AgriCharts Market Commentary


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Corn Market Non Committal Overnight

Corn futures are steady to fractionally lower this morning. They finished yesterday with fractional gains, touching a penny for May contracts. EIA weekly ethanol production averaged 1.03 million barrels per day over the week, up 16,000 barrels wk/wk. Weekly ethanol production has been rising for the last 7 weeks but still lags 2017 and 2018 for the same week. While production increased, ethanol stocks decreased to 20.985 million barrels. That is close to a two year low. Most of the draw came from the Midwest region, where ethanol stocks fell by 333,000 barrels. The Gulf region’s ethanol stocks were 255,000 barrels less wk/wk while the East Coast drew down 178,000 barrels more than their production. Strategie Grains cut their 19/20 EU maize crop estimate 100,000 MT to 63.5 MMT, despite an increase in French production.

---provided by Brugler Marketing & Management

Soybean Market Steady Ahead of Export Sales and NOPA

Bean futures are fractionally mixed to begin your Friday, after gains of 1 to 1 1/2 cents at Thursday’s close. Soybean meal finished Thursday’s session with a $1.00/ton loss. Soybean oil gained 25 points on the day. The NOPA Oilseed Crush Report will be released later this morning, and surveyed analysts are expecting the October soybean crush to be ~166.8 mbu. September crush was 10 mbu below trade projections at 152.566. China continues to buy small quantities of US beans, along with Brazilian cargos. The trade is expecting USDA to show .08-1.4 MMT in soybean export bookings for the week of 11/7. The Export Sales report was delayed a day by the federal holiday on Monday, but will be out at 7:30 AM CST.

--- provided by Brugler Marketing & Management

Wheat Markets Trading 1 to 2 Cents Lower

Wheat is trading 1 to 2 cents lower in all three classes this morning. Nearby wheat futures were lower again Thursday, with Chicago SRW noticing the biggest losses of 1 1/4 to 3 cents. Kansas City HRW wheat futures were down 1 1/4 to 2 1/2 cents. MLPS saw losses of 2 to 2 1/2 cents in the front months. Analysts expect USDA to show 200,000-500,000 MT in US wheat export sales for the week that ended on 11/7. That report will be out at 7:30 AM CST. Egypt purchased a total of 465,000 MT of wheat with 120,000 MT from Ukraine and 345,000 MT from Russia for January 5-15 delivery.

-- provided by Brugler Marketing & Management

Cattle Futures Offset Part of Wednesday Decline

Live cattle futures were up by as much as 97 cents Thursday after posting losses on Wednesday. Feeder cattle futures rallied $0.75 to $1.22. The 11/13 CME Feeder Cattle index was lower by $0.05 to $147.39. Wholesale beef prices were lower. Choice boxes were $1.28 lower at $241.06, while select boxes had fallen by $1.69 to $215.84 in the PM report. The Fed Cattle Exchange extra online auction for today has 1,264 head listed. Light cash trade of $115 in the South and $116.50 in NE has been reported for the week thus far. Nebraska dressed trades have gained $1.00 over last week, with $182.00 sales reported today. JBS stated that beef consumption in China is “impressive”, citing the inflation caused by the pork shortage. The USDA estimated FI cattle slaughter weekly total was up to 467,000 as of Thursday. That is 6,000 head below the same pace a year ago and 3,000 head below last Thursday’s weekly total.

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean hog futures finished Thursday with losses of $0.37 to $1.45 in the front months. The 11/12 CME Lean Hog Index was up 61 cents to $59.55. The afternoon pork carcass cutout value from USDA was 2 cents lower. The biggest moves for the primal cuts were by picnics (down $2.18) and ribs (up $1.93). The national average base hog price 4 cents lower Thursday afternoon at $42.20. China lifted their ban on U.S. poultry imports, imposed a couple years ago due to avian flu concerns. Anything that removes substitutes from the US market should be price supportive in the US over time. The USDA estimated weekly FI hog slaughter as of 11/14 was 1.916 million head, 49,000 head slower than last week’s pace.

--provided by Brugler Marketing & Management

Cotton Market 7 to 26 Points Higher

Cotton futures are 7 to 26 points higher ahead of the weekly USDA Export Sales report. Futures were mixed yesterday, with Dec futures up 4 points. The other nearby futures finished 4 to 7 points lower on Thursday. The 11/13 Cotlook A Index regained 40 points to 75.40 cents/lb. As of 11/14, cash sales on The Seam reached 12,734 bales through the week (average price of 57.76 cents/lb). That is 63.3% of last week’s total accumulated sales, and is up 3,718 bales over last week’s pace through 11/06. The updated AWP for cotton is 57.06 cents/lb, which was back up 46 points following last week’s number. The New AWP will be good until 11/21’s update.

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.
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