AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are seeing at little buying at midday, up 2 to 3 cents. Monday afternoon’s Crop Progress report showed that corn harvest is 49% complete, still 2% ahead of normal. States along the WCB saw harvest pick up but are still lagging normal progress. Condition ratings were steady on the gd/ex ratings at 68%, with the Brugler500 index down 1 at 372. IN ratings were down 5 points, with IA and NE down 2 and the Dakotas higher. This was the last crop condition report of the year for corn. A South Korean importer purchased 138,000 MT of optional origin corn in a tender on Tuesday.

Dec 18 Corn is at $3.72 1/2, up 3 cents,

Mar 19 Corn is at $3.84 1/4, up 2 1/2 cents,

May 19 Corn is at $3.92, up 2 3/4 cents

Jul 19 Corn is at $3.97 3/4, up 3 cents

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

Soybeans Market Commentary

Soybean futures are also trading higher on Tuesday, up 1 to 2 1/4 cents. Front month soy meal is down $1.80/ton, with soy oil 27 points lower. NASS showed that 53% of the crop was harvested as of Sunday, gaining 15% over the week but still 16% behind normal. Progress was made in the WCB, but most states are still more double digits behind normal. Conditions remained steady at 66% gd/ex and 370 on the Brugler500 index in the final soybean condition score of the year. Ratings in IA and IN were down 1 with SD and NE 2 lower. The rebounded 12 points in ND and 5 points in MN, with IL up 3 on the week. Safras and Mercado estimate that the Brazilian soybean crop is 27.5% planted as of Friday, with the average at 17.7%.

Nov 18 Soybeans are at $8.60 3/4, up 2 1/4 cents,

Jan 19 Soybeans are at $8.74 1/2, up 2 cents,

Mar 19 Soybeans are at $8.87 1/2, up 1 3/4 cents,

May 19 Soybeans are at $9.01 1/4, up 1 3/4 cents,

Dec 18 Soybean Meal is at $311.00, down $1.80

Dec 18 Soybean Oil is at $28.88, down $0.27

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

Wheat Market Commentary

Wheat futures are currently steady to 2 1/4 cents higher in the winter wheat contracts, with MPLS down 1 to 2 cents. 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. Planting progress along the Plains (KS, OK, TX, CO, NE) is now behind normal, with emergence now even or lagging the average in those states. Japan’s weekly MOA tender is for 104,673 MT of US and Canadian wheat, with 69,518 MT US specific. Russia’s IKAR added 500,000 MT to their wheat export projection at 33 MMT.

Dec 18 CBOT Wheat is at $5.10 1/4, up 2 1/4 cents,

Dec 18 KCBT Wheat is at $5.08 1/2, up 3/4 cent,

Dec 18 MGEX Wheat is at $5.84, down 1 1/2 cents

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

Cattle Market Commentary

Live cattle futures are showing steady to 80 cents losses at midday. Feeder cattle futures are also 50 cents to $1.35 lower on Tuesday. The CME feeder cattle index was up a penny on October 19 at $155.37. Wholesale boxed beef prices were higher on Tuesday morning. Choice boxes were up $1.27 @ $210.55, with Select 71 cents lower at $196.95. 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. Showlists so far for Wednesday’s FCE auction show 1,051 head for sale.

Oct 18 Cattle are at $112.700, down $0.100,

Dec 18 Cattle are at $117.300, down $0.775,

Feb 19 Cattle are at $122.025, down $0.450,

Oct 18 Feeder Cattle are at $155.150, down $0.500

Nov 18 Feeder Cattle are at $155.675, down $1.250

Jan 19 Feeder Cattle are at $150.450, down $1.275

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

Lean Hogs Market Commentary

Lean Hogs are trading $1 to $1.50 higher at midday. The CME Lean Hog Index was down 79 cents from the previous day @ $66.43 on October 19. The USDA pork carcass cutout value was 4 cents higher @ $78.43 in the Tuesday AM report. The national base hog carcass value was up 5 cents in this morning’s report at $57.99. 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.

Dec 18 Hogs are at $54.600, up $1.425,

Feb 19 Hogs are at $61.475, up $1.175

Apr 19 Hogs are at $67.275, up $1.125

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

Cotton Market Commentary

Cotton futures are posting 90 to 134 point losses on Turnaround Tuesday. This morning’s USDA Cotton Ginnings report indicated that 1.134 million RB of cotton was ginned from Oct 1-15. That brings the total so far this year to 2.422 million RB, 5% larger than last year. 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%. Harvest progress in TX was at 35%, up 9% from the average, with GA 29% complete. Condition ratings were down 1% to 34% gd/ex, with the Brugler500 index down 3 to 296. Ratings in TX were down 6 points, with GA bouncing 8 points from last week’s sharp drop. The Cotlook A index was again UNCH from the previous day at 87.25 cents/lb on October 22. The USDA weekly AWP was updated to 69.09 cents/lb, good through Thursday.

Dec 18 Cotton is at 78.68, down 134 points,

Mar 19 Cotton is at 80.35, down 110 points

May 19 Cotton is at 81.3, down 109 points

Jul 19 Cotton is at 81.870, down 110 points

--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