AgriCharts Market Commentary


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Corn Stumbled Out of Weekend.

Corn futures did finish lower on Monday, dropping by as much as 3 3/4 cents in the front months. Harvest gained 10% over the week, which was a slowdown in weekly progress as last week gained 14%. The USDA reported a private export sale of 132,000 MT of corn to unknown destination for a 19/20 MY delivery under the daily reporting system. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. Colombia and Mexico were the main destinations for the shipments, with 16.38% and 58.32% respectively. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. Conversely, sorghum exports are exceeding last year’s pace. The MYTD accumulated export inspections for the substitute are 445,663 MT as of 11/14, which is nearly double (94.98%) this point last year. The USDA’s weekly crop progress report showed that corn harvest is still behind schedule, with the 76% completed 16 percentage points behind the average pace.

DEC 19 Corn closed at $3.67 3/4, down 3 1/2 cents,

MAR 19 Corn closed at $3.77 1/4, down 3 1/2 cents,

MAY 20 Corn closed at $3.83, down 3 1/2 cents

JUL 20 Corn closed at $3.88 3/4, down 3 3/4 cents

---provided by Brugler Marketing & Management

Soybean Futures Fell despite Good Export Inspections

Bean futures dropped after Monday’s round of trades. Nearby contracts finished 6 3/4 to 8 cents lower on the day. Soybean meal ended on Monday $5.90/ton lower, while soybean oil posted a 21 point gain on the day. Bean harvest was in line with trader expectations, listed at 91% complete in USDA’s weekly Crop Progress report from the afternoon. Harvest progressed 6% over the previous week, a slowdown as last week had progressed 10% wk/wk. USDA’s updated weekly export inspections showed that soybeans exports are still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. China was the main destination on the week with the PRC receiving 942,299 MT (61.15%). The accumulated soybean exports as of 11/14 were updated to 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. Brazilian bean planting has been updated by AgRural to be 67% complete as compared to the 70% average rate. This time last year the country was 82% planted.

JAN 19 Soybeans closed at $9.10 1/4, down 8 cents,

MAR 19 Soybeans closed at $9.23, down 7 3/4 cents,

MAY 20 Soybeans closed at $9.35, down 7 1/4 cents,

JUL 20 Soybeans closed at $9.45 3/4, down 6 3/4 cents,

DEC 19 Soybean Meal closed at $301.20, down $5.90,

DEC 19 Soybean Oil closed at $30.64, up $0.21

--- provided by Brugler Marketing & Management

Monday Wheat Futures Posted Gains

Wheat futures came back down from midday gains, but still managed to finish mostly in the black. Chicago wheat lead the way posting a daily gain of 4 1/2 cents, with KC wheat futures closely behind gaining 1 1/2 cents on the day. Minneapolis HRS wheat futures saw some fractional losses at the close. Export inspections for all wheat, were updated by the USDA this morning. The weekly update for the week ending 11/14 showed 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. The updated accumulated wheat exports are now 11.920 MMT, which is 21.39% above last year’s pace. The weekly exports were mostly soft white, which was 144,548 MT. White wheat composed 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections. Winter wheat planting was 95% completed, matching the average pace.

DEC 19 CBOT Wheat closed at $5.07 1/4, up 4 1/2 cents,

DEC 19 KCBT Wheat closed at $4.18 1/2, up 1 1/2 cents,

DEC 19 MGEX Wheat closed at $5.03 1/4, down 1/2 cent

-- provided by Brugler Marketing & Management

Cattle Futures Finished Monday Mixed

Live cattle futures closed on Monday with 40 cent losses in the Dec futures, while other nearby futures gained as much as 30 cents on the day. Feeder cattle futures made bounce back on Monday, up 12 to 50 cents after the closing bell. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Afternoon boxed beef tightened the Chc/Sel spread to 23.53. Choice boxes were lower by $1.68, to $239.12. On the other hand, select boxes rose $1.26 higher to $215.59. The USDA estimated FI cattle slaughter to be 118,000 head on the day. Last week’s total was estimated at 657,000 head.

DEC 19 Cattle closed at $118.700, down $0.400,

FEB 19 Cattle closed at $125.100, up $0.125,

APR 20 Cattle closed at $126.375, up $0.300,

NOV 19 Feeder Cattle closed at $146.375, up $0.125

JAN 19 Feeder Cattle closed at $144.475, up $0.200

MAR 19 Feeder Cattle closed at $144.725, up $0.500

--provided by Brugler Marketing & Management

Hog Futures See Triple Digit Losses

Lean hog futures finished Monday with losses, the nearby Dec gave up a small midday gain and finished with a $0.45 drop, whereas Feb and Apr contracts stayed negative triple digits all day. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s afternoon pork carcass cutout value was $1.01 higher, with most of the primal cuts making gains on the day, save for loins which were down by $1.44. The national average base hog price is down by 10 cents out of the weekend, shown at $42.15. The USDA estimated FI hog slaughter to be 493,000 head to start the week, last week’s estimated slaughter was 2.749 million .

DEC 19 Hogs closed at $62.750, down $0.450,

FEB 19 Hogs closed at $70.225, down $1.775

APR 20 Hogs closed at $76.350, down $2.625

--provided by Brugler Marketing & Management

Cotton Harvest ahead of Normal, but Slowing

Cotton futures are 55 to 94 points lower after Monday’s round of trading. Weekly Crop Progress Report stated that cotton harvest is still ahead of schedule, listed at 68% complete as compared to 58% for the same week last year and a 66% average. Cotton harvest progressed 6% on week, compared to last week’s 9% progress. The 7 day forecast from the national weather service is indicating another wet week, the map indicates that most of the cotton region will get precipitation, showing as much as 2 1/4 inches accumulated, and parts of Northeast Georgia even expected to get more than 3 inches accumulated. Big online sales on Friday pushed the weekly total sales up to 30,460 bales on The Seam. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

DEC 19 Cotton closed at 64.18, down 68 points,

MAR 19 Cotton closed at 65.75, down 94 points

MAY 20 Cotton closed at 67.03, down 84 points

JUL 20 Cotton closed at 68.29, down 55 points

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
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