AgriCharts Market Commentary

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.

Corn Market Commentary

Corn futures saw 3 cent losses in most nearby contracts Turnaround Tuesday profit taking. A drier pattern this week should allow producers in the Corn Belt to make better harvest progress. Monday’s Crop Progress indicated most WCB states lagging harvest pace and only moving 2-3% on the week, with ECB states now well ahead of normal. Condition ratings held up better than expected for the US as a whole. Condition ratings were down 1 in IA and up the same in IN, while MN lost 3 points with the Dakotas both lower and NE up 2. An Israeli importer is seeking 60,000 MT of corn, with the tender to closed on Wednesday and US listed as an accepted origin.

Dec 18 Corn closed at $3.75 1/4, down 3 cents,

Mar 19 Corn closed at $3.87 1/4, down 3 cents,

May 19 Corn closed at $3.94 1/4, down 3 cents

Jul 19 Corn closed at $3.99 1/4, down 3 cents

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

Soybeans Market Commentary

Soybean futures gave back some of Monday’s gains on Turnaround Tuesday, down 6 to 7 cents. Nearby soy meal was down $4.70/ton, with soy oil 10 points lower. Forecasts for the next week are dry for most of the Corn Belt, helping to get things dried out and allowing harvest to progress. NASS reported harvest as of Sunday was well behind normal with WCB states making very little progress over the past week. Progress in IA and MN is lagging by 31% with NE down 16% and the Dakotas well below normal, while IL is 5% faster than normal and IN up 2%. Condition ratings saw significant declines in IA (-10%), MO (-11%), ND (10%), and OH (-9%), with NE down 5% and MN 3 points lower.

Nov 18 Soybeans closed at $8.84 3/4, down 6 3/4 cents,

Jan 19 Soybeans closed at $8.99 1/4, down 6 1/2 cents,

Mar 19 Soybeans closed at $9.11 1/2, down 6 1/2 cents,

Jul 19 Soybeans closed at $9.34 3/4, down 6 3/4 cents,

Dec 18 Soybean Meal closed at $322.30, down $4.70,

Dec 18 Soybean Oil closed at $29.66, down $0.10

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

Wheat Market Commentary

Wheat futures closed the Tuesday session with most contracts steady to 4 1/4 cents in the red. NASS reported that KS is now lagging normal pace at 62% planted, most other HRW states are also behind average. Emergence in those same states, however, is ahead of normal. Dryness across most of KS, northern OK, and further north should allow planting pace to pick up. Japan is seeking 127,688 MT of wheat from the US (59,640 MT), Canada, and Australia in their weekly MOA tender, with results expected on Thursday.

Dec 18 CBOT Wheat closed at $5.23 1/2, down 1 1/2 cents,

Dec 18 KCBT Wheat closed at $5.28, down 3 3/4 cents,

Dec 18 MGEX Wheat closed at $5.96 1/4, down 4 1/4 cents

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

Cattle Market Commentary

Live cattle futures ended Tuesday with mixed trade, as nearby Oct was down 72.5 cents and Feb was up 12.5 cents. Feeder cattle futures were mostly lower, with front month Oct down $1.075. The CME feeder cattle index was down 90 cents on October 15 at $155.36. Wholesale boxed beef prices were mixed on Tuesday afternoon. Choice boxes were down 19 cents @ $204.61, with Select up 66 cents to $192.55. FI cattle slaughter through Tuesday was estimated at 234,000 head. That is 2,000 above the previous week and 5,000 head larger than last year. Wednesday’s FCE will have 1,103 head for sale on their weekly auction. Ahead of Friday’s Cattle on Feed report, analysts are expecting to see September placements just 0.1% larger than last year at 2.152 million head. Marketings in that month are seen down 3% at around 1.73 million head.

Oct 18 Cattle closed at $112.650, down $0.725,

Dec 18 Cattle closed at $117.775, down $0.200,

Feb 19 Cattle closed at $121.825, up $0.125,

Oct 18 Feeder Cattle closed at $154.025, down $1.075

Nov 18 Feeder Cattle closed at $154.225, down $1.000

Jan 19 Feeder Cattle closed at $149.950, down $0.575

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

Lean Hogs Market Commentary

Lean hog futures settled Tuesday with gains of 12.5 to 65 cents. The CME Lean Hog Index was down 24 cents from the previous day @ $68.75 on October 12. The USDA pork carcass cutout value was 63 cents lower in the Tuesday afternoon report at $80.87. The national base hog carcass value was 40 cents lower at a weighted average of $59.86 on Tuesday afternoon. FI hog slaughter was estimated at 936,000 head through Tuesday. That was up 12,000 head from last week and 38,000 head more than the same week last year.

Dec 18 Hogs closed at $56.875, up $0.125,

Feb 19 Hogs closed at $64.250, up $0.350

Apr 19 Hogs closed at $69.475, up $0.625

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

Cotton Market Commentary

Cotton futures were steady to 39 points lower in the front months on Tuesday, ignoring the drastic deterioration to the national crop reported on Monday. With estimated ending stocks pushing 5 million bales, the market can be complacent at times about crop losses. Texas has 30% harvested, with GA @ 20%. Condition ratings dropped a sharp 22 points to 299 on the Brugler500. The main cause was from GA due to Hurricane Michael, as it lost 126 Index points to 234. Conditions in TX also fell by 5 points, with AL down 39 points. The Cotlook A index was up 150 points from the previous day at 87.65 cents/lb on October 15. The USDA weekly AWP is 67.73 cents/lb, and effective through this Thursday.

Dec 18 Cotton closed at 78.330, down 39 points,

Mar 19 Cotton closed at 79.780, down 6 points

May 19 Cotton closed at 80.650, unch,

--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