AgriCharts Market Commentary

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Corn Market Commentary

Corn futures settled 1 1/4 to 2 1/2 cents lower on Monday. China is instigating an anti-dumping investigation against Australian barley imports, which could back them up into other parts of the world. The USDA reported a private export sale of 138,000 MT of 18/19 corn to South Korea this morning through their daily reporting system. Weekly Export Inspections data shows 797,459 MT of corn was shipped in the week that ended on 11/15. That was down 31.11% from the week previous (a bearish input) but was still 17.5% larger yr/yr for the same week. Accumulated shipments are up 79.8% from the same time last year at 11.935 MMT (469.9 mbu). EU corn exports are also running above year ago by 1.5 MMT for the YTD. After the close, USDA confirmed that 90% of the US corn crop is now harvested, slightly lagging the 93% average pace for this date.

Dec 18 Corn closed at $3.62 1/4, down 2 1/2 cents,

Mar 19 Corn closed at $3.73 1/4, down 2 1/2 cents,

May 19 Corn closed at $3.81, down 2 1/2 cents

Jul 19 Corn closed at $3.87 3/4, down 2 1/4 cents

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures settled 14 to 18 1/2 cents per bushel lower on Monday. Traders are building in some healthy skepticism about the potential for a US/China trade deal and how quickly it would impact soybeans if it materialized. The APEC meeting failed to come to any kind of agreement. Soy meal was down $5.40/ton, with soy oil 5 points lower. USDA indicated that 1.056 MMT of soybeans were inspected for export in the week that ended on November 15. That was down 22.13% from last week and less than half of the same week in 2017. Argentina has become a consistent destination over the past several weeks, with 140,191 MT in shipments this week. Harvest progress was expected to be 92-93% complete ahead of this afternoon’s Crop Progress report. USDA indicated it was 91% completed in the 18 major states, still lagging the 96% average for this date.

Jan 19 Soybeans closed at $8.73 3/4, down 18 1/2 cents,

Mar 19 Soybeans closed at $8.87 1/2, down 18 1/4 cents,

May 19 Soybeans closed at $9.00 3/4, down 18 cents,

Jul 19 Soybeans closed at $9.13, down 17 1/2 cents,

Dec 18 Soybean Meal closed at $305.50, down $5.40,

Dec 18 Soybean Oil closed at $27.32, down $0.05

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures posted losses of 2 1/4 to 8 3/4 cents across the three markets, with MPLS December wheat the glaring exception with a 1/4 cent gain. US wheat export shipments in the week that ended on Nov 15 totaled 509,118 MT, according to Export Inspections data. That was nearly double the same week in 2017 and 47.25% larger than the previous week. Turkey is seeking 240,000 MT of wheat in a tender that closes on Friday. Saudi Arabia purchased 495,000 MT of optional origin wheat in their tender. US winter wheat planting was 93% completed as of Sunday, with the 5 year average pace at 97%.

Dec 18 CBOT Wheat closed at $4.98 1/2, down 8 1/4 cents,

Dec 18 KCBT Wheat closed at $4.74 1/4, down 8 1/2 cents,

Dec 18 MGEX Wheat closed at $5.71 1/2, up 1/4 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures settled 35 cents lower to 80 cents higher. The buying interest was all in the front end. Feeder cattle futures closed 25 to 75 cents higher. The CME feeder cattle index was down $0.74 on November 16 at $147.09. Wholesale boxed beef prices were higher today. Choice boxes were up 48 cents at $213.39, with the Select cutout value $1.00 higher at $198.57 in the afternoon report. USDA estimated Monday FI cattle slaughter @ 119,000 head. That is 8,000 above the previous Monday but 2,000 below the same Monday in 2017. Trade surveys suggest the Cattle on Feed report (Wednesday) will show 4.4% more cattle on feed than last November, with the difficult to figure October placements UNCH to 1% above year ago. Published trade estimates range from 94% of October 2017 to 104.3%.

Dec 18 Cattle closed at $116.150, up $0.800,

Feb 19 Cattle closed at $120.000, up $0.275,

Apr 19 Cattle closed at $121.850, up $0.300,

Jan 19 Feeder Cattle closed at $147.275, up $0.750

Mar 19 Feeder Cattle closed at $144.325, up $0.350

Apr 19 Feeder Cattle closed at $144.650, up $0.325

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures extended Friday’s limit gains on Monday with advances of $.05 to $2.27. The CME Lean Hog Index was down another 76 cents from the previous day @ $59.10 on November 15. It is now below December futures but does have a two day lag. The USDA pork carcass cutout value was up $0.63 on Monday afternoon at $68.81. The national base cash hog carcass value was 17 cents higher this afternoon at a weighted average of $51.77. USDA’s Monday FI hog slaughter was 479,000 head, 18,000 more than the same Monday a year ago. The monthly Cold Storage report will be released on Wednesday.

Dec 18 Hogs closed at $61.025, up $0.950,

Feb 19 Hogs closed at $69.025, up $2.275

Apr 19 Hogs closed at $73.000, up $1.250

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures were down 23 to 24 points on Monday. The Cotlook A index was UNCH from the previous day on Nov 16 at 86.30 cents/lb. The weekly USDA AWP is 68.48 cents/lb, effective through Thursday. With the Thanksgiving holiday on Thursday, the weekly Export Sales report will again be released on Friday this week. The Crop Progress report was out on the regular schedule, showing 59% of the acreage out of the field. That was up 5% from last week but still lags the average pace by 10 percentage points. Arkansas and Missouri are the closest to being done.

Dec 18 Cotton closed at 75.880, down 24 points,

Mar 19 Cotton closed at 78.050, down 24 points

May 19 Cotton closed at 79.320, down 23 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