AgriCharts Market Commentary

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Corn Market Commentary

Corn futures ended the Thursday session with most contracts steady to fractionally higher. 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. 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.

Dec 18 Corn closed at $3.67 1/2, up 1/2 cent,

Mar 19 Corn closed at $3.78 1/4, up 1/4 cent,

May 19 Corn closed at $3.85 3/4, unch,

Jul 19 Corn closed at $3.92 1/2, up 1/4 cent

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures ended the day with most contracts 4 to 5 1/2 cents in the green. Front month soy meal was down 30 cents/ton, with soy oil up 12 points. 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. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record use 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 despite the larger crush.

Jan 19 Soybeans closed at $8.88 3/4, up 5 1/4 cents,

Mar 19 Soybeans closed at $9.02 1/4, up 5 1/2 cents,

May 19 Soybeans closed at $9.15 1/2, up 5 1/4 cents,

Aug 19 Soybeans closed at $9.32 1/2, up 4 1/2 cents,

Dec 18 Soybean Meal closed at $305.40, down $0.30,

Dec 18 Soybean Oil closed at $27.69, up $0.12

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures settled the Thursday session with most KC and MPLS contracts 1 to 2 cents lower. CBT SRW was the strongest, steady to 2 3/4 cents higher in the front months. 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 closed at $5.05 1/2, up 2 1/2 cents,

Dec 18 KCBT Wheat closed at $4.80, down 1 cent,

Dec 18 MGEX Wheat closed at $5.74 3/4, down 1 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures saw 15 to 55 cent gains in most contracts on Thursday. Feeder cattle futures were 75 cents to $1 higher, as Nov expired down 35 cents at $148.625. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up 39 cents at $213.55, with the Select cutout value 40 cents higher at $197.58. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. A few cash bids of $112-113 have been reported so far, but no trade has developed in the south. Some transactions at $178 have been reported in IA and NE but not enough to establish the trend.

Dec 18 Cattle closed at $115.150, up $0.550,

Feb 19 Cattle closed at $119.100, up $0.500,

Apr 19 Cattle closed at $120.950, up $0.375,

Nov 18 Feeder Cattle closed at $148.625, down $0.350

Jan 19 Feeder Cattle closed at $147.850, up $0.875

Mar 19 Feeder Cattle closed at $144.550, up $0.750

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures posted 50 cent to $1.40 gains in most contracts on Thursday, with nearby Dec up 7.5 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 down 35 cents on Thursday afternoon at $68.67. The belly was up $3.95, with the picnic down $8.49 (-16.92%!). The national base cash hog value was up 30 cents this afternoon with a weighted average of $51.65. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017.

Dec 18 Hogs closed at $57.075, up $0.075,

Feb 19 Hogs closed at $63.750, up $1.400

Apr 19 Hogs closed at $68.750, up $1.000

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures closed Thursday with most contracts 7 to 14 points in the red. A 281 point bounce in the dollar provided pressure. 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 were 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures as of 11/14, taking the total to 106,083 bales. First notice day for December cotton deliveries is November 26.

Dec 18 Cotton closed at 76.250, down 14 points,

Mar 19 Cotton closed at 78.280, down 7 points

May 19 Cotton closed at 79.540, down 9 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