AgriCharts Market Commentary

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Corn Market Commentary

Corn futures closed 4 to 5 cents lower in the front months on Tuesday. Ethanol was lower in sympathy with a sharp drop in crude oil. Shipments of corn during the week of 11/8 were tallied at 1.137 million metric tonnes (MMT) in this morning’s Export Inspections report. That is well above this time last year but slightly slower than last week. As of Sunday, the US corn crop was 84% harvested, shy of trade estimates and the 87% average. Estimates for Ukrainian corn production continue to rise amid record yield reports. USDA added 2 MMT to their estimate last Thursday at 33.5 MMT. This of course implies further export competition for the US.

Dec 18 Corn closed at $3.66 1/2, down 4 3/4 cents,

Mar 19 Corn closed at $3.77 3/4, down 4 1/2 cents,

May 19 Corn closed at $3.85 3/4, down 4 1/4 cents

Jul 19 Corn closed at $3.93 1/4, down 4 cents

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures saw losses of 5 or more cents on Tuesday, excluding soon to expire Nov. Front month soy meal was down $1.70/ton, with soy oil 16 points in the red. A private export sale of 276,732 MT (~10 million bushels) of 18/19 soybeans to unknown destinations was reported by the USDA this morning to no apparent market effect. The weekly Export Inspections report showed shipments for the week of 11/8 totaled 1.302 MMT. That was down 40.5% from the same week last year but 4.6% larger than last week. Of that total, 249,278 MT was shipped to Argentina. The Tuesday afternoon Crop Progress report indicated that harvest progress was 88% complete as of 11/11, vs. the 93% average pace. NOPA’s monthly crush report on Thursday is expected to show 170.026 mbu of soybeans crushed by its members in October, which would be 3.5% larger than last year. Soy oil stocks are seen at 1.521 billion pounds at the end of October according to a wire service survey.

Nov 18 Soybeans closed at $8.67 1/4, down 4 1/2 cents,

Jan 19 Soybeans closed at $8.78 1/4, down 5 cents,

Mar 19 Soybeans closed at $8.91 3/4, down 5 cents,

Jul 19 Soybeans closed at $9.18, down 5 1/4 cents,

Dec 18 Soybean Meal closed at $303.90, down $1.70,

Dec 18 Soybean Oil closed at $27.55, down $0.16

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures gave back most of Monday’s gains on Turnaround Tuesday, with nearby CBT December down 12 cents. KC and MPLS were 4 to 7 cents in the red. The USDA indicated that 342,157 MT of wheat was shipped in the week that ended on 11/8. That was slightly higher than the prior week and 10.85% more than the same week in 2017. Japan is seeking 120,226 MT of US, Canadian and Australian wheat in their weekly MOA tender to close on Thursday, with 50,327 MT US origin. NASS reported winter wheat planting was 89% complete as of Sunday, still lagging the 94% average. Emergence was at 77%, behind the normal pace of 83%. Conditions improved 3% to 54% gd/ex with the Brugler500 up the same at 348.

Dec 18 CBOT Wheat closed at $5.07 3/4, down 12 cents,

Dec 18 KCBT Wheat closed at $4.86 1/2, down 7 cents,

Dec 18 MGEX Wheat closed at $5.78 1/4, down 4 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures ended the day with most contracts 45 to 85 cents higher. Feeder cattle futures were sharply higher on Tuesday, with Jan settling $4.30 off the intraday low. The CME feeder cattle index was down 70 cents on November 12 at $149.89. November feeder futures are scheduled to expire this Thursday (11/15). Wholesale boxed beef prices were lower on Tuesday afternoon. Choice boxes were down $1.47 cents at $214.08, with the Select cutout value $1.41 lower at $198.98. USDA estimated FI cattle slaughter at 119,000 head for Tuesday, with the WTD total at 230,000 head. That was 8,000 below the previous week and 7,000 head fewer than the same day last year. A few cash bids of $174-176 in the North have been thrown around today. Wednesday’s FCE auction is showing only 620 head for sale.

Dec 18 Cattle closed at $115.375, up $0.450,

Feb 19 Cattle closed at $118.750, up $0.750,

Apr 19 Cattle closed at $120.625, up $0.450,

Nov 18 Feeder Cattle closed at $148.975, up $0.600

Jan 19 Feeder Cattle closed at $146.975, up $3.250

Mar 19 Feeder Cattle closed at $144.125, up $2.400

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures settled Tuesday with 40 to 75 cent gains in the front months, extending gains from Monday. Deferred contracts were steady to 30 cents lower. The CME Lean Hog Index was down another 90 cents from the previous day @ $61.87 on November 9. The USDA pork carcass cutout value was down 14 cents on Tuesday afternoon to $70.69. The national base cash hog value was down $1.33 this afternoon with a weighted average of $51.61. FI hog slaughter was estimated @ 478,000 head on Tuesday, bringing the weekly total to 919,000 head. That was 34,000 lower than a week prior and down 14,000 from the same week in 2017.

Dec 18 Hogs closed at $57.300, up $0.750,

Feb 19 Hogs closed at $62.175, up $0.650

Apr 19 Hogs closed at $67.725, up $0.400

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures failed to post a Turnaround Tuesday bounce, down 52 to 60 points following an overnight rally attempt. The US dollar index was down 369 points on the day, but a sharply lower crude oil pressured the market for synthetic fibers. The weekly Crop Progress report indicated that 54% of the US cotton crop was harvested as of 11/11, still trailing the 61% average. Snow can be a problem! The USDA weekly AWP is 69.86 cents/lb, good through this Thursday. The Cotlook A index was down 95 points from the previous day at 87.40 cents/lb on Nov 12.

Dec 18 Cotton closed at 75.860, down 52 points,

Mar 19 Cotton closed at 77.660, down 59 points

May 19 Cotton closed at 78.990, down 60 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