AgriCharts Market Commentary

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Corn Futures Steady to Fractional Gains

Corn futures are fractionally higher at midday. USDA weekly corn export sales were reported at 546,115 MT for the week ending 11/28. That was at the bottom of expectations, and was 46.38% below last year. The shipments were at 494,779 MT on the week which was a 140,555 MT. Accumulated exports have increased to 6.344 MMT as of the weekly report. Census data for monthly corn exports showed that October corn shipments were 90.7 mbu, a 59.27% decrease from last October and up 13.59% from September. Ethanol monthly exports were at 112.822 million gallons, which was 65.89% of last October’s record. Due to the low ethanol production, DDG exports were at just 759,979 MT. There were 129 delivery notices against December futures overnight, with the oldest long now dated 8/28/19.

DEC 19 Corn closed at $3.69 1/4, up 1/2 cent,

MAR 19 Corn closed at $3.79, up 1/2 cent,

MAY 20 Corn closed at $3.85, up 1/2 cent

JUL 20 Corn closed at $3.89 1/4, unch

---provided by Brugler Marketing & Management

Beans on the Rally at Midday

Soybeans futures are up near a double digit gain, futures are 9 1/2 to 9 3/4 cents higher at midday. Soybean meal futures are $6.20 higher, with soy oil futures remaining firm to 1 point higher. USDA reported a private export sale of 245,000 MT of soybeans to unknown this morning, with 120,000 MT for 19/20 and 125,000 MT for 20/21. The Export Sales reported showed bookings below trade estimates, with net sales of 683,783 MT through the week ending 11/28. Sales were down 41.1% from last week and broke the 4-week streak of 1+ MMT weekly sales. Meal sales for the same week were at 181,050 MT, with soy oil sales at 10,781 MT. Monthly data from CENSUS revealed that soybean shipments through October were 218.43 mbu, which is 52.82% above Sept, and 8.9% above shipments from a year ago. Soybean meal shipments through October were an all time high for the month, at 1.033 MMT. That is the highest monthly shipments since April of last MY. Bean oil shipments through the month of October, were the highest monthly shipments since May of the 17/18 MY, and were the highest October exports since the 12/13 MY.

JAN 19 Soybeans closed at $8.87 1/2, up 9 1/2 cents,

MAR 19 Soybeans closed at $9.02, up 9 1/2 cents,

MAY 20 Soybeans closed at $9.16 3/4, up 9 3/4 cents,

JUL 20 Soybeans closed at $9.29 3/4, up 9 3/4 cents,

DEC 19 Soybean Meal closed at $300.80, up $6.20,

DEC 19 Soybean Oil closed at $30.28, up $0.01

--- provided by Brugler Marketing & Management

Wheat Market Mixed to Mostly Higher

So far this morning the Dec Chicago futures are 3 1/4 cents lower, while KC futures have gained 1 1/2. MPLS Dec wheat futures are spiking a bit at midday with 7 1/4 cent gain. There have still been zero deliveries vs. December SRW futures. Census data showed that 2.143 MMT of wheat was exported through the month of October. The 78.74 mbu was a 6-year high for October wheat exports. Weekly export sales data from the USDA showed that 2228,086 MT of wheat sales through the week ending 11/28. Those sales were 68% below the same week of last year. Accumulated MY exports for all wheat were listed at 12.38MMT, and is 122.86% above last year’s pace. Japan purchased 160,640 MT of wheat in their weekly MOA tender, with 91,220 MT from the US. Algeria purchased ~500,000 MT of optional origin wheat in a tender on Thursday.

DEC 19 CBOT Wheat closed at $5.31 3/4, down 3 1/4 cents,

DEC 19 KCBT Wheat closed at $4.26 3/4, up 1 1/2 cents,

DEC 19 MGEX Wheat closed at $5.03 1/2, up 7 1/4 cents

--- provided by Brugler Marketing & Management

Cattle Market Higher for Thursday

Live cattle futures were are up 70 cents to $1.12 at midday, with Dec options expiring tomorrow. Feeder cattle futures are trying to recover some of yesterday’s losses, with midday gains of 40 to 50 cents. The 12/03 CME Feeder Cattle index was $145.19 after gaining 16 cents. Weekly beef export sales from the USDA were shown at 12,181 MT, which were 46% lower than the week prior, but only 5.57% less than the same week last year. Wholesale boxed beef prices were again lower. Choice boxes were shown $1.11 lower, and select boxes were $1.32 lower. Monthly Census data converted to pounds put October beef shipments at 248.6 million lbs. The FCE online cattle auction sold 860 of the 1,189 head listed, at a weighted average price of $118.36. Private reports show $119 cash sales in KS, with the USDA reporting light activity in the $117- 119.50 range. USDA estimated the week to date FI cattle slaughter at 361,000 head through Wednesday, last week was 341,000 head (ahead of the holiday) and the same week last year was at 360,000.

DEC 19 Cattle closed at $120.500, up $1.050,

FEB 19 Cattle closed at $125.300, up $1.125,

APR 20 Cattle closed at $125.700, up $0.700,

JAN 19 Feeder Cattle closed at $141.375, up $0.500

MAR 19 Feeder Cattle closed at $141.825, up $0.400

APR 19 Feeder Cattle closed at $143.825, up $0.425

---provided by Brugler Marketing & Management

Lean Hogs are Lower at Midday

Lean hog futures were mixed on Wednesday, but decided to go southward with Thursday trading. The CME Lean Hog Index for 12/03 was $0.82 above yesterday @ $58.20. The USDA pork carcass cutout value up another $2.32 this morning, primals were mixed with each moving triple digits; bellies were 13.46 higher at $111.11. USDA’s national average base hog price for 12/05 was higher again, up by 75 cents to $46.43. USDA’s latest update for weekly pork export sales showed that 29,196 MT for the week ending 11/28. Shipments through the same week were at 33,114 MT – a 21.8% reduction wk/wk, but 18.8% higher than the same week last year. The accumulated export shipments, according to the same USDA report, are at 1.448MMT which is 37% above last year. In house conversions from Census data for pork shipments for the month of October are 520.9 million lbs, a record for the month. USDA’s weekly total estimate for FI hog slaughter through Wednesday was 1.486 million head, 21,000 head above last week’s pace.

DEC 19 Hogs closed at $61.725, down $0.150,

FEB 19 Hogs closed at $68.225, down $0.200

APR 20 Hogs closed at $74.150, down $0.600

---provided by Brugler Marketing & Management

Cotton Higher on Thursday

Cotton futures are higher at midday, with soon-to-expire Dec up 153 points. The other front months are shown at 23 to 27 points higher. The Monthly export report by CENSUS stated cotton shipments for October were 731,611 480lb bales, which is 19.6% below September shipments, but is an 11-year high for the month. Weekly Export Sales data from the USDA listed 165,903 RB of cotton export sales on the week. Through the same week ending 11/28 shipments were 166,737 RB which brought the accumulated weekly shipments to 3.099 million RB, which is 15.38% above last year. The Seam Reported 3,856 bales sold on 12/03, for an avg. gross price of 53.92 cents per. The certified stocks of number 2 cotton for delivery declined from 85,257 bales to 66,048 after a decert of 19,569 bales. The Cotlook A Index was 65 more points lower at 73.50 cents per pound on Dec 4th. The AWP will be updated from 56.20 cents /lb later this afternoon.

DEC 19 Cotton closed at 64.7, up 153 points,

MAR 19 Cotton closed at 64.93, up 23 points

MAY 20 Cotton closed at 65.87, up 26 points

JUL 20 Cotton closed at 66.77, up 27 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