Ag Market Commentary

Corn futures are giving back most of yesterday’s gains, down 3 to 4 cents at midday. Monday’s Crop Progress indicated most WCB states lagging harvest pace and only moving 2-3% on the week, with ECB states now well above normal. However, condition ratings held up better than expected for the US as a whole. Condition ratings were down 1 in IA and up the same in IN, while MN lost 3 points with the Dakotas both lower and NE up 2. The weekly EIA report showing ethanol production will be released on Wednesday morning, per the normal weekly schedule. An Israeli importer is seeking 60,000 MT of corn, with the tender to closed on Wednesday and US listed as an accepted origin.

Dec 18 Corn is at $3.74 1/2, down 3 3/4 cents,

Mar 19 Corn is at $3.86 1/4, down 4 cents,

May 19 Corn is at $3.93 1/4, down 4 cents

Jul 19 Corn is at $3.98 1/2, down 3 3/4 cents

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

Soybean futures are showing 9 to 10 cent losses on Turnaround Tuesday. Nearby soy meal is down $6.10/ton, with soy oil 10 points lower. Forecasts for the next week are dry for most of the Corn Belt, helping to get things dried out and allowing harvest to progress. NASS reported harvest as of Sunday was well behind normal with WCB states making very little pace over the past week. Progress in IA and MN is lagging by 31% with NE down 16% and the Dakotas well below normal, while IL is 5% faster than normal and IN up 2%. Condition ratings saw significant declines in IA (-10%), MO (-11%), ND (10%), and OH (-9%), with NE down 5% and MN 3 points lower.

Nov 18 Soybeans are at $8.81 1/2, down 10 cents,

Jan 19 Soybeans are at $8.96, down 9 3/4 cents,

Mar 19 Soybeans are at $9.08 1/2, down 9 1/2 cents,

May 19 Soybeans are at $9.21 1/4, down 9 1/2 cents,

Dec 18 Soybean Meal is at $320.90, down $6.10

Dec 18 Soybean Oil is at $29.66, down $0.10

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

Wheat futures are mixed on Tuesday, with KS down 2 to 3 cents and CBT and MPLS within a penny on either side of UNCH. NASS reported that 65% of the winter wheat crop was planted as of the 14th, lagging the average pace by 2% as rains in the Plains slows progress. Emergence was 3% faster than normal at 44%. KS is now lagging normal pace at 62% planted, most other HRW states behind average. Emergence in those same states, however, is ahead of normal. Japan is seeking 127,688 MT of wheat from the US (59,640 MT), Canada, and Australia in their weekly MOA tender, with results expected on Thursday.

Dec 18 CBOT Wheat is at $5.25 1/4, up 1/4 cent,

Dec 18 KCBT Wheat is at $5.29 1/4, down 2 1/2 cents,

Dec 18 MGEX Wheat is at $6.00 1/2, unch ,

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

Live cattle futures are down 10 to 85 cents in the front months on Tuesday. Feeder cattle futures are trading 65 cents to $1.20 lower at midday. The CME feeder cattle index was down $1.22 on October 12 at $156.26. Wholesale boxed beef prices were higher on Tuesday morning. Choice boxes were up 52 cents @ $205.32, with Select up 95 cents to $192.84. 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. Wednesday’s FCE will show 1,103 head for sale on their weekly auction. Ahead of Friday’s Cattle on Feed report, analysts are expecting to see September placements just 0.1% larger than last year at 2.152 million head. Marketings in that month are seen down 3% at around 1.73 million head.

Oct 18 Cattle are at $112.550, down $0.825,

Dec 18 Cattle are at $117.350, down $0.625,

Feb 19 Cattle are at $121.575, down $0.125,

Oct 18 Feeder Cattle are at $154.000, down $1.100

Nov 18 Feeder Cattle are at $154.100, down $1.125

Jan 19 Feeder Cattle are at $149.850, down $0.675

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

Lean hog futures are mostly $1 to $1.15 higher in the nearby contracts on Tuesday. The CME Lean Hog Index was down 24 cents from the previous day @ $68.75 on October 12. The USDA pork carcass cutout value was 45 cents higher in the Tuesday morning report at $81.95. The national base hog carcass value was 46 cents lower at a weighted average of $59.80 on Tuesday morning. 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.

Dec 18 Hogs are at $57.750, up $1.000,

Feb 19 Hogs are at $64.950, up $1.050

Apr 19 Hogs are at $70.000, up $1.150

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

Cotton futures are currently 12 to 30 points lower on Tuesday. 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 for this date. Texas has 30% harvested, with GA @ 20%. Condition ratings for that week fell 7% to 35% gd/ex, with the Brugler500 index down a sharp 22 points to 299. That was mainly caused by a huge deterioration in GA from Hurricane Michael, down 126 Index points to 234. Conditions in TX also fell by 5 points, with AL down 39 points. The Cotlook A index was up 150 points from the previous day at 87.65 cents/lb on October 15. The USDA weekly AWP is 67.73 cents/lb, and effective through this Thursday.

Dec 18 Cotton is at 78.45, down 27 points,

Mar 19 Cotton is at 79.71, down 13 points

May 19 Cotton is at 80.52, down 13 points

Jul 19 Cotton is at 81.030, down 12 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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do 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.