AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are fractionally higher so far on Wednesday. The weekly EIA report indicated that 1.042 million barrels per day of ethanol was produced in the week that ended on 11/16. That was down 25,000 bpd from the week prior, likely due to weaker margins. Stockpiles of ethanol also shrunk by 723,000 barrels to 22.791 million barrels, with all regions reported lower. Ahead of another round of delayed Export Sales data, analysts expect all corn sales at 600,000-900,000 MT for the week that ended 11/15. Argentine planting progress is ahead of schedule at 55% complete vs. the average pace of 43% for this date. A South Korean feed importer purchased 65,000 MT of optional origin corn on Wednesday for March delivery.

Dec 18 Corn is at $3.61 1/2, up 1/4 cent,

Mar 19 Corn is at $3.72 1/2, up 1/4 cent,

May 19 Corn is at $3.80 1/4, up 1/4 cent

Jul 19 Corn is at $3.87 1/4, up 1/2 cent

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are trading 4 to 5 cents in the green at midday. Front month soy meal is up a dime/ton, with soy oil 40 points higher. Trade estimates for Friday’s Export Sales report are showing a range of 550,000-850,000 MT for the week of Nov 15. There was more than 524,000 MT in sales reported through the USDA’s large daily reporting system in that week. Soy meal sales are seen at 200,000-500,000 MT, with soy oil at 5,000-25,000 MT. Chinese futures at Dalian posted new life of contract lows yesterday on indications of smaller hog production and reduced expansion plans due to ASF. They are seeing a slight bounce today. January soybeans at Dalian are down 19% from their high back in April despite less competition from the US. Private sources estimate that Brazilian planting is 80% complete.

Jan 19 Soybeans are at $8.85 1/4, up 4 1/4 cents,

Mar 19 Soybeans are at $8.99, up 4 1/2 cents,

May 19 Soybeans are at $9.12 1/4, up 4 1/2 cents,

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

Dec 18 Soybean Meal is at $307.20, up $0.10

Dec 18 Soybean Oil is at $27.74, up $0.40

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are showing 2 to 5 cent losses in the winter wheat contracts on Wednesday, with MPLS fractionally higher. With the Holiday on Thursday, USDA will release the weekly Export Sales report at 7:30 a.m. CST on Friday morning. Analysts expect to see 300,000-600,000 MT in all wheat sales for export during the week that ended on 11/15. China sold 515,663 MT of wheat from state reserves on Wednesday, just 17.3% of the amount offered. The markets are closed on Thursday, with the normal 8:30 a.m. CST open time for a shortened Friday session.

Dec 18 CBOT Wheat is at $4.98 1/4, down 2 1/2 cents,

Dec 18 KCBT Wheat is at $4.68 1/4, down 4 3/4 cents,

Dec 18 MGEX Wheat is at $5.70, up 1/4 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are posting strong triple digit gains in the front months, following this morning’s friendly Cattle on Feed report. Feeder cattle futures are up $2.15 to $3.025 in the nearby contracts. The CME feeder cattle index was up 31 cents on November 19 at $147.40. Wholesale beef prices were mixed on Wednesday morning. Choice boxes were down 40 cents at $214.09, with the Select cutout value 9 cents higher at $198.52. USDA estimated Tuesday’s FI cattle slaughter @ 119,000 head, with the weekly total at 238,000. That is 8,000 above the previous week but 5,000 below the same week in 2017. There were no sales on the 459 head listed in today’s FCE online auction. This morning’s Cattle on Feed report showed the November 1 on feed number at 11.692 million head, up 3.18% from a year ago. October placements were down 6.06% from 2017 at 2.248 million head, below estimates, with marketings up 4.78% at 1.887 million head. Beef stocks in cold storage at the end of October were reported at 515.369 million pounds by NASS this morning. That was 1.62% larger than Sept and up 1.64% from last year.

Dec 18 Cattle are at $116.850, up $1.150,

Feb 19 Cattle are at $121.175, up $1.450,

Apr 19 Cattle are at $123.050, up $1.475,

Jan 19 Feeder Cattle are at $149.900, up $3.025

Mar 19 Feeder Cattle are at $146.450, up $2.300

Apr 19 Feeder Cattle are at $146.650, up $2.150

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are showing 15 to 75 cent losses in the front months, with deferred contracts higher. The CME Lean Hog Index was down another 28 cents from the previous day @ $58.23 on November 19. The USDA pork carcass cutout value was up $1.16 on Wednesday morning at $66.88. The picnic primal was back up $11.09. The national base cash hog carcass value was 52 cents lower this morning at a weighted average of $50.85. USDA’s FI hog slaughter was 479,000 head on Tuesday, which brings the WTD total to 958,000 head. That is 39,000 more than last week and up 35,000 head on the same week a year ago. This morning’s Cold Storage report showed all pork stocks on Oct 31 at 570.554 million pounds, 4.65% lower than the same month in 2017 and down 3.2% from Sept. Belly stocks were seen at 26.682 million pounds, down 17.31% from last year.

Dec 18 Hogs are at $58.650, down $0.325,

Feb 19 Hogs are at $66.375, down $0.750

Apr 19 Hogs are at $71.525, down $0.150

Source: Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are posting sharp gains on Wednesday. The dollar is weaker, and crude is seeing gains heading into the holiday. The Cotlook A index was down 25 points from the previous day on Nov 20 at 86.05 cents/lb. The weekly USDA AWP is 68.48 cents/lb, effective through Thursday and will be updated on Fr. The US futures markets will be closed on Thursday in observance of Thanksgiving, with Friday being a shortened session. USDA will also show a delayed Export Sales report on Friday morning. Cert stocks have risen to 131,835 bales as of Nov 21, up 8,205 bales from the day prior.

Dec 18 Cotton is at 76.56, up 129 points,

Mar 19 Cotton is at 78.74, up 131 points

May 19 Cotton is at 79.82, up 115 points

Jul 19 Cotton is at 81.000, up 113 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