AgriCharts Market Commentary

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Corn Market Commentary

November 12, 2018

Corn futures 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 today in observation of Veterans Day, as were many banks. The trade is estimating harvest progress to run 88-89% completed in tomorrow’s 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.

Dec 18 Corn closed at $3.71 1/4, up 1 1/2 cents,

Mar 19 Corn closed at $3.82 1/4, up 1 cent,

May 19 Corn closed at $3.90, up 3/4 cent

Jul 19 Corn closed at $3.97 1/4, up 1 1/4 cents

--provided by Brugler Marketing & Management

Soybeans Market Commentary

November 12, 2018

Soybean futures 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 is delayed until Tuesday. Soybean harvest progress is seen at 90% ahead of Tuesday’s Crop Progress report. Much of the focus is starting to shift away from US and towards the Southern Hemisphere and deflationary factors such as today’s sharply higher dollar. Palm oil futures are trading near multi-year lows due a stocks build up, keeping a lid on soy oil.

Nov 18 Soybeans closed at $8.71 3/4, down 3 1/2 cents,

Jan 19 Soybeans closed at $8.83 1/4, down 3 1/2 cents,

Mar 19 Soybeans closed at $8.96 3/4, down 3 1/4 cents,

Jul 19 Soybeans closed at $9.23 1/4, down 3 1/4 cents,

Dec 18 Soybean Meal closed at $305.60, unch,

Dec 18 Soybean Oil closed at $27.71, up $0.09

--provided by Brugler Marketing & Management

Wheat Market Commentary

November 12, 2018

Wheat futures 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 modest 5 to 9 1/4 cents. Some traders cite problems with the French crop, but this appears to be primarily a technical correction. 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%. 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.

Dec 18 CBOT Wheat closed at $5.19 3/4, up 17 3/4 cents,

Dec 18 KCBT Wheat closed at $4.93 1/2, up 6 cents,

Dec 18 MGEX Wheat closed at $5.82 1/2, up 9 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market Commentary

November 12, 2018

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. Wholesale boxed beef prices were reported 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. Activity today mostly consisted of compiling show lists.

Dec 18 Cattle closed at $114.925, up $0.350,

Feb 19 Cattle closed at $118.000, up $0.200,

Apr 19 Cattle closed at $120.175, down $0.075,

Nov 18 Feeder Cattle closed at $148.375, down $0.625

Jan 19 Feeder Cattle closed at $143.725, down $0.075

Mar 19 Feeder Cattle closed at $141.725, down $0.450

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

November 12, 2018

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 FOB Omaha this afternoon, at $70.83. The pork belly primal was up $3.51 per cwt this afternoon to boost the cutout. 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. Some plants may have taken the day off in observance of Veterans Day.

Dec 18 Hogs closed at $56.550, up $0.750,

Feb 19 Hogs closed at $61.525, up $2.025

Apr 19 Hogs closed at $67.325, up $1.625

--provided by Brugler Marketing & Management

Cotton Market Commentary

November 12, 2018

Cotton futures were down a sharp 166 to 171 points in most contracts on Monday. The US dollar was sharply higher, with crude oil and the stock market lower, none supporting higher values for cotton. 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.

Dec 18 Cotton closed at 76.380, down 171 points,

Mar 19 Cotton closed at 78.250, down 161 points

Jul 19 Cotton closed at 80.780, down 167 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com