AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are trading 3 to 4 cents lower at the moment, pressured by a disappointing export sales number. This morning’s Export Sales report indicated that 18/19 sales in the week of 10/11 totaled just half of the lower end of estimates at 382,534 MT. That was a drop of 62% from the week prior and 69.52% lower than the same time last year. There were net reductions that totaled 326,500 MT for unknown, with most of that being switched. An auction of Chinese state reserves saw 3.221 MMT of corn sold, with was 81.12% of the total.

Dec 18 Corn is at $3.70 1/4, down 4 cents,

Mar 19 Corn is at $3.82 1/4, down 4 1/4 cents,

May 19 Corn is at $3.89 1/2, down 4 cents

Jul 19 Corn is at $3.95, down 3 1/2 cents

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

Soybeans Market Commentary

Soybean futures are posting 18 to 19 1/2 cent losses in most contracts at midday. Front month soy meal is down $6.50/ton, with soy oil 40 points lower. Export sales of 18/19 soybeans were reported at just 293,566 MT for the week that ended on October 11. That was well below this time last year, as they saw a 33.2% drop wk/wk. Analysts were estimating 0.6-1 MMT in sales. Most of the sales were switched from unknown, which saw a net reduction of 694,400 MT. There were 8,730 MT in net sales to China. Soy meal sales were tallied at 104,342 MT, with soy oil 26,583 MT in the first full week of the new MY.

Nov 18 Soybeans are at $8.66 1/4, down 19 1/2 cents,

Jan 19 Soybeans are at $8.80 1/2, down 19 1/4 cents,

Mar 19 Soybeans are at $8.93 1/2, down 18 3/4 cents,

May 19 Soybeans are at $9.06 1/2, down 18 1/2 cents,

Dec 18 Soybean Meal is at $317.20, down $6.50

Dec 18 Soybean Oil is at $29.16, down $0.40

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

Wheat Market Commentary

Wheat futures are showing losses of 3 to 6 cents in most contracts on Thursday. Pressure is apparent from spillover in corn and beans as this morning’s wheat export number was within expectations. A stronger US dollar is also a bearish influence. The weekly Export Sales report from USDA showed wheat sales in the week of 10/11 picking up 40.4% from the week prior at 475,998 MT. That was in the middle of estimates but still down 22.7% from last year. Japan’s weekly MOA tender saw purchases of 127,688 MT of US, Australian, and Canadian wheat, with 59,640 MT US specific.

Dec 18 CBOT Wheat is at $5.11 1/2, down 6 cents,

Dec 18 KCBT Wheat is at $5.15 1/2, down 5 1/2 cents,

Dec 18 MGEX Wheat is at $5.85 1/4, down 3 cents

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

Cattle Market Commentary

Live cattle futures are mostly 20 to 85 cents in the red at midday. Feeder cattle futures are steady to $1 lower in deferred contracts, with front months higher. Oct needs to stay close to cash with expiration a week from today. The CME feeder cattle index was down 22 cents on October 16 at $155.314. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up $2.20 @ $206.76, with Select $1.25 higher at $192.44. USDA estimated FI cattle slaughter through Wednesday is 352,000 head. That is 1,000 above the previous week and 5,000 head larger than last year. A few cash sales of $174 have been reported in Nebraska this week, with a few $111 trades in CO and NE. Weekly beef export sales totaled 13,080 MT for the week ending 10/11. Exports totaled 16,012 MT in that week.

Oct 18 Cattle are at $112.700, down $0.225,

Dec 18 Cattle are at $116.700, down $0.675,

Feb 19 Cattle are at $120.850, down $0.625,

Oct 18 Feeder Cattle are at $154.850, up $0.775

Nov 18 Feeder Cattle are at $153.375, up $0.025

Jan 19 Feeder Cattle are at $148.275, down $0.800

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

Lean Hogs Market Commentary

Lean hog futures are down 25 cents to $1.40 in most contracts on Thursday. The CME Lean Hog Index was down 42 cents from the previous day @ $68.17 on October 16. The USDA pork carcass cutout value was 16 cents lower @ $78.36 in the AM report. The national base hog carcass value was not reported this morning due to confidentiality reasons, with the 5 day average at $60.04. FI hog slaughter was estimated at 477,000 head on Wednesday, with the week to date total at 1.413 million. That is up 24,000 from last week and 52,000 larger than the same week in 2017. Export sales of pork in the week of October 11 were tallied at 20,762 MT, with shipments of 25,691 MT reported by USDA.

Dec 18 Hogs are at $53.350, down $1.350,

Feb 19 Hogs are at $61.175, down $1.400

Apr 19 Hogs are at $67.650, down $0.850

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

Cotton Market Commentary

Cotton futures are mostly 12 to 35 points lower on Thursday, pressured by lackluster export numbers and a modestly stronger US dollar index. Export sales of 18/19 upland cotton in the week ending 10/11 totaled 32,656 RB, a fraction of this week last year and 66.68% lower than last week. That included 13,400 RB sold to lead buyer Pakistan and 18,480 RB in reductions to China. Sales for 19/20 were reported at 24,200 RB, with 17,600 RB to China. The Cotlook A index was down 30 points from the previous day at 87.75 cents/lb on October 17. The USDA weekly AWP was updated to 69.09 cents/lb earlier today, up 1.32 cents from last week and good through next Thursday.

Dec 18 Cotton is at 77.8, down 12 points,

Mar 19 Cotton is at 79.13, down 31 points

May 19 Cotton is at 80.11, down 35 points

Jul 19 Cotton is at 80.800, down 34 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