AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are mostly 2 cents lower this morning. They had 4 1/2 cent gains in most front months on Monday. The buying was mostly short covering, with preliminary open interest dropping 13,438 contracts. USDA weekly Export Inspections totaled 996,643 MT. That was down 28.03% from the week prior but nearly triple the same week last year. The weekly Crop Progress report yesterday afternoon indicated that 96% of the US corn crop was mature, ahead of the 91% average. It was also reported that 39% was harvested, exceeding the average pace @ 35%. Condition ratings were left UNCH at 68% gd/ex and 373 on the Brugler500 Index. That Index reading is consistent with above trend yield but 2016, 2015 and 2014 were all higher.

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

Soybeans Market Commentary

Soybean futures are currently 7 cents lower on Turnaround Tuesday profit taking after jumping 22 to 24 cents higher on Monday. They got bullish news from a slow harvest, large September NOPA crush and exports picking up. Surprisingly, preliminary open interest rose only 2,422 contracts despite the large price move. Nearby soy meal was up $10.10/ton, with soy oil 37 points higher. Soybean export inspections in the week that ended on 10/11 were 1.158 MMT. That was more than double the previous week but down 35.18% from the same week in 2017. Monday morning’s NOPA report showed that members crushed 160.779 mbu of soybeans during September. That was 17.86% larger than last year. September soy oil stocks were 1.531 billion pounds and 5.68% lower than August. USDA reported harvest 38% complete, with the normal pace at 53% for this date. Condition ratings for soybeans were 2% lower at 66% gd/ex and down 4 on the Brugler500 at 370. Some WCB states showed significant declines, such as MO and IA.

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

Wheat Market Commentary

Wheat futures are trading 1 to 2 cents lower this morning. They ended Monday with most contracts 4 1/2 to 7 3/4 cents higher. The USDA weekly Export Inspections report showed 450,980 MT shipped in the week ending Oct 11. That was slightly higher than the previous week and 38.48% better than this time last year. NASS reported that 65% of the winter wheat crop was planted as of the 14th, lagging the average pace by 2% as rains in the Plains slows progress. Emergence was 3% faster than normal at 44%. Russia’s IKAR added 0.7 MMT to their country’s wheat production estimate, now at 70.5 MMT. That is less than a week after USDA trimmed their projection to 70 MMT.

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

Cattle Market Commentary

Live cattle futures posted $1.05 to $1.80 gains in the nearby contracts on Monday. Feeder cattle futures were up 40 to 80 cents in most contracts. The CME feeder cattle index was down $1.22 on October 12 at $156.26. Wholesale boxed beef prices were mixed on Monday afternoon, widening the Ch/Se spread to $12.91. Choice boxes were up $2.09 @ $204.80, with Select down 39 cents to $191.89. FI cattle slaughter on Monday was estimated at 119,000 head. That is 5,000 above the previous week and 8,000 head larger than last year.

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

Lean Hogs Market Commentary

Lean hog futures finished Monday with gains of 80 cents to $1.75. The CME Lean Hog Index was down 29 from the previous day @ $68.99 on October 11. The USDA pork carcass cutout value was $1.46 higher on Monday afternoon report at $81.50. The national base hog carcass value was $1.07 lower at a weighted average of $60.33 on Monday afternoon. FI hog slaughter was estimated at 459,000 head on Monday. That was down 14,000 head from last week but 14,000 head more than the same week last year.

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

Cotton Market Commentary

Cotton futures are trading both sides of UNCH this morning, with spot December the firmest thus far. They were 16 to 35 points higher in most contracts on Monday. NASS showed that 85% of the US cotton crop had bolls open as of Sunday, 2% above normal. The crop was 32% harvested, vs. the 25% average for this date. Parts of TX received subfreezing temps and vulnerable, with USDA showing 79% of the bolls open as of 10/14. Condition ratings for that week fell 7% to 35% gd/ex, with the Brugler500 index down a sharp 22 points to 299. That was mainly caused by a huge deterioration in GA from Hurricane Michael, down 126 Index points to 234. The Cotlook A index was UNCH from the previous day at 86.15 cents/lb on October 12. The USDA weekly AWP is 67.73 cents/lb, and effective through this Thursday. China set their 2019 Tariff Rate Quota at the base WTO requirement 894,000 MT (~4.1 million bales)

--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