AgriCharts Market Commentary

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Corn Lower at Monday’s Close

Corn futures finished Monday’s session with 4 to 4 3/4 cent losses. Trade ideas for US corn harvest are running 65-66% completed. USDA won’t release those numbers until Tuesday because of the Veteran’s Day holiday. South Korea was reported to have purchased 66,000 MT of corn today. Reportedly, the purchase was directly from US sources, as South Korea did not issue an international tender. Projected US ending stocks were cut to 1.910 bbu on Friday, with smaller production but also lower exports, feed use, and ethanol use. The world corn carryout was also cut to 295.96 MMT.

DEC 19 Corn closed at $3.73 1/4, down 4 cents,

MAR 19 Corn closed at $3.82, down 4 1/2 cents,

MAY 20 Corn closed at $3.88 3/4, down 4 3/4 cents

JUL 20 Corn closed at $3.95, down 4 3/4 cents

---provided by Brugler Marketing & Management

Beans Fall Sharp on Monday

Soybean futures dropped double digits out of the weekend, falling by 12 3/4 to 14 1/2 cents on Veterans Day. Soybean meal is $4.30/ton lower at the start of the week. Bean oil stayed 8 points lower on Monday. Trade ideas for US harvest progress are in the 84-85% range for Tuesday’s weekly report. The Black Sea UkrAgroConsult, projects the Russian 2019/20 soybean production to be 4.3 MMT, and revised the Ukraine 100,000 MT higher to 3.7 MMT. EU imports of soybean meal are up 15% over last MY. The soybean meal is typically shipped to Spain to be converted into livestock feed; 45% hog feed, 31% poultry and 24% beef. US ending stocks from the WASDE were projected at 475 bbu. World bean carryout was bumped up to 95.42 MMT.

NOV 19 Soybeans closed at $9.05, down 14 1/2 cents,

JAN 19 Soybeans closed at $9.17, down 14 cents,

MAR 20 Soybeans closed at $9.30 1/2, down 13 1/2 cents,

MAY 20 Soybeans closed at $9.42 3/4, down 12 3/4 cents,

DEC 19 Soybean Meal closed at $300.60, down $4.30,

DEC 19 Soybean Oil closed at $31.42, down $0.08

--- provided by Brugler Marketing & Management


Wheat Mostly Lower for Veterans Day

Kansas City HRW futures tried to rebound on Veterans Day, closing with a 1 1/4 cent gain for upcoming Dec futures, however the other nearbys were mostly lower by as much as 2 ½ cents.. Chicago SRW dropped the most, down by 3 3/4 to 4 1/2 on the day. Minneapolis HRS finished the session down by as much as 4 cents in nearby contracts. The WASDE report contained cuts in Australian and US production, but other countries like the EU and Russia were increased enough to bump World Wheat ending stocks up to 288.28 MMT.

DEC 19 CBOT Wheat closed at $5.05 3/4, down 4 1/2 cents,

DEC 19 KCBT Wheat closed at $4.22 3/4, up 1 1/4 cents,

DEC 19 MGEX Wheat closed at $5.15 1/4, down 3 1/4 cents

-- provided by Brugler Marketing & Management


Cattle Rebounds Makes Gains

Live cattle futures rebounded after midday lows, with gains as much as 90 cents. Feeder cattle futures gained triple digits with help from cheaper feed. The 11/07 CME Feeder Cattle index was down 25 cents to $145.84. UPS logistics, partnering with HerdX, have successfully sold, and shipped beef to Japan using block chain technology. Wholesale boxed beef prices were mixed. Choice boxes were down on Monday by 53 cents to $238.59. Select boxes gained 43 cents on the day to finish at $213.69. The WASDE indicated that US 4th quarter beef production would be 88 million lbs higher than October’s projection, forecasted to bring the yearly production to 27,036 million lbs (about 1% above last year). USDA estimated FI cattle slaughter is 112,000 head for this Veterans Day, last week’s total was estimated at 651,000 head.

DEC 19 Cattle closed at $119.875, up $0.625,

FEB 19 Cattle closed at $125.675, up $0.650,

APR 20 Cattle closed at $127.000, up $0.900,

NOV 19 Feeder Cattle closed at $147.575, up $0.575

JAN 19 Feeder Cattle closed at $147.125, up $1.250

MAR 19 Feeder Cattle closed at $146.700, up $1.200

--provided by Brugler Marketing & Management

Lean Hogs Close Mixed

Lean hog futures were mixed on Veterans Day, down as much as 82 cents for nearby contracts, and gains of 32 cents for Apr. The 11/08 CME Fresh Bacon Index was @2.37 lower wk/wk, at $146.45, with the Lean Hog Index regaining $0.10 to $60.29 as of 11/07. The pork carcass cutout value gained $3.87 on the day, up to $85.47; the biggest gainers were ham and belly cuts. The national average base hog price was updated this afternoon to $45.12. The WASDE report updated 4th quarter pork production estimates to 7.46 billion lbs to bring the 2019 production to a record 27.620 billion lbs. The USDA estimated FI hog slaughter for Monday’s holiday is 444,000 head; the weekly total from last week reached 2.693 million head.

DEC 19 Hogs closed at $63.300, down $0.825,

FEB 19 Hogs closed at $73.725, down $0.175

APR 20 Hogs closed at $80.650, up $0.325

--provided by Brugler Marketing & Management


Cotton Lower at Mondays close

Cotton futures finish the day lower by 37 to 47 points lower. Online cash sales today reported on The Seam were 5,569 bales, at a monthly high average price of 62.30 cents/ lb. The next 7 days are going to be wet, the accumulated precip forecast map from NWS indicates more than an inch for the eastern coastline, central Arkansas, north central Louisiana, most of MS and most of AL are also expected to see an inch of accumulated precip for the week. Friday’s Crop Production report cut cotton yield to 799 lbs per acre. The WASDE showed ending stocks reduced to 6.1 million bales The Cotlook A Index for 11/8 regained 70 points to 75.40 cents/lb. The AWP will remain at 56.63 cents/lb through Thursday.

DEC 19 Cotton closed at 64.29, down 43 points,

MAR 19 Cotton closed at 66.1, down 47 points

MAY 20 Cotton closed at 67.34, down 43 points

JUL 20 Cotton closed at 68.5, down 37 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
E-mail: alanb@bruglermktg.com
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