export Sales report were down 45% wk/wk with only 523,476 MT for the week ending April 02. Cumulative commitments are 37.38 MMT, which is 14% behind last year. Soybean sales to China hit an 8 week high and made up 27% of the total with 143,500 MT.

May 20 Soybeans closed at $8.63 1/2, up 9 cents,

Jul 20 Soybeans closed at $8.71, up 9 1/4 cents,

Aug 20 Soybeans closed at $8.73 1/2, up 9 cents,

Sep 20 Soybeans closed at $8.72 1/4, up 8 cents,

May 20 Soybean Meal closed at $292.50, down $0.30

May 20 Soybean Oil closed at $27.41, up $0.23

--- provided by Brugler Marketing & Management

Cattle Lower on Thursday

Front month cattle futures are mixed, with April up by 20 cents. The other front months are down $2.07 to $2.62. Feeder futures are lower by as much as $1.45 at midday. The April 7 CME Feeder Cattle Index was $116.79, down by $0.26. USDA estimates 2020 beef production at 27,511 million lbs, which is down 255 million from the March estimate. Beef export sales from the week ending April 2 were 15,822 MT, which was down 13% wk/wk but they were 34% above the same week last year. Beef exports were 228,281 MT which is 27.9% above last year’s pace. No Thursday cash sales have been reported as of yet, USDA reported Wednesday cash sales in the south at $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were mixed in the morning update. Choice boxes were $223.65, which was $1.31 higher. Select boxes were $208.43, which was a $3.34 decrease. USDA estimated the week’s FI cattle slaughter through Weds at 318,000 head. That was down 34,000 head from last week and running 45,000 below the same week last year.

Apr 20 Cattle are at $93.025, up $0.200,

Jun 20 Cattle are at $84.050, down $2.625,

Aug 20 Cattle are at $90.125, down $2.075,

Apr 20 Feeder Cattle are at $118.425, down $1.450

May 20 Feeder Cattle are at $118.100, down $1.275

Aug 20 Feeder Cattle are at $127.400, down $0.150

--- provided by Brugler Marketing & Management

Beans Higher at Midday

Following the WASDE updates, soybeans are 7 to 8 cents higher. May soymeal futures are up by $1.10/ton. May bean oil futures are 14 points higher at midday. USDA updated the 19/20 soybean projected carryout to 480 mbu, which is more than the pre-report estimates of 446. That is up 55 mbu from the March estimate but still 47.2% lower than the carryin from last year. The export cut lowered the average cash price for soybeans to $8.65/bu. The soybean meal cash price was UNCH @ $305/ton. The average cash price for bean oil was 150 points lower at 30 cents/lb. The WASDE update lowered World bean carryout by 1.94 MMT, with traders looking for a smaller 900k MT cut. USDA estimated Brazilian soybean production at 124.5 MMT, which is down from the March WASDE but by less than pre-report estimates. Argentina’s 19/20 bean production is estimated at 52 MMT, which was a bigger than anticipated cut from the March forecast. Soybean bookings from the weekly USDA Export Sales report were down 45% wk/wk with only 523,476 MT for the week ending April 02. Cumulative commitments are 37.38 MMT, which is 14% behind last year. Soybean sales to China hit an 8 week high and made up 27% of the total with 143,500 MT. Soybean meal bookings were 193,324 New crop bean bookings are estimated between 300k and 500k MT. Soybean meal sales were 193,324 MT which was 27% higher yr/yr. The soybean oil export sales from the same week were 25,050 MT, which was down 16% yr/yr.

May 20 Soybeans are at $8.62 3/4, up 8 1/4 cents,

Jul 20 Soybeans are at $8.69 3/4, up 8 cents,

Aug 20 Soybeans are at $8.71 3/4, up 7 1/4 cents,

Sep 20 Soybeans are at $8.71 1/4, up 7 cents,

May 20 Soybean Meal is at $293.90, up $1.10

May 20 Soybean Oil is at $27.32, up $0.14

--- provided by Brugler Marketing & Management

Hog Market Lower so far

Midday trades pushed the lean hog futures market $0.97 to $2.15 in the red on Thursday. The CME Lean Hog Index was down by $2.55 at $52.97. The National Average Base Hog price was down 37 cents to $39.97. The April WASDE update to pork production was a 50 million lb increase to 29.049 billion lbs. Pork export bookings from the week ending April 2 were 55,913 MT, which was the biggest sales number since April 4 of last year. The Morning Pork Carcass Cutout Value was $52.32 on Thursday, which was up by $0.91. USDA estimated FI hog slaughter for the week through Wednesday at 1.437 million head. That was 23,000 head lower wk/wk, and only 3,000 head more than the same week a year earlier.

Apr 20 Hogs are at $42.150, down $0.975,

May 20 Hogs are at $43.750, down $2.150

Jun 20 Hogs are at $49.550, down $1.900

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are trading up by as much as 2 cents in the aftermath of the WASDE release. September contracts are down 1/4 at midday. The USDA cut U.S. corn used for ethanol by 375 mbu, increased feed and residual by 150, and left exports UNCH at 1.725 bbu vs. their March numbers. The updates left 2019/20 corn carryout at 2.092 bbu (up 10.6%, compared to the average trade guess of 6.2%). The USDA average cash price for the year was lowered 20 cents to $3.60/bu. World corn carryout is 303.17 MMT, higher than the estimated 299 MMT, and up 5.83 MMT from the March WASDE. Corn export sales from the week ending April 02 were 1.85 MMT, which was a 72% increase wk/wk and 237% above the same week last year. New crop bookings of 608,770 MT brought the total corn sales on the week to 2.46 MMT, which was the most for any week since 12/20 of 2018

May 20 Corn is at $3.32, up 2 cents,

Jul 20 Corn is at $3.36, up 1/2 cent,

Sep 20 Corn is at $3.41, up 1/2 cent,

Dec 20 Corn is at $3.49 1/2, up 1/4 cent,

--- provided by Brugler Marketing & Management



Following the WASDE updates, soybeans are 7 to 8 cents higher. May soymeal futures are up by $1.10/ton. May bean oil futures are 14 points higher at midday. USDA updated the 19/20 soybean projected carryout to 480 mbu, which is more than the pre-report estimates of 446. That is up 55 mbu from the March estimate but still 47.2% lower than the carryin from last year. The export cut lowered the average cash price for soybeans to $8.65/bu. The soybean meal cash price was UNCH @ $305/ton. The average cash price for bean oil was 150 points lower at 30 cents/lb. The WASDE update lowered World bean carryout by 1.94 MMT, with traders looking for a smaller 900k MT cut. USDA estimated Brazilian soybean production at 124.5 MMT, which is down from the March WASDE but by less than pre-report estimates. Argentina’s 19/20 bean production is estimated at 52 MMT, which was a bigger than anticipated cut from the March forecast. Soybean bookings from the weekly USDA Export Sales report were down 45% wk/wk with only 523,476 MT for the week ending April 02. Cumulative commitments are 37.38 MMT, which is 14% behind last year. Soybean sales to China hit an 8 week high and made up 27% of the total with 143,500 MT. Soybean meal bookings were 193,324 New crop bean bookings are estimated between 300k and 500k MT. Soybean meal sales were 193,324 MT which was 27% higher yr/yr. The soybean oil export sales from the same week were 25,050 MT, which was down 16% yr/yr.

May 20 Soybeans are at $8.62 3/4, up 8 1/4 cents,

Jul 20 Soybeans are at $8.69 3/4, up 8 cents,

Aug 20 Soybeans are at $8.71 3/4, up 7 1/4 cents,

Sep 20 Soybeans are at $8.71 1/4, up 7 cents,

May 20 Soybean Meal is at $293.90, up $1.10

May 20 Soybean Oil is at $27.32, up $0.14

--- provided by Brugler Marketing & Management



Wheat is trading higher after the USDA updates. KC HRW is the strongest so far with May futures up 7 cents. That has more to do with putting in weather premium than it does the report. Chicago wheat is up 2 3/4 cents/bu in May, and May HRS wheat futures are gaining 1 1/4 cents. USDA’s Export Sales report showed wheat bookings from the week ending April 02 just above estimates at 258,598 MT. Sales for 2020/21 wheat were 117,400 MT, which was just below estimates. Wheat commitments for the MY are at 25.04 MMT which is 1.81% above last year’s pace. The April estimates for 19/20 wheat ending stocks were 970 mbu, which is up from March, above trader expectations, but still 10.2% below last year’s carryout. The bump to ending stocks came mostly via Exports which were down 15 mbu from the March estimate. USDA estimates World wheat ending stocks at 292.78 MMT. That is a 5.64 MMT hike, traders were looking for a slight dip from the March edition. Weather forecasts contain several potential frost/freeze events over the next 10 days.

May 20 CBOT Wheat is at $5.51, up 2 3/4 cents,

May 20 KCBT Wheat is at $4.85, up 7 cents,

May 20 MGEX Wheat is at $5.31 1/4, up 1 1/4 cents,

--- provided by Brugler Marketing & Management



Front month cattle futures are mixed, with April up by 20 cents. The other front months are down $2.07 to $2.62. Feeder futures are lower by as much as $1.45 at midday. The April 7 CME Feeder Cattle Index was $116.79, down by $0.26. USDA estimates 2020 beef production at 27,511 million lbs, which is down 255 million from the March estimate. Beef export sales from the week ending April 2 were 15,822 MT, which was down 13% wk/wk but they were 34% above the same week last year. Beef exports were 228,281 MT which is 27.9% above last year’s pace. No Thursday cash sales have been reported as of yet, USDA reported Wednesday cash sales in the south at $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were mixed in the morning update. Choice boxes were $223.65, which was $1.31 higher. Select boxes were $208.43, which was a $3.34 decrease. USDA estimated the week’s FI cattle slaughter through Weds at 318,000 head. That was down 34,000 head from last week and running 45,000 below the same week last year.

Apr 20 Cattle are at $93.025, up $0.200,

Jun 20 Cattle are at $84.050, down $2.625,

Aug 20 Cattle are at $90.125, down $2.075,

Apr 20 Feeder Cattle are at $118.425, down $1.450

May 20 Feeder Cattle are at $118.100, down $1.275

Aug 20 Feeder Cattle are at $127.400, down $0.150

--- provided by Brugler Marketing & Management



Midday trades pushed the lean hog futures market $0.97 to $2.15 in the red on Thursday. The CME Lean Hog Index was down by $2.55 at $52.97. The National Average Base Hog price was down 37 cents to $39.97. The April WASDE update to pork production was a 50 million lb increase to 29.049 billion lbs. Pork export bookings from the week ending April 2 were 55,913 MT, which was the biggest sales number since April 4 of last year. The Morning Pork Carcass Cutout Value was $52.32 on Thursday, which was up by $0.91. USDA estimated FI hog slaughter for the week through Wednesday at 1.437 million head. That was 23,000 head lower wk/wk, and only 3,000 head more than the same week a year earlier.

Apr 20 Hogs are at $42.150, down $0.975,

May 20 Hogs are at $43.750, down $2.150

Jun 20 Hogs are at $49.550, down $1.900

--- provided by Brugler Marketing & Management



Cotton futures are 27 to 53 points lower at Thursday’s midday. OPEC agreed to cut crude oil production, and oil prices are higher trading around $25.90/ barrel. US cotton export sales from the week ending April 2 were negative, largely because China canceled 101,007 RBs. Still, cotton commitments on the MY are 15.29m RBs, which is 16% above last year’s pace and the all-time highest through the first 36 weeks. The WASDE updated cotton exports to 15 million bales for 19/20, which was a 1.5 million bale cut from March. Cotton ending stocks were 6.70 million bales, which was a more drastic than anticipated increase from 5.1 million in the March WASDE. The Cotlook A index was 10 points lower at 63.45 c/lb on April 8. The AWP for cotton is 42.63 cents/lb. and will be updated on after the close. The LDP will be updated from 9.37 cents/lb.

May 20 Cotton is at 53.36, down 48 points,

Jul 20 Cotton is at 53.41, down 53 points

Oct 20 Cotton is at 54.8, down 49 points

Dec 20 Cotton is at 55.1, down 27 points

--- provided by Brugler Marketing & Management



Corn Trades Higher at Midday

Corn futures are trading up by as much as 2 cents in the aftermath of the WASDE release. September contracts are down 1/4 at midday. The USDA cut U.S. corn used for ethanol by 375 mbu, increased feed and residual by 150, and left exports UNCH at 1.725 bbu vs. their March numbers. The updates left 2019/20 corn carryout at 2.092 bbu (up 10.6%, compared to the average trade guess of 6.2%). The USDA average cash price for the year was lowered 20 cents to $3.60/bu. World corn carryout is 303.17 MMT, higher than the estimated 299 MMT, and up 5.83 MMT from the March WASDE. Corn export sales from the week ending April 02 were 1.85 MMT, which was a 72% increase wk/wk and 237% above the same week last year. New crop bookings of 608,770 MT brought the total corn sales on the week to 2.46 MMT, which was the most for any week since 12/20 of 2018

May 20 Corn is at $3.32, up 2 cents,

Jul 20 Corn is at $3.36, up 1/2 cent,

Sep 20 Corn is at $3.41, up 1/2 cent,

Dec 20 Corn is at $3.49 1/2, up 1/4 cent,

--- provided by Brugler Marketing & Management

Cotton Market is Trading Lower

Cotton futures are 27 to 53 points lower at Thursday’s midday. OPEC agreed to cut crude oil production, and oil prices are higher trading around $25.90/ barrel. US cotton export sales from the week ending April 2 were negative, largely because China canceled 101,007 RBs. Still, cotton commitments on the MY are 15.29m RBs, which is 16% above last year’s pace and the all-time highest through the first 36 weeks. The WASDE updated cotton exports to 15 million bales for 19/20, which was a 1.5 million bale cut from March. Cotton ending stocks were 6.70 million bales, which was a more drastic than anticipated increase from 5.1 million in the March WASDE. The Cotlook A index was 10 points lower at 63.45 c/lb on April 8. The AWP for cotton is 42.63 cents/lb. and will be updated on after the close. The LDP will be updated from 9.37 cents/lb.

May 20 Cotton is at 53.36, down 48 points,

Jul 20 Cotton is at 53.41, down 53 points

Oct 20 Cotton is at 54.8, down 49 points

Dec 20 Cotton is at 55.1, down 27 points

--- provided by Brugler Marketing & Management

Wheat Higher after WASDE

Wheat is trading higher after the USDA updates. KC HRW is the strongest so far with May futures up 7 cents. That has more to do with putting in weather premium than it does the report. Chicago wheat is up 2 3/4 cents/bu in May, and May HRS wheat futures are gaining 1 1/4 cents. USDA’s Export Sales report showed wheat bookings from the week ending April 02 just above estimates at 258,598 MT. Sales for 2020/21 wheat were 117,400 MT, which was just below estimates. Wheat commitments for the MY are at 25.04 MMT which is 1.81% above last year’s pace. The April estimates for 19/20 wheat ending stocks were 970 mbu, which is up from March, above trader expectations, but still 10.2% below last year’s carryout. The bump to ending stocks came mostly via Exports which were down 15 mbu from the March estimate. USDA estimates World wheat ending stocks at 292.78 MMT. That is a 5.64 MMT hike, traders were looking for a slight dip from the March edition. Weather forecasts contain several potential frost/freeze events over the next 10 days.

May 20 CBOT Wheat is at $5.51, up 2 3/4 cents,

May 20 KCBT Wheat is at $4.85, up 7 cents,

May 20 MGEX Wheat is at $5.31 1/4, up 1 1/4 cents,

--- provided by Brugler Marketing & Management

Lean Hogs Pull Back from Tuesday Rally

Lean hog futures closed the Wednesday session with losses of as much as $2.47, with 7 days left to trade April hogs. The April 6 CME Lean Hog Index was down by $2.13 at $55.52, working on converging with April futures. The National Average Base Hog price was down 30 cents to $40.32. The average base hog price for IA/MN was $40 flat. The Afternoon Pork Carcass Cutout Value was $51.41 on Wednesday, which was down by $3.32. All of the primal cuts were valued at under $100 cwt., with ribs and bellies each posting all-time lows. USDA estimated FI hog slaughter for the week through Wednesday at 1.437 million head. That was 23,000 head lower wk/wk, and only 3,000 head more than the same week a year earlier.

--- provided by Brugler Marketing & Management

Cattle Market Still Seeing Expanded Limits

April cattle futures were up by the expanded limit again on Wednesday, while the other front months finished $1.87 to $2.87 higher. Feeder futures closed with $4.95 to $6.55 gains. The April 7 CME Feeder Cattle Index was $116.79, down by $0.26. Wednesday’s FCE online auction sold 1,443 of the 7,561 head offered. All of the sales were at $105. USDA reported Wednesday cash sales in the south at $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were lower on Wednesday. Choice boxes were $222.34, which was down by $5.54. Select boxes were $211.77, which was a $5.98 decrease. USDA estimated the week’s FI cattle slaughter through Weds at 318,000 head. That was down 34,000 head from last week and running 45,000 below the same week last year.

--- provided by Brugler Marketing & Management

Soybeans Steady to 2 Higher Ahead of Export Data

Soybeans are steady to 2 cents higher ahead of the weekly USDA Export Sales report. They were fractionally mixed on Wednesday, but mostly higher. May soymeal futures ended the Wednesday session at $292.80/ton, down by a dollar. May bean oil futures were 30 points lower. Estimates ahead of the WASDE report have World soybean carryout at 101.5 MMT, which would be down 900k MT from the March numbers. Traders on average are anticipating a 21 mbu increase to U.S. soybean carryout, to 446 mbu. Brazil and Argentina are expected to get production cuts, with pre-report estimates at 124.3 and 52.6 MMT respectively. Trade is expecting 400k to 900k MT of soybean bookings from the weekly USDA Export Sales report. New crop bean bookings are estimated between 300k and 500k MT. Soybean meal sales estimates are between 100,000 and 250,000 MT, with bean oil bookings expected between 8,000 and 40,000 MT from the week ending April 2.

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are trading 2 cents higher ahead of the release of the monthly WASDE supply/demand estimates. Corn futures closed the Wednesday session in negative territory. The average trade estimate for USDA’s update to World corn carryout is 299 MMT, which would be up 1.7 MMT from the March WASDE. Traders are also expecting a 118.2 mbu bump to U.S. corn carryout, with the average trade estimate at 2.01 bbu. That could come via lost export demand which traders anticipate USDA lowering to 1.694 bbu. Feed & residual is likely to be increased. Traders anticipate corn export bookings from the week ending April 02 to be between 0.7 and 1 MMT, with an additional 500k to 700k MT of new crop sales. Ethanol production data from EIA showed average daily production of 672,000 bpd for the week ending April 03. That was the lowest average daily production for any week since data became available. Ethanol stocks rose another 1.374 million barrels to a new record 27.091 million. Gulf FOB ethanol prices were 93.5 c/gal on April 07, which was 36% lower yr/yr.

--- provided by Brugler Marketing & Management



Soybeans are steady to 2 cents higher ahead of the weekly USDA Export Sales report. They were fractionally mixed on Wednesday, but mostly higher. May soymeal futures ended the Wednesday session at $292.80/ton, down by a dollar. May bean oil futures were 30 points lower. Estimates ahead of the WASDE report have World soybean carryout at 101.5 MMT, which would be down 900k MT from the March numbers. Traders on average are anticipating a 21 mbu increase to U.S. soybean carryout, to 446 mbu. Brazil and Argentina are expected to get production cuts, with pre-report estimates at 124.3 and 52.6 MMT respectively. Trade is expecting 400k to 900k MT of soybean bookings from the weekly USDA Export Sales report. New crop bean bookings are estimated between 300k and 500k MT. Soybean meal sales estimates are between 100,000 and 250,000 MT, with bean oil bookings expected between 8,000 and 40,000 MT from the week ending April 2.

--- provided by Brugler Marketing & Management



Thursday trading starts with the US wheat futures markets 2 to 8 cents higher. KC HRW is the strongest on frost/freeze threats for much of the next week. Yesterday, Chicago wheat was down a penny/bu in May, but 1 to 2 cents higher for the other nearbys. HRW wheat futures closed 4 1/2 to 5 1/4 cents higher. HRS wheat futures were 5 to 5 1/2 cents higher. Export Sales estimates are running 50,000 to 200,000 MT for old crop sales in the week ending April 2. Traders also estimate new crop wheat bookings at 150k to 350k MT. The average of WASDE report estimates for World wheat carryout is 287 MMT, which would be a slight dip from the March edition. Analysts estimate the U.S. wheat carryout at 947.4 mbu, which would be a 7.4 mbu increase over March. Estimates of French 2020 acreage are being revised downward, taking estimated production with them.

--- provided by Brugler Marketing & Management



April cattle futures were up by the expanded limit again on Wednesday, while the other front months finished $1.87 to $2.87 higher. Feeder futures closed with $4.95 to $6.55 gains. The April 7 CME Feeder Cattle Index was $116.79, down by $0.26. Wednesday’s FCE online auction sold 1,443 of the 7,561 head offered. All of the sales were at $105. USDA reported Wednesday cash sales in the south at $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were lower on Wednesday. Choice boxes were $222.34, which was down by $5.54. Select boxes were $211.77, which was a $5.98 decrease. USDA estimated the week’s FI cattle slaughter through Weds at 318,000 head. That was down 34,000 head from last week and running 45,000 below the same week last year.

--- provided by Brugler Marketing & Management



Lean hog futures closed the Wednesday session with losses of as much as $2.47, with 7 days left to trade April hogs. The April 6 CME Lean Hog Index was down by $2.13 at $55.52, working on converging with April futures. The National Average Base Hog price was down 30 cents to $40.32. The average base hog price for IA/MN was $40 flat. The Afternoon Pork Carcass Cutout Value was $51.41 on Wednesday, which was down by $3.32. All of the primal cuts were valued at under $100 cwt., with ribs and bellies each posting all-time lows. USDA estimated FI hog slaughter for the week through Wednesday at 1.437 million head. That was 23,000 head lower wk/wk, and only 3,000 head more than the same week a year earlier.

--- provided by Brugler Marketing & Management



Cotton futures are 5 lower to 5 higher in the actively traded contracts this morning. On Wednesday, cotton gained 75 to 94 points. US equity futures are lower, and energy futures are mixed. Pre-WASDE estimates show traders anticipate a 60,000 bale cut to 19/20 cotton production, to 19.74 million. Traders estimate cotton ending stocks will be 5.56 million bales, which would be a 460,000 increase from March. Tuesday sales on The Seam were 1,172 bales at an average gross price of 44.46 c/lb. The Cotlook A index was up 180 points to 63.55 c/lb on April 7. The AWP for cotton is 42.63 cents/lb. and will be updated on after the close. The LDP will be updated from 9.37 cents/lb.

--- provided by Brugler Marketing & Management



Cotton Market Mixed Ahead of USDA News

Cotton futures are 5 lower to 5 higher in the actively traded contracts this morning. On Wednesday, cotton gained 75 to 94 points. US equity futures are lower, and energy futures are mixed. Pre-WASDE estimates show traders anticipate a 60,000 bale cut to 19/20 cotton production, to 19.74 million. Traders estimate cotton ending stocks will be 5.56 million bales, which would be a 460,000 increase from March. Tuesday sales on The Seam were 1,172 bales at an average gross price of 44.46 c/lb. The Cotlook A index was up 180 points to 63.55 c/lb on April 7. The AWP for cotton is 42.63 cents/lb. and will be updated on after the close. The LDP will be updated from 9.37 cents/lb.

--- provided by Brugler Marketing & Management

Wheat Markets Up 2 to 8 Cents

Thursday trading starts with the US wheat futures markets 2 to 8 cents higher. KC HRW is the strongest on frost/freeze threats for much of the next week. Yesterday, Chicago wheat was down a penny/bu in May, but 1 to 2 cents higher for the other nearbys. HRW wheat futures closed 4 1/2 to 5 1/4 cents higher. HRS wheat futures were 5 to 5 1/2 cents higher. Export Sales estimates are running 50,000 to 200,000 MT for old crop sales in the week ending April 2. Traders also estimate new crop wheat bookings at 150k to 350k MT. The average of WASDE report estimates for World wheat carryout is 287 MMT, which would be a slight dip from the March edition. Analysts estimate the U.S. wheat carryout at 947.4 mbu, which would be a 7.4 mbu increase over March. Estimates of French 2020 acreage are being revised downward, taking estimated production with them.

--- provided by Brugler Marketing & Management

Corn Market 2 Cents Per Bushel Higher

Corn futures are trading 2 cents higher ahead of the release of the monthly WASDE supply/demand estimates. Corn futures closed the Wednesday session in negative territory. The average trade estimate for USDA’s update to World corn carryout is 299 MMT, which would be up 1.7 MMT from the March WASDE. Traders are also expecting a 118.2 mbu bump to U.S. corn carryout, with the average trade estimate at 2.01 bbu. That could come via lost export demand which traders anticipate USDA lowering to 1.694 bbu. Feed & residual is likely to be increased. Traders anticipate corn export bookings from the week ending April 02 to be between 0.7 and 1 MMT, with an additional 500k to 700k MT of new crop sales. Ethanol production data from EIA showed average daily production of 672,000 bpd for the week ending April 03. That was the lowest average daily production for any week since data became available. Ethanol stocks rose another 1.374 million barrels to a new record 27.091 million. Gulf FOB ethanol prices were 93.5 c/gal on April 07, which was 36% lower yr/yr.

--- provided by Brugler Marketing & Management

Wheat Market Mostly Higher

Wheat closed mixed, but mostly higher in the front months on Wednesday. Chicago wheat was down a penny/bu in May, but 1 to 2 cents higher for the other nearbys. HRW wheat futures closed 4 1/2 to 5 1/4 cents higher. HRS wheat futures were 5 to 5 1/2 cents higher at the close. We’re now in the index fund roll period, moving May positions to July futures. Export Sales estimates are to see 50,000 to 2000,000 MT of wheat bookings for the week ending April 02. Traders also estimate new crop wheat bookings at 150k to 350k MT. The average WASDE report estimates for World wheat carryout are 287 MMT, which would be a slight dip from the March edition. Analysts estimate the U.S. wheat carryout at 947.4 mbu, which would be a 7.4 mbu increase over March. Estimates of French 2020 acreage are being revised downward, taking estimated production with them. Japan is seeking 128,760 MT of wheat from the U.S. and Australia in their weekly MOA tender.

May 20 CBOT Wheat closed at $5.48 1/4, down 1 cent,

May 20 KCBT Wheat closed at $4.78, up 4 3/4 cents,

May 20 MGEX Wheat closed at $5.30, up 5 1/2 cents,

--- provided by Brugler Marketing & Management

Cotton Closed up on Wednesday

Cotton extended the rally by another 75 to 94 points with Wednesday gains. May contracts are still 19.7% below the Feb average. Pre-WASDE estimates show traders anticipate a 60,000 bale cut to 19/20 cotton production, to 19.74 million. Traders estimate cotton ending stocks will be 5.56 million bales, which would be a 460,000 increase from March USDA’s Ag Attaché estimated 2020/21 Egyptian cotton imports at 630,000 bales (up 23% yr/yr), due to lower domestic production. With a similar situation unfolding in Pakistan, the USDA Ag Attaché estimates an 8% increase to 4.5 million bales of 2020/21 cotton imports for the nation. Tuesday sales on The Seam were 1,172 bales at an average gross price of 44.46 c/lb. The Cotlook A index was up 180 points to 63.55 c/lb on April 7. The AWP for cotton is 42.63 cents/lb. and will be updated on Thursday. The LDP is 9.37 cents/lb. and is also good through Thursday.

May 20 Cotton closed at 53.84, up 94 points,

Jul 20 Cotton closed at 53.94, up 78 points

Oct 20 Cotton closed at 55.29, up 75 points

Dec 20 Cotton closed at 55.37, up 89 points

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures closed the Wednesday session in the red. The front months were $3.30 to $3.49 1/4 at the close with 1 1/2 to 1 3/4 cent losses. Ethanol production data from EIA showed average daily production of 672,000 bpd for the week ending April 03. That was down another 168,000 barrels per day from last week, and is the lowest average daily production for any week since data became available. Disregarding the drastic cuts to production, ethanol stocks rose 1.374 million barrels to a new record 27.091 million. Gulf FOB ethanol prices were 93.5 c/gal on April 07, which is 36% lower yr/yr. Gasoline FOB prices were down to 50.8 c/gal which was down by 73% yr/yr. Traders anticipate corn bookings from the week ending April 02 to be between 0.7 and 1 MMT, with an additional 500k to 700k MT of new crop sales. The average trade estimate for tomorrow’s update to World corn carryout is 299 MMT, which would be up 1.7 MMT from the March WASDE. Traders are also expecting a 118.2 mbu bump to U.S. corn carryout, with the average trade estimate at 2.01 bbu. That could come via lost export demand which traders anticipate USDA lowering to 1.694 bbu. Feed & residual is likely to be increased.

May 20 Corn closed at $3.30, down 1 1/2 cents,

Jul 20 Corn closed at $3.35 1/2, down 1 3/4 cents,

Sep 20 Corn closed at $3.40 1/2, down 1 3/4 cents,

Dec 20 Corn closed at $3.49 1/4, down 1 3/4 cents,

--- provided by Brugler Marketing & Management



Wednesday trading in the front month soybean futures market left the contracts fractionally mixed at the closing bell. May was $8.54 1/2, with a 1/4 cent loss, while the other front months were fractionally higher. May soymeal futures ended the Wednesday session at $292.80/ton, down by a dollar. May bean oil futures were 30 points lower to close 0.2718 cents/lb. Estimates ahead of tomorrow’s WASDE report have World soybean carryout at 101.5 MMT, which would be down 900k MT from the March WASDE. Traders on average are anticipating a 21 mbu increase to U.S. soybean carryout, to 446 mbu. The Chinese government indicated that it will provide 500,000 MT in government soybean stocks to state owned COFCO crush plants to keep them operating until the late South American supplies arrive. Chinese Sep-March soybean imports have been above last year, at 47.6 MMT vs. 41.4 MMT.

May 20 Soybeans closed at $8.54 1/2, down 1/4 cent,

Jul 20 Soybeans closed at $8.61 3/4, up 3/4 cent,

Aug 20 Soybeans closed at $8.64 1/2, up 1/2 cent,

Sep 20 Soybeans closed at $8.64 1/4, up 3/4 cent,

May 20 Soybean Meal closed at $292.80, down $1.00

May 20 Soybean Oil closed at $27.18, down $0.30

--- provided by Brugler Marketing & Management



Wheat closed mixed, but mostly higher in the front months on Wednesday. Chicago wheat was down a penny/bu in May, but 1 to 2 cents higher for the other nearbys. HRW wheat futures closed 4 1/2 to 5 1/4 cents higher. HRS wheat futures were 5 to 5 1/2 cents higher at the close. We’re now in the index fund roll period, moving May positions to July futures. Export Sales estimates are to see 50,000 to 2000,000 MT of wheat bookings for the week ending April 02. Traders also estimate new crop wheat bookings at 150k to 350k MT. The average WASDE report estimates for World wheat carryout are 287 MMT, which would be a slight dip from the March edition. Analysts estimate the U.S. wheat carryout at 947.4 mbu, which would be a 7.4 mbu increase over March. Estimates of French 2020 acreage are being revised downward, taking estimated production with them. Japan is seeking 128,760 MT of wheat from the U.S. and Australia in their weekly MOA tender.

May 20 CBOT Wheat closed at $5.48 1/4, down 1 cent,

May 20 KCBT Wheat closed at $4.78, up 4 3/4 cents,

May 20 MGEX Wheat closed at $5.30, up 5 1/2 cents,

--- provided by Brugler Marketing & Management



April cattle futures were up by the expanded limit again on Wednesday, while the other front months finished $1.87 to $2.87 higher. Feeder futures closed with $4.95 to $6.55 gains. The April 7 CME Feeder Cattle Index was $116.79, down by $0.26. Wednesday’s FCE online auction sold 1,443 of the 7,561 head offered. All of the sales were at $105. USDA reported Wednesday cash sales in the south at $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were lower on Wednesday. Choice boxes were $222.34, which was down by $5.54. Select boxes were $211.77, which was a $5.98 decrease. USDA estimated the week’s FI cattle slaughter through Weds at 318,000 head. That is down 34,000 head from last week and running 45,000 below the same week last year.

Apr 20 Cattle closed at $92.825, up $4.500,

Jun 20 Cattle closed at $86.675, up $1.875,

Aug 20 Cattle closed at $92.200, up $2.875,

Apr 20 Feeder Cattle closed at $119.875, up $4.950

May 20 Feeder Cattle closed at $119.375, up $5.575

Aug 20 Feeder Cattle closed at $127.550, up $6.550

--- provided by Brugler Marketing & Management



The front month lean hog futures closed the Wednesday session with losses of as much as $2.47, with 7 days left to trade April hogs. The April 6 CME Lean Hog Index was down by $2.13 at $55.52, working on converging with April futures. The National Average Base Hog price was down 30 cents to $40.32. the average base hog price for IA/MN was $40 flat. The Afternoon Pork Carcass Cutout Value was $51.41 on Wednesday, which was down by $3.32. All of the primal cuts were valued at under $100 cwt., with ribs and bellies each posting all-time lows. USDA estimated FI hog slaughter for the week through Wednesday at 1.437 million head. That is 23,000 head lower wk/wk, and only 3,000 head more than the same week a year earlier.

Apr 20 Hogs closed at $43.125, down $1.000,

May 20 Hogs closed at $45.900, down $2.475

Jun 20 Hogs closed at $51.450, down $1.200

--- provided by Brugler Marketing & Management



Cotton extended the rally by another 75 to 94 points with Wednesday gains. May contracts are still 19.7% below the Feb average. Pre-WASDE estimates show traders anticipate a 60,000 bale cut to 19/20 cotton production, to 19.74 million. Traders estimate cotton ending stocks will be 5.56 million bales, which would be a 460,000 increase from March USDA’s Ag Attaché estimated 2020/21 Egyptian cotton imports at 630,000 bales (up 23% yr/yr), due to lower domestic production. With a similar situation unfolding in Pakistan, the USDA Ag Attaché estimates an 8% increase to 4.5 million bales of 2020/21 cotton imports for the nation. Tuesday sales on The Seam were 1,172 bales at an average gross price of 44.46 c/lb. The Cotlook A index was up 180 points to 63.55 c/lb on April 7. The AWP for cotton is 42.63 cents/lb. and will be updated on Thursday. The LDP is 9.37 cents/lb. and is also good through Thursday.

May 20 Cotton closed at 53.84, up 94 points,

Jul 20 Cotton closed at 53.94, up 78 points

Oct 20 Cotton closed at 55.29, up 75 points

Dec 20 Cotton closed at 55.37, up 89 points

--- provided by Brugler Marketing & Management



Cattle Close With Triple Digit Gains

April cattle futures were up by the expanded limit again on Wednesday, while the other front months finished $1.87 to $2.87 higher. Feeder futures closed with $4.95 to $6.55 gains. The April 7 CME Feeder Cattle Index was $116.79, down by $0.26. Wednesday’s FCE online auction sold 1,443 of the 7,561 head offered. All of the sales were at $105. USDA reported Wednesday cash sales in the south at $105, with some activity at $168 for dressed sales. Wholesale boxed beef prices were lower on Wednesday. Choice boxes were $222.34, which was down by $5.54. Select boxes were $211.77, which was a $5.98 decrease. USDA estimated the week’s FI cattle slaughter through Weds at 318,000 head. That is down 34,000 head from last week and running 45,000 below the same week last year.

Apr 20 Cattle closed at $92.825, up $4.500,

Jun 20 Cattle closed at $86.675, up $1.875,

Aug 20 Cattle closed at $92.200, up $2.875,

Apr 20 Feeder Cattle closed at $119.875, up $4.950

May 20 Feeder Cattle closed at $119.375, up $5.575

Aug 20 Feeder Cattle closed at $127.550, up $6.550

--- provided by Brugler Marketing & Management

Hog Market Closed Lower

The front month lean hog futures closed the Wednesday session with losses of as much as $2.47, with 7 days left to trade April hogs. The April 6 CME Lean Hog Index was down by $2.13 at $55.52, working on converging with April futures. The National Average Base Hog price was down 30 cents to $40.32. the average base hog price for IA/MN was $40 flat. The Afternoon Pork Carcass Cutout Value was $51.41 on Wednesday, which was down by $3.32. All of the primal cuts were valued at under $100 cwt., with ribs and bellies each posting all-time lows. USDA estimated FI hog slaughter for the week through Wednesday at 1.437 million head. That is 23,000 head lower wk/wk, and only 3,000 head more than the same week a year earlier.

Apr 20 Hogs closed at $43.125, down $1.000,

May 20 Hogs closed at $45.900, down $2.475

Jun 20 Hogs closed at $51.450, down $1.200

--- provided by Brugler Marketing & Management

Soybeans Close Fractionally Mixed

Wednesday trading in the front month soybean futures market left the contracts fractionally mixed at the closing bell. May was $8.54 1/2, with a 1/4 cent loss, while the other front months were fractionally higher. May soymeal futures ended the Wednesday session at $292.80/ton, down by a dollar. May bean oil futures were 30 points lower to close 0.2718 cents/lb. Estimates ahead of tomorrow’s WASDE report have World soybean carryout at 101.5 MMT, which would be down 900k MT from the March WASDE. Traders on average are anticipating a 21 mbu increase to U.S. soybean carryout, to 446 mbu. The Chinese government indicated that it will provide 500,000 MT in government soybean stocks to state owned COFCO crush plants to keep them operating until the late South American supplies arrive. Chinese Sep-March soybean imports have been above last year, at 47.6 MMT vs. 41.4 MMT.

May 20 Soybeans closed at $8.54 1/2, down 1/4 cent,

Jul 20 Soybeans closed at $8.61 3/4, up 3/4 cent,

Aug 20 Soybeans closed at $8.64 1/2, up 1/2 cent,

Sep 20 Soybeans closed at $8.64 1/4, up 3/4 cent,

May 20 Soybean Meal closed at $292.80, down $1.00

May 20 Soybean Oil closed at $27.18, down $0.30

--- provided by Brugler Marketing & Management

Wednesday Corn Closes with Losses

Corn futures closed the Wednesday session in the red. The front months were $3.30 to $3.49 1/4 at the close with 1 1/2 to 1 3/4 cent losses. Ethanol production data from EIA showed average daily production of 672,000 bpd for the week ending April 03. That was down another 168,000 barrels per day from last week, and is the lowest average daily production for any week since data became available. Disregarding the drastic cuts to production, ethanol stocks rose 1.374 million barrels to a new record 27.091 million. Gulf FOB ethanol prices were 93.5 c/gal on April 07, which is 36% lower yr/yr. Gasoline FOB prices were down to 50.8 c/gal which was down by 73% yr/yr. Traders anticipate corn bookings from the week ending April 02 to be between 0.7 and 1 MMT, with an additional 500k to 700k MT of new crop sales. The average trade estimate for tomorrow’s update to World corn carryout is 299 MMT, which would be up 1.7 MMT from the March WASDE. Traders are also expecting a 118.2 mbu bump to U.S. corn carryout, with the average trade estimate at 2.01 bbu. That could come via lost export demand which traders anticipate USDA lowering to 1.694 bbu. Feed & residual is likely to be increased.

May 20 Corn closed at $3.30, down 1 1/2 cents,

Jul 20 Corn closed at $3.35 1/2, down 1 3/4 cents,

Sep 20 Corn closed at $3.40 1/2, down 1 3/4 cents,

Dec 20 Corn closed at $3.49 1/4, down 1 3/4 cents,

--- provided by Brugler Marketing & Management

Hogs Lower at Midday

The front month lean hog futures are giving back some of yesterday’s limit gains, with futures down $1.17 to $3.02 so far. The April contract expires in a week, on the 15th. The April 6 CME Lean Hog Index was down by $2.13 at $55.52, working on converging with April futures. The National Average Base Hog price was down 22 cents to $40.40. The Afternoon Pork Carcass Cutout Value was $50.27 on Weds morning, which was down by $4.46. All of the primal cuts were valued at under $100 cwt. USDA estimated FI hog slaughter for Tuesday at 482,000 head. WTD slaughter is 25,000 head lower wk/wk, and only 5,000 head more than the same week a year earlier.

Apr 20 Hogs are at $42.400, down $1.725,

May 20 Hogs are at $45.350, down $3.025

Jun 20 Hogs are at $51.475, down $1.175

--- provided by Brugler Marketing & Management

Wheat Market Mixed So Far

The midday wheat market is mixed, with gains in the hard wheats. Chicago wheat is down with a 3/4 cent loss in May. May HRW wheat futures are 3 1/2 cents higher. Front month MPLS wheat futures are up by 5 1/2 cents. We’re now in the index fund roll period, moving May positions to July futures. The average WASDE report estimates for World wheat carryout are 287 MMT, which would be a slight dip from the March edition. Analysts estimate the U.S. wheat carryout at 947.4 mbu, which would be a 7.4 mbu increase over March. Export Sales estimates are to see 50,000 to 2000,000 MT of wheat bookings for the week ending April 02. Traders also estimate new crop wheat bookings at 150k to 350k MT. Turkey is tendering for 250,000 MT of wheat, closing 04/30. Japan issued their weekly MOA tender, seeking 128,760 MT of wheat from the U.S. and Australia. Estimates of French 2020 acreage are being revised downward, taking estimated production with them.

May 20 CBOT Wheat is at $5.48 1/2, down 3/4 cent,

May 20 KCBT Wheat is at $4.76 3/4, up 3 1/2 cents,

May 20 MGEX Wheat is at $5.30, up 5 1/2 cents,

--- provided by Brugler Marketing & Management

Cotton Market Trades Higher

Cotton is up by as much as 93 points for Wednesday’s midday. Pre-WASDE estimates show traders anticipate a 60,000 bale cut to 19/20 cotton production, to 19.74 million. Traders estimate cotton ending stocks will be 5.56 million bales, which would be a 460,000 increase from March. USDA Ag Attaché estimates Brazil cotton production at 13.5m bales for 2020/21, if realized that would be a 500k increase yr/yr. The Vietnam Ag Attaché estimates the countries 2020/21 cotton imports at 6.5m bales, with 60% sourced from U.S. (up 5 percentage points yr/yr). USDA’s Ag Attaché foresees a drop in Egyptian cotton production, down 30% to 215,000 bales, from discouraged producers. The drop in domestic production opens the door for imports, which the attaché estimates at 630,000 bales (up 23% yr/yr). The Cotlook A index was up 180 points to 63.55 c/lb on April 7. The AWP for cotton is 42.63 cents/lb. and will be updated on Thursday. The LDP is 9.37 cents/lb. and is also good through Thursday.

May 20 Cotton is at 53.83, up 93 points,

Jul 20 Cotton is at 53.78, up 62 points

Oct 20 Cotton is at 55.29, up 75 points

Dec 20 Cotton is at 55.13, up 65 points

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are down at midday, giving back some of Tuesday’s gains. The front months are 1 3/4 to 2 1/2 cents lower so far. Ethanol production data from EIA showed average daily production of 672,000 bpd for the week ending April 03. That was down another 168,000 barrels wk/wk and is the lowest average daily production for any week since data became available. Even with the drastic cuts to production, ethanol stocks continued to build, up 1.374 million barrels to a record 27.091 million. Un surprisingly the East Coast PADD district saw the largest wk/wk increase to ethanol stocks. Traders anticipate corn bookings from the week ending April 02 to be between 0.7 and 1 MMT, with an additional 500k to 700k MT of new crop sales. Brazil’s domestic corn market hit the highest nominal level in history on April 07, with cash corn going for 60 reis per 60kg (~$4.86/bu). The weak Real is a big part of that high price. Brazil’s Safrinha corn plantings were reported 30% late and 20% very late. Analysts estimate a 700k MT cut to Brazil’s corn production ahead of Thursday’s S&D update.

May 20 Corn is at $3.29 3/4, down 1 3/4 cents,

Jul 20 Corn is at $3.35, down 2 1/4 cents,

Sep 20 Corn is at $3.39 3/4, down 2 1/2 cents,

Dec 20 Corn is at $3.49, down 2 cents,

--- provided by Brugler Marketing & Management




Soybeans are trading down by 1/4 to 1 1/4 cents so far. May soymeal futures are down another 40 cents/ton so far, and May bean oil futures are 35 points lower. Estimates ahead of tomorrow’s WASDE report have World soybean carryout at 101.5 MMT, which would be down 900k MT from the March WASDE. Traders are anticipating a 21 mbu increase to U.S. soybean carryout, to 446 mbu. Reports indicated previous COVID related delays in Argentina and Brazil ports are affecting China’s soybean stocks. Most delays from So. Am. have been resolved, but the shipments yet to reach China have caused crusher inventories in the nation to drop 29.4% to 2.5 MMT as of March 27. The Chinese government indicated that it will provide 500,000 MT in government soybean stocks to state owned COFCO crush plants to keep them operating until the late South American supplies arrive. Chinese Sep-March imports have been above last year, at 47.6 MMT vs. 41.4 MMT.

May 20 Soybeans are at $8.53 3/4, down 1 cent,

Jul 20 Soybeans are at $8.60 3/4, down 1/4 cent,

Aug 20 Soybeans are at $8.63, down 1 cent,

Sep 20 Soybeans are at $8.62 1/4, down 1 1/4 cents,

May 20 Soybean Meal is at $293.40, down $0.40

May 20 Soybean Oil is at $27.13, down $0.35

--- provided by Brugler Marketing & Management



The midday wheat market is mixed, with gains in the hard wheats. Chicago wheat is down with a 3/4 cent loss in May. May HRW wheat futures are 3 1/2 cents higher. Front month MPLS wheat futures are up by 5 1/2 cents. We’re now in the index fund roll period, moving May positions to July futures. The average WASDE report estimates for World wheat carryout are 287 MMT, which would be a slight dip from the March edition. Analysts estimate the U.S. wheat carryout at 947.4 mbu, which would be a 7.4 mbu increase over March. Export Sales estimates are to see 50,000 to 2000,000 MT of wheat bookings for the week ending April 02. Traders also estimate new crop wheat bookings at 150k to 350k MT. Turkey is tendering for 250,000 MT of wheat, closing 04/30. Japan issued their weekly MOA tender, seeking 128,760 MT of wheat from the U.S. and Australia. Estimates of French 2020 acreage are being revised downward, taking estimated production with them.

May 20 CBOT Wheat is at $5.48 1/2, down 3/4 cent,

May 20 KCBT Wheat is at $4.76 3/4, up 3 1/2 cents,

May 20 MGEX Wheat is at $5.30, up 5 1/2 cents,

--- provided by Brugler Marketing & Management



April cattle futures are up by the expanded limits again at midday, while the other front months are trading $1.82 to $2.05 higher so far. Feeder futures are $4.85 to $5.67 higher with the $6.75 limit. The April 6 CME Feeder Cattle Index was $117.05, down by $2.33. This morning’s FCE online auction sold 1,443 of the 7,561 head offered. All of the sales were at $105. USDA reported cash sales in KS and NE for Tuesday, at $105 live and $165 dressed. Wholesale boxed beef prices were lower on Wednesday morning. Choice boxes were $224.47, which was down by $3.41. Select boxes were $214.11, which was a $3.64 decrease. USDA estimated FI cattle slaughter for Tuesday at 106,000 head, and the WTD estimate was 216,000. The week to date is down 20,000 head from last week and running 26,000 below the same week last year.

Apr 20 Cattle are at $92.825, up $4.500,

Jun 20 Cattle are at $86.850, up $2.050,

Aug 20 Cattle are at $91.150, up $1.825,

Apr 20 Feeder Cattle are at $119.775, up $4.850

May 20 Feeder Cattle are at $118.850, up $5.050

Aug 20 Feeder Cattle are at $126.675, up $5.675

--- provided by Brugler Marketing & Management



The front month lean hog futures are giving back some of yesterday’s limit gains, with futures down $1.17 to $3.02 so far. The April contract expires in a week, on the 15th. The April 6 CME Lean Hog Index was down by $2.13 at $55.52, working on converging with April futures. The National Average Base Hog price was down 22 cents to $40.40. The Afternoon Pork Carcass Cutout Value was $50.27 on Weds morning, which was down by $4.46. All of the primal cuts were valued at under $100 cwt. USDA estimated FI hog slaughter for Tuesday at 482,000 head. WTD slaughter is 25,000 head lower wk/wk, and only 5,000 head more than the same week a year earlier.

Apr 20 Hogs are at $42.400, down $1.725,

May 20 Hogs are at $45.350, down $3.025

Jun 20 Hogs are at $51.475, down $1.175

--- provided by Brugler Marketing & Management



Cotton is up by as much as 93 points for Wednesday’s midday. Pre-WASDE estimates show traders anticipate a 60,000 bale cut to 19/20 cotton production, to 19.74 million. Traders estimate cotton ending stocks will be 5.56 million bales, which would be a 460,000 increase from March. USDA Ag Attaché estimates Brazil cotton production at 13.5m bales for 2020/21, if realized that would be a 500k increase yr/yr. The Vietnam Ag Attaché estimates the countries 2020/21 cotton imports at 6.5m bales, with 60% sourced from U.S. (up 5 percentage points yr/yr). USDA’s Ag Attaché foresees a drop in Egyptian cotton production, down 30% to 215,000 bales, from discouraged producers. The drop in domestic production opens the door for imports, which the attaché estimates at 630,000 bales (up 23% yr/yr). The Cotlook A index was up 180 points to 63.55 c/lb on April 7. The AWP for cotton is 42.63 cents/lb. and will be updated on Thursday. The LDP is 9.37 cents/lb. and is also good through Thursday.

May 20 Cotton is at 53.83, up 93 points,

Jul 20 Cotton is at 53.78, up 62 points

Oct 20 Cotton is at 55.29, up 75 points

Dec 20 Cotton is at 55.13, up 65 points

--- provided by Brugler Marketing & Management



Soy Market Lower on Wednesday

Soybeans are trading down by 1/4 to 1 1/4 cents so far. May soymeal futures are down another 40 cents/ton so far, and May bean oil futures are 35 points lower. Estimates ahead of tomorrow’s WASDE report have World soybean carryout at 101.5 MMT, which would be down 900k MT from the March WASDE. Traders are anticipating a 21 mbu increase to U.S. soybean carryout, to 446 mbu. Reports indicated previous COVID related delays in Argentina and Brazil ports are affecting China’s soybean stocks. Most delays from So. Am. have been resolved, but the shipments yet to reach China have caused crusher inventories in the nation to drop 29.4% to 2.5 MMT as of March 27. The Chinese government indicated that it will provide 500,000 MT in government soybean stocks to state owned COFCO crush plants to keep them operating until the late South American supplies arrive. Chinese Sep-March imports have been above last year, at 47.6 MMT vs. 41.4 MMT.

May 20 Soybeans are at $8.53 3/4, down 1 cent,

Jul 20 Soybeans are at $8.60 3/4, down 1/4 cent,

Aug 20 Soybeans are at $8.63, down 1 cent,

Sep 20 Soybeans are at $8.62 1/4, down 1 1/4 cents,

May 20 Soybean Meal is at $293.40, down $0.40

May 20 Soybean Oil is at $27.13, down $0.35

--- provided by Brugler Marketing & Management

Cattle Market Rallying

April cattle futures are up by the expanded limits again at midday, while the other front months are trading $1.82 to $2.05 higher so far. Feeder futures are $4.85 to $5.67 higher with the $6.75 limit. The April 6 CME Feeder Cattle Index was $117.05, down by $2.33. This morning’s FCE online auction sold 1,443 of the 7,561 head offered. All of the sales were at $105. USDA reported cash sales in KS and NE for Tuesday, at $105 live and $165 dressed. Wholesale boxed beef prices were lower on Wednesday morning. Choice boxes were $224.47, which was down by $3.41. Select boxes were $214.11, which was a $3.64 decrease. USDA estimated FI cattle slaughter for Tuesday at 106,000 head, and the WTD estimate was 216,000. The week to date is down 20,000 head from last week and running 26,000 below the same week last year.

Apr 20 Cattle are at $92.825, up $4.500,

Jun 20 Cattle are at $86.850, up $2.050,

Aug 20 Cattle are at $91.150, up $1.825,

Apr 20 Feeder Cattle are at $119.775, up $4.850

May 20 Feeder Cattle are at $118.850, up $5.050

Aug 20 Feeder Cattle are at $126.675, up $5.675

--- provided by Brugler Marketing & Management

Corn Lower at Midday

Corn futures are down at midday, giving back some of Tuesday’s gains. The front months are 1 3/4 to 2 1/2 cents lower so far. Ethanol production data from EIA showed average daily production of 672,000 bpd for the week ending April 03. That was down another 168,000 barrels wk/wk and is the lowest average daily production for any week since data became available. Even with the drastic cuts to production, ethanol stocks continued to build, up 1.374 million barrels to a record 27.091 million. Un surprisingly the East Coast PADD district saw the largest wk/wk increase to ethanol stocks. Traders anticipate corn bookings from the week ending April 02 to be between 0.7 and 1 MMT, with an additional 500k to 700k MT of new crop sales. Brazil’s domestic corn market hit the highest nominal level in history on April 07, with cash corn going for 60 reis per 60kg (~$4.86/bu). The weak Real is a big part of that high price. Brazil’s Safrinha corn plantings were reported 30% late and 20% very late. Analysts estimate a 700k MT cut to Brazil’s corn production ahead of Thursday’s S&D update.

May 20 Corn is at $3.29 3/4, down 1 3/4 cents,

Jul 20 Corn is at $3.35, down 2 1/4 cents,

Sep 20 Corn is at $3.39 3/4, down 2 1/2 cents,

Dec 20 Corn is at $3.49, down 2 cents,

--- provided by Brugler Marketing & Management


Soybeans 5 Cents Higher on Firm Veg Oil Market

Soybeans are trading 5 cents per bushel higher this morning. Nearby soybean futures were 1/4 to 3/4 cents lower yesterday, while Aug and Sept contracts were UNCH to 1/4 cent higher. Preliminary open interest rose 6,271 contracts, but most of the volume was rolling from May to July. May meal futures closed another $2.30/ton lower. Soy oil futures held on to 65 point gains in the May contracts. Reports from China highlighted a growing concern regarding soybean stocks, as previous delays in Argentina and Brazil ports are being felt. Most delays from So. Am. have been resolved, but the late deliveries to China caused crusher inventories in the nation to drop 29.4% to 2.5 MMT as of March 27. Chinese Sep-March imports have been above last year, at 47.6 MMT vs. 41.4 MMT. The Chinese government indicated that it will provide government soybean stocks to state owned COFCO crush plants to keep them operating until the late South American supplies arrive.

--- provided by Brugler Marketing & Management

Wheat Markets Up 2 to 6 Cents

Overnight wheat trades moved prices 2 to 6 cents higher this morning. The hard wheat contracts are up the most, with CHI lagging. On Tuesday, the U.S. wheat markets closed lower. Chicago wheat was down the most with 2 to 6 1/2 cent drops. HRW wheat futures closed 1 3/4 to 2 1/2 cents lower. Front month MPLS wheat futures ended with 2 1/4 to 2 3/4 cent losses. We’re now in the index fund roll period, moving May positions to July futures. Turkey is tendering for 250,000 MT of wheat, closing 04/30. Japan issued their weekly MOA tender, seeking 128,760 MT of wheat from the U.S. and Australia. Estimates of French 2020 acreage are being revised downward, taking estimated production with them.

--- provided by Brugler Marketing & Management

Cotton Market Expands Rally Attempt

Cotton is up 59 to 79 points this morning. At the close on Tuesday, cotton was lower in May and 8 to 46 points higher for the other nearbys. The online cotton trading platform The Seam reported 1,385 bales sold at an average gross price of 48.78 c/lb, those were the first reported sales since March 18. USDA Ag Attaché estimates Brazil cotton production at 13.5m bales for 2020/21, if realized that would be a 500k increase yr/yr. The Vietnam Ag Attaché estimates the countries 2020/21 cotton imports at 6.5m bales, with 60% sourced from U.S. (up 5 percentage points yr/yr). USDA’s Ag Attaché foresees a drop in Egyptian cotton production, down 30% to 215,000 bales, from discouraged producers. The drop in domestic production opens the door for imports, which the attaché estimates at 630,000 bales (up 23% yr/yr). The Cotlook A index was up a penny to 61.75 c/lb on April 6. The AWP for cotton is 42.63 cents/lb. through Thursday. The LDP is 9.37 cents/lb.

--- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are 1 to 2 cents higher this morning after having ended the Turnaround Tuesday session with gains of 2 3/4 to 3 3/4 cents. U.S. Grains Council reported that on April 02 DDGS were 160% above cash corn, which was the highest premium since 2016. Brazil’s domestic corn market hit the highest nominal level in history on April 07, with cash corn going for 60 reis per 60kg (~$4.86/bu). The weak Real is a big part of that high price. Brazil’s Safrinha corn plantings were reported 30% late and 20% very late. Analysts estimate a 700k MT cut to Brazil’s corn production ahead of Thursday’s S&D update. There were wire reports of 207,000 MT of corn purchased by South Korea on Tuesday.

--- provided by Brugler Marketing & Management



Soybeans are trading 5 cents per bushel higher this morning. Nearby soybean futures were 1/4 to 3/4 cents lower yesterday, while Aug and Sept contracts were UNCH to 1/4 cent higher. Preliminary open interest rose 6,271 contracts, but most of the volume was rolling from May to July. May meal futures closed another $2.30/ton lower. Soy oil futures held on to 65 point gains in the May contracts. Reports from China highlighted a growing concern regarding soybean stocks, as previous delays in Argentina and Brazil ports are being felt. Most delays from So. Am. have been resolved, but the late deliveries to China caused crusher inventories in the nation to drop 29.4% to 2.5 MMT as of March 27. Chinese Sep-March imports have been above last year, at 47.6 MMT vs. 41.4 MMT. The Chinese government indicated that it will provide government soybean stocks to state owned COFCO crush plants to keep them operating until the late South American supplies arrive.

--- provided by Brugler Marketing & Management



Overnight wheat trades moved prices 2 to 6 cents higher this morning. The hard wheat contracts are up the most, with CHI lagging. On Tuesday, the U.S. wheat markets closed lower. Chicago wheat was down the most with 2 to 6 1/2 cent drops. HRW wheat futures closed 1 3/4 to 2 1/2 cents lower. Front month MPLS wheat futures ended with 2 1/4 to 2 3/4 cent losses. We’re now in the index fund roll period, moving May positions to July futures. Turkey is tendering for 250,000 MT of wheat, closing 04/30. Japan issued their weekly MOA tender, seeking 128,760 MT of wheat from the U.S. and Australia. Estimates of French 2020 acreage are being revised downward, taking estimated production with them.

--- provided by Brugler Marketing & Management



The cattle futures were $4.50 higher on Tuesday. Feeder futures also closed with $4.50 gains across the board. The April 6 CME Feeder Cattle Index was $117.05, down by $2.33. Today’s Fed Cattle Exchange has 8,136 head listed. USDA reported cash sales in KS and NE for Tuesday, at $105 live and $165 dressed. Wholesale boxed beef prices were mixed, with the Chc/Sel spread tighter to $10.13. Choice boxes were down by $2.17 while Select boxes were up by $2.72. USDA estimated FI cattle slaughter for Tuesday at 106,000 head, and the WTD estimate was 216,000. The week to date is down 20,000 head from last week and running 26,000 below the same week last year. Reduced slaughter rates should support beef prices, but not necessarily cattle prices.

--- provided by Brugler Marketing & Management



Expanded limits await for the Wednesday session, after the front month lean hog futures closed $3.00 higher yesterday. The April 3 CME Lean Hog Index was down by $3 at $57.65, working on converging with April futures. The National Average Base Hog price was down 69 cents to $41.07. The IA/MN average base hog price was $43.85 on Tuesday. The Afternoon Pork Carcass Cutout Value was $54.73 on Tuesday, which was down by $2.96. USDA estimated FI hog slaughter for Tuesday at 482,000 head. WTD slaughter is 25,000 head lower wk/wk, and only 5,000 head more than the same week a year earlier.

--- provided by Brugler Marketing & Management



Cotton is up 59 to 79 points this morning. At the close on Tuesday, cotton was lower in May and 8 to 46 points higher for the other nearbys. The online cotton trading platform The Seam reported 1,385 bales sold at an average gross price of 48.78 c/lb, those were the first reported sales since March 18. USDA Ag Attaché estimates Brazil cotton production at 13.5m bales for 2020/21, if realized that would be a 500k increase yr/yr. The Vietnam Ag Attaché estimates the countries 2020/21 cotton imports at 6.5m bales, with 60% sourced from U.S. (up 5 percentage points yr/yr). USDA’s Ag Attaché foresees a drop in Egyptian cotton production, down 30% to 215,000 bales, from discouraged producers. The drop in domestic production opens the door for imports, which the attaché estimates at 630,000 bales (up 23% yr/yr). The Cotlook A index was up a penny to 61.75 c/lb on April 6. The AWP for cotton is 42.63 cents/lb. through Thursday. The LDP is 9.37 cents/lb.

--- provided by Brugler Marketing & Management



Cattle Market Sorting Out Plant Downtime Impacts

The cattle futures were $4.50 higher on Tuesday. Feeder futures also closed with $4.50 gains across the board. The April 6 CME Feeder Cattle Index was $117.05, down by $2.33. Today’s Fed Cattle Exchange has 8,136 head listed. USDA reported cash sales in KS and NE for Tuesday, at $105 live and $165 dressed. Wholesale boxed beef prices were mixed, with the Chc/Sel spread tighter to $10.13. Choice boxes were down by $2.17 while Select boxes were up by $2.72. USDA estimated FI cattle slaughter for Tuesday at 106,000 head, and the WTD estimate was 216,000. The week to date is down 20,000 head from last week and running 26,000 below the same week last year. Reduced slaughter rates should support beef prices, but not necessarily cattle prices.

--- provided by Brugler Marketing & Management