AgriCharts Market Commentary

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Corn Closes Lower on Tuesday

Corn futures closed the Tuesday session with 2 to 4 1/2 cent losses in the front months. November Ethanol futures were down 4.2% on the day. NASS reported that 96% of the corn crop was dented by Sunday (100% normally), with 73% now mature (92% average). They also showed 22% of the crop was harvested, lagging normal by 14%. Condition ratings were down 1% to 55% gd/ex, with the Brugler500 index down the same at 347. There have been reports of test weights running low in places. The delayed export inspections report revealed 470,612 MT of corn inspected for export from the week ending 10/10. That brought the MYTD total of corn exports up to 2.496 MMT (98.26 mbu), which is 63.93% below last year’s pace.

DEC 19 Corn closed at $3.93 1/4, down 4 1/2 cents,

MAR 19 Corn closed at $4.04 1/4, down 3 1/4 cents,

MAY 20 Corn closed at $4.10 1/2, down 2 cents

JUL 20 Corn closed at $4.15 1/4, down 3/4 cent

-- provided by Brugler Marketing & Management

Soybeans Close Lower on Turnaround Tuesday

Soybeans futures saw 5 to 6 1/2 cent losses in the front months on Turnaround Tuesday. Soybean meal was down $3.10/ton, while soy oil led the way higher, up 39 points. USDA reported a private export sale to unknown destinations for 19/20 delivery of 142,579 MT of soybeans. As of Sunday, the USDA Crop Progress report showed 85% of the US soybean crop had leaves dropping, lagging the 93% average. Harvest was pegged at 26% complete, which is 23% below normal. NASS indicated condition ratings up a surprising 1% to 54% gd/ex, with the Brugler500 index up 3 points to 345 on a collective 1% shift from poor to excellent. Conditions in ND fell 13 points, with MN and WI down 5. A total of 954,881 MT of soybeans were reported in this morning’s delayed weekly export inspections report, with 16.8% destined for China. NOPA’s monthly crush report showed their members September crush 10 mbu below expectations, at 152.57 mbu. That is down 9.24% from August (168 mbu) due to 1 less processing day and some plant downtime ahead of harvest. NOPA soy oil stocks were 1.442 bil lbs at the end of Sep, 2.94% above August.

NOV 19 Soybeans closed at $9.34, down 6 1/2 cents,

JAN 19 Soybeans closed at $9.48 1/2, down 6 1/2 cents,

MAR 20 Soybeans closed at $9.59 1/4, down 5 3/4 cents,

MAY 20 Soybeans closed at $9.67, down 5 1/4 cents,

DEC 19 Soybean Meal closed at $307.80, down $3.10,

DEC 19 Soybean Oil closed at $30.39, up $0.39

-- provided by Brugler Marketing & Management

Wheat Close Lower on Tuesday

Wheat futures settled Tuesday with 4 to 6 1/2 cent losses in the front months. The weekly Crop Progress report showed 94% of the spring wheat crop was harvested by 10/13, a move of just 3% on the week (we are normally complete by now). Heavy snowfall last week likely limited harvest activity and will make it harder for getting the remaining 7% of the crop in ND out. Some may be abandoned due to heavy snow and poor quality to begin with. Winter wheat planting was 65% complete, matching the normal pace, and 41% emerged. USDA indicated 462,651 MT of wheat was inspected for export during the week ending in 10/10, with 29% of the weekly exports HRS. The MY to date total for wheat exports is 8.907 MMT, which is 17% ahead of last year’s 7.366 MMT total for the same period. Egypt’s GASC is tendering for another round of wheat, this time for late November delivery. The tender will close tomorrow, with US still not price competitive with other origins to that destination.

DEC 19 CBOT Wheat closed at $5.07, down 4 cents,

DEC 19 KCBT Wheat closed at $4.21 1/4, down 4 1/2 cents,

DEC 19 MGEX Wheat closed at $5.45 1/2, down 6 1/2 cents

--provided by Brugler Marketing & Management

Cattle Mixed on Tuesday

Live cattle futures were steady to 37.5 cents higher in the front months. Feeder cattle futures were steady to 55 cents lower on Tuesday. The CME Feeder Cattle index was 85 cents higher on 10/14 to $145.09. Wholesale boxed beef prices were higher on Tuesday. Choice boxes were up 80 cents to $217.02, with Select boxes $2.15 higher to $191.47. USDA estimated this week’s FI cattle slaughter through Tuesday at 235,000 head. That is 2,000 head above last week but down 1,000 from the same week last year. A total of 768 head are listed for Wednesday’s FCE online auction.

OCT 19 Cattle closed at $111.000, up $0.375,

DEC 19 Cattle closed at $113.450, unch,

FEB 20 Cattle closed at $119.550, up $0.275,

OCT 19 Feeder Cattle closed at $145.000, down $0.55,

NOV 19 Feeder Cattle closed at $146.075, unch,

JAN 19 Feeder Cattle closed at $142.175, down $0.05,

--provided by Brugler Marketing & Management

Hogs Post Limit Gain in Dec

Lean Hog futures saw nearby contracts with triple digit gains, as Dec was up the limit. We will have expanded limits of $4.50 on Tuesday. The CME Lean Hog Index was up an additional $0.93 to $62.11 on Oct 11. Tuesday’s USDA pork carcass cutout value was 12 cents higher at $78.06. The national average base hog value was $1.08 higher at $59.24. USDA estimated WTD hog slaughter at 981,000 head, up 8,000 head form last week and 41,000 larger than last year. Domestic pork prices in China were up 69.3% from last year in September according to China’s National Bureau of Statistics.

DEC 19 Hogs closed at $72.125, up $3.00,

FEB 19 Hogs closed at $79.150, up $1.90,

APR 20 Hogs closed at $84.900, up $1.325,

-- provided by Brugler Marketing & Management

Cotton Close Higher on Turnaround Tuesday

Cotton futures posted 53 to 119 point gains in the front months on Tuesday. The USDA Crop Progress report indicated that 87% of the US cotton crop has bolls open as of 10/13, 4% above normal. Harvest was 32% complete, which is 5% ahead of the average. Condition ratings were down 1% to 38% gd/ex, as the Brugler500 index was down 2 points to 321. Parts of the Southeast are expected to see up to 4-5 inches of precip over the next week according to the 7-day QPF. The TX panhandle is expected to remain dry. The Cotlook A Index saw gains for Tuesday, up 250 points to 72.25 cents/lb for October 14. The AWP is 53.90 cents/lb through Thursday.

DEC 19 Cotton closed at 63.41, up 119 points,

MAR 19 Cotton closed at 64.16, up 98 points

MAY 20 Cotton closed at 64.73, up 74 points

JUL 20 Cotton is closed 65.2, up 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