AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are currently down 2 1/4 cents at midday, adding to losses from the past few sessions. Corn export commitments are 41% larger than last year at this time, with unshipped sales 27% larger despite the down week. They are now 34% of the USDA export projection, with the normal pace @ 33%. There is a little harvest pressure, and some garden variety profit taking after hitting chart resistance on Monday. A total of 1.203 MMT of corn from Chinese state reserves was sold on Friday, taking up 29.99% of the offered amount. The Buenos Aires Grain Exchange estimates that 32.6% of the country’s corn crop is planted as of 10/17, which is 4.1% faster than the average.

Dec 18 Corn is at $3.68 1/2, down 2 1/4 cents,

Mar 19 Corn is at $3.80 3/4, down 2 1/4 cents,

May 19 Corn is at $3.88, down 2 1/4 cents

Jul 19 Corn is at $3.93 1/2, down 2 1/4 cents

--provided by Brugler Marketing & Management, (402) 289-2330

Soybeans Market Commentary

Soybean futures are mostly 3 to 3 1/2 cents lower in the nearby contracts. Front month soy meal is down $2.30/ton, with soy oil 31 points higher. USDA reported a total of 180,000 MT of net cancellations for 18/19 soybeans to China this morning, with an additional 120,000 MT of optional origin beans to unknown also cancelled. US Soybean export sales commitments are currently 21% smaller than last year. Typically, commitments would total 54% of the USDA export projection by this date, with only 37% reached so far this year. Argentina’s ag ministry expects that country’s planted soybean acreage to total 43.25 million acres, up ~750,000 from last year.

Nov 18 Soybeans are at $8.60 1/2, down 3 cents,

Jan 19 Soybeans are at $8.74 1/4, down 3 1/2 cents,

Mar 19 Soybeans are at $8.87 1/4, down 3 1/4 cents,

May 19 Soybeans are at $9.00 3/4, down 3 cents,

Dec 18 Soybean Meal is at $314.00, down $2.30

Dec 18 Soybean Oil is at $29.33, up $0.31

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.

Wheat Market Commentary

Wheat futures are trading 1 to 3 1/4 cents higher in most contracts on Friday. Wheat export commitments are 18% smaller than last year at this time, but unshipped sales are down only 4%, so the picture looks a little better going forward. USDA doubled down on their projection last week at 1.025 bbu, while commitments are 44% of that total and are normally 62% by this time. The USDA ag attache for Russia projected 2018 wheat production at 68.5 MMT (1.5 MMT below the official USDA number). Exports are seen at 33.4 MMT, 1.6 MMT lower than last week’s official USDA numbers.

Dec 18 CBOT Wheat is at $5.16 1/4, up 3 1/4 cents,

Dec 18 KCBT Wheat is at $5.17 1/2, up 2 3/4 cents,

Dec 18 MGEX Wheat is at $5.87 1/2, up 2 1/2 cents

--provided by Brugler Marketing & Management (402) 289-2330

Cattle Market Commentary

Live cattle futures are mostly 40 to 70 cents in the red at midday. Feeder cattle futures are down 50 cents to $1.15. The CME feeder cattle index was up 36 cents on October 17 at $155.50. Wholesale boxed beef prices were higher on Friday morning. Choice boxes were up $1.40 @ $208.22, with Select $1.51 higher at $193.86. USDA estimated FI cattle slaughter through Thursday is 467,000 head. That is 1,000 below the previous week and 1,000 head larger than last year. Cash bids are being reported around $111 so far on Friday ahead of this afternoon’s Cattle on Feed report.

Oct 18 Cattle are at $112.375, down $0.700,

Dec 18 Cattle are at $116.700, down $0.475,

Feb 19 Cattle are at $120.925, down $0.450,

Oct 18 Feeder Cattle are at $154.750, down $0.500

Nov 18 Feeder Cattle are at $153.850, down $0.575

Jan 19 Feeder Cattle are at $148.550, down $0.875

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.

Lean Hogs Market Commentary

Lean hog futures are trading 10 to 50 cents lower in most contracts on Friday, with nearby Dec up 37.5 cents. The CME Lean Hog Index was down 41 cents from the previous day @ $67.76 on October 17. The USDA pork carcass cutout value was $1.02 higher @ $79.14 in the AM report. The national base hog carcass value was not reported this morning due to confidentiality reasons, with the value on the live basis down 42 cents at $44.73. FI hog slaughter is estimated at 1.890 million head WTD through Thursday. That is up 28,000 from last week and 66,000 larger than the same week in 2017. A Chinese animal health official reported on Friday morning that the country has culled an estimated 200,000 hogs due to the recent African Swine Fever outbreak. The outbreak has hit some larger operations this week, including one 20,000 head location.

Dec 18 Hogs are at $52.675, up $0.375,

Feb 19 Hogs are at $59.975, down $0.250

Apr 19 Hogs are at $66.575, down $0.425

--provided by Brugler Marketing & Management, Call (402) 289-2330

Cotton Market Commentary

Cotton futures are currently 14 to 30 points lower at midday. Thursday’s Cotton on Call report indicated that mills back off their unfixed call sales position by 1,193 contracts in the week that ended 10/12 to 23,421 contracts for December. Cotton export commitments have been slowing but are still 17% larger than last year at this time. They are still well ahead of the normal pace at 63% of the USDA full year projection with 46% the average. The Cotlook A index was down another 50 points from the previous day at 87.25 cents/lb on October 18. The USDA weekly AWP was updated to 69.09 cents/lb, up 1.32 cents from last week and good through next Thursday.

Dec 18 Cotton is at 77.91, down 14 points,

Mar 19 Cotton is at 79.3, down 19 points

May 19 Cotton is at 80.31, down 24 points

Jul 19 Cotton is at 81.010, down 28 points

--provided by Brugler Marketing & Management (402) 289-2330


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