AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading 1/4 lower to 1/2 cent higher. USDA reported strong weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12. Traders had expected that USDA would show sales in a range of 0.9-1.3 MMT in this morning’s Export Sales report, so this was a stronger than expected figure. However, much of the business was sales to Mexico that had been previously reported (982,056 MT), limiting the surprise factor. Previous week sales have been only 498,090 MT.

DEC 19 Corn is at $3.70 1/2, down 3/4 cent,

MAR 19 Corn is at $3.82 1/2, unch,

MAY 20 Corn is at $3.90, down 1/4 cent

JUL 20 Corn is at $3.96 1/4, down 1/4 cent

-- provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybeans futures are trading 1 to 4 cents higher at midday. Soybean meal is up 90 cents/ton, with soy oil steady to 5 points lower. Trade estimates for the USDA Export Sales report had been running 700,000 to 1.1 MMT in 2019/20 soybean sales for the week that ended on 9/12. The actual figure was larger than expected, at 1.728 MMT (63.48 million bushels). Of that total, China was nominated for 593,200 MT, with another 427,400 MT labeled unknown destinations.

Meal export sales had been expected to be 50,000-450,000 MT, with soybean oil at 0-35,000 MT. USDA indicated 435,800 MT for bean meal and 20,600 MT.

NOV 19 Soybeans are at $8.91 3/4, up 3 cents,

JAN 19 Soybeans are at $9.05, up 2 3/4 cents,

MAR 20 Soybeans are at $9.17, up 1 3/4 cents,

MAY 20 Soybeans are at $9.27, up 3/4 cent,

OCT 19 Soybean Meal is at $292.30, up $0.70,

OCT 19 Soybean Oil is at $29.74, down $0.13

-- provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are trading 2 to 5 ¾ higher in MPLS spring wheat this morning. The other two markets are in minus territory, with KC HRW down 3 ½ o 5 ¼ and Chicago SRW off 4 ½ to 5 cents. USDA had been expected by trade sources to show US export bookings during the week of September 12 in a range of 300,000-600,000 MT. The actual figure was only 286,600 MT, a 53% decline from the previous week. French consulting firm Strategie Grains raised it’s estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

DEC 19 CBOT Wheat is at $4.85, down 4 1/2 cents,

DEC 19 KCBT Wheat is at $4.06 1/4, down 3 1/2 cents,

DEC 19 MGEX Wheat is at $5.18 3/4, up 5 1/2 cents

Source: Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are mixed with front months lower. Feeder cattle futures are up a dime to 80 cents on Thursday. The CME Feeder Cattle Index was up 21 cents on September 17 at $137.33. Wholesale boxed beef prices were higher on Thursday morning, with the Chc/Sel spread at $25.88. Choice boxes were up 17 cents at $218.41, with Select boxes 56 cents higher at $192.53. USDA estimated week to date FI cattle slaughter through Wednesday @ 351,000 head. That is down 1,000 head from the same week last year and a 3,000 rise from the previous week. USDA reported weekly beef export sales of 16,600 MT, down 8% from the previous week. South Korea was the largest buyer at 4000 MT.

OCT 19 Cattle are at $99.750, down $0.625,

DEC 19 Cattle are at $105.800, down $0.350,

FEB 20 Cattle are at $112.375, unch,

SEP 19 Feeder Cattle are at $139.975, up $0.100

OCT 19 Feeder Cattle are at $138.925, up $0.525

NOV 19 Feeder Cattle are at $137.100, up $0.800

-- provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mostly 5 to 62.5 cents higher, with Oct down 77.5 cents. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 2 cents from yesterday at $68.13. The national average base hog value was down 71 cents at $44.02 on Thursday. Estimated week to date FI hog slaughter was 1.463 million head through Wednesday. That was well above the same week in 2018 and 6,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. Traders had been hoping to see Chinese business, given their activity in soybeans, but nothing showed up. South Korea was the largest buyer at 3,000 MT. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week.

OCT 19 Hogs are at $62.150, down $0.775,

DEC 19 Hogs are at $67.975, up $0.175

FEB 20 Hogs are at $74.875, up $0.050

-- provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 21 to 22 points lower in the front months, with Oct up 2 points. USDA reported cotton export sales for the week ending September 12 totaled 85,000 running bales for upland, with another 19,300 RB booked for 2020. China cancelled another 39,317 RB of old crop purchases. A total of 11,862 MT of cotton was sold from Chinese state reserves on Thursday, totaling 99.08% of the amount offered. The Cotlook A Index was down 130 points on September 18 at 72.40 cents/lb. The weekly AWP is 52.28, effective through Thursday. That will be updated later today.

OCT 19 Cotton is at 59.38, up 2 points,

DEC 19 Cotton is at 60.28, down 22 points

MAR 20 Cotton is at 61.01, down 21 points

MAY 20 Cotton is at 62.04, down 21 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