AgriCharts Market Commentary

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.

Corn Futures Lower so far for Friday

Corn futures are 3 1/2 cents to 4 cents lower at midday. The one day delayed weekly export sales update showed corn export sales were 19.2% higher wk/wk as of 11/07. The 581,568 MT of sales, however, were only 65.16% of the same week last year. The USDA also reported weekly exports for the week ending 11/07, showing that 602,235 MT, or 23.71 mbu, were shipped for the week. That is 89.5% higher wk/wk, but still well below the same week last year. Corn accumulated shipments are up to 178.78 mbu, 61.23% below last year’s pace. EIA weekly ethanol production averaged 1.03 million barrels per day with stocks at 20.985 million barrels. Strategie Grains cut their 19/20 EU maize crop estimate 100,000 MT to 63.5 MMT, despite an increase in French production.

DEC 19 Corn is at $3.71 3/4, down 4 cents,

MAR 19 Corn is at $3.81 1/4, down 3 1/2 cents,

MAY 20 Corn is at $3.87, down 3 3/4 cents

JUL 20 Corn is at $3.92 3/4, down 3 3/4 cents

---provided by Brugler Marketing & Management

Beans Post Midday Gains

Nearby bean futures are up by as much as 3 1/2 cents at midday. Soybean meal is making gains of $3.70/ton loss. Soybean oil is 26 points lower so far. The NOPA Oilseed Crush Report showed 175.397 mbu, which was above trader expectations of ~166.8 mbu. Weekly soybean export sales were 30.7% lower than last week’s bookings, reported at 1.253 MMT as of 11/07. Exports were also lower than the previous week, down 18.3% to 1.274 MMT shipped. Of those weekly shipments, 54.42% were headed for China. China’s accumulated weekly imports continue to outpace last year with their MY accumulated 3.153 MMT of soybeans being 830.12% higher. The MYTD for all accumulated soybean exports have been updated to 10.732 MMT, putting us 11.6% ahead of last MY year’s pace. Soybean meal export sales increased 31.6% wk/wk, but are 21.4% below last year’s pace with 3.297 MMT of total outstanding sales. Soy oil 30,560 MT of weekly sales for the week ending 11/07, with 12,144 MT of shipments for the week.

JAN 19 Soybeans are at $9.20 1/4, up 3 1/2 cents,

MAR 19 Soybeans are at $9.33, up 3 1/2 cents,

MAY 20 Soybeans are at $9.44 3/4, up 3 1/2 cents,

JUL 20 Soybeans are at $9.55, up 3 3/4 cents,

DEC 19 Soybean Meal is at $306.80, up $3.70,

DEC 19 Soybean Oil is at $30.52, down $0.26

--- provided by Brugler Marketing & Management


Wheat Lower again on Friday

Friday wheat futures are lower at midday, with MPLS leading showing the biggest drops. The USDA updated the weekly export sales for the week ending 11/07, with wheat totaling 238,620 MT. Unshipped sales are 25.9% below the same week last year. The USDA reported 453,591 MT of wheat shipments for the same week, pushing the MY accumulated shipments to 11.219 MMT (26.87% above last year’s pace). HRW made up 18.47% of the weekly shipments, down from 38% the previous week. SRW, with a 391% increase wk/wk, made up a 13.71% share of weekly exports for the week ending 11/07. Similarly white wheat saw 268.79% wk/wk increase in shipments, white wheat weekly exports occupied a 33.39% share of all wheat weekly exports. HRS wheat maintains a steady 26.77% share of accumulated wheat exports.

DEC 19 CBOT Wheat is at $5.03 1/2, down 4 1/4 cents,

DEC 19 KCBT Wheat is at $4.18, down 4 1/4 cents,

DEC 19 MGEX Wheat is at $5.06 3/4, down 6 cents

-- provided by Brugler Marketing & Management

Cattle Lower at Midday

Live cattle futures are lower by 12 to 17 cents so far for Friday. Feeder cattle futures are up by as much as 52 cents at midday on cheaper feed. The 11/13 CME Feeder Cattle index was lower by $0.05 to $147.39. Wholesale beef prices were mixed, widening the Chc/Sel spread to 26.51. Choice boxes were $0.52 higher to $241.58, while select boxes had fallen by $0.77 to $215.07. The Fed Cattle Exchange reported no sales on the 1,264 head listed. 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.

DEC 19 Cattle are at $118.900, down $0.175,

FEB 19 Cattle are at $124.800, down $0.125,

APR 20 Cattle are at $125.975, down $0.125,

NOV 19 Feeder Cattle are at $146.250, down $0.375

JAN 19 Feeder Cattle are at $144.575, up $0.525

MAR 19 Feeder Cattle are at $144.400, up $0.325

--provided by Brugler Marketing & Management

Hogs Mixed with Triple Digit Losses

Lean hog futures are currently mixed, with Dec futures making 37 cent gains as opposed to Feb and April contracts which are triple digits lower at midday. The 11/13 CME Lean Hog Index was 5 cents lower at $59.50. The Friday morning pork carcass cutout value was $3.08 higher. The primal cuts were mostly higher with belly showing an $11.47 increase. The national average base hog price 63 cents for Friday, shown at $42.82. 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.

DEC 19 Hogs are at $63.125, up $0.375,

FEB 19 Hogs are at $71.950, down $1.425

APR 20 Hogs are at $78.525, down $1.775

--provided by Brugler Marketing & Management

Cotton Higher so far Ahead of Weekend

Nearby cotton futures are up by as much as 76 points at midday. Cotton weekly export sales were at 345,079 bales for the week ending 11/07, that is a 52.09% increase over the previous week. The USDA reported 126,177 bales shipped for the same week. Accumulated exports are now 2.610 million bales, 15.98% above last year’s pace. The PRC (China) occupied 24.13% of the weekly export sales, and the country was the destination for 12.43% of the shipments for that week. The 11/14 Cotlook A Index fell by 90 points to 74.90 cents/lb. Good through 11/21, yesterday’s updated AWP for cotton is 57.06 cents/lb, which was back up 46 points.

DEC 19 Cotton is at 64.93, up 66 points,

MAR 19 Cotton is at 66.83, up 75 points

MAY 20 Cotton is at 68.02, up 75 points

JUL 20 Cotton is at 69.05, up 76 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