Ag Market Commentary

Corn futures closed fractionally mixed on Wednesday and the late 2019 contracts the weakest. A private export sale of 212,000 MT of corn to Mexico for 2018/19 delivery was reported this morning. Weekly EIA data showing ethanol production will be released on Thursday. Most ECB states are still above normal harvest progress, with WCB still lagging. DTN reported a national average cash price of $3.35 3/4 on Tuesday evening, 34 cents higher than last year. That put the national basis level at -33 3/4 cents, a nickel stronger than a year ago. Taiwan purchased 62,000 MT of corn in their recent tender with US or Brazil origin.

Dec 18 Corn closed at $3.67, up 1/2 cent,

Mar 19 Corn closed at $3.78, up 1/4 cent,

May 19 Corn closed at $3.85 3/4, unch,

Jul 19 Corn closed at $3.92 1/4, down 1 cent

--provided by Brugler Marketing & Management

Soybean futures closed the Wednesday session with most nearby contracts 5 to 5 1/4 cents higher. Nov expired at $8.70 1/2, up 3 1/4 cents. Front month soy meal was up $1.80/ton, with soy oil 2 points higher. USDA reported a private export sale of 148,000 MT of 18/19 soybeans to unknown destinations this morning. That is the second sale in as many days for a combined 424,732 MT. In Tuesday afternoon’s Crop Progress report indicated just 2 (IL & NC) of the 18 reported states above the normal harvest pace. NOPA data for October will be released on Thursday morning.

Nov 18 Soybeans closed at $8.70 1/2, up 3 1/4 cents,

Jan 19 Soybeans closed at $8.83 1/2, up 5 1/4 cents,

Mar 19 Soybeans closed at $8.96 3/4, up 5 cents,

Jul 19 Soybeans closed at $9.23 1/4, up 5 1/4 cents,

Dec 18 Soybean Meal closed at $305.70, up $1.80,

Dec 18 Soybean Oil closed at $27.57, up $0.02

--provided by Brugler Marketing & Management

Wheat futures saw losses of 4 to 6 cents in most winter wheat contracts on Wednesday, with MPLS down 2 to 3 cents. The KS winter wheat crop is only 90% planted with the average at 98% for this time. Most SRW areas are still lagging as well. Emergence across all 18 reported states is still lagging. Condition ratings improved 3% to 54% gd/ex with the Brugler500 up the same at 348. Weekly Export Sales data will be released on Friday due to Monday’s holiday.

Dec 18 CBOT Wheat closed at $5.03, down 4 3/4 cents,

Dec 18 KCBT Wheat closed at $4.81, down 5 1/2 cents,

Dec 18 MGEX Wheat closed at $5.76, down 2 1/4 cents

--provided by Brugler Marketing & Management

Live cattle futures ended the day with contracts steady to 80 cents lower. Feeder cattle futures were steady to 95 cents in the red. The CME feeder cattle index was down 51 cents on November 13 at $149.38. November feeder futures expire this Thursday (11/15). Wholesale boxed beef prices were lower on Wednesday afternoon. Choice boxes were down 92 cents at $213.16, with the Select cutout value $1.80 lower at $197.18. USDA estimated FI cattle slaughter at 118,000 head for Wednesday, bringing the WTD total to 348,000 head. That was 9,000 below the previous week and 9,000 head fewer than the same day last year. This morning’s FCE auction saw no sales on the 620 head offered.

Dec 18 Cattle closed at $114.600, down $0.775,

Feb 19 Cattle closed at $118.600, down $0.150,

Apr 19 Cattle closed at $120.575, down $0.050,

Nov 18 Feeder Cattle closed at $148.975, unch,

Jan 19 Feeder Cattle closed at $146.975, unch,

Mar 19 Feeder Cattle closed at $143.800, down $0.325

--provided by Brugler Marketing & Management

Lean Hog futures were mixed on Wednesday, with Dec down 30 cents. The CME Lean Hog Index was down another 67 cents from the previous day @ $61.20 on November 12. The USDA pork carcass cutout value was down $1.67 on Wednesday afternoon at $69.02. The butt was the only primal cut reported higher. The national base cash hog value was down 18 cents this afternoon with a weighted average of $51.37. FI hog slaughter was estimated @ 478,000 head on Wednesday, with the weekly total at 1.397 million head. That was 28,000 fewer than a week prior and down 1,000 from the same week in 2017.

Dec 18 Hogs closed at $57.000, down $0.300,

Feb 19 Hogs closed at $62.350, up $0.175

Apr 19 Hogs closed at $67.750, up $0.025

--provided by Brugler Marketing & Management

Cotton futures settled the Wednesday session with most contracts 53 to 69 points in the green. The US dollar was weaker on the day and there was some bargain hunting. The weekly Crop Progress report indicated that TX had 93% of the bolls open and harvest progress at 42% vs. the 48% average. GA was reported at 61% harvested, compared to the average at 64%. The USDA weekly AWP is 69.86 cents/lb, good through this Thursday. The Cotlook A index was down 135 points from the previous day at 86.05 cents/lb on Nov 13. The Cert stocks level for delivery against Dec Futures has risen to 97,981 bales.

Dec 18 Cotton closed at 76.390, up 53 points,

Mar 19 Cotton closed at 78.350, up 69 points

May 19 Cotton closed at 79.630, up 64 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

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