AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are mostly 2 to 3 cents in the green at midday. This morning’s weekly EIA report showed ethanol production in the week of 11/9 at 1.067 million barrels per day, down just 1,000 bpd from last week. Stockpiles of ethanol stood at 23.514 million barrels, up 364,000 barrels from a week ago, with the Gulf and East Coast increasing stocks. Analysts estimate that 500,000-900,000 MT of corn was sold for export in the week of 11/8 ahead of Friday’s delayed Export Sales report.

Dec 18 Corn is at $3.69 1/2, up 2 1/2 cents,

Mar 19 Corn is at $3.80 1/2, up 2 1/2 cents,

May 19 Corn is at $3.88, up 2 1/4 cents

Jul 19 Corn is at $3.95, up 2 3/4 cents

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are trading 1 to 2 cents higher on Thursday with most contracts backing off the highs. Front month soy meal is down $1.40/ton, with soy oil up 7 points. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT.

Jan 19 Soybeans are at $8.85, up 1 1/2 cents,

Mar 19 Soybeans are at $8.98 1/2, up 1 3/4 cents,

May 19 Soybeans are at $9.11 3/4, up 1 1/2 cents,

Jul 19 Soybeans are at $9.24 1/2, up 1 1/4 cents,

Dec 18 Soybean Meal is at $304.30, down $1.40

Dec 18 Soybean Oil is at $27.64, up $0.07

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are steady to fractionally lower in KC and fractionally higher in MPLS. CBT is up 2 to 4 cents in most contracts. Ahead of Friday’s delayed Export Sales report, traders are estimating 400,000-650,000 MT of wheat was sold in the week ending on November 8. Japan purchased 120,226 MT of wheat from Australia, Canada and the US in their weekly tender, with 50,327 MT US origin. Saudi Arabia is seeking 475,000 MT of wheat for Jan-Mar 2019 delivery in a tender that will close on Friday.

Dec 18 CBOT Wheat is at $5.06 3/4, up 3 3/4 cents,

Dec 18 KCBT Wheat is at $4.81, unch ,

Dec 18 MGEX Wheat is at $5.76 1/4, up 1/4 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are up 15 to 55 cents at midday. Feeder cattle futures are mostly higher, with expiring Nov down 27.5 cents. The CME feeder cattle index was down 51 cents on November 13 at $149.38. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 21 cents at $213.37, with the Select cutout value $1.27 higher at $198.45. USDA estimated FI cattle slaughter at 118,000 head for Wednesday, bringing the WTD total to 348,000 head. That was 9,000 below the previous week and 9,000 head fewer than the same day last year. A few bids of $112-113 have been reported so far this morning, but no trade has developed.

Dec 18 Cattle are at $115.125, up $0.525,

Feb 19 Cattle are at $119.025, up $0.425,

Apr 19 Cattle are at $120.975, up $0.400,

Nov 18 Feeder Cattle are at $148.700, down $0.275

Jan 19 Feeder Cattle are at $147.600, up $0.625

Mar 19 Feeder Cattle are at $144.500, up $0.700

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are showing triple digit gains in a few front months on Thursday, with Dec up 15 cents. The CME Lean Hog Index was down another 73 cents from the previous day @ $60.47 on November 12. The USDA pork carcass cutout value was up 59 cents on Thursday morning at $69.61. The belly was up $7.99, with the picnic down $9.54. The national base cash hog value was up 76 cents this morning with a weighted average of $52.11. The WCB was up $1.54. FI hog slaughter was estimated @ 478,000 head on Wednesday, with the weekly total at 1.397 million head. That was 28,000 fewer than a week prior and down 1,000 from the same week in 2017.

Dec 18 Hogs are at $57.150, up $0.150,

Feb 19 Hogs are at $63.425, up $1.075

Apr 19 Hogs are at $68.800, up $1.050

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading marginally higher in the front months at midday. A bounce in the dollar is limiting gains. USDA will release the weekly Export Sales report at 7:30 a.m. CST on Friday. The Cotlook A index was down 50 points from the previous day at 85.55 cents/lb on Nov 14. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior. There was 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures as of 11/14 to 106,083 bales. First notice day for December cotton deliveries is November 26.

Dec 18 Cotton is at 76.46, up 7 points,

Mar 19 Cotton is at 78.51, up 16 points

May 19 Cotton is at 79.71, up 8 points

Jul 19 Cotton is at 80.740, down 1 point

--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