AgriCharts Market Commentary

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Corn Market Hovers Near UNCH

Corn futures are UNCH to fractionally lower this morning after finishing Monday with 4 to 4 3/4 cent losses. Trade ideas for US corn harvest are running 65-66% completed. USDA will release those numbers later today. Commercial sources are estimating export shipments will be in the 350-400,000 MT range. South Korea was reported on the wires to have purchased ~65,000 MT of corn Monday for last half Dec or Jan shipment. CHS was reportedly the seller, but the grain may not be US origin, with some sources suggesting Black Sea or even South America. US FOB prices are above Argentine and Ukrainian prices, although recently below Brazil. December corn options are scheduled to expire a week from Friday.

---provided by Brugler Marketing & Management

Soybeans A Penny Either Side of Unchanged

Soybean futures are trading a penny lower to a penny higher this morning after prices dropped double digits yesterday, falling 12 3/4 to 14 1/2 cents. Net new selling was noted, with preliminary open interest up 7,374 contracts Soybean meal is $4.30/ton lower at the start of the week. Bean oil stayed 8 points lower on Monday. There were 233 deliveries against November bean futures overnight, with 5 different stoppers. November soybean futures will expire on Thursday. Trade ideas for US harvest progress are in the 84-85% range for the weekly report. UkrAgroConsult projects the Russian 2019/20 soybean production to be 4.3 MMT and revised the Ukraine 100,000 MT higher to 3.7 MMT. China has been trying to buy some of those beans as part of their supplier diversification plan. EU imports of soybean meal are up 15% over last MY. The soybean meal is typically shipped to Spain to be converted into livestock feed; 45% hog feed, 31% poultry and 24% beef.

--- provided by Brugler Marketing & Management

Wheat Market Steady to 3 Higher

Wheat Futures in Chicago are hovering near UNCH. Prices in KC HRW and MPLS HRS are 1/2 to 3 cents per bushel higher, with KC contracts the firmest of the two. Kansas City HRW futures tried to rebound on Veterans Day, closing with a 1 1/4 cent gain for upcoming Dec futures. Yesterday, Chicago SRW dropped the most, down by 3 3/4 to 4 1/2 on the day. Minneapolis HRS finished the session down by as much as 4 cents in nearby contracts. The USDA Export Inspections and Crop Progress reports were delayed by the holiday until today. Trade ideas for wheat export inspections last week are in the 250-350,000 MT range. Canadian wheat harvest continues to drag on, with Alberta reporting 89.5% complete. They were 95% done a year ago at this time.

-- provided by Brugler Marketing & Management

Cattle Market Up on Monday With Wholesale Prices Mixed

Live cattle futures rebounded after midday lows, with gains as much as 90 cents. Feeder cattle futures gained triple digits with help from cheaper feed. The 11/07 CME Feeder Cattle index was down 25 cents to $145.84. UPS logistics, partnering with HerdX, have successfully sold, and shipped beef to Japan using block chain technology. Wholesale boxed beef prices were mixed. Choice boxes were down on Monday by 53 cents to $238.59. Select boxes gained 43 cents on the day to finish at $213.69. USDA estimated FI cattle slaughter is 112,000 head for this Veterans Day, last week’s total was estimated at 651,000 head.

--provided by Brugler Marketing & Management

Lean Hogs Still Trying to Move More Product

Lean hog futures were mixed on Veterans Day, down as much as 82 cents for nearby contracts, and gains of 32 cents for Apr. The CME Lean Hog Index regained $0.10 yesterday, to $60.29. The pork carcass cutout value gained $3.87 on the day, up to $85.47; the biggest gainers were ham and belly cuts. The national average base hog price was updated this afternoon to $45.12. The USDA estimated FI hog slaughter for Monday’s holiday is 444,000 head; the weekly total from last week reached 2.693 million head.

--provided by Brugler Marketing & Management

Cotton Market Steady to 5 Higher

Cotton futures are trading steady to 5 points higher this morning. They finished Monday lower, by 37 to 47 points. The dollar was weaker, posting an inside day on the charts. Online cash sales reported on The Seam for Monday were 5,569 bales, at a monthly high average price of 62.30 cents/ lb. The Cotlook A Index for 11/8 regained 70 points to 75.40 cents/lb. The AWP will remain at 56.63 cents/lb through Thursday.

--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