AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are mostly 3 to 4 cents in the red on Tuesday. Ethanol is lower at midday to coincide with sharp losses 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 lower than last week. The trade is estimating harvest progress will run 87-89% completed in the USDA Crop Progress report this afternoon. Estimates for Ukrainian corn production continue to rise amid record yield reports. This of course implies further export competition for the US.

Dec 18 Corn is at $3.67 1/4, down 4 cents,

Mar 19 Corn is at $3.78 1/2, down 3 3/4 cents,

May 19 Corn is at $3.86 1/4, down 3 3/4 cents

Jul 19 Corn is at $3.93 1/2, down 3 3/4 cents

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are down 2 to 3 cents in the nearby contracts at midday. Front month soy meal is $1.30/ton lower, with soy oil 9 points in the red. A private export sale of 276,732 MT of 18/19 soybeans to unknown was reported by the USDA this morning. 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. Soybean harvest progress is seen at 90% ahead of this afternoon’s USDA Crop Progress report.

Nov 18 Soybeans are at $8.71, down 3/4 cent,

Jan 19 Soybeans are at $8.81, down 2 1/4 cents,

Mar 19 Soybeans are at $8.94 1/2, down 2 1/4 cents,

May 19 Soybeans are at $9.07 3/4, down 2 1/4 cents,

Dec 18 Soybean Meal is at $304.30, down $1.30

Dec 18 Soybean Oil is at $27.62, down $0.09

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are showing 6 to 10 cent losses in the winter wheat contracts on Turnaround Tuesday, with MPLS down 1 to 3 cents. 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. Iraq is exploring the idea of importing Russian wheat, shifting away from the US, Australia, and Canada. Commercial sources are reducing their Brazilian wheat production estimates to as low as 5.3 MMT, with expectations that imports from Argentina and elsewhere could total up to 7 MMT. Argentine wheat is currently cheaper than US origin offerings.

Dec 18 CBOT Wheat is at $5.09 3/4, down 10 cents,

Dec 18 KCBT Wheat is at $4.86 1/4, down 7 1/4 cents,

Dec 18 MGEX Wheat is at $5.81 1/2, down 1 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are mixed at midday, with nearby Dec down 17.5 cents. Feeder cattle futures are up a quarter to $1.45. The CME feeder cattle index was down $1.04 on November 9 at $150.59. Because of the Thanksgiving holiday, November feeder futures are scheduled to expire this Thursday (11/15). Futures are a little cheap vs. the index with two days remaining. Wholesale boxed beef prices were mixed on Tuesday morning. Choice boxes were down 19 cents at $215.36, with the Select cutout value up $1.02 at $201.41. USDA estimated FI cattle slaughter at 111,000 head for Monday. That was 8,000 below the previous week and 7,000 head fewer than the same day last year. A few bids of $174-175 in the North have been thrown around so far today. Wednesday’s FCE auction is showing only 620 head for sale.

Dec 18 Cattle are at $114.750, down $0.175,

Feb 19 Cattle are at $118.425, up $0.425,

Apr 19 Cattle are at $120.050, down $0.125,

Nov 18 Feeder Cattle are at $148.625, up $0.250

Jan 19 Feeder Cattle are at $145.175, up $1.450

Mar 19 Feeder Cattle are at $143.175, up $1.450

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are trading 5 to 85 cents higher in the front months on Tuesday, extending gains from Monday. 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 up 85 cents on Tuesday morning to $71.68. The national base cash hog value was down 75 cents this morning with a weighted average of $52.19. FI hog slaughter was estimated @ 441,000 head on Monday. That was 35,000 lower than a week prior and down 24,000 from the same week in 2017.

Dec 18 Hogs are at $56.600, up $0.050,

Feb 19 Hogs are at $62.375, up $0.850

Apr 19 Hogs are at $67.925, up $0.600

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are failing to post a Turnaround Tuesday bounce, down 61 to 67 points at midday following an overnight rally attempt. The US dollar index is down 405 points at midday, but sharply lower crude oil is pressuring the market for synthetics. Crop Progress data will be released this afternoon due to Monday’s federal holiday. 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 is at 75.77, down 61 points,

Mar 19 Cotton is at 77.62, down 63 points

May 19 Cotton is at 78.92, down 67 points

Jul 19 Cotton is at 80.110, down 67 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