AgriCharts Market Commentary

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Corn Stumbles out of Weekend

Corn futures come out of the weekend with losses of 2 1/4 to 2 3/4 cents. The USDA reported a private export sale of corn to unknown destination for a 19/20 MY delivery under the daily reporting system. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. Colombia and Mexico were the main destinations for the shipments, with 16.38% and 58.32% respectively. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. Conversely, sorghum exports are exceeding last year’s pace. The MYTD accumulated export inspections for the substitute are 445,663 MT as of 11/14, which is nearly double (94.98%) this point last year. Corn harvest is likely still dragging behind the average pace of 92%, with trade ideas closer to 78% for tonight’s report.

DEC 19 Corn is at $3.69, down 2 1/4 cents,

MAR 19 Corn is at $3.78 1/4, down 2 1/2 cents,

MAY 20 Corn is at $3.84, down 2 1/2 cents

JUL 20 Corn is at $3.89 3/4, down 2 3/4 cents

---provided by Brugler Marketing & Management

Soybean Futures Falling on Monday

Bean futures start off Monday’s round of trading lower, with nearby contracts losing as much as 6 1/2 cents at midday. Soybean meal is down by $5.50/ton so far, with Soybean oil gaining 30 points. USDA’s updated weekly export inspections showed that soybeans exports are still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. China was the main destination on the week with the PRC receiving 942,299 MT (61.15%). The accumulated soybean exports as of 11/14 were updated to 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. Brazilian bean planting has been updated by AgRural to be 67% complete as compared to the 70% average rate, this time last year the country was 82% planted. Trade ideas for US harvest progress are running 91-92%, with 95% being average for this date.

JAN 19 Soybeans are at $9.11 3/4, down 6 1/2 cents,

MAR 19 Soybeans are at $9.24 3/4, down 6 cents,

MAY 20 Soybeans are at $9.36 3/4, down 5 1/2 cents,

JUL 20 Soybeans are at $9.47 1/4, down 5 1/4 cents,

DEC 19 Soybean Meal is at $301.60, down $5.50,

DEC 19 Soybean Oil is at $30.73, up $0.30

--- provided by Brugler Marketing & Management


Monday Recovery for Wheat Futures

Wheat futures are making a Monday Recovery at midday. Leading the way for wheat futures is Chicago, with futures as much as 7 cents higher. Kansas City wheat futures are 4 3/4 to 6 1/4 cents higher through the nearby contracts, with MPLS wheat futures seeing a 1 1/4 to 2 cent Monday rally., Export inspections for all wheat, were updated by the USDA this morning. The weekly update for the week ending 11/14 showed 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. The updated accumulated wheat exports are now 11.920 MMT, which is 21.39% above last year’s pace. The weekly exports were mostly soft white, which was 144,548 MT. White wheat composed 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections.

DEC 19 CBOT Wheat is at $5.09 1/2, up 6 3/4 cents,

DEC 19 KCBT Wheat is at $4.22 1/2, up 5 1/2 cents,

DEC 19 MGEX Wheat is at $5.05 1/2, up 1 3/4 cents

-- provided by Brugler Marketing & Management

Cattle Futures Mixed Monday Midday

Live cattle futures are mixed at midday. Dec futures are down by 30 cents so far, while the other nearbys are seeing gains of 22 to 33 cents. Feeder cattle futures start off the week with gains, nearby contracts are $0.05 to $0.87 cents higher at midday. The 11/14 CME Feeder Cattle index was 27 cents lower at $147.12. Wholesale boxed beef was mixed in the morning report. Choice boxes were lower by $1.81, and select boxes were $2.02 higher to $216.35. The USDA estimated FI cattle slaughter total last week was 657,000 head. That was 6,000 head above the previous week’s total, and was 9,000 head more yr/yr.

DEC 19 Cattle are at $118.800, down $0.300,

FEB 19 Cattle are at $125.200, up $0.225,

APR 20 Cattle are at $126.375, up $0.300,

NOV 19 Feeder Cattle are at $146.300, up $0.050

JAN 19 Feeder Cattle are at $145.050, up $0.775

MAR 19 Feeder Cattle are at $145.100, up $0.875

--provided by Brugler Marketing & Management

Hog Futures See Triple Digit Losses at Midday

Lean hog futures are mixed so far, with Dec futures making a small 7 cent gain, and Feb and Apr contracts drop triple digits. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s early pork carcass cutout value was $1.88 higher. The Belly primal, again, showed us it’s volatility, up by 16.90 cents. The national average base hog price is down by 27 cents out of the weekend, shown at $41.98. The USDA estimated FI hog slaughter through Saturday was 2.749 million head on the week, which was 56,000 head more than last week’s total. The YTD hog slaughter is estimated at 112.762 million head as of 11/16, up 3.7% from 2018.

DEC 19 Hogs are at $63.275, up $0.075,

FEB 19 Hogs are at $70.700, down $1.300

APR 20 Hogs are at $76.925, down $2.050

--provided by Brugler Marketing & Management

Cotton Lower after Weekend

Cotton futures are down by triple digits to start the week, with losses as much as 113 points in nearby contracts. The 7 day forecast from the national weather service is indicating another wet week, the map indicates that most of the cotton region will get precipitation, showing as much as 2 1/4 inches accumulated, and parts of Northeast Georgia even expected to get more than 3 inches accumulated. However, cotton harvest is running ahead of normal pace overall. Big online sales on Friday pushed the weekly total sales up to 30,460 bales on The Seam. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

DEC 19 Cotton is at 63.82, down 104 points,

MAR 19 Cotton is at 65.51, down 118 points

MAY 20 Cotton is at 66.74, down 113 points

JUL 20 Cotton is at 67.88, down 96 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