Ag Market Commentary

Corn closes the session with losses of a nickel to 8 3/4 cents for the front months. Money was heading for the sidelines in a lot of markets, and corn was not exempt. After the close, NASS reported corn maturity progressed 18% to 59%. Harvest also progressed by 3% on the week to 8% cut. That was below the average trade estimate, and 2% behind the 5-yr average. NASS noted that 5% of the national crop is not yet dented, which is 5% ahead of average. Conditions from the Crop Progress report were 61% good/ex for a Brugler500 score of 356. USDA’s weekly Export Inspections report confirmed 755,11 MT of corn shipped on the week ending 9/17. That was 221% above the same week last year, and left MYTD shipments 74% above last year’s pace. China was the top destination for the week’s corn exports, with 18% of the total. Colombia was the second top destination with 134k MT.

Dec 20 Corn closed at $3.69 3/4, down 8 3/4 cents,

Mar 21 Corn closed at $3.79 1/4, down 8 1/4 cents,

May 21 Corn closed at $3.84 3/4, down 8 cents,

Jul 21 Corn closed at $3.88 3/4, down 6 3/4 cents,

--- provided by Brugler Marketing & Management



The soy futures complex starts the week with losses. Soybeans closed with a 21 cent loss for November contracts, and 10 1/2 to 19 3/4 cent losses for the other months. Bean oil was the weakest on the day with 2.45 to 2.72% losses. Soymeal futures closed the day down by $4/ton. USDA announced that both Pakistan and China purchased 132,000 MT of soybeans. A sale for 171,000 MT to unknown was also announced under the daily system. USDA’s weekly Export Inspections report noted 1.311 MMT of beans shipped on the week ending 9/17. That was 384.6k MT above the same week last year. China was the destination for 68% of the week’s total. MYTD soybean exports were at 3.567 MMT, outpacing last year by 1.399 MMT. The weekly Crop Progress report had 59% of soybeans dropping leaves, up from 37% LW and 9 points ahead of average. Soybean harvest was inline with estimates at 6% complete. Bean conditions were UNCH on the Brugler500 index @ 362. HIS Markit estimates 2021 bean planted area will increase 3.3m acres.

Nov 20 Soybeans closed at $10.22 1/2, down 21 cents,

Jan 21 Soybeans closed at $10.27 1/2, down 19 3/4 cents,

Mar 21 Soybeans closed at $10.21, down 17 cents,

May 21 Soybeans closed at $10.17, down 13 1/2 cents,

Oct 20 Soybean Meal closed at $333.40, down $4.00

Oct 20 Soybean Oil closed at $34.27, down $0.96

--- provided by Brugler Marketing & Management



Wheat trading starts the week with double digit weakness. Chicago SRW futures were the weakest 2.7% to 3.6% losses on the day. KC HRW futures fell back 14 1/4 to 17 cents. Spring wheat futures closed the day with 13 1/4 to 16 1/2 cent losses. Wheat exports from the week ending September 17 were reported at 469,939 MT. That was down 222k MT wk/wk and 18.7k MT below the same week last year. Japan was the top destination for the week with 95,726 MT, and at number two, Brazil was shipped 63,074 MT. Export Inspections data has MYTD wheat exports at 8.624 MMT, outpacing last MY by 7.6%. The weekly Crop Progress report showed spring wheat harvest was 96% complete, with 5% still to go for MT, and ND and 6% left in WA. Planting for 21/22 winter wheat is 20% complete. That is 1% ahead of average, but 2% behind the pre-report expectations. NASS also reported winter wheat emergence at 3%. IHS Markit estimates 2021 wheat planted area will increase 1.1m acres. Taiwan issued a tender for 91,300 MT of U.S. wheat. Pakistan is also seeking 300k MT of optional origin wheat. Egypt’s GASC issued an international wheat tender.

Dec 20 CBOT Wheat closed at $5.54 3/4, down 20 1/4 cents,

Dec 20 KCBT Wheat closed at $4.87 1/4, down 17 cents,

Dec 20 MGEX Wheat closed at $5.34 3/4, down 16 1/2 cents,

--- provided by Brugler Marketing & Management



Live cattle futures traded lower on Monday in a broad sell off day. Futures ended the session $0.65 to $1.25 lower. Feeders Closed the day mixed with 20 cent gains for Sept and Nov respectively. Sept futures have three trade days left before Thursday’s expiration and need to converge with the Index. The CME Feeder Cattle Index was a $1.12 premium to Sept futures, at $142.19 for September 17. USDA reported no cash sales on Monday. USDA reported wholesale boxed beef prices averaged $216.22 and $205.82 cwt. for Choice and Select boxes respectively. That was a 58 cent bump for Choice and a $1.88 gain for Select. USDA estimated FI cattle slaughter at 120k head for Monday. Slaughter from the same Monday last year was 115,000 head.

Oct 20 Cattle closed at $106.700, down $0.650,

Dec 20 Cattle closed at $110.600, down $1.250,

Feb 21 Cattle closed at $115.250, down $0.825,

Sep 20 Feeder Cattle closed at $141.075, up $0.200

Oct 20 Feeder Cattle closed at $142.250, down $0.175

Nov 20 Feeder Cattle closed at $142.725, up $0.200

--- provided by Brugler Marketing & Management



Lean hog futures end the Monday session with losses ranging 7 cents to $1.97 across the front months. The Fresh Bacon Index from CME was the highest since the May spike @ $175.11cwt. The Lean Hog Index from CME was another $1.74 stronger at $69.58 for September 17. German officials have identified 6 additional ASF cases in wild boars – totaling 13 wild boar cases. No farm pig cases have been identified yet. USDA’s National Average Base Hog price for Monday PM was 13 cents higher at $61.12. USDA’s National Pork Carcass Cutout value was $90.09 this afternoon, up by $2.56 on strength in hams. The primal cuts were mixed, but offset hams were $11.47 higher to the highest since November ’19 @ $95.60 cwt. USDA estimates Monday’s FI hog slaughter at 485,000 head. That was down 1,000 from last Monday, but up 41k yr/yr.

Oct 20 Hogs closed at $65.600, down $0.900,

Dec 20 Hogs closed at $61.550, down $1.975

Feb 21 Hogs closed at $67.225, down $1.325

--- provided by Brugler Marketing & Management



Cotton futures ended the first trade day of the week down by 24 to 42 points. After the close, NASS reported 57% of new crop cotton had open bolls, that’s 2% points ahead of the 5-yr average. Harvest was 11% complete, up from 6% LW and 1% point ahead of the average. Harvest in TX was 4% ahead of average with 20% cut. Cotton condition ratings on the Brugler500 index fell by 1 point to 319. Certified stocks were up 879 bales to 6,987 from September 18. USDA reported 2,584 bales were sold at spot, for an average price of 59.63 cents/lb. The Cotlook A index for Sept 18 was 50 points lower to 71.15 cents/lb. The AWP for cotton is 50.88 cents/lb for the week; with an LDP at 1.12 cents.

Oct 20 Cotton closed at 63.74, down 42 points,

Dec 20 Cotton closed at 65.24, down 42 points

Mar 21 Cotton closed at 66.24, down 34 points

May 21 Cotton closed at 67.08, down 27 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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