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AgriCharts Market CommentaryDo you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily. Corn Market CommentaryCorn futures closed with 4 1/2 cent gains in most front months on Monday, with spillover buying from soybeans and soybean meal. This morning’s Export Inspections report indicated that 996,643 MT of corn was shipped in the week of 10/11. That was down 28.03% from the week prior but nearly triple the same week last year. The weekly Crop Progress report this afternoon indicated that 96% of the US corn crop was mature as of Sunday vs. the 91% average. It was also reported that 39% was harvested in the 18 states with weekly tracking, exceeding the normal 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 is not record high.
--provided by Brugler Marketing & Management (402) 289-2330 Soybeans Market CommentarySoybean futures posted 22 to 24 cent gains on Monday. They got a fair share of bullish news from a slow harvest, large September NOPA crush and exports picking up. 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. There were 2 separate cargos totaling 134,729 MT that were headed to China. This morning’s NOPA report showed that members crushed 160.779 mbu of soybeans during September. That exceeded expectations and was 17.86% larger than last year. Soy oil stocks were shown at 1.531 billion pounds at the end of September, below estimates and 5.68% lower than August. As the trade had thought, soybean harvest was slowed over the past week. USDA reported it 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.
--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips. Wheat Market CommentaryWheat futures ended the Monday session with most contracts 4 1/2 to 7 3/4 cents in the green. The USDA weekly Export Inspections report indicated that 450,980 MT of all wheat was shipped in the week of 10/11. 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 10/14, lagging the average pace by 2% as rains in the Plains slows progress last week. 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. Syria is seeking 200,000 MT of wheat, with the tender to close on Monday.
--provided by Brugler Marketing & Management, Call (402) 289-2330 Cattle Market CommentaryLive cattle futures saw $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.
--provided by Brugler Marketing & Management, Call (402) 289-2330 Lean Hogs Market CommentaryLean 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 this 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.
--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips. Cotton Market CommentaryCotton futures 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. Parts of TX received subfreezing temps overnight, 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 22 points to 299. That was mainly caused by a huge deterioration in GA from Hurricane Michael, down 126 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: |
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