AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are steady to fractionally lower at midday. A private export sale of 212,000 MT of corn to Mexico for 2018/19 delivery was reported this morning. Weekly EIA data showing ethanol production will be released on Thursday. As of Sunday, the US corn crop was 84% harvested, shy of trade estimates and the 87% average. Most ECB states are still above average, with WCB still lagging. DTN reported a national average cash price of $3.35 3/4 on Tuesday evening, 34 cents higher than last year. That put the national basis level at -33 3/4 cents, a nickel stronger than a year ago. Taiwan purchased 62,000 MT of corn in their recent tender with US or Brazil origin.

Dec 18 Corn is at $3.66 1/2, unch,

Mar 19 Corn is at $3.77 3/4, unch ,

May 19 Corn is at $3.85 1/2, down 1/4 cent

Jul 19 Corn is at $3.92 3/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are mostly 4 to 5 cents higher on Wednesday. Front month soy meal is up 70 cents/ton, with soy oil 3 points higher. USDA reported a private export sale of 148,000 MT of 18/19 soybeans to unknown destinations this morning. That is the second sale in as many days for a combined 424,732 MT. The Tuesday afternoon Crop Progress report indicated that harvest was 88% complete as of 11/11, vs. the 93% average pace. Just 2 (IL & NC) of the 18 reported states are above the normal pace. Trade estimates for NOPA’s monthly crush report on Thursday are averaging around 170 mbu for 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 are at $8.72, up 4 3/4 cents,

Jan 19 Soybeans are at $8.82 1/2, up 4 1/4 cents,

Mar 19 Soybeans are at $8.95 3/4, up 4 cents,

May 19 Soybeans are at $9.09, up 4 cents,

Dec 18 Soybean Meal is at $304.60, up $0.70

Dec 18 Soybean Oil is at $27.58, up $0.03

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are showing 3 to 5 cent losses in most winter wheat contracts at midday and MPLS is fractionally lower. NASS reported winter wheat planting was 89% complete as of Sunday, still lagging the 94% average. KS is only 90% planted with the average at 98% for this time. Most SRW areas are still lagging as well. Emergence was at 77%, behind the normal pace of 83%, with all 18 reported state lagging. Conditions improved 3% to 54% gd/ex with the Brugler500 up the same at 348. Weekly Export Sales data will be released on Friday due to Monday’s holiday.

Dec 18 CBOT Wheat is at $5.03, down 4 3/4 cents,

Dec 18 KCBT Wheat is at $4.83 1/4, down 3 1/4 cents,

Dec 18 MGEX Wheat is at $5.78, down 1/4 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are mixed at midday with nearby Dec down 65 cents. Feeder cattle futures are also mixed with soon to expire Nov up a nickel. The CME feeder cattle index was down 70 cents on November 12 at $149.89. November feeder futures expire this Thursday (11/15). Wholesale boxed beef prices were lower on Wednesday morning. Choice boxes were down 48 cents at $213.60, with the Select cutout value 63 cents lower at $198.35. 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. Cash bids are still being reported at $174-176 in the North. This morning’s FCE auction saw no sales on the 620 head offered.

Dec 18 Cattle are at $114.725, down $0.650,

Feb 19 Cattle are at $118.650, down $0.100,

Apr 19 Cattle are at $120.800, up $0.175,

Nov 18 Feeder Cattle are at $149.025, up $0.050

Jan 19 Feeder Cattle are at $146.900, down $0.075

Mar 19 Feeder Cattle are at $143.800, down $0.325

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are up 15 to 35 cents in the front months, with deferred contracts lower. The CME Lean Hog Index was down another 67 cents from the previous day @ $61.20 on November 12. The USDA pork carcass cutout value was down $1 on Wednesday morning at $69.69. The national base cash hog value was down 31 cents this morning with a weighted average of $51.86. FI hog slaughter was estimated @ 478,000 head on Tuesday, bringing the weekly total to 919,000 head. That was 34,000 fewer than a week prior and down 14,000 from the same week in 2017.

Dec 18 Hogs are at $57.525, up $0.225,

Feb 19 Hogs are at $62.500, up $0.325

Apr 19 Hogs are at $67.875, up $0.150

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are 32 to 56 points higher in most contracts on Wednesday. The weekly Crop Progress report indicated that 54% of the US cotton crop was harvested as of 11/11, still trailing the 61% average. TX had 93% of the bolls open and harvest progress at 42% vs. the 48% average. The USDA weekly AWP is 69.86 cents/lb, good through this Thursday. The Cotlook A index was down 135 points from the previous day at 86.05 cents/lb on Nov 13. The Cert stocks level for delivery against Dec Futures has risen to 97,981 bales.

Dec 18 Cotton is at 76.29, up 43 points,

Mar 19 Cotton is at 78.22, up 56 points

May 19 Cotton is at 79.4, up 41 points

Jul 19 Cotton is at 80.470, up 32 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