AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are mostly steady to fractionally higher this morning. They ended the Monday session with most front months 2 to 2 1/2 cents higher. Monday 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 down 6.15% from the previous week, but 49.23% larger than the same week in 2017. YTD exports are now 72% larger than last year at 7.823 MMT. The afternoon Crop Progress report showed that corn harvest is 49% complete, within the range of trade estimates and still 2% ahead of normal. Condition ratings were steady on the gd/ex ratings at 68%, with the Brugler500 index down 1 at 372. This was the last crop condition report of the year for corn.

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

Soybeans Market Commentary

Soybean futures are currently down 5 to 6 cents since seeing 1 to 3 cent gains in most nearby contracts on Monday. Front month soy meal was down 30 cents/ton, with soy oil 1 point higher. NASS showed that 53% of the crop was harvested as of Sunday, gaining 15% over the week but still 16% behind normal. Conditions remained steady at 66% gd/ex and 370 on the Brugler500 index in the final soybean condition score of the year. Monday morning’s weekly Export Inspections report showed 1.149 MMT in soybean shipments. 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. Export shipments since September 1 are 144 million bushels smaller than last year at this time. USDA is currently expecting a 69 million bushel drop for the full year. USDA made a correction to Friday morning’s reported private export cancellation of 180,000 MT showing it to be from unknown destinations rather than China.

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

Wheat Market Commentary

Wheat futures are trading steady to 2 cent higher in the CBT and MPLS contracts, with KC steady to 1 1/2 lower. They closed the day with most contracts 3 to 8 1/2 cents in the red, with MPLS the strongest of the three exchanges. A little pressure was being felt from a stronger US dollar index. All wheat export inspections 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. Winter wheat planting progress was reported at 72% complete as of Sunday, moving 7% on the week but still 5% shy of the 5-year average. The crop was also shown at 53% emerged, now 2% below normal pace. The USDA ag attach in Australia estimates the country’s wheat crop at 18 MMT, vs. the official USDA number at 18.5 MMT.

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

Cattle Market Commentary

Live cattle futures posted triple digit gains in most contracts on Monday, following Friday’s friendly COF report, with nearby Oct up 55 cents. Feeder cattle futures were up $1 to $2.975 on the day. The CME feeder cattle index was up a penny on October 19 at $155.37. Wholesale boxed beef prices were higher on Monday afternoon, with the Ch/Se spread narrowing to $11.62/cwt. Choice boxes were up $1.35 @ $209.28, with Select a sharp $3.42 higher at $197.66. USDA estimated FI cattle slaughter 118,000 head on Monday, 3,000 above the previous week and up 2,000 from the same date last year. USDA reported that beef stocks in Cold Storage at the end of September totaled 508.56 million pounds. That was up 2.53% from last year and 1.44% larger than August. The typical rise in September is 3.71%.

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

Lean Hogs Market Commentary

Lean Hogs settled with most contracts steady to $1.575 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 3 cents lower @ $78.39 in the Monday PM report. The national base hog carcass value was down 59 cents in the afternoon report at $58.09. USDA FI hog slaughter was estimated at 475,000 head on Monday. That is up 16,000 from the previous week, but down 6,000 from the same week in 2017. Pork stocks in the cooler at the end of September totaled 588.917 million pounds. That was up 1.27% from August, which is a smaller seasonal build than usual for September, and 4.79% lower than last year. The reduction in slaughter from Hurricane Florence may have been a reason for the limited increase in stocks.

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

Cotton Market Commentary

Cotton futures are down 30 to 33 points in the front months. They finished the Monday session with most contracts 143 to 210 points higher, as a stronger US dollar was shrugged off. Parts of TX and the Southeast are expected to receive rain from Hurricane Willa over the next few days, again slowing harvest progress. NASS reported that 88% of the US crop has bolls opening, lagging the 89% average. Harvest was 39% complete as of Sunday, ahead of the normal pace of 33%. Condition ratings were down 1% to 34% gd/ex, with the Brugler500 index down 3 to 296. The bimonthly USDA Cotton Ginnings report will be released later today. The Cotlook A index was 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.

--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