AgriCharts Market Commentary

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Corn Market Commentary

Corn futures posted penny losses in most front months on Tuesday. Crude oil was down sharply on the day. USDA reported a net cancellation of 200,588 MT of corn for 18/19 delivery to unknown destinations this morning. The average spot price for corn was reported at $3.30 1/4 by DTN on Monday, 22 cents higher than a year ago. Put against Dec that leaves the average basis at -32 cents, 4 3/4 cents stronger than last year. 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.

Dec 18 Corn closed at $3.61 1/4, down 1 cent,

Mar 19 Corn closed at $3.72 1/4, down 1 cent,

May 19 Corn closed at $3.80, down 1 cent

Jul 19 Corn closed at $3.86 3/4, down 1 cent

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures 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. A private export sale of 123,567 MT of 18/19 soybeans to unknown destinations was reported by the USDA this morning. Harvest progress is still lagging the typical pace in all of the 18 reported states. As of Monday evening, DTN showed the national average spot price for soybeans at $7.83 3/4. That puts the national average basis at -90 cents vs. nearby Jan, 13 1/4 cents weaker than a year ago. That is 16 cents firmer than the fall low on October 1.

Jan 19 Soybeans closed at $8.81, up 7 1/4 cents,

Mar 19 Soybeans closed at $8.94 1/2, up 7 cents,

May 19 Soybeans closed at $9.07 3/4, up 7 cents,

Aug 19 Soybeans closed at $9.24 1/2, up 6 3/4 cents,

Dec 18 Soybean Meal closed at $307.10, up $1.60,

Dec 18 Soybean Oil closed at $27.34, up $0.02

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures ended the Tuesday session with most CBT contracts 1 to 2 cents higher and MPLD and KC slightly lower. USDA will have another round of delayed Export Sales data this week due to the Thanksgiving Holiday. The market closes normal time on Wednesday and will open back up on Friday morning for a shortened session. Winter wheat planting was reported at 95% completed in KS, with TX at 85%, both lagging normal by 4%. Emergence was at 81% vs. the normal pace of 93% in KS. US 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.

Dec 18 CBOT Wheat closed at $5.00 3/4, up 2 1/4 cents,

Dec 18 KCBT Wheat closed at $4.73, down 1 1/4 cents,

Dec 18 MGEX Wheat closed at $5.69 3/4, down 1 3/4 cents

--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 (Wednesday) will show October placements UNCH vs. year ago. Published trade estimates range from 94% of October 2017 to 104.3%. Marketings are seen at 4.2% larger than last year. Wednesday’s FCE online auction has 459 head listed for sale. Little to no cash market activity has been reported so far this week.

Dec 18 Cattle closed at $115.700, down $0.450,

Feb 19 Cattle closed at $119.725, down $0.275,

Apr 19 Cattle closed at $121.575, down $0.275,

Jan 19 Feeder Cattle closed at $146.875, down $0.400

Mar 19 Feeder Cattle closed at $144.150, down $0.175

Apr 19 Feeder Cattle closed at $144.500, down $0.150

--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, as traders took money made over the past few days off the table ahead of the Holiday weekend. The CME Lean Hog Index was down another 59 cents from the previous day @ $58.51 on November 16. It is below December futures but does have a two-day lag. 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 belly down the sharpest, $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.

Dec 18 Hogs closed at $58.975, down $2.050,

Feb 19 Hogs closed at $67.125, down $1.900

Apr 19 Hogs closed at $71.675, down $1.325

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures closed the Tuesday session with most contracts 61 to 65 points in the red. Dec Futures hit the lowest price since mid-February on Tuesday. The dollar was sharply higher on the day. 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. Monday’s Crop Progress report showed that Texas still has 53% of the crop in the field, with the normal harvest pace at 56%. The futures markets will be closed on Thursday in observance of Thanksgiving, with Friday being a shortened session.

Dec 18 Cotton closed at 75.270, down 61 points,

Mar 19 Cotton closed at 77.430, down 62 points

May 19 Cotton closed at 78.670, down 65 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