Ag Market Commentary

Corn futures are showing 8 to 9 1/2 cent gains in most contracts on Friday. A private export sale of 104,100 MT of corn for 19/20 delivery to Panama was reported by USDA this morning. Thursday’s balance sheet update from USDA showed the projected 19/20 US cash average price at $3.70, down a dime from the June report. USDA also cut 100 mbu to the old crop export projection to 2.1 bbu. Buenos Aires Grain Exchange pegs Argentina’s corn harvest at 53.1% complete, compared to the 5-year average of 64.2%.

JUL 19 Corn is at $4.49 3/4, up 2 cents,

SEP 19 Corn is at $4.52 3/4, up 8 1/2 cents,

DEC 19 Corn is at $4.57 1/2, up 9 1/2 cents

MAR 20 Corn is at $4.63 1/2, up 9 cents

--provided by Brugler Marketing & Management

Soybean futures are up 9 to 11 cents in most contracts at midday, with expiring July up 6 3/4. Expiring July soybean meal is up $1/ton, with soy oil UNCH. Prior to Monday’s NOPA report, analysts expect NOPA to shows 154.405 mbu of soybeans crushed by its members in June. Soy oil stocks are seen at 1.527 billion lbs. USDA raised the average cash soybean price for 19/20 by another 15 cents to $8.40 on Thursday. Chinese imports of soybeans from all destinations during June totaled 6.51 MMT, that was a 11.5% drop from May and 25% lower than the same month last year.

JUL 19 Soybeans are at $9.03, up 6 3/4 cents,

AUG 19 Soybeans are at $9.09 1/2, up 10 1/2 cents,

SEP 19 Soybeans are at $9.15 1/4, up 10 1/4 cents,

NOV 19 Soybeans are at $9.27 3/4, up 10 1/2 cents,

JUL 19 Soybean Meal is at $312.60, up $1.00,

JUL 19 Soybean Oil is at $28.07, unch,

--provided by Brugler Marketing & Management

Wheat futures are firm to 4 cents higher in most contracts on Friday, as July futures expire this afternoon. On Thursday, USDA trimmed the old crop cash price for wheat by 4 cents to $5.16, with the new crop average price up a dime to $5.20. The balance sheet also saw a 50 mbu increase to new crop exports to 950 mbu, with feed and residual up 10 mbu to 150 mbu. The projected 1 bbu carryout would also be a 4-year low if realized. The Buenos Aires Grain Exchange estimates that 85.8% of the Argentine wheat crop is planted as of 7/10, above the 80% average.

SEP 19 CBOT Wheat is at $5.21, down 1/2 cent,

SEP 19 KCBT Wheat is at $4.65 1/4, up 3 3/4 cents,

SEP 19 MGEX Wheat is at $5.41 1/4, unch,

--provided by Brugler Marketing & Management

Live cattle futures are up 45 to 75 cents in most contracts on Friday. Feeder cattle futures are down 75 cents to $1.30, with pressure from strength in corn. The CME feeder cattle index was up $3.50 @ $139.32 on July 10. Wholesale boxed beef prices were mixed on Friday morning. Choice boxes were up 11 cents at $213.88 with Select boxes 17 cents lower @ $190.62. USDA estimated week to date FI cattle slaughter at 478,000 head. That was 2,000 head above the same week last year. USDA reported a few $182-185 sales in the beef and $114-115 live in the North on Thursday, with the South yet to show much action this week.

AUG 19 Cattle are at $108.500, up $0.625,

OCT 19 Cattle are at $109.925, up $0.600,

DEC 19 Cattle are at $114.225, up $0.450,

AUG 19 Feeder Cattle are at $141.600, down $1.025

SEP 19 Feeder Cattle are at $142.375, down $0.900

OCT 19 Feeder Cattle are at $142.675, down $0.750

--provided by Brugler Marketing & Management

Lean Hog futures are mostly $1.30 to $1.85 higher on Friday, with soon to expire July (Monday) down 40 cents. The CME Lean Hog Index was down 12 cents from the previous day @ $70.65 on July 10. The USDA pork carcass cutout value was down $1.81 in the Friday AM report at $70.36. The often-volatile belly primal led the way downward, $16.46 lower. The national average base hog price was down $1.49 on Friday at $66.34. Estimated week to date FI hog slaughter was 1.914 million head through Thursday. That was 99,000 head larger than same week last year.

JUL 19 Hogs are at $71.200, down $0.400,

AUG 19 Hogs are at $80.500, up $1.325

OCT 19 Hogs are at $73.450, up $1.850

--provided by Brugler Marketing & Management

Cotton futures are mixed on Friday, with Oct down 26 points and Dec up 23 Thursday’s WASDE update showed USDA trimming their projected 19/20 cash average by another penny to 63 cents/lb. The CFTC Cotton On-Call report showed December unfixed call sales of 32,320 contracts for mills, with unfixed call purchased of 38,945 contracts for December. he Cotlook A index for July 10 was up 50 points from the previous day at 74.80 cents/lb. The weekly AWP was updated to 58.05 cents/lb, down 127 points from the week prior.

OCT 19 Cotton is at 62.63, down 26 points,

DEC 19 Cotton is at 63.31, up 23 points

MAR 19 Cotton is at 64.32, up 12 points

MAY 20 Cotton is at 65.2, down 2 points

--provided by Brugler Marketing & Management

Market Commentary provided by:

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

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