AgriCharts Market Commentary

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Corn Market Higher After Late Tuesday Reversal

Corn futures are trading 1 to 1 3/4 cents higher this morning. They closed the Tuesday session with most contracts 4 to 5 3/4 cents lower, rallying 5-6 cents off the lows of the day. Moderation in the US weather forecasts and a bump in condition ratings provided an excuse for profit taking, but major question marks about yield and harvested acreage remain. The national average corn cash price was reported at $4.26 3/4 by cmdtyView, pegging basis at -8 1/2 cents against September. Last year on the same date, cash was @ $3.07 3/4 with basis at -34 cents. INTL FCStone estimates Brazil corn production at 99.7 MMT, up 1.5 MMT from their previous number.

--provided by Brugler Marketing & Management

Soybean Market 4 Cents Higher in Early Trade

Soybean futures are mostly 4 cents per bushel higher today after ending Tuesday with most nearby contracts 13 to 14 cents lower. August soybean meal was down $3.20/ton, with soy oil down 29 points. The weekly USDA Crop Progress report indicated MS as the only state to be reported at faster than normal for blooming pace. Crop conditions last week saw IL and MO up 5 points, with OH 6 higher. IA was down 1, with MN 4 lower and NE deteriorating 6 points. A look at cmdtyView’s national average cash price index shows cash beans at $8.18 3/4 vs. $7.68 1/2 last year on the same day. That puts basis at -69 cents vs. August with last year at -61 cents.

--provided by Brugler Marketing & Management

Wheat Contracts Mostly 1 to 3 Cents Lower

Wheat futures are fractionally lower in the Chicago contract this morning, with KC HRW and MPLS spring wheat mostly1 to 3 cents lower. The three markets saw fractional to 3 cent losses in most contracts on Tuesday, held back by losses in the rest of the grain complex. The Northern Plains are still lagging harvest pace considerably, with KS now 81% harvested and OK and TX finishing up. Taiwan importers issued a tender to buy 90,650 MT of US wheat on Tuesday, with the tender to close 7/23. Egypt’s GASC has set another buying tender for wheat for late August delivery with the tender to close tomorrow.

--provided by Brugler Marketing & Management

Cattle Market Again Waits for Cash Market Direction

Live cattle futures settled Tuesday with most contracts 25 to 55 cents lower. Feeder cattle futures were also lower, down 60 to 75 cents in the front months. The CME feeder cattle index was up 70 cents @ $141.16 on July 15. Wholesale boxed beef prices were lower on Tuesday afternoon. Choice boxes were down 34 cents at $212.93 with Select boxes a nickel lower @ $189.16. USDA estimated week to date FI cattle slaughter at 238,000 head through Tuesday. That was 3,000 head below the previous week but 2,000 larger than the same week last year.

--provided by Brugler Marketing & Management

Lean Hogs Copy Firmer Tone in Cash Market

Lean Hog futures were 30 cents to $1.55 higher in most contracts on Tuesday, with newly appointed nearby Aug down $1.05. The CME Lean Hog Index was UNCH from the previous day on July 12 @ $70.73. The USDA pork carcass cutout value was up $2.90 in the Tuesday PM report at $75.80. The butt was the only primal reported lower, with the belly up $9.53. The national average base hog price was up 75 cents on Tuesday afternoon at $69.36. Estimated FI hog slaughter for Tuesday was 885,000 head. That was down 72,000 head from last week due to plant down time and 3,000 head below the same week last year.

--provided by Brugler Marketing & Management

Cotton 12 to 36 Points Lower on Ideas of Limited Damage

Cotton futures are trading 12 to 36 points lower this morning. They saw losses of 56 to 132 points in the nearby contracts on Turnaround Tuesday. Strength in the US dollar along with improved crop ratings on Monday pressured the market lower. After Monday’s close, NASS showed that TX had 12% of their crop setting bolls, 6% behind normal, with GA 8% faster than normal at 45%. MO and TN were the only states with lower conditions, as TX was up 13 points and MS was 16 higher. The Cotlook A index for July 15 was down 40 points from the previous day at 73.65 cents/lb. The weekly AWP is 58.05 cents/lb through Thursday.

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353