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Thursday trading in the corn futures market has prices dropping 1 1/2 to 3 1/4 cents at midday. Export news was bull friendly, but it could be a little “buy the rumor sell the fact” going on today. USDA’s Export Sales report showed 71.424 mbu of corn was booked in the week ending 03/19. That was just above pre-report expectations, and 756,000 MT of the total to China was known from USDA’s reporting system. The week’s sales were a MY high. An additional 3.265 mbu of new crop was also sold on the same week, which was on the high end of pre-report expectations. Total corn bookings were 91.6% above the same week last year. Corn shipments from the week ending 03/19 were 33.31 mbu, which was 11.8% below the same week last year. Accumulated corn exports are at 671.154 mbu. Traders (Bloomberg survey) estimate the USDA’s March 31st planting intentions report will show 94.1 million acres of corn. If realized that would be 5% higher than 2019, with fewer assumed Prevented Planting acres. The Average March corn stocks estimate is 8.134 bbu, last year was 8.613.

May 20 Corn is at $3.45 1/4, down 3 1/4 cents,

Jul 20 Corn is at $3.51 1/4, down 2 1/4 cents,

Sep 20 Corn is at $3.56 3/4, down 1 1/2 cents,

Dec 20 Corn is at $3.64 3/4, down 2 1/2 cents,

--- provided by Brugler Marketing & Management



Soybean futures are down by 3 1/4 to 6 1/4 cents. Soybean meal futures are $1.10/ton higher in May contracts. May bean oil futures are 29 points lower. USDA’s Export Sales report had bean bookings from the week ending 03/19 at 33.229 mbu, which was above the pre-report estimates. China purchased 199,316 MT of the week’s soybean sales, which was the highest for week 29 of the MY since 2009. Soybean exports for the week were 22.31 mbu, which put MYTD shipments at 1.150 bbu. China was the destination for 10.6% of the week’s exports and has has been the destination for 39.4% of bean exports this marketing year. Soybean meal sales were 251,217 MT on the same week, which was 198% above the same week last year’s sales. Soybean oil sales were 55,926 MT, which was well above the pre-report estimates and a MY high. The average trade estimate ahead of the Planting Intentions report appears to be 85 million acres for soybeans, up 12% yr/yr. The average March soybean stocks estimate is 2.228 bbu, last year was 2.727.

May 20 Soybeans are at $8.75 1/4, down 6 1/4 cents,

Jul 20 Soybeans are at $8.80 1/4, down 4 1/2 cents,

Aug 20 Soybeans are at $8.81 1/2, down 4 cents,

Sep 20 Soybeans are at $8.75 3/4, down 3 1/4 cents,

May 20 Soybean Meal is at $322.80, up $1.10

May 20 Soybean Oil is at $26.35, down $0.29

--- provided by Brugler Marketing & Management



Wheat futures are down at midday, with May SRW futures the weakest. SRW wheat is down 11 1/4 cents at midday on spread unwinding. HRW futures are 7 1/2 cents lower in the May contracts. May HRS futures are trading 7 1/4 cents lower. Wheat bookings from the Export Sales report were 740,048 MT on the week ending 03/19. That was 56% above the sales from the same week last year, and above the pre-report estimates. New crop sales from the same week were 366,350 MT, which was at the high end of estimates. Wheat exports on the MY are 9.6% above last year’s pace, with 19.502 MTM shipped so far. Trade estimates for March 1 wheat stocks are clustering around 1.4 to 1.5 billion bushels. That would be down from 1.59 billion last year. All wheat acreage estimates range from 44 to 46 million acres. If 45 million is realized, that would be about 0.5% below last year.

May 20 CBOT Wheat is at $5.68 3/4, down 11 1/4 cents,

May 20 KCBT Wheat is at $4.93 1/2, down 7 1/2 cents,

May 20 MGEX Wheat is at $5.30 1/4, down 7 1/4 cents,

--- provided by Brugler Marketing & Management



Cattle futures are $2.17 to $2.60 lower at midday with April only at $105.85 vs. cash as high as $120.50. Feeder cattle futures are trading triple digits lower at midday. On the last trading day for March feeders they are down $1.17 to $130.90 (and still expecting a big pop in the CME Index). The March 24th CME Feeder Cattle Index was $5.21 higher to $123.44. USDA’s weekly Export Sales report showed 14,501 MT of beef booked on the week ending 03/19. That was 11.53% higher than beef sales from the same week last year. YTD beef exports total 193,603 MT, which is 30.5% above last year’s pace. USDA reported some Wednesday cash trades in the South and NE at $119 - $120, with the bulk at $120. Wholesale boxed beef prices were lower this morning, with the Chc/Sel spread tighter to $11. Choice boxes were $1.86 lower, and Select boxes were down by $0.65. Estimated cattle slaughter under federal inspection is at 361,000 head through Wednesday. That is 2,000 head above both last week, and the same week last year’s pace.

Apr 20 Cattle are at $105.850, down $2.600,

Jun 20 Cattle are at $94.000, down $2.325,

Aug 20 Cattle are at $95.000, down $2.175,

Mar 20 Feeder Cattle are at $130.900, down $1.175

Apr 20 Feeder Cattle are at $125.800, down $2.925

May 20 Feeder Cattle are at $125.550, down $3.550

--- provided by Brugler Marketing & Management




Front month lean hog futures are trading with limit losses in May and June contracts. April futures are $2.42 lower so far. The 03/24 CME Lean Hog Index was $1.14 stronger to $65.12. The National Average Morning Base Hog price was up 16 cents to $59.17. Pork sales from the week ending 03/19 were 38,583 MT which was a 5-week high and 47.6% above sales from the same week last year. Of the week’s export sales, 24.6% were to China. Pork exports on the week were the highest since the week ending 11/14 with 48,559 MT shipped. YTD shipments are 481,594 MT which is 82.9% above last year’s pace. China has been the destination for 38.3% of the year’s exports. USDA’s Hogs and Pigs report will be released at 2pm CDT today. Traders are expecting the March 1 herd to be 77.162 million head (3.4% higher yr/yr). Traders anticipate the pig crop to be up 3.5% yr/yr and to have 1.1% more sows farrowing. USDA’s Pork Carcass Cutout value was $0.71 lower to $77.75 in the morning report. Estimated FI hog slaughter is 1.493 million head on the week through Wednesday. That is even with last week’s pace.

Apr 20 Hogs are at $63.425, down $2.425,

May 20 Hogs are at $62.125, down $3.000

Jun 20 Hogs are at $68.750, down $3.000

--- provided by Brugler Marketing & Management



Cotton futures are dropping 25 to 55 points at midday, with lightly traded Oct futures UNCH. Cotton sales from the weekly Export Sales report were 277,091 RBs on the week ending 03/19. That is 19% lower wk/wk but 27% above sales from the same week last year. New crop cotton sales were 120,063 RBs on the same week. China accounted for 16.2% of the week’s sales, compared to their MY average of 8.9% of the total (not counting cancelled sales). China also purchased 17,600 RBs of new crop cotton on the week for a total of 318.862 RBs so far. Accumulated cotton exports through the first 34 weeks of the MY total 8.23m RBs, which is the highest since the 10/11 MY. Trader expectations (Bloomberg survey) ahead of USDA’s Planting Intentions report suggest 2020 US cotton acreage could be 12.4 million acres. If that average is realized, that would be a 9.5% drop off yr/yr. The 03/25 Cotlook A index was back up 85 points to 63.05 c/lb. The AWP for cotton is 49.95 c/lb. and will be updated after the close today, the previous revision was a 309 point reduction.

May 20 Cotton is at 52.93, down 51 points,

Jul 20 Cotton is at 52.98, down 55 points

Oct 20 Cotton is at 55.19, unch

Dec 20 Cotton is at 54.79, down 25 points

--- provided by Brugler Marketing & Management



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