AgriCharts Market Commentary

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.

Corn Market Commentary

Corn futures are currently showing fractional gains, since closing 4 to 5 cents lower on Tuesday. There was some net new selling interest, with preliminary open interest up 16,824 contracts. 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.

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are trading 4 to 6 cents higher at the moment. They 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. The weekly Export Inspections report showed shipments for the week of 11/8 totaled 1.302 MMT. That was 40% smaller than the same week last year but 4.6% larger than last week. Of that total, 249,278 MT was shipped to Argentina as the tariff arbitrage continues. The Tuesday afternoon Crop Progress report indicated that harvest progress was 88% complete as of 11/11, vs. the 93% average 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. There were 326 delivery notices vs. November soybeans overnight, with buyers up to current date.

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are mostly 2 to 3 cents in the green this morning. They 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 Chicago action was long liquidation after Monday’s bounce, with preliminary OI down 6,624 contracts. USDA weekly export inspections totaled 342,157 MT through 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.

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures Tuesday 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 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 seen. Wednesday’s FCE auction show list has only 620 head for sale.

--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 yesterday 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.

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 49 to 52 points higher this morning. They were 52 to 60 points lower on Tuesday after an overnight rally attempt failed. 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.

--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