Ag Market Commentary

Corn futures are mostly 1 to 2 cents in the red at midday, despite a decent round of export sales data. Ethanol is also lower at the moment. This morning’s Export Sales report showed net 18/19 sales on the high side of trade expectations at 892,529 MT. That lagged the same week last year by 6% but was 24.24% larger than the week prior. Mexico was the lead buyer of 334,800 MT, with Japan purchasing 207,200 MT. Two separate South Korean tenders saw a total of 198,000 MT of corn purchased on Friday, with 60,000 MT US origin and 138,000 MT optional origin.

Dec 18 Corn is at $3.65 3/4, down 1 3/4 cents,

Mar 19 Corn is at $3.76 1/2, down 1 3/4 cents,

May 19 Corn is at $3.84, down 1 3/4 cents

Jul 19 Corn is at $3.90 3/4, down 1 3/4 cents

--provided by Brugler Marketing & Management

Soybean futures are trading 3 to 4 cents higher in the nearby contracts on Friday. Soy meal is leading the way as Dec is up $5.20/ton, with soy oil down 27 points. There was a private export sale of 100,000 MT of 18/19 soybeans to unknown reported through the USDA’s daily reporting system this morning. The delayed weekly Export Sales report indicated that 470,362 MT of soybeans were sold during the week of 11/8, on the low side of estimates. That was 46.8% larger than last year but well below last year. There were 488,800 MT in net reductions reported for unknown, with China cancelling 195,000 MT. Soy meal sales exceeded the rage of estimates at 432,352 MT, with soy oil sales of 14,999 MT reported. AgRural estimates that the Brazil soybean crop is 82% planted, well above the 5-year average of 67%.

Jan 19 Soybeans are at $8.92 1/2, up 3 3/4 cents,

Mar 19 Soybeans are at $9.05 3/4, up 3 1/2 cents,

May 19 Soybeans are at $9.18 3/4, up 3 1/4 cents,

Jul 19 Soybeans are at $9.31 1/4, up 3 1/4 cents,

Dec 18 Soybean Meal is at $310.60, up $5.20

Dec 18 Soybean Oil is at $27.42, down $0.27

--provided by Brugler Marketing & Management

Wheat futures are showing 2 to 3 cent gains in the winter wheat contracts at midday, with MPLS down 1 to 2 cents. All wheat export sales in the week ending 11/8 totaled 438.256 MT, on the lower side of expectations. That as down 33.7% from the week prior and 10.4% lower than the same week in 2017. Bangladesh was the lead buyer of 120,000 MT, with Venezuela cancelling 60,000 MT. The French AgriMer estimates that the country’s crop is 92% planted, with gd/ex ratings at 82% vs. 97% a year ago.

Dec 18 CBOT Wheat is at $5.08 1/2, up 3 cents,

Dec 18 KCBT Wheat is at $4.83, up 3 cents,

Dec 18 MGEX Wheat is at $5.73 3/4, down 1 cent

--provided by Brugler Marketing & Management

Live cattle futures are mixed at midday with front months 20 to 55 cents higher and back months lower. Feeder cattle futures are 55 to 95 cents lower. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were lower on Friday morning. Choice boxes were down 22 cents at $213.33, with the Select cutout value 2 cents lower at $197.56. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. Cash cattle bids are still being reported around $112, with a few sales of $178 reported in NE. Export sales of beef in the week that ended on 11/8 were tallied at 13,594 MT this morning, with shipments at 17,043 MT.

Dec 18 Cattle are at $115.350, up $0.200,

Feb 19 Cattle are at $119.625, up $0.525,

Apr 19 Cattle are at $121.375, up $0.425,

Jan 19 Feeder Cattle are at $146.925, down $0.925

Mar 19 Feeder Cattle are at $144.000, down $0.550

Apr 19 Feeder Cattle are at $144.325, down $0.675

--provided by Brugler Marketing & Management

Lean Hog futures are posting triple digit gains in most nearby contracts on Friday, with Feb up the limit. The CME Lean Hog Index was down another 61 cents from the previous day @ $59.86 on November 14. The USDA pork carcass cutout value was up 32 cents on Friday morning at $68.99. The national base cash hog value not reported due to confidentiality reasons, with the 5-day rolling average at $51.55. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017. Pork whole muscle sales for export totaled 20,521 MT in the week of 11/8, as weekly exports totaled a MY high 26,723.

Dec 18 Hogs are at $59.950, up $2.875,

Feb 19 Hogs are at $66.750, up $3.000

Apr 19 Hogs are at $71.600, up $2.850

--provided by Brugler Marketing & Management

Cotton futures are trading 51 to 67 points higher in most contracts at midday. The dollar is weaker. All upland cotton 18/19 export sales were tallied at 67,593 RB for the week of Nov 8 by the USDA this morning. Pakistan importers purchased 24,500 RB, with Vietnam at 23,300 RB and China cancelling a net 6,970 RB. Sales for 19/20 upland cotton totaled 45,945 RB, with China taking up 22,000 RB of that. The Cotlook A index was up 75 points from the previous day at 86.30 cents/lb on Nov 15. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior.

Dec 18 Cotton is at 76.76, up 51 points,

Mar 19 Cotton is at 78.89, up 61 points

May 19 Cotton is at 80.21, up 67 points

Jul 19 Cotton is at 81.290, up 61 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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