Ag Market Commentary

Corn futures are currently 4 to 4 1/4 cents higher in the nearby contracts on Monday. 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. Friday afternoon’s CFTC report indicated spec funds trimmed their net short position in corn futures and options by 23,732 contracts in the reporting week ending October 9, leaving them net short 34,032 contracts. Trade ideas for US corn harvest appear to be running 39-40% completed, which would still be ahead of the 5 year average pace. USDA will report at 3 PM CDT.

Dec 18 Corn is at $3.78, up 4 1/4 cents,

Mar 19 Corn is at $3.90, up 4 1/4 cents,

May 19 Corn is at $3.96 3/4, up 4 cents

Jul 19 Corn is at $4.01 3/4, up 4 cents

--provided by Brugler Marketing & Management (402) 289-2330



Soybean futures are trading 18 to 20 cents higher in the front months. Nearby soy meal is up $8.90/ton, with soy oil 22 points higher. Soybean export inspections in the week that ended on 10/11 were tallied at 1.158 MMT. That was more than double the week prior 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. Trade ideas for tonight’s USDA report put soybean harvest at 38-39% completed. The average for this date is 53%, but little was done in the western Corn Belt last week due to rain and snow.

Nov 18 Soybeans are at $8.87 1/2, up 20 cents,

Jan 19 Soybeans are at $9.01 1/2, up 19 3/4 cents,

Mar 19 Soybeans are at $9.13 1/2, up 19 cents,

May 19 Soybeans are at $9.26 1/2, up 18 3/4 cents,

Dec 18 Soybean Meal is at $325.80, up $8.90

Dec 18 Soybean Oil is at $29.61, up $0.22

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.



Wheat futures are mostly 1 to 3 cents in the green in CBT and KC contracts, with MPLS steady to 2 1/4 cents lower. 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. 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.

Dec 18 CBOT Wheat is at $5.20 1/4, up 3 cents,

Dec 18 KCBT Wheat is at $5.25 1/2, up 1 1/4 cents,

Dec 18 MGEX Wheat is at $5.93 3/4, down 2 1/4 cents

--provided by Brugler Marketing & Management, Call (402) 289-2330



Live cattle futures are showing 45 cent to $1.50 gains in most contracts at midday. Feeder cattle futures are mixed on Monday, with front months steady to 20 cents higher and other contracts lower. The CME feeder cattle index was down 89 cents on October 11 at $157.48. Wholesale boxed beef prices were mixed on Monday morning. Choice boxes were up $1.48 @ $204.19, with Select down 61 cents to $191.67. Weekly beef production was down 0.4% from the previous week but 3.2% larger than the same week a year ago. Weekly FI slaughter was estimated at 639,000 head, which would be 4,000 below the previous week.

Oct 18 Cattle are at $113.000, up $0.675,

Dec 18 Cattle are at $117.650, up $1.475,

Feb 19 Cattle are at $121.500, up $1.100,

Oct 18 Feeder Cattle are at $154.700, unch,

Nov 18 Feeder Cattle are at $154.800, up $0.175

Jan 19 Feeder Cattle are at $149.650, down $0.100

--provided by Brugler Marketing & Management, Call (402) 289-2330



Lean hog futures are posting $1.10 to $1.90 gains in most contracts on Monday. The CME Lean Hog Index was down 29 from the previous day @ $68.99 on October 11. The USDA pork carcass cutout value was $1.41 higher on Monday morning report at $81.46. The national base hog carcass value was $1.03 lower at a weighted average of $60.37 this morning. Weekly FI hog slaughter was estimated at 2.489 million head. That was down 14,000 head from last week and 23,000 head below the same week last year.

Dec 18 Hogs are at $56.875, up $1.875,

Feb 19 Hogs are at $64.000, up $1.775

Apr 19 Hogs are at $69.250, up $1.325

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.



Cotton futures are steady to 10 points higher in the nearby contracts at midday. Friday’s Commitment of Traders report showed that spec traders in Cotton futures and options held their smallest reported net long position since last November as of last Tuesday at 47,539 contracts. Parts of TX received subfreezing temps overnight, with USDA showing 70% of the bolls open as of 10/7, with updated numbers out this afternoon. 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)

Dec 18 Cotton is at 78.46, up 9 points,

Mar 19 Cotton is at 79.65, up 10 points

May 19 Cotton is at 80.45, up 4 points

Jul 19 Cotton is at 80.970, down 2 points

--provided by Brugler Marketing & Management (402) 289-2330






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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