AgriCharts Market Commentary

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Corn Market Commentary

Corn futures saw losses of 2 to 3 1/2 cents in most contracts on Thursday, pressured by a disappointing export sales number. This morning’s USDA Export Sales report indicated that 18/19 sales in the week of 10/11 totaled just 382,534 MT. That was a drop of 62% from the week prior and 69.52% lower than the same time last year. There were net reductions of 326,500 MT for unknown destinations, with most of that being switched to defined locations. Export shipments in that week totaled 1.1 MMT, more than triple this time last year but down 31.4% wk/wk. There was 452,100 MT headed to Mexico. An auction of Chinese state reserves saw 3.221 MMT of corn sold, with was 81.12% of the total.

Dec 18 Corn closed at $3.70 3/4, down 3 1/2 cents,

Mar 19 Corn closed at $3.83, down 3 1/2 cents,

May 19 Corn closed at $3.90 1/4, down 3 1/4 cents

Jul 19 Corn closed at $3.95 3/4, down 2 3/4 cents

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

Soybeans Market Commentary

Soybean futures posted 21 to 22 1/4 cent losses in the nearby contracts on Thursday. Front month soy meal was down $7.40/ton, with soy oil 54 points lower. Export sales of 18/19 soybeans were just 293,566 MT for the week that ended on October 11. That was well below this time last year, as they saw a 33.2% drop wk/wk. Most of the sales were switched from unknown, which saw a net reduction of 694,400 MT. Shipments of soybeans picked up 30.9% from last week at 1.157 MMT but were still down 37.4% from a year ago. Spain was the top destination of 188,000 MT, with 134,700 MT headed to China. Soy meal sales were tallied at 104,342 MT, with soy oil 26,583 MT in the first full week of the new MY. Argentina’s ag ministry expects the country’s planted soybean acreage to total 43.25 million acres, up ~750,000 from last year.

Nov 18 Soybeans closed at $8.63 1/2, down 22 1/4 cents,

Jan 19 Soybeans closed at $8.77 3/4, down 22 cents,

Mar 19 Soybeans closed at $8.90 1/2, down 21 3/4 cents,

Jul 19 Soybeans closed at $9.13 3/4, down 21 1/2 cents,

Dec 18 Soybean Meal closed at $316.30, down $7.40,

Dec 18 Soybean Oil closed at $29.02, down $0.54

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

Wheat Market Commentary

Wheat futures closed the Thursday session with most contracts 2 to 6 1/4 cents in the red. Pressure was apparent from spillover in corn and beans, as this morning’s wheat export number was within expectations. A stronger US dollar was also a bearish influence. The weekly Export Sales report from USDA showed wheat sales in the week of 10/11 picking up 40.4% from the week prior at 475,998 MT, down 22.7% from last year. All wheat exports in that week were at 491,030 MT, up 50.93% from last year but down 2.17% wk/wk. Of that total, 120,200 MT went to Mexico, with 104,500 MT to Iraq. Japan’s weekly MOA tender saw purchases of 127,688 MT of US, Australian, and Canadian wheat, with 59,640 MT US origin. The USDA ag attach 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 lower than official USDA numbers.

Dec 18 CBOT Wheat closed at $5.13, down 4 1/2 cents,

Dec 18 KCBT Wheat closed at $5.14 3/4, down 6 1/4 cents,

Dec 18 MGEX Wheat closed at $5.85, down 3 1/4 cents

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

Cattle Market Commentary

Live cattle futures were mostly steady to 30 cents lower on Thursday, with front month Oct up 15 cents. Feeder cattle futures ended the day with triple digit gains in the nearby contracts. Oct needs to stay close to cash with expiration a week from today. The CME feeder cattle index was up 36 cents on October 17 at $155.50. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up $2.26 @ $206.82, with Select $1.16 higher at $192.35. 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. A few $111 trades in Nebraska were reported on Thursday, with most other feedlots passing at that same price. Weekly beef export sales totaled 13,080 MT for the week ending 10/11. Exports totaled 16,012 MT in that week.

Oct 18 Cattle closed at $113.075, up $0.150,

Dec 18 Cattle closed at $117.175, down $0.200,

Feb 19 Cattle closed at $121.375, down $0.100,

Oct 18 Feeder Cattle closed at $155.250, up $1.175

Nov 18 Feeder Cattle closed at $154.425, up $1.075

Jan 19 Feeder Cattle closed at $149.425, up $0.350

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

Lean Hogs Market Commentary

Lean hog futures settled Thursday with sharp $2.35-$2.40 losses in the nearby contracts. After the close, it was report US has suspended pork imports from Poland after the country reported an outbreak of African Swine Fever. Poland is typically the second largest origin of US pork imports. The CME Lean Hog Index was down 42 cents from the previous day @ $68.17 on October 16. The USDA pork carcass cutout value was 40 cents lower @ $78.12 in the PM report. The national base hog carcass value was 8 cents higher in the afternoon report, with the weighted average at $59.16. FI hog slaughter is estimated at 1.890million head WTD through Thursday. That is up 28,000 from last week and 66,000 larger than the same week in 2017. Export sales of pork in the week of October 11 were tallied at 20,762 MT, with shipments of 25,691 MT reported by USDA.

Dec 18 Hogs closed at $52.300, down $2.400,

Feb 19 Hogs closed at $60.225, down $2.350

Apr 19 Hogs closed at $67.000, down $1.500

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

Cotton Market Commentary

Cotton futures finished Thursday with slight 9 to 15 point gains in the front months. Export sales of 18/19 upland cotton in the week ending 10/11 totaled 32,656 RB, a fraction of this week last year and 66.68% lower than last week. That included 13,400 RB sold to lead buyer Pakistan and 18,480 RB in reductions to China. Sales for 19/20 were reported at 24,200 RB, with 17,600 RB to China. Upland cotton shipments totaled 135,325 RB, down 35.07% from last week but 57.13% larger than last year for the same week. Of that total 33,088 RB went to China. The Cotlook A index was down 30 points from the previous day at 87.75 cents/lb on October 17. The USDA weekly AWP was updated to 69.09 cents/lb earlier today, up 1.32 cents from last week and good through next Thursday.

Dec 18 Cotton closed at 78.050, up 13 points,

Mar 19 Cotton closed at 79.490, up 5 points

May 19 Cotton closed at 80.550, up 9 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