AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are fractionally mixed at Thursdays midday. Dec futures expire on Friday. This morning’s USDA Export Sales report showed 18/19 corn sales in the week of 12/6 at 903,164 MT, shy of trade estimates. That was down 23.3% from last week but still 4.18% larger than this time last year. Japan was the lead buyer of 608,400 MT, with 234,600 MT sold to Mexico. Unknown destinations had net reductions of 220,100 MT, with most of that switched to a destination. For 19/20 sales, 161,440 MT were reported in that week.

Dec 18 Corn is at $3.76 1/2, up 1/4 cent,

Mar 19 Corn is at $3.85, down 1/4 cent,

May 19 Corn is at $3.92 3/4, unch ,

Jul 19 Corn is at $3.98 3/4, unch

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are trading 9 to 10 1/4 cents lower on Thursday, showing some “buy the rumor sell the fact” action following USDA announcement of export sales to China. March soy meal is down $2.50/ton, with soy oil 9 points higher. USDA reported private export sales of 1.13 MMT of 18/19 soybeans to China this morning, the ninth largest daily soybean sale on record. The weekly Export Sales report indicated 792,269 MT of 18/19 soybeans were sold in the week if 12/6, in the range of estimates. That was down 11.1% from the week prior and 42.7% lower than the same week in 2017. The Netherlands were the top buyer of 140,600 MT, as China cancelled another 60,000 MT in that week. The prior mentioned 1.13 MMT in sales to China will be shown in next week’s report. Soybean meal sales totaled just 50,539 MT, with soy oil at 5,928 MT.

Jan 19 Soybeans are at $9.09 3/4, down 10 1/4 cents,

Mar 19 Soybeans are at $9.23, down 10 1/4 cents,

May 19 Soybeans are at $9.35 1/2, down 10 1/4 cents,

Jul 19 Soybeans are at $9.47, down 10 1/4 cents,

Mar 18 Soybean Meal is at $310.10, down $2.50

Dec 18 Soybean Oil is at $28.80, up $0.09

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are posing 8 to 10 1/2 cent gains in CBT and KC on Thursday, following another round of decent export sales data. MPLS is 3 to 5 cents higher. All wheat export sales in the week that ended on 12/6 were reported at 754,054 MT, on the high side of estimates. That was a 5.9% jump from last week and 28.1% larger than a year ago. Unknown destinations purchased 210,600 MT, with Japan at 111,900 MT. More than half of the sales total was for HRW, at a MY high 418,161 MT and the largest weekly HRW sales total in 13 months. In Japan’s weekly MOA tender, a total of 137,657 MT of wheat was purchased, with 60,248 MT from the US and the balance from Australia and Canada.

Mar 19 CBOT Wheat is at $5.37, up 10 1/2 cents,

Mar 19 KCBT Wheat is at $5.21 1/2, up 10 1/4 cents,

Mar 19 MGEX Wheat is at $5.87 3/4, up 4 3/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are mixed, with front month Dec up 22.5 cents. Feeder cattle futures are up 35 to 95 cents at midday. The CME feeder cattle index was up a penny on December 11 at $144.97. Wholesale beef prices were mixed again this morning, with the Ch/Select spread going the other way this time widening to $11.77. Choice boxes were up 47 cents at $212.72, with the Select cutout value 62 cents lower at $200.95. USDA estimated week to date cattle slaughter at 361,00 head through Wednesday. That is 1,000 above last week and 7,000 head larger than the same week last year. Out side of the $119 trade on Wednesday’s FCE, few cash sales have been reported. Beef export sales in the week of 12/6 were reported at 10,337 MT for 2018 and 3,650 MT for 2019 in this morning’s Export Sales report.

Dec 18 Cattle are at $119.350, up $0.225,

Feb 19 Cattle are at $122.750, down $0.150,

Apr 19 Cattle are at $124.750, down $0.150,

Jan 19 Feeder Cattle are at $148.200, up $0.625

Mar 19 Feeder Cattle are at $146.000, up $0.725

Apr 19 Feeder Cattle are at $146.500, up $0.900

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are steady to $1.40 lower on Thursday. The CME Lean Hog Index was down 44 cents from the previous day @ $55.54 on December 11. The USDA pork carcass cutout value was up 32 cents at $72.76. The national base cash hog carcass value was 32 cents higher to a weighted average of $46.74. USDA estimated FI hog slaughter for Wednesday was 477,000 head, bringing the WTD total to 1.435 million head. That is 13,000 head larger than last week and 37,000 head above a year ago. Pork export sales for the week that ended on 12/6 totaled 22,334 MT for 2018 and 11,088 MT for 2019.

Dec 18 Hogs are at $54.675, down $0.050,

Feb 19 Hogs are at $64.725, down $0.975

Apr 19 Hogs are at $70.550, down $1.400

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are showing 60 to 77 point losses on Thursday, following weak export sales data. This morning’s Export Sales report indicated that just 47,099 RB of 18/19 upland cotton was sold for export in the week of 12/6. That was well below this time last year and 50.35% lower than the week prior. Vietnam purchased 29,300 RB, with China the second largest buyer of 11,700 RB. Reductions of 28,600 RB was reported for Bangladesh. Sales of 19/20 upland cotton were 33,528 RB. The Cotlook A index was up 5 points from the previous day on Dec 12 at 88.30 cents/lb. The weekly USDA AWP was updated to 69.77, good through next Thursday and up 43 points from the week previous.

Mar 19 Cotton is at 79.2, down 77 points,

May 19 Cotton is at 80.31, down 70 points

Jul 19 Cotton is at 80.95, down 60 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