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Corn futures are down 2 to 3 cents in the nearby contracts on Friday. US corn exports via the weekly Export Sales report are down 38% from a year ago and are just 27% of the USDA projection vs. the average of 34%. Unshipped sales are down 9% from 18/19, with commitments totaling 54% of the newly updated 1.725 bbu projection (66% avg). The DDGS report from U.S. Grains Council had DDGS prices steady with last week still at an 8% markup to corn, but a larger wk/wk premium to soybean meal currently 0.52. Thailand and Vietnam demand increased FOB DDGS prices $3 to $247/ MT (av).

MAR 19 Corn is at $3.77 1/4, down 2 1/4 cents,

MAY 19 Corn is at $3.82, down 2 3/4 cents,

JUL 20 Corn is at $3.86, down 2 3/4 cents

SEP 20 Corn is at $3.84 1/2, down 3 cents

--- provided by Brugler Marketing & Management



Soybean futures are down 2 3/4 to 3 1/2 cents in the front months on Friday. March meal is $2.40/ton lower, while soybean oil is 6 points in the red. Weekly soybean 19/20 shipments have totaled 55% of the USDA projection, which lags the 64% of the 5-year average. Total commitments are just 9% above a year ago, as unshipped sales lag 56%. Compared to the USDA projection, they are just 66% complete, lagging the 82% average. Prior to the NOPA report released next Tuesday, traders estimate a total of 173.75 mbu of soybeans crushed by NOPA members during January.

MAR 19 Soybeans are at $8.92 3/4, down 3 1/2 cents,

MAY 19 Soybeans are at $9.02 1/2, down 3 1/2 cents,

JUL 20 Soybeans are at $9.14 3/4, down 3 1/4 cents,

AUG 20 Soybeans are at $9.19, down 2 3/4 cents,

MAR 19 Soybean Meal is at $289.50, down $2.40,

MAR 19 Soybean Oil is at $30.66, down $0.06

--- provided by Brugler Marketing & Management



Wheat futures are 2 3/4 cents higher in the nearby winter wheat contracts on Friday, with front month HRS futures down 1/4 cent. The markets will be closed on Monday in observance of Presidents day. Data from the USDA Export Sales report shows total commitments for wheat exports 21% above last year. They total 80% of the USDA full-year export projection, compared to the 5-year average of 88%. Unshipped sales are lagging 4% from a year ago, while shipments are up 33% and 61% of USDA’s projected total (64% avg). According to data from the FranceAgriMer, the French soft wheat crop was rated at 65% good/excellent, compared to 85% last year.

MAR 19 CBOT Wheat is at $5.47, up 2 3/4 cents,

MAR 19 KCBT Wheat is at $4.68 3/4, up 2 3/4 cents,

MAR 19 MGEX Wheat is at $5.26 1/2, down 1/4 cent

--- provided by Brugler Marketing & Management



Live cattle futures are following up Thursday’s late session rally with $1.50 to $2.10 gains on Friday. Feeder cattle futures are up $2.35 to $2.55 at midday. The 02/12 CME Feeder Cattle Index was 31 cents higher to $140.67. Wholesale boxed beef prices were higher on Friday morning. Choice boxes were up $1.40 to $207.85 cwt, while select boxes were $1.98 lower to $205.77 cwt. Cash trade so far this week has been around $118-119. The USDA estimated FI cattle slaughter for the week through Thursday at 482,000 head, which is 4,000 head below last week and 15,000 more yr/yr.

FEB 19 Cattle are at $121.000, up $1.550,

APR 19 Cattle are at $120.625, up $2.100,

JUN 20 Cattle are at $112.350, up $1.725,

MAR 19 Feeder Cattle are at $138.800, up $2.475

APR 19 Feeder Cattle are at $141.500, up $2.550

MAY 19 Feeder Cattle are at $143.175, up $2.350

---provided by Brugler Marketing & Management



Lean hog futures are down 15 cent in expiring Feb, with other front months up 37 to 77 cents. The CME Lean Hog Index for 2/12 was down $0.62 to $56.70. USDA’s Pork Carcass Cutout value was 17 cents lower on Friday morning, at $62.93 cwt. USDA’s National Average Base Hog price was $1.23 higher this morning to $49.87. USDA estimated weekly FI hog slaughter through Thursday at 1.967 million head, which is 14,000 below last week but out paces the same week last year by 149,000 head.

FEB 19 Hogs are at $55.850, down $0.150,

APR 19 Hogs are at $64.850, up $0.775

MAY 20 Hogs are at $73.225, up $0.375

---provided by Brugler Marketing & Management



Cotton futures are posting 32 to 41 point losses at midday. Following Thursday’s Export Sales report, US exporters now have shipped and unshipped sales totaling 86% of the USDA upland cotton export projection for 2019/20. The average for this time of year is 81%. Exports shipments are 38% of that number, up from the average of 35%. The Seam online cotton trading platform added 7,883 bales sold on 02/12, for an average gross price of 61.53 c/lb. The 02/13 Cotlook A index was 50 points higher to 77.70 cents/lb. The FAS Adjusted World Price for cotton is 58.82 cents/lb.

MAR 19 Cotton is at 67.34, down 41 points,

MAY 19 Cotton is at 68.31, down 32 points

JUL 20 Cotton is at 69.16, down 34 points

---provided by Brugler Marketing & Management



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