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 trading 2 to 3 cents higher this morning. They closed fractionally mixed on Wednesday with the late 2019 contracts the weakest. A private export sale of 212,000 MT of corn to Mexico for 2018/19 delivery was reported on Wednesday morning but failed to move the meter. Weekly EIA data showing ethanol production will be released later this morning. Most ECB states are still above normal harvest progress, 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.

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are currently 9 to 10 cents higher after closing 5 to 5 1/4 cents higher on Wednesday. Nov expired at $8.70 1/2, up 3 1/4 cents. Front month soy meal was up $1.80/ton, with soy oil 2 points higher. USDA reported a private export sale of 148,000 MT of 18/19 soybeans to unknown destinations yesterday morning. That was the second sale in as many days for a combined 424,732 MT. The US dollar index was also weaker. In Tuesday afternoon’s Crop Progress report indicated just 2 (IL & NC) of the 18 reported states above the normal harvest pace. NOPA data for October will be released on Thursday morning.

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are 2 to 5 cents higher this morning with Chicago SRW futures the firmest. They saw losses of 4 to 6 cents in most winter wheat contracts on Wednesday, with MPLS down 2 to 3 cents. The KS winter wheat crop is only 90% planted with the average at 98% for this time. Most SRW areas are still lagging as well. Producers are running up against state crop insurance deadlines. Emergence across all 18 reported states is still lagging. Condition ratings improved 3% to 54% gd/ex this past week with the Brugler500 up the same at 348. Weekly Export Sales data will be released on Friday due to Monday’s holiday.

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures ended Wednesday steady to 80 cents lower. Feeder cattle futures were steady to 95 cents in the red. The CME feeder cattle index was down 51 cents on November 13 at $149.38. November feeder futures expire this Thursday (11/15). Wholesale boxed beef prices were lower on Wednesday afternoon. Choice boxes were down 92 cents at $213.16, with the Select cutout value $1.80 lower at $197.18. 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. This morning’s FCE auction saw no sales on the 620 head offered.

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures were mixed on Wednesday, with Dec down 30 cents. 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 $1.67 on Wednesday afternoon at $69.02. The butt was the only primal cut reported higher. The national base cash hog value was down 18 cents this afternoon with a weighted average of $51.37. 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.

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 18 to 42 points higher, trying to build on 53 to 69 point gains from Wednesday. The US dollar was sharply higher overnight after a two day sell off. The weekly Crop Progress report indicated that TX had 93% of the bolls open and harvest progress at 42% vs. the 48% average. GA was reported at 61% harvested, compared to the average at 64%. 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. First notice day for December cotton deliveries is November 26.

--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