AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are currently fractionally lower after posting penny losses in most front months on Tuesday. Crude oil was down sharply on the day. Ethanol producers have also been feeling the heat. On Monday, NASS showed that IL was done with corn harvest, with most other top producers (IA, MN, NE, and the Dakotas) still lagging normal pace. Ukraine’s Ag Ministry added 0.8 MMT to their 2018 corn crop estimate at 34.8 MMT, vs. the most recent USDA number of 33.5 MMT. A private consulting firm also put Romanian corn production larger for 2018 than that of France. Much of that corn also goes into export channels. Argentine planting progress is ahead of schedule at 55% complete vs. the average pace of 43% for this date.

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are trading 1 to 2 cents lower this morning. They saw gains of 7 to 7 1/4 cents in most nearby contracts on Turnaround Tuesday. Front month soy meal was up $1.60/ton, with soy oil 2 points higher. Chinese futures at Dalian posted new life of contract lows yesterday on indications of smaller hog production and reduced expansion plans due to ASF. 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.

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are mostly steady to 2 cents lower this morning with KC HRW the weakest. They ended the Tuesday session with most CBT contracts 1 to 2 cents higher and MPLS and KC slightly lower. The markets will trade normal hours today, will be closed on Thursday, and will open back up on Friday morning for a shortened session. US winter wheat condition ratings were up 2% to 56% gd/ex, with the Brugler500 5 points higher at 353. Japan is seeking 99,462 MT of wheat from the US and Canada in their weekly MOA tender closing on Thursday, with 64,000 MT sought from the US.

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures were 27.5 to 45 cents lower in the front months on a Turnaround Tuesday fade. Feeder cattle futures were mostly 15 to 40 cents in the red. The CME feeder cattle index was up 31 cents on November 19 at $147.40 Wholesale beef prices were mixed on Tuesday afternoon. Choice boxes were up 70 cents at $214.09, with the Select cutout value 14 cents lower at $198.43. 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. Trade surveys suggest the Cattle on Feed report this morning will show October placements close to UNCH vs. year ago. Surveys had October marketings 4.2% larger than last year with the November 1 On Feed at 104.4% of last year. The FCE online auction has 459 head listed for sale today. Little to no cash market activity has been reported so far this week.

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures posted $1.325 to $2.05 losses in the front months on Tuesday. The CME Lean Hog Index was down another 59 cents from the previous day @ $58.51 on November 16. The USDA pork carcass cutout value was down $3.09 on Tuesday afternoon at $65.72. The ham was the only primal cut reported higher, with the often volatile pork bellies down $11.08 per cwt. The national base cash hog carcass value was 51 cents lower this afternoon at a weighted average of $51.27. 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.

Source: Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 28 to 39 points higher this morning, with stock market futures trying to rally. Cotton closed the Tuesday session with most contracts 61 to 65 points in the red. Dec cotton futures hit the lowest price since mid-February on Tuesday. The dollar was sharply higher on the day. Chinese cotton futures at Zhengzhou were down 265 CY early Wednesday after also showing weakness on Tuesday. The Cotlook A index was again UNCH from the previous day on Nov 19 at 86.30 cents/lb. The weekly USDA AWP is 68.48 cents/lb, effective through Thursday. The US futures markets will be closed on Thursday in observance of Thanksgiving, with Friday being a shortened session.

--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