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 Slightly Higher at Midday

Corn futures are showing fractional to 1 cent gains in the front months so far on Friday. December options expire today. Total export commitments for corn are slowly whittling away on this time last year, now lagging by 45.4% from the same week in 2018. They are just 28% of the USDA export projection, with the average pace at 43% for this week. Accumulated shipments are just 11% of that number (5-year avg 17%), with unshipped sales down 32% yr/yr. Buenos Aires Grain Exchange pegs the Argentine corn crop is 45.7% planted as of 11/21.

DEC 19 Corn is at $3.69 1/4, up 3/4 cent,

MAR 19 Corn is at $3.80, up 1 cent,

MAY 20 Corn is at $3.85, up 3/4 cent

JUL 20 Corn is at $3.90 1/4, up 1/4 cent

--provided by Brugler Marketing & Management

Soybeans in the Red on Friday

Soybeans futures continue to leak lower, down 3 to 3 1/4 cents in the nearby contracts. Soybean meal is down $2.10/ton, with Bean oil 28 points higher. Export commitments of soybeans are now 4.8% above last year, even as unshipped sales down 3%. Accumulated exports are up 14% at 26% of the USDA projection. Combined, shipped and unshipped sales are 49% of that projection, with the normal pace at 63%. The Weekly Ag Report from the Buenos Aires Grain Exchange stated Argentinean bean planting had reached 31.1% completion as of 11/21. ARC Mercosul estimates that the Brazilian soybean crop is 77.3% planted, vs. the average of 80.5% and 89.6% last year.

JAN 19 Soybeans are at $8.98, down 3 cents,

MAR 19 Soybeans are at $9.12, down 3 1/4 cents,

MAY 20 Soybeans are at $9.25 1/4, down 3 1/4 cents,

JUL 20 Soybeans are at $9.37 1/4, down 3 cents,

DEC 19 Soybean Meal is at $298.90, down $2.10,

DEC 19 Soybean Oil is at $30.97, up $0.28

-- provided by Brugler Marketing & Management

Wheat Bouncing as Options Expire

Wheat futures are up 4 to 9 cents in the winter wheat contracts, with MPLS fractionally mixed. December options expire today. Export commitments for US wheat is now 7.6% above last year at this time. Nearly halfway through the MY, they are 60% of the USDA projection, even with last year but lagging the 69% average. Actual shipments YTD are 45% of the forecast total (46% avg) and 24% larger yr/yr, with unshipped sales lagging 2018/19 by 25%. French wheat planting is now at 74% complete according to the FranceAgriMer, lagging 97% from this week last year.

DEC 19 CBOT Wheat is at $5.17 1/2, up 8 1/2 cents,

DEC 19 KCBT Wheat is at $4.25 1/4, up 4 1/4 cents,

DEC 19 MGEX Wheat is at $4.96, up 3/4 cent

-- provided by Brugler Marketing & Management

Cattle Posting Triple Digit Losses

Live cattle futures are down $1.03 to $2.20 at midday, ahead of the monthly Cattle on Feed report. Feeder cattle futures are $3.80 to $4.025 lower in the front months. The 11/20 CME Feeder Cattle index was down 41 cents to $145.86. Friday boxed beef prices were lower this morning, narrowing the Chc/Sel spread. Choice boxes were down $1.03, while select boxes dropped $0.92. So far this week cash trade has been reported in the $116 range, with some as high as $117.50. Dressed cattle are trading at $184.00 in NE. The USDA Cattle on Feed report will be out later this afternoon, with expectations for larger placements and On Feed numbers than a year ago. The USDA’s weekly estimated FI cattle slaughter is up to 471,000 head through Thursday afternoon, that’s 4,000 head above last week’s pace.

DEC 19 Cattle are at $118.300, down $1.025,

FEB 19 Cattle are at $123.350, down $1.700,

APR 20 Cattle are at $123.575, down $2.200,

JAN 19 Feeder Cattle are at $138.450, down $4.150

MAR 19 Feeder Cattle are at $138.775, down $4.025

APR 19 Feeder Cattle are at $140.300, down $3.800

--provided by Brugler Marketing & Management

Hogs Mixed at Midday

Lean hog futures are up 82 cents in nearby Dec, as other front months are steady to 37 cents lower. The CME Lean Hog Index fell back 4 cents and was at $59.54 for 11/20. The USDA pork carcass cutout value recovered this morning with a $2.46 gain, primals were mixed. USDA’s national average base hog price for 11/22 was 67 cents lower to $41.90. USDA estimated FI daily hog slaughter was estimated at 484,000 head for Thursday, to put the weekly total at 1.964 million head. Cold Storage data for the end of October will be released this afternoon.

DEC 19 Hogs are at $61.475, up $0.825,

FEB 19 Hogs are at $67.375, down $0.075

APR 20 Hogs are at $73.725, down $0.375

--provided by Brugler Marketing & Management

Midday Highs Again for Cotton

Cotton futures are up 50 to 82 points in the front months on Friday. Upland cotton export commitments are now 66% of the USDA projection (59% avg), with actual shipments 18% of the full-year forecast (16% avg). The 11/20 Cotlook A Index was down again for the third straight day, this time a full cent bringing the index to 73.40 cents/lb. The weekly update to the AWP for cotton was reduced 70 points to 56.36 cents per lb.

DEC 19 Cotton is at 62.66, up 82 points,

MAR 19 Cotton is at 64.74, up 73 points

MAY 20 Cotton is at 65.8, up 66 points

JUL 20 Cotton is at 66.64, up 50 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