AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are mostly 2 to 3 cents lower on Monday in sympathy with soybeans and wheat. China is also instigating an anti-dumping investigation against Australian barley imports, which could back them up into other parts of the world. The USDA reported a private export sale of 138,000 MT of 18/19 corn to South Korea this morning through their daily reporting system. Weekly Export Inspections data shows 797,459 MT of corn was shipped in the week that ended on 11/15. That was down 31.11% from the week previous but was still 17.5% larger yr/yr for the same week. Accumulated shipments are up 79.8% from the same time last year at 11.935 MMT (469.9 mbu). Traders are expecting USDA to show US corn harvesting progress still lagging the 5-year average pace, but this isn’t a market factor because so many bushels are already in the pipeline.

Dec 18 Corn is at $3.62 1/4, down 2 1/2 cents,

Mar 19 Corn is at $3.73, down 2 3/4 cents,

May 19 Corn is at $3.80 1/2, down 3 cents

Jul 19 Corn is at $3.87 1/2, down 2 1/2 cents

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures is 18 to 20 cents in the red on Monday, with concerns over next week’s G-20 meeting results playing a factor. Soy meal is down $6.80/ton, with soy oil 1 point higher USDA indicated that 1.056 MMT of soybeans were inspected for export in the week that ended on November 15. That was down 22.13% from last week and less than half of the same week in 2017. Argentina has become a consistent destination over the past several weeks, with 140,191 MT in shipments this week. The Commitment of Traders report showed spec traders adding 9,947 contracts to their net short position at -55,025 contracts on 11/13. Harvest progress is seen around 92-93% complete ahead of this afternoon’s Crop Progress report.

Jan 19 Soybeans are at $8.72 1/4, down 20 cents,

Mar 19 Soybeans are at $8.86, down 19 3/4 cents,

May 19 Soybeans are at $8.99 3/4, down 19 cents,

Jul 19 Soybeans are at $9.11 3/4, down 18 3/4 cents,

Dec 18 Soybean Meal is at $304.10, down $6.80

Dec 18 Soybean Oil is at $27.38, up $0.01

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are showing 9 to 12 cent losses in the winter wheat contracts on Monday, with MPLS steady to 3 cents lower. All wheat export shipments in the week that ended on Nov 15 totaled 509,118 MT, according to Export Inspections data. That was nearly double the same week in 2017 and 47.25% larger than the previous week. The weekly Commitment of Traders report indicated the managed money net short position in CBT wheat futures and options was trimmed by 14,459 contracts as of Tuesday to -26,684. Spec traders went the other way in KC wheat futures and options, flipping their net position to short -1,271 contracts, a move of -12,414 contracts. Turkey is seeking 240,000 MT of wheat in a tender that closes on Friday. Saudi Arabia purchased 495,000 MT of wheat in their tender last week, with US listed as an optional origin.

Dec 18 CBOT Wheat is at $4.97 1/2, down 9 1/4 cents,

Dec 18 KCBT Wheat is at $4.71 1/4, down 11 1/2 cents,

Dec 18 MGEX Wheat is at $5.70 3/4, down 1/2 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are trading 12.5 to 60 cents higher in the front months at midday, with deferred contracts lower. Feeder cattle futures are down 15 to 25 cents. The CME feeder cattle index was down $1.10 on November 15 at $147.83. Wholesale boxed beef prices were lower on Friday afternoon. Choice boxes were up 83 cents at $213.74, with the Select cutout value 65 cents lower at $198.22. USDA estimated last week’s FI cattle slaughter @ 641,000 head. That is 1,000 above the previous week and even with the same week last year. Cash cattle trade wound up around $114 in most regions on Friday, with a few dressed sales of $178 reported in NE. Trade surveys suggest the Cattle on Feed report (Wednesday) will show 4.4% more cattle on feed than last November, with October placements fractionally below year ago.

Dec 18 Cattle are at $115.925, up $0.575,

Feb 19 Cattle are at $119.850, up $0.125,

Apr 19 Cattle are at $121.700, up $0.150,

Jan 19 Feeder Cattle are at $146.350, down $0.175

Mar 19 Feeder Cattle are at $143.725, down $0.250

Apr 19 Feeder Cattle are at $144.125, down $0.200

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are extending Friday’s limit gains on Monday with nearby Dec up 72.5 cents and Fed $1.60 higher. The CME Lean Hog Index was down another 76 cents from the previous day @ $59.10 on November 15. It is now below December futures. The USDA pork carcass cutout value was up $1.43 on Monday morning at $69.61. The national base cash hog carcass value was 36 cents lower this morning at a weighted average of $51.24. USDA’s FI hog slaughter last week was estimated at a record 2.626 million head. That was 37,000 larger than a week prior and also well above the same week in 2017. CFTC showed money managers trimming their net long position in lean hog futures and options by 1,467 contracts to 28,048 contracts as of 11/13. The monthly Cold Storage report will be released on Wednesday.

Dec 18 Hogs are at $60.800, up $0.725,

Feb 19 Hogs are at $68.350, up $1.600

Apr 19 Hogs are at $72.725, up $0.975

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are down 44 to 51 points at midday, despite a weaker US dollar. The Commitment of Traders report showed spec traders in cotton futures and options cutting 3,363 contracts from their net long position last week. That put it at 40,985 contracts and made it the smallest net long position for that reporting group since August 2017. The Cotlook A index was UNCH from the previous day on Nov 16 at 86.30 cents/lb. The weekly USDA AWP is 68.48 cents/lb, effective through Thursday. With the Thanksgiving holiday on Thursday, the weekly Export Sales report will again be released on Friday this week.

Dec 18 Cotton is at 75.67, down 45 points,

Mar 19 Cotton is at 77.85, down 44 points

May 19 Cotton is at 79.07, down 48 points

Jul 19 Cotton is at 80.200, down 51 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