AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are trading 1 to 2 cents higher in the nearby contracts on Monday. This morning’s USDA export inspections report indicated that 949,168 MT (metric tonnes) of corn was shipped in the week of 10/18. That was 6.15% lower than the week prior, but 49.23% larger than the same week in 2017. YTD exports are now 72% larger than last year at 7.823 MMT. Trade sources are looking for USDA to show corn harvest about 50% completed in tonight’s report, a little ahead of the 47% average pace. Friday afternoon’s CFTC Commitment of Traders report indicated that specs in corn futures and options flipped their net position by 54,186 contracts in the week ending Oct 16. That new net long position was +20,154 contracts.

Dec 18 Corn is at $3.69, up 2 cents,

Mar 19 Corn is at $3.81, up 1 1/2 cents,

May 19 Corn is at $3.88 1/4, up 1 1/4 cents

Jul 19 Corn is at $3.93 3/4, up 1 cent

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

Soybeans Market Commentary

Soybean futures are mostly 1 to 2 cents in the green at midday. Front month soy meal is down 80 cents/ton, with soy oil 8 points higher. Gains are limited by harvest pressure over the weekend. Monday morning’s Export Inspections report showed 1.149 MMT in soybean shipments during the week that ended on October 18. That was 5.07% lower than the previous week and less than half of the same week last year. There were no shipments headed to China last week, but 160,780 MT were on their way to Argentina. Weekly data from CFTC showed spec funds trimming their net short position in soybean futures and options by 5,033 contracts on 10/16 to -36,368 contracts. AgRural on Friday estimated that 34% of the Brazilian bean crop was planted. The 5 year average pace is 18%.

Nov 18 Soybeans are at $8.57 3/4, up 1 cent,

Jan 19 Soybeans are at $8.71 1/2, up 1 cent,

Mar 19 Soybeans are at $8.84 1/2, up 1 cent,

May 19 Soybeans are at $8.98 1/4, up 1 1/4 cents,

Dec 18 Soybean Meal is at $312.30, down $0.80

Dec 18 Soybean Oil is at $29.22, up $0.08

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

Wheat Market Commentary

Wheat futures are 7 to 9 cents in the red in the CBT and KC contracts at midday, with MPLS down 1 to 3 cents. A little pressure is being felt from the US dollar index. Export inspections of all wheat totaled 384,047 MT in the week that ended on 10/18. That was down 16.02% from last week but more than double the same week last year. Money managers in Chicago wheat futures and options skimmed just 92 contracts from their net short position as of Tuesday to -16,793 contracts. In KC wheat futures and options, they added 2,361 contracts to that net long position of 28,174 contracts. The USDA ag attach in Australia estimates the country’s wheat crop at 18 MMT, vs. the official USDA number at 18.5 MMT. Trade sources are looking for more rapid winter wheat planting progress in tonight’s NASS report, due to improved weather.

Dec 18 CBOT Wheat is at $5.07 3/4, down 7 cents,

Dec 18 KCBT Wheat is at $5.07 1/4, down 9 cents,

Dec 18 MGEX Wheat is at $5.86 1/2, down 2 1/4 cents

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

Cattle Market Commentary

Live cattle futures are showing triple digit gains in most front months, with soon to expire Oct up 37.5 cents following Friday’s friendly COF report. Feeder cattle futures are 85 cents to $2.125 higher at midday. The CME feeder cattle index was down 14 cents on October 18 at $155.36. Wholesale boxed beef prices were higher on Monday morning. Choice boxes were up 88 cents @ $208.81, with Select $2.65 higher at $196.89. USDA estimated FI cattle slaughter through Saturday at 625,000 head, 14,000 below the previous week and down 8,000 from last year. The monthly Cattle on Feed report showed September placements at 2.051 million head, down 4.6% from last year. Marketings during that month were down 3.59% from last year with one less marketing day. October 1 cattle on feed were reported at 11.4 million head which was 5.43% larger than last year.

Oct 18 Cattle are at $112.625, up $0.375,

Dec 18 Cattle are at $117.950, up $1.175,

Feb 19 Cattle are at $122.250, up $1.100,

Oct 18 Feeder Cattle are at $155.500, up $0.850

Nov 18 Feeder Cattle are at $156.025, up $1.925

Jan 19 Feeder Cattle are at $150.800, up $2.050

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

Lean Hogs Market Commentary

Lean Hogs are mostly 40 cents to $1.425 higher on Monday. The CME Lean Hog Index was down 54 cents from the previous day @ $67.22 on October 18. The USDA pork carcass cutout value was $1.75 higher @ $80.17 in the Monday AM report. The national base hog carcass value was not reported due to confidentiality reasons, with the 5-day rolling average at $59.43. USDA weekly FI hog slaughter was estimated at 2.589 million head through last Saturday. That is up 100,000 from the previous week on a large Saturday kill and 131,000 larger than the same week in 2017. Expanded plant capacity is making a difference!

Dec 18 Hogs are at $52.975, up $1.375,

Feb 19 Hogs are at $60.050, up $1.025

Apr 19 Hogs are at $66.150, up $0.425

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

Cotton Market Commentary

Cotton futures are posting 157 to 219 point gains in most contracts so far on Monday, with a stronger US dollar being shrugged off. Parts of TX and the Southeast are expected to receive rain over the next few days, possibly slowing harvest progress, which will be reported this afternoon. The bimonthly USDA Cotton Ginnings report will be released on Tuesday. Friday’s Commitment of Traders report showed money managers adding just 141 contracts to their net long position of 47,680 contracts as of 10/16. The Cotlook A index was down another UNCH from the previous day at 87.25 cents/lb on October 19. The USDA weekly AWP was updated to 69.09 cents/lb, good through Thursday.

Dec 18 Cotton is at 80.11, up 219 points,

Mar 19 Cotton is at 81.45, up 209 points

May 19 Cotton is at 82.31, up 186 points

Jul 19 Cotton is at 82.800, up 157 points

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

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.
Omaha, NE 68022
P: 402-697-3623
F: 402-289-2353