AgriCharts Market Commentary

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.

Corn Higher at Midday

Corn futures are trading 3 to 4 cents higher in most contracts on Monday. Front month ethanol futures are up 1.5% at midday, helped by sharp gains in crude oil. The weekly Export Inspections report tallied corn shipments in the first full week of the 19/20 MT at 421,803 MT. That was down 31.09% from the week prior and less than half of the same week in 2018. Traders expect to see a 1-2% drop in corn condition ratings in this afternoon’s Crop Progress report. Friday’s Commitment of Traders report showed money managers in corn futures and options increasing their net short position by 17,028 contracts to -136,399 contracts as of Tuesday.

DEC 19 Corn is at $3.72 3/4, up 4 cents,

MAR 19 Corn is at $3.84 3/4, up 3 1/4 cents,

MAY 20 Corn is at $3.93 1/2, up 3 cents

JUL 20 Corn is at $4.00, up 3 cents

-- provided by Brugler Marketing & Management

Soybeans Held Up By Bean Oil

Soybeans futures are steady to 2 cents higher in most nearby contracts at midday. Soybean meal is down $2.80/ton, with soy oil 75 points higher on the sharply higher crude oil. USDA reported a private export sale of 256,000 MT of soybeans to China for 2019/20 delivery, which was likely another part of the rumored sale from last week. USDA reported soybean export inspections of 666,490 MT in the week of 9/12. That was a drop of 31.85% from the previous week and 15.34% below this week last year. The monthly NOPA crush report showed that August crush among its members at 168.085 mbu, well above trade estimates. That was just 0.008 mbu below July and 5.79% above August 2018. Soybean oil stocks were at 1.4 billion lbs at the end of August, the lowest since November 2017 and the smallest August stocks since 2014. Estimates are for soybean crop ratings to be down 1-2% from last week this afternoon.

NOV 19 Soybeans are at $8.98 3/4, unch,

JAN 19 Soybeans are at $9.12 1/2, up 1/4 cent,

MAR 20 Soybeans are at $9.24 1/2, up 1/2 cent,

MAY 20 Soybeans are at $9.35 1/2, up 3/4 cent,

OCT 19 Soybean Meal is at $295.10, down $2.80,

OCT 19 Soybean Oil is at $30.04, up $0.75

-- provided by Brugler Marketing & Management

Wheat Posting Midday Gains

Wheat futures are showing 4 to 8 1/4 cent gains in most contracts on Monday. Weekly Export Inspections data showed a total of 459,258 MT of wheat shipped during the week of 9/12. That was up 11.31% wk/wk and 11.70% larger mo/mo. YTD shipments are up 22.13% from the same time last year at 7.47 MMT (274.48 mbu). CFTC data showed specs in MPLS wheat futures and options adding 1,657 contracts to their record net short position to 22,805 contracts as of Tuesday.

DEC 19 CBOT Wheat is at $4.89 1/2, up 6 cents,

DEC 19 KCBT Wheat is at $4.08, up 8 1/4 cents,

Dec 19 MGEX Wheat is at $5.10 1/2, up 5 cents,

Source: Brugler Marketing & Management

Cattle Lower on Monday

Live cattle futures are down 20 to 70 cents in the front months on Monday. Feeder cattle futures are showing 35 to $1.425 gains at midday. The CME Feeder Cattle Index was 56 cents lower on September 12 at $136.09. Wholesale boxed beef prices were mixed on Monday morning. Choice boxes were up 28 cents at $221.16, with Select boxes down a sharp $2.65 @ $195.95. USDA estimated weekly FI cattle slaughter @ 629,000 through Saturday. That is down 27,000 head from the same week a year ago. Cash trade was reported at $100 in the South and $100-101 in NE on Friday. Commitment of Traders data showed spec funds in live cattle futures and options net short for the first time on record at -6,232 contracts. They also held a record net short position in feeder cattle futures and options at -7,214 contracts on September 10.

OCT 19 Cattle are at $97.875, down $0.200,

DEC 19 Cattle are at $103.950, down $0.425,

FEB 20 Cattle are at $110.600, down $0.500,

SEP 19 Feeder Cattle are at $136.050, down $0.450

OCT 19 Feeder Cattle are at $133.675, down $0.900

NOV 19 Feeder Cattle are at $132.800, down $1.225

-- provided by Brugler Marketing & Management

Hogs Mixed at Midday

Lean Hog futures are down 17.5 cents to $1.825 in the nearby contracts at midday, with Feb up 17.5 cents. The CME Lean Hog Index was down another 98 cents at $59.71 on September 12. The Fresh Bacon Index was down $9.21 from the week prior at $136.29 as of Sep 13. The USDA pork carcass cutout value FOB plant was down $1.62 on Monday morning at $69.83. The national average base hog value was 51 cents lower at $44.44 on Monday. Estimated FI hog slaughter was 2.611 million head through Saturday, 288,000 head above the same week in 2018. The Chinese Ag Ministry now says the country’s hog herd is down 38.7% from last year, with sow numbers 37.4% lower.

OCT 19 Hogs are at $64.650, down $1.825,

DEC 19 Hogs are at $68.525, down $0.175

FEB 20 Hogs are at $75.275, up $0.175

-- provided by Brugler Marketing & Management

Cotton Mixed on Monday

Cotton futures are showing 22 point gains in the front months, with nearby Oct down 23 points on thin trade. Crude oil and diesel futures are up sharply this morning (diesel up 16 cents per gallon) following damaging drone attacks on Saudi facilities over the weekend. CFTC data showed specs trimming their net short position to 34,564 contracts by trimming 4,717 contracts in the week ending 9/10. The Cotlook A Index was up on September 13 at 73.55 cents/lb. The weekly AWP is 52.28, effective through next Thursday.

OCT 19 Cotton is at 61.4, down 23 points,

DEC 19 Cotton is at 62.41, up 13 points

MAR 20 Cotton is at 62.78, unch,

MAY 20 Cotton is at 63.66, up 22 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