AgriCharts Market Commentary

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Corn Market Commentary

Corn futures saw fractional to 1 1/4 cent gains in most contracts on Tuesday. The weekly EIA report will be updated on Wednesday morning. Monday afternoon’s Crop Progress report showed corn harvest in the states along the WCB harvest picking up but are still lagging normal progress. Condition ratings in IN 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. DTN reported a national average cash corn index of $3.27 3/4 on Monday afternoon. That put the national average basis at -41 3/4 cents compared to December, 2 1/4 cents stronger than a year ago. A South Korean importer purchased 138,000 MT of optional origin corn in a tender on Tuesday.

Dec 18 Corn closed at $3.70 1/4, up 3/4 cent,

Mar 19 Corn closed at $3.82 1/2, up 3/4 cent,

May 19 Corn closed at $3.90, up 3/4 cent

Jul 19 Corn closed at $3.95 3/4, up 1 cent

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

Soybeans Market Commentary

Soybean futures closed Tuesday with most contracts 1 to 1 1/2 cents lower. Front month soy meal was down $2.10/ton, with soy oil 39 points lower. On Monday, NASS showed that harvest progress was made in the WCB last week, but most states are still more double digits behind normal. Conditions ratings in IA and IN were down 1 with SD and NE 2 lower. They rebounded 12 points in ND and 5 points in MN, with IL up 3 on the week. As of Monday evening, DTN reported the national cash average index for soybeans at $7.58 3/4, putting the national average basis at -99 3/4 cents (20 3/4 cents below last year). Safras and Mercado estimate that the Brazilian soybean crop is 27.5% planted as of last Friday, with the average at 17.7%.

Nov 18 Soybeans closed at $8.57 1/2, down 1 cent,

Jan 19 Soybeans closed at $8.71, down 1 1/2 cents,

Mar 19 Soybeans closed at $8.84 1/4, down 1 1/2 cents,

Jul 19 Soybeans closed at $9.09 1/4, down 1 cent,

Dec 18 Soybean Meal closed at $310.70, down $2.10,

Dec 18 Soybean Oil closed at $28.76, down $0.39

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

Wheat Market Commentary

Wheat futures posted steady to 2 cent gains in the winter wheat contracts on Tuesday, with the exception to nearby KC. MPLS was weaker on the day, down 1/2 to 1 1/2 cents in most contracts. Planting progress along the Plains (KS, OK, TX, CO, NE) is now behind normal, with emergence now even with 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 closed at $5.09, up 1 cent,

Dec 18 KCBT Wheat closed at $5.07 1/2, down 1/4 cent,

Dec 18 MGEX Wheat closed at $5.85, down 1/2 cent

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

Cattle Market Commentary

Live cattle futures settled Tuesday with most contracts steady to 95 cents lower. Feeder cattle futures were down 50 cents to $1.05 on the day. The CME feeder cattle index was down 31 cents on October 22 at $155.06. Wholesale boxed beef prices were mixed on Tuesday afternoon. Choice boxes were up $1 @ $210.28, with Select 80 cents lower at $196.86. USDA estimated FI cattle slaughter at 119,000 head on Tuesday, totaling 237,000 head WTD. That is 3,000 above the previous week and up 4,000 from the same date last year.

Oct 18 Cattle closed at $112.775, down $0.025,

Dec 18 Cattle closed at $117.150, down $0.925,

Feb 19 Cattle closed at $121.925, down $0.550,

Oct 18 Feeder Cattle closed at $155.075, down $0.575

Nov 18 Feeder Cattle closed at $155.875, down $1.050

Jan 19 Feeder Cattle closed at $150.850, down $0.875

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

Lean Hogs Market Commentary

Lean Hogs ended the Tuesday session with most contracts $1 to $1.80 higher. 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 53 cents lower @ $77.86 in the Tuesday PM report. The national base hog carcass value was not reported due to submission issues. USDA FI hog slaughter was estimated at 477,000 head on Tuesday, bringing the weekly total to 952,000 head. That is up 16,000 from the previous week and 13,000 higher than the same week in 2017.

Dec 18 Hogs closed at $54.525, up $1.350,

Feb 19 Hogs closed at $61.425, up $1.125

Apr 19 Hogs closed at $67.625, up $1.475

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

Cotton Market Commentary

Cotton futures were down 70 to 103 points 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. Harvest progress in TX was at 35%, up 9% from the average, with GA 29% complete. Condition 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 closed at 78.990, down 103 points,

Mar 19 Cotton closed at 80.700, down 75 points

May 19 Cotton closed at 81.690, down 70 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