AgriCharts Market Commentary

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Corn Market Commentary

Corn futures ended the Friday session with most contracts steady to 2 3/4 cents lower heading into the pre-Thanksgiving weekend. Nearby Dec was down a nickel on the week. Ethanol was slightly lower on the day. This morning’s Export Sales report showed net 18/19 sales on the high side of trade expectations at 892,529 MT. That lagged the same week last year by 6% but was 24.24% larger than the preceding week. Shipments were reported at 1.113 MMT in the week on 11/9, well above last year. Weekly CFTC data showed spec funds backing off their net long position in corn futures and options by 8,648 contracts as of Tuesday to a net position of 17,981 contracts. Two separate South Korean tenders saw a total of 198,000 MT of corn purchased on Friday, with 60,000 MT US origin and 138,000 MT optional origin.

Dec 18 Corn closed at $3.64 3/4, down 2 3/4 cents,

Mar 19 Corn closed at $3.75 3/4, down 2 1/2 cents,

May 19 Corn closed at $3.83 1/2, down 2 1/4 cents

Jul 19 Corn closed at $3.90, down 2 1/2 cents

Soybeans Market Commentary

Soybean futures closed Friday with 2 to 3 1/2 cent gains. Soy meal led the way on export sales news as Dec was up $5.50/ton, with soy oil down 32 points. There was a private export sale of 100,000 MT of 18/19 soybeans to unknown reported through the USDA’s daily reporting system this morning. The delayed weekly Export Sales report indicated that 470,362 MT of soybeans were sold during the week of 11/8, on the low side of estimates. There were 488,800 MT in net reductions reported for unknown, with China cancelling 195,000 MT. Shipments in that week totaled 1.358 MMT. Soy meal sales exceeded the rage of estimates at 432,352 MT, with soy oil sales of 14,999 MT reported. Friday’s Commitment of Traders report showed spec traders adding 9,947 contracts to their net short position at -55,025 contracts on 11/13. AgRural estimates that the Brazil soybean crop is 82% planted, well above the 5-year average of 67%.

Jan 19 Soybeans closed at $8.92 1/4, up 3 1/2 cents,

Mar 19 Soybeans closed at $9.05 3/4, up 3 1/2 cents,

May 19 Soybeans closed at $9.18 3/4, up 3 1/4 cents,

Aug 19 Soybeans closed at $9.34 3/4, up 2 1/4 cents,

Dec 18 Soybean Meal closed at $310.90, up $5.50,

Dec 18 Soybean Oil closed at $27.37, down $0.32

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures saw gains of 2 to 3 cents in the KC contracts on Friday, with CBT higher in the front months and MPLS mostly 2 to 3 1/2 cents lower. CBT was the only exchange higher on the week and the others lower, widening the CBT-KC Dec spread to 24 cents. All wheat export sales in the week ending 11/8 totaled 438,256 MT, on the lower side of expectations. That was down 33.7% from the week prior and 10.4% lower than the same week in 2017. Exports were tallied at 263,003 MT for that week. The weekly Commitment of Traders report indicated the managed money net short position in CBT wheat futures and options was trimmed by 14,459 contracts as of Tuesday to -26,684. Spec traders went the other way in KC wheat futures and options, flipping their net position to short -1,271 contracts, a move of -12,414 contracts.

Dec 18 CBOT Wheat closed at $5.06 3/4, up 1 1/4 cents,

Dec 18 KCBT Wheat closed at $4.82 3/4, up 2 3/4 cents,

Dec 18 MGEX Wheat closed at $5.71 1/4, down 3 1/2 cents

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures were mixed on Friday, with front months higher and deferred contracts lower. Feeder cattle futures were down 15 cents to $1.325, with Jan up 1.89% on the week. The CME feeder cattle index was down $1.10 on November 15 at $147.83. Wholesale boxed beef prices were lower on Friday afternoon. Choice boxes were down 64 cents at $212.91, with the Select cutout value a penny lower at $197.57. USDA estimated FI cattle slaughter WTD through Saturday @ 641,000 head. That is 1,000 above the previous week and even with the same week last year. Cash cattle trade wound up around $114 in most regions on Friday, with a few dressed sales of $178 reported in NE. Export sales of beef in the week that ended on 11/8 were tallied at 13,594 MT this morning, with weekly shipments at 17,043 MT. The large spec funds in live cattle futures and options trimmed 8,707 contracts from their CFTC net long position of 54,421 contracts as of Tuesday. In feeder cattle futures and options, they held the largest recorded net short position on record on 11/13 at -4,823 contracts.

Dec 18 Cattle closed at $115.350, up $0.200,

Feb 19 Cattle closed at $119.725, up $0.625,

Apr 19 Cattle closed at $121.550, up $0.600,

Jan 19 Feeder Cattle closed at $146.525, down $1.325

Mar 19 Feeder Cattle closed at $143.975, down $0.575

Apr 19 Feeder Cattle closed at $144.325, down $0.675

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures posted limit gains in the front months on Friday, with Dec up 7.66% on the week. The CME Lean Hog Index was down another 61 cents from the previous day @ $59.86 on November 14. The USDA pork carcass cutout value was down 49 cents on Friday afternoon at $68.18. The national base cash hog carcass value was 30 cents higher on Friday afternoon at a weighted average of $51.65. USDA’s weekly FI hog slaughter was estimated a record 2.626 million head through Saturday. That was 37,000 larger than a week prior and well above the same week in 2017. Pork muscle cut sales for export totaled 20,521 MT in the week of 11/8, as weekly exports totaled a MY high 26,723. CFTC showed money managers trimming their net long position in lean hog futures and options by 1,467 contracts to 28,048 contracts as of 11/13.

Dec 18 Hogs closed at $60.075, up $3.000,

Feb 19 Hogs closed at $66.750, up $3.000

Apr 19 Hogs closed at $71.750, up $3.000

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures settled with the front months 3 points higher to 26 points lower. Dec was down 2.52% on the week. The dollar was weaker. All upland cotton 18/19 export sales were tallied at 67,593 RB for the week of Nov 8 by the USDA this morning. Pakistani importers purchased 24,500 RB, with Vietnam at 23,300 RB and China cancelling a net 6,970 RB. Sales for 19/20 upland cotton totaled 45,945 RB, with China taking up 22,000 RB of that. Shipments of upland cotton in that week totaled 112,973 RB. This week’s Commitment of Traders report showed spec traders in cotton futures and options cutting 3,363 contracts from their net long position at 40,985 contracts. The Cotlook A index was up 75 points from the previous day at 86.30 cents/lb on Nov 15. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior.

Dec 18 Cotton closed at 76.120, down 13 points,

Mar 19 Cotton closed at 78.290, up 1 point

May 19 Cotton closed at 79.550, up 1 point

--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