AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures ended the Thursday session with most contracts steady to a penny lower. Dec futures expire on Friday. This morning’s USDA Export Sales report showed 18/19 corn sales in the week of 12/6 at 903,164 MT, shy of trade estimates. That was down 23.3% from last week but still 4.18% larger than this time last year. Japan was the lead buyer of 608,400 MT, with 234,600 MT sold to Mexico. For 2019/20 marketing year sales, USDA reported 161,440 MT. Export shipments were down from the week prior at 952,132 MT, but still 37.83% above the same week a year ago.

Dec 18 Corn closed at $3.75 1/2, down 3/4 cent,

Mar 19 Corn closed at $3.84 1/4, down 1 cent,

May 19 Corn closed at $3.91 3/4, down 1 cent

Jul 19 Corn closed at $3.98 1/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures settled with 12 to 13 cent losses in the front months on Thursday. March soy meal was down $4.10/ton, with soy oil 16 points lower. Soybeans showed some “buy the rumor, sell the fact” action following USDA confirmation of export sales to China. USDA reported private export sales of 1.13 MMT of 2018/19 soybeans to China this morning, the ninth largest daily soybean sale on record. The weekly Export Sales report indicated 792,269 MT of 18/19 soybeans were sold in the week ending 12/6, within the range of pre-report estimates. That was down 11.1% from the week prior and 42.7% smaller than the same week in 2017. Shipments of soybeans totaled 1.147 MMT, 3.7% behind this week a year ago. Soybean meal sales totaled just 50,539 MT (a marketing year low), with soy oil at 5,928 MT.

Jan 19 Soybeans closed at $9.07, down 13 cents,

Mar 19 Soybeans closed at $9.20 1/2, down 12 3/4 cents,

May 19 Soybeans closed at $9.33 1/4, down 12 1/2 cents,

Aug 19 Soybeans closed at $9.49 1/4, down 12 cents,

Mar 18 Soybean Meal closed at $308.50, down $4.10,

Dec 18 Soybean Oil closed at $28.64, down $0.16

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures saw 8 to 9 1/2 cent gains in the front winter wheat contracts, with MPLS 3 to 5 1/4 cents higher. All wheat export sales in the week that ended on 12/6 were reported at 754,054 MT, on the high side of estimates. That was a 5.9% jump from last week and 28.1% larger than a year ago. Unknown destinations purchased 210,600 MT, with Japan at 111,900 MT. More than half of the sales total was for HRW, at a MY high 418,161 MT and the largest weekly HRW sales total in 13 months. All wheat shipments were tallied at 490,666 MT. In Japan’s weekly MOA tender, a total of 137,657 MT of wheat was purchased, with 60,248 MT from the US and the balance from Australia and Canada.

Mar 19 CBOT Wheat closed at $5.36, up 9 1/2 cents,

Mar 19 KCBT Wheat closed at $5.20, up 8 3/4 cents,

Mar 19 MGEX Wheat closed at $5.88 1/4, up 5 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures were mixed on the day, with nearby Dec up 32.5 cents. The last half 2019 contracts were higher. Feeder cattle futures were up 35 cents to $1. The CME feeder cattle index was up $1.43 on December 12 at $146.40. Wholesale beef prices were mixed again this afternoon, with the Ch/Select spread widening to $11.47. Choice boxes were up 22 cents at $212.47, with the Select cutout value 57 cents lower at $201.00. USDA estimated week to date cattle slaughter at 483,00 head through Thursday. That is 2,000 above last week and 11,000 head larger than the same week last year. Outside of the $119 trade on Wednesday’s FCE, few cash sales have been reported. Beef export sales in the week of 12/6 were reported at 10,337 MT for 2018 and 3,650 MT for 2019 in this morning’s Export Sales report. Exports out that week totaled 18,162 MT.

Dec 18 Cattle closed at $119.450, up $0.325,

Feb 19 Cattle closed at $122.850, down $0.050,

Apr 19 Cattle closed at $124.800, down $0.100,

Jan 19 Feeder Cattle closed at $147.975, up $0.400

Mar 19 Feeder Cattle closed at $145.925, up $0.650

Apr 19 Feeder Cattle closed at $146.500, up $0.900

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures closed the day with most contracts 22.5 cents to $1.60 lower, and Dec up 7.5 cents. The CME Lean Hog Index was down 44 cents from the previous day @ $55.54 on December 11. The USDA pork carcass cutout value was up 73 cents at $73.17. The national base cash hog carcass value was UNCH at a weighted average of $46.42 this afternoon. USDA estimated FI hog slaughter for Wednesday was 476,000 head, bringing the WTD total to 1.911 million head. That is 18,000 head larger than last week and 48,000 head above a year ago. Pork export sales for the week that ended on 12/6 totaled 22,334 MT for 2018 and 11,088 MT for 2019. Shipments were slightly lower than last week at 27,777 MT.

Dec 18 Hogs closed at $54.800, up $0.075,

Feb 19 Hogs closed at $64.825, down $0.875

Apr 19 Hogs closed at $70.350, down $1.600

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures were down 53 to 58 points on the day, following weak export sales data. This morning’s Export Sales report indicated that just 47,099 RB of 18/19 upland cotton was sold for export in the week of 12/6. That was well below this time last year and 50.35% lower than the week prior. Vietnam purchased 29,300 RB, with China the second largest buyer of 11,700 RB. Reductions of 28,600 RB was reported for Bangladesh. Sales of 19/20 upland cotton were 33,528 RB. Export shipments were down 2.53% from a week ago and 7.22% below last year at 154,547 RB. The Cotlook A index was up 5 points from the previous day on Dec 12 at 88.30 cents/lb. The weekly USDA AWP was updated to 69.77, good through next Thursday and up 43 points from the previous week.

Mar 19 Cotton closed at 79.410, down 56 points,

May 19 Cotton closed at 80.430, down 58 points

Jul 19 Cotton closed at 81.020, down 53 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