AgriCharts Market Commentary

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Corn Closes Higher to Start the Week

Corn futures saw 4 to 5 1/4 cent gains in most contracts on Monday. Front month ethanol futures were up 1.11% on the day, helped by sharp gains in crude oil and a 20 cent per gallon jump in gasoline futures. The afternoon Crop Progress report indicated 68% of the US corn crop in dented as of Sunday, with 18% mature (39% avg), and 4% listed as harvested (7% avg). Conditions were unch at 55% gd/ex, as the Brugler500 index saw a 1 point bump to 348 on a 1% move from good to excellent. The weekly Export Inspections report tallied corn shipments in the first full week of the 19/20 MT at 421,803 MT. That was down 31.09% from the week prior and less than half of the same week in 2018.

DEC 19 Corn closed at $3.74, up 5 1/4 cents,

MAR 19 Corn closed at $3.86, up 4 1/2 cents,

MAY 20 Corn closed at $3.94 1/2, up 4 cents

JUL 20 Corn closed at $4.01 1/4, up 4 1/4 cents

-- provided by Brugler Marketing & Management

Soybeans Supported by Bean Oil on Monday

Soybeans futures closed Monday with 1 to 2 cent gains in the front months. Soybean meal were down $2.70/ton, with soy oil 85 points higher on tight NOPA stocks. USDA reported a private export sale of 256,000 MT of soybeans to China for 2019/20 delivery, which was likely another part of the rumored sale from last week. NASS reported the US soybean crop with 95% of the crop setting pods and 15% dropping leaves (38% avg) as of 9/15. Condition ratings slipped 1% to 44%, with the Brugler500 index down 5 points to 345. USDA reported soybean export inspections of 666,490 MT in the week of 9/12. That was a drop of 31.85% from the previous week and 15.34% below this week last year. The monthly NOPA crush report showed August crush among its members at 168.085 mbu, well above trade estimates. That was just 0.008 mbu below July and 5.79% above August 2018. Soybean oil stocks were at 1.4 billion lbs at the end of August, the lowest since November 2017 and the smallest August stocks since 2014.

NOV 19 Soybeans closed at $9.00, up 1 1/4 cents,

JAN 19 Soybeans closed at $9.13 3/4, up 1 1/2 cents,

MAR 20 Soybeans closed at $9.25 3/4, up 1 3/4 cents,

MAY 20 Soybeans closed at $9.36 1/2, up 1 3/4 cents,

OCT 19 Soybean Meal closed at $295.20, down $2.70,

OCT 19 Soybean Oil closed at $30.14, up $0.85

-- provided by Brugler Marketing & Management

Wheat Posted Gains in Most Contracts on Monday

Wheat futures settled the Monday session with most contracts 2 to 9 1/4 cents higher. While the spring wheat harvest is typically 93% complete by 9/15, NASS reported just 76% of the crop was out of the field. In their initial winter wheat planting progress release, they showed 8% of the crop in the ground, with 12% the average pace. Weekly Export Inspections data showed a total of 459,258 MT of wheat shipped during the week of 9/12. That was up 11.31% wk/wk and 11.70% larger year/year. YTD shipments are up 22.13% from the same time last year at 7.47 MMT (274.48 mbu).

DEC 19 CBOT Wheat closed at $4.88 3/4, up 5 1/4 cents,

DEC 19 KCBT Wheat closed at $4.09, up 9 1/4 cents,

DEC 19 MGEX Wheat closed at $5.07 1/2, up 3 1/2 cents,

Source: Brugler Marketing & Management

Cattle Mostly Lower on Monday

Live cattle futures posted 7.5 to 65 cent losses in the front months. Feeder cattle futures were down 35 to 85 cents in most contracts, with nearby Sep up a nickel. The CME Feeder Cattle Index unch on September 13 at $136.09. Wholesale boxed beef prices were lower on Monday afternoon. Choice boxes were down 26 cents at $220.62, with Select boxes down a sharp $2.03 @ $196.57. USDA estimated Monday’s FI cattle slaughter @ 117,000 head. That is up 4,000 head from the same day last year and a 2,000 jump from the previous Monday.

OCT 19 Cattle closed at $98.000, down $0.075,

DEC 19 Cattle closed at $104.025, down $0.350,

FEB 20 Cattle closed at $110.450, down $0.650,

SEP 19 Feeder Cattle closed at $136.550, up $0.050

OCT 19 Feeder Cattle closed at $134.200, down $0.375

NOV 19 Feeder Cattle closed at $133.175, down $0.850

-- provided by Brugler Marketing & Management

Hogs Mixed at Mondays Close

Lean Hog futures were down $2.85 in nearby October, with other front months up 75 cents to $1.975. The CME Lean Hog Index was down another 98 cents at $59.71 on September 12. The Fresh Bacon Index was down $9.21 from the week prior at $136.29 as of Sep 13. The USDA pork carcass cutout value FOB plant was down 45 cents on Monday afternoon at $68.66. The national average base hog value was 13 cents higher at $45.08 on Monday. Estimated FI hog slaughter was 487,000 head on Monday, 73,000 head above the same week in 2018 and 2,000 head above last week. The Chinese Ag Ministry now says the country’s hog herd is 38.7% smaller than last year, with sow numbers 37.4% lower.

OCT 19 Hogs closed at $63.625, down $2.850,

DEC 19 Hogs closed at $70.675, up $1.975

FEB 20 Hogs closed at $75.850, up $0.750

-- provided by Brugler Marketing & Management

Cotton Mostly Higher on Monday

Cotton futures were a marginal 15 to 37 points higher in most contracts on Monday, with nearby Oct down 3 points. Crude oil was up a sharp 12.34% following damaging drone or cruise missile attacks on Saudi facilities over the weekend. After the close, NASS indicated that 54% of the US cotton crop with bolls open by Sunday vs. the 47% average, and 9% harvested compared to the normal 8%. Conditions were down 2% in the gd/ex categories at 41%, with the Brugler500 index unch at 328. The Cotlook A Index was up on September 13 at 73.55 cents/lb. The weekly AWP is 52.28, effective through Thursday.

OCT 19 Cotton closed at 61.6, down 3 points,

DEC 19 Cotton closed at 62.55, up 27 points

MAR 20 Cotton closed at 62.93, up 15 points

MAY 20 Cotton closed at 63.81, up 37 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