AgriCharts Market Commentary

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Corn Lower on Wednesday

Corn futures are down 1 to 2 cents in the nearby contracts on Wednesday. The 7-day QPF shows most of the Corn Belt dry to less than a half inch, which should allow for faster harvest progress this week. USDA reported a private export sale of 228,600 MT of corn to Mexico for 19/20 (137,160 MT) and 20/21 (91,440 MT) delivery. Later in the day on Tuesday, NASS reported that 96% of the corn crop was dented by Sunday (100% normally), with 73% now mature (92% average). As of 10/13 there was ~8.3 million planted acres in MN, NE and the Dakotas yet to mature, with the US total at 24.28 million acres. Harvest was shown at 22% complete, lagging normal by 14%. Condition ratings were down 1% to 55% gd/ex, with the Brugler500 index down the same at 347. ND and CO were down 15 points, with MN 5 points lower. Due to Monday’s Holiday weekly EIA data will be released on Thursday.

DEC 19 Corn is at $3.91 1/4, down 2 cents,

MAR 19 Corn is at $4.02 1/2, down 1 3/4 cents,

MAY 20 Corn is at $4.09, down 1 1/2 cents

JUL 20 Corn is at $4.13 3/4, down 1 1/2 cents

-- provided by Brugler Marketing & Management

Soybeans Lower on Jump in Conditions

Soybeans futures are trading 1 to 3 cents lower in the front months. Soybean meal is down $2.10/ton, while soy oil is 4 points higher. As of Sunday, the USDA Crop Progress report showed 85% of the US soybean crop had leaves dropping, lagging the 93% average. That left 11.47 million acres of the USDA planted acreage total still with leaves on 10/13. Harvest was 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, and NE down 3 points. That was offset by 1 point gains in IN and IA, with SD actually up 8 points.

NOV 19 Soybeans are at $9.31 1/2, down 2 1/2 cents,

JAN 19 Soybeans are at $9.45 3/4, down 2 3/4 cents,

MAR 20 Soybeans are at $9.57 1/2, down 1 3/4 cents,

MAY 20 Soybeans are at $9.65 3/4, down 1 1/4 cents,

DEC 19 Soybean Meal is at $305.70, down $2.10,

DEC 19 Soybean Oil is at $30.43, up $0.04

-- provided by Brugler Marketing & Management

Wheat Higher on Wednesday

Wheat futures are steady to 5 cents higher in most contracts at midday. The weekly Crop Progress report showed 94% of the spring wheat crop was harvested by 10/13, a 3% improvement for 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. Japan in tendering for 115,835 MT of wheat from UA, Canada, and Australia. The tender will close on Thursday, with 35,590 MT US specific. Egypt’s GASC purchased 405,000 MT of wheat from Russia (285,000 MT), Ukraine (60,000 MT) and France (60,000 MT). No US wheat was offered.

DEC 19 CBOT Wheat is at $5.11 3/4, up 4 3/4 cents,

DEC 19 KCBT Wheat is at $4.23 1/4, up 2 cents,

DEC 19 MGEX Wheat is at $5.46 1/2, up 1 cent

--provided by Brugler Marketing & Management

Cattle Mixed on Wednesday

Live cattle futures are up 7.5 to 77.5 cents in the front months, with deferred contracts lower. Feeder cattle futures are mixed with nearby Oct up 15 cents. The CME Feeder Cattle index was 85 cents higher on 10/14 to $145.09. Wholesale boxed beef prices were higher on Wednesday morning. Choice boxes were up 98 cents to $219.00, with Select boxes 88 cents higher to $192.36. 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. Wednesday’s FCE online auction saw all 768 head offered go unsold, with asks of $111. A few $111 sales were reported in the WCB on Tuesday according to USDA.

OCT 19 Cattle are at $111.775, up $0.775,

DEC 19 Cattle are at $113.525, up $0.075,

FEB 20 Cattle are at $119.400, down $0.150,

OCT 19 Feeder Cattle are at $145.150, up $0.150

NOV 19 Feeder Cattle are at $145.675, down $0.400

JAN 19 Feeder Cattle are at $142.250, up $0.075

--provided by Brugler Marketing & Management

Hogs Retreat on Wednesday

Lean Hog futures are steady to 72.5 cents lower in most contracts, with Dec down $2.15 following Tuesday’s limit up move. The CME Lean Hog Index was up an additional $0.81 to $62.92 on Oct 14. The USDA pork carcass cutout value was down $1.05 on Wednesday at $77.01. Most primals were higher, with just the butt (-$0.64) and belly (-$8.83) lower. The national average base hog value was $1.17 lower at $58.05 on Wednesday morning. USDA estimated WTD hog slaughter at 981,000 head, up 8,000 head form last week and 41,000 larger than last year.

DEC 19 Hogs are at $69.975, down $2.150,

FEB 19 Hogs are at $78.425, down $0.725

APR 20 Hogs are at $84.250, down $0.650

-- provided by Brugler Marketing & Management

Cotton Posting Gains at Midday

Cotton futures are up 51 to 79 points in most contracts at midday. The USDA Crop Progress report indicated that 87% of the US cotton crop had 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. An 8 point drop in TX ratings (Brugler500 index) was the main reason, as they are now rated the worst this year at 299. The Cotlook A Index was back down 145 points on Oct to 72.80 cents/lb. The AWP is 53.90 cents/lb through Thursday.

DEC 19 Cotton is at 64.32, up 79 points,

MAR 19 Cotton is at 65, up 74 points

MAY 20 Cotton is at 65.4, up 57 points

JUL 20 Cotton is at 65.77, up 51 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