AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are trading 1 to 2 cents lower this morning. They saw fractional to 1 1/2 cent gains in most contracts on Monday. Support was mainly from strength in the wheat complex, even amongst a stronger dollar. USDA in DC was closed yesterday in observation of Veterans Day, delaying reports such as Export Inspections and Crop Progress until today. The trade is estimating harvest progress to run 88-89% completed in the Crop Progress report. Taiwan is seeking 65,000 MT of corn, with the tender to close on Wednesday and US listed as an accepted origin. Estimates for Ukrainian corn production continue to rise amid record yield reports. This of course implies further export competition for the US.

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are currently 4 cents or more higher than they were on Monday. Soon to expire November is the exception, down 1/4 cent. They ended the Monday session with most contracts 3 to 4 cents lower. Front month soy meal was UNCH, with soy oil up 9 points. The USDA weekly Export Inspections report was delayed until later this morning by the federal holiday on Monday. Soybean harvest progress is seen at 90% ahead of this afternoon’s USDA Crop Progress report. Much of the fundamental focus is starting to shift away from the US and towards the Southern Hemisphere. Very active rainfall is being observed there. The strong dollar is also an issue for commodities in general although it was weaker overnight. Palm oil futures are trading near multi-year lows due a stocks build up, keeping a lid on soy oil.

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are down 3 1/2 to 4 3/4 cents in Chicago and KC futures this morning. MPLS spring wheat is fractionally lower. We posted sharp 15 to 17 3/4 cent gains in most SRW contracts on Tuesday, despite a 17-month high in the US dollar. KC and MPLS contracts were up a more modest 5 to 9 1/4 cents. Total EU exports since 7/1 are down 24.4% from a year ago at 5.9 MMT as of 11/11. Crop Progress will be released on Tuesday due to Monday’s Federal Holiday. Trade ideas for winter wheat planting are running around 90%, vs. the average pace of 93%. Some intended acreage may not be planted this fall due to prohibitive weather. Commercial sources are reducing their Brazilian wheat production estimates to as low as 5.3 MMT, with expectations that imports from Argentina and elsewhere could total up to 7 MMT. Argentine wheat is currently cheaper than US origin offerings.

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures were mixed on Monday, with most front months 20 to 35 cents higher and back months lower. Feeder cattle futures were steady to 75 cents in the red. The CME feeder cattle index was down $1.04 on November 9 at $150.59. Because of the Thanksgiving holiday, November feeder futures are scheduled to expire this Thursday (11/15). Wholesale boxed beef prices were mostly higher on Monday afternoon. Choice boxes were up 35 cents at $215.55, with the Select cutout value up $1.67 at $200.39. USDA estimated FI cattle slaughter at 111,000 head for Monday. That was 8,000 below the previous week and 7,000 head fewer than the same day last year. Cash cattle traded at mostly $114 to $114.25 last week. Monday activity mostly consisted of compiling show lists.

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures closed the Monday session with 75 cent to $2.025 gains in most contracts. Contracts from February to August 2019 showed triple digit advances. The CME Lean Hog Index was down 61 cents from the previous day @ $62.77 on November 8. The USDA pork carcass cutout value was up 56 cents on Monday to $70.83. The national base cash hog value was down $1.51 this afternoon with a weighted average of $51.89. FI hog slaughter was estimated @ 441,000 head on Monday. That was 35,000 lower than a week prior and down 24,000 from the same week in 2017.

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 20 to 32 points higher this morning in an attempt at a Turnaround Tuesday. They were down a sharp 166 to 171 points in most contracts on Monday. The US dollar was sharply higher on Monday, with crude oil and the stock market lower, none supporting higher values for cotton. The dollar backed off overnight and the S&P futures were higher. The USDA weekly AWP was updated to 69.86 cents/lb, good through this Thursday. There are currently 62,343 cert bales available for delivery vs. December futures, with the bulk of them in Memphis. The Cotlook A index was UNCH from the previous day at 88.35 cents/lb on Nov 9.

--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