AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are trading 2 to 4 cents higher so far on Friday. A private export sale this morning was shown for 121,700 MT of 18/19 corn to unknown by the USDA. Total corn export commitments through the second week of the new MY are 50.1% larger than the same time last year. They are 27% of the full year USDA export projection, with the normal pace at 26%. A total of 773,429 MT of corn was sold from Chinese state reserves in an auction on Friday, 19.47% of the offered amount.

DEC 18 Corn is at $3.56 1/4, up 3 3/4 cents,

MAR 19 Corn is at $3.68 1/4, up 3 1/2 cents,

MAY 19 Corn is at $3.76 1/4, up 3 1/2 cents

JUL 19 Corn is at $3.82 1/4, up 3 1/4 cents

Soybeans Market Commentary

Soybean futures are currently 4 to 5 cents in the red at midday. Soybean meal is down $4.70/ton, while soy oil is up 29 points. USDA reported a private export sale of 100,000 MT of soy meal to unknown for 18/19 delivery through their daily reporting system this morning. Weekly export sales data shows that soybeans export commitments (exports and unshipped sales) for 18/19 are down 7.2% from last year. Compared to the USDA export number, they are 32% complete, with last year running 34% at this time and the 5-year average at 42%.

NOV 18 Soybeans are at $8.45 1/4, down 5 cents,

JAN 19 Soybeans are at $8.59, down 5 cents,

MAR 19 Soybeans are at $8.72 1/4, down 4 3/4 cents,

MAY 19 Soybeans are at $8.85 1/2, down 4 1/4 cents,

OCT 18 Soybean Meal is at $306.70, down $4.70,

OCT 18 Soybean Oil is at $27.89, up $0.29

Wheat Market Commentary

Wheat futures are showing losses of 4 to 6 cents in most contracts at midday. Total export commitments for wheat have picked up on last year over the past few weeks but are still lagging by 22%. USDA is projecting a 13.76% increase in exports from 17/18 to 18/19. Combined shipments and outstanding sales are now 37% of that projection of 1.025 bbu, with the typical pace at 55% by this time. Russia’s IKAR trimmed their production estimate by 0.4 to 69.2 MMT for 2018 wheat production on Friday. Consultant SovEcon cut Russia’s wheat export projection by 0.9 to 33 MMT.

DEC 18 CBOT Wheat is at $5.18 1/2, down 5 1/2 cents,

DEC 18 KCBT Wheat is at $5.22 1/4, down 4 3/4 cents,

DEC 18 MGEX Wheat is at $5.83 1/4, down 5 1/4 cents

Cattle Market Commentary

Live cattle futures are mostly 5 to 25 cents higher on Friday. Feeder cattle futures are up 15 to 50 cents at the moment. The CME feeder cattle index on September 19 was up $1.38 at $154.46. Wholesale boxed beef values were mixed on Friday morning. Choice boxes were up 46 cents to $204.98, while Select boxes were 20 cents lower at $194.71. USDA estimated FI cattle slaughter at 473,000 head through Thursday. That is down 3,000 from last week but 7,000 head above the same week in 2017. USDA will release the monthly Cattle on Feed report this afternoon at 2 p.m. CDT. A few cash trades have been reported at $110-111.50 live and $175 dressed so far this week.

OCT 18 Cattle are at $112.675, up $0.225,

DEC 18 Cattle are at $117.950, up $0.050,

FEB 19 Cattle are at $121.800, up $0.200,

SEP 18 Feeder Cattle are at $155.850, up $0.175

OCT 18 Feeder Cattle are at $157.750, up $0.475

NOV 18 Feeder Cattle are at $157.650, up $0.500

Lean Hogs Market Commentary

Lean hog futures are posting 85 cent to $1 losses in the front months on Friday. The CME Lean Hog Index was up $1.45 on September 19 to $57.44. The USDA pork carcass cutout value was 21 cents lower at $78.74 in the Friday morning report. The national base hog carcass value was down 49 cents @ $57.88 on Friday morning. Week to date FI hog slaughter through Thursday was estimated at 1.709 million head. That is down 40,000 head from last week and 108,000 head from the same week last year.

OCT 18 Hogs are at $60.375, down $0.875,

DEC 18 Hogs are at $57.350, down $0.925

FEB 19 Hogs are at $64.650, down $0.975

Cotton Market Commentary

Cotton futures are trading 5 to 37 points in the green at midday. As of September 13, weekly export sales data shows upland cotton export commitments 26.9% larger than the same week in 2017. Commitments, totaling 8.933 million RB, are 61% of the USDA 18/19 export projection vs. the normal pace of 41%. Mills had trimmed 1,109 contracts from their unfixed call sales position as of 9/14 to 36,040 contracts for December according to Thursday’s CFTC Cotton on Call report. The Cotlook A index was up 15 points from the previous day at 88.30 cents/lb on September 20. The USDA weekly AWP was updated to 71.59 cents/lb on Thursday, down 2.20 cents from the week prior.

OCT 18 Cotton is at 79.44, up 37 points,

DEC 18 Cotton is at 78.69, up 22 points

MAR 19 Cotton is at 79.13, up 22 points

MAY 19 Cotton is at 79.63, up 5 points

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353