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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 News and CommentaryCorn futures are trading 1 to 1 3/4 cents higher at midday, with expiring Dec up 2 3/4. USDA reported a private export sale of 125,000 MT of corn to Japan this morning. Corn export commitments through December 6 were 16.3% larger than last year. Export Commitments are now 44% of the USDA projection, with the normal pace running 49%. Argentina’s corn crop is estimated at 46.7% planted, lagging the 53.8% average pace according to the Buenos Aires Grains Exchange. Trade rumors this morning suggested China may turn to US corn purchases after the first of the year (reports were ~3MMT).
--provided by Brugler Marketing & Management Soybeans Market News and CommentarySoybean futures are trading 3 to 4 cents lower on Friday. Dec soy meal is down $1.40/ton, with soy oil 16 points lower, as both nearby contracts expire today. Separate soybean export sales of 300,000 MT to China and another 130,000 MT to Unknown both for 18/19 delivery were reported through the USDA’s daily reporting system this morning. Export commitments for soybeans were 33.8% lower than a year ago as of December 6. They were just 48% of USDA’s full year projection prior to the Chinese buys, compared to the 75% average. Analysts estimated Monday’s NOPA report will show 168.444 mbu of soybeans crushed by its members during November. Soy oil stocks are projected to total 1.503 billion pounds. The Buenos Aires Grain Exchange estimated that 68.8% of the Argentine soybean crop is planted, above the 66.9% average pace. They also pegged the initial conditions at 19.1% gd/ex, vs. 49.3% gd/ex last year.
--provided by Brugler Marketing & Management Wheat Market News and CommentaryWheat futures are showing 3 to 4 1/4 cent losses in most CBT contracts, with KC and MPLS mostly steady to a penny higher. Dec futures expire today. Wheat 18/19 export commitments are now just 9.5% behind this time last year. They are now 60% of USDA’s newly updated projection of 1 bbu, with the normal pace at 77%. Russia’s ag ministry estimates that the country’s 18/19 wheat crop totaled 70 MMT. BAGE estimates that Argentina’s wheat crop is now 75.2% mature, with harvest even with average pace at 57.4%. They estimate condition ratings at 35.8% gd/ex, compared to 63.9% gd/ex last year.
--provided by Brugler Marketing & Management Cattle Market News and CommentaryLive cattle futures are steady to 52.5 cents lower at midday. Feeder cattle futures are down 25 to 55 cents. The CME feeder cattle index was up $1.43 on December 12 at $146.40. Wholesale beef prices were higher, with the Ch/Select spread narrowing to $8.48. Choice boxes were up 25 cents at $212.72, with the Select cutout value $3.24 higher at $201.24. USDA estimated week to date cattle slaughter at 483,00 head through Thursday. That is 2,000 above last week and 11,000 head larger than the same week last year. There have been a few $119 sales across TX and KS so far today.
--provided by Brugler Marketing & Management Lean Hogs Market News and CommentaryLean Hog futures are mixed at midday, with most front months steady to 52.5 cents higher. The CME Lean Hog Index was down 18 cents from the previous day @ $55.36 on December 12. The USDA pork carcass cutout value was down 97 cents at $72.20. The national base cash hog carcass value was 57 cents higher at a weighted average of $46.99. USDA estimated FI hog slaughter for Wednesday was 476,000 head, bringing the WTD total to 1.911 million head. That is 18,000 head larger than last week and 48,000 head above a year ago.
--provided by Brugler Marketing & Management Cotton Market News and CommentaryCotton futures are showing 43 to 50 point gains on Friday. Cotton commitments for export are now lagging a year ago by 2.5%. Compared to the USDA projected 15 million bales, they are 71% of that number vs. the 62% average for early December. The Cotlook A index was down 5 points from the previous day on Dec 13 at 88.25 cents/lb. The weekly USDA AWP was updated to 69.77, good through next Thursday and up 43 points from the previous week.
--provided by Brugler Marketing & Management Market Commentary provided by: |
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