AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are trading 1 cent lower this morning after gaining 3 3/4 to 4 1/2 cents on Friday. Weekly export sales totaled 1.007 MMT in the week of 10/4.That was down 29.65% wk/wk and 36.25% lower than the same week in 2017. 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.

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

Soybeans Market Commentary

Soybean futures are currently UNCH to 1 cent lower. They settled mostly 9 cents higher on Friday and were down 1 1/2 cents for the week. Nearby soy meal was down $3.20/ton last week. US Soybean export sales in the week of 10/4 fell short of expectations at 439,651 MT. That was 75% from the same week last year. Net reductions of 187,899 MT were reported for China. Soy meal sales for 18/19 were 348,232 MT for that, with another of 664,996 MT of old business carried over from 2017/18. Soy Oil Sales totaled 11,439 MT for the first week of the new MY, with 65,029 MT carried over. The NOPA monthly crush report is scheduled for today, with Reuters showing an average trade estimate of 157.4 million bushels. NOPA member soy oil stocks are expected to be around 1.579 billion pounds. Trade ideas for tonight’s USDA report put soybean harvest at 39-39% completed. The average for this date is 53%, but little was done in the western Corn Belt last week due to rain and snow.

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

Wheat Market Commentary

Wheat futures are trading 1 cent lower to 2 cents higher this morning, with Chicago SRW the firmest. They settled 6 to 10 1/2 cents higher in the three markets on Friday, led by KC HRW amid planting concerns due to wet weather. Friday’s USDA Export Sales report indicated that 18/19 sales for the week of 10/4 were 339,022 MT. That was within trade estimates and nearly double this week last year but still down 22.1% wk/wk. Export commitments for wheat are now just 42% of that full year projection vs the 61% average for this date. The global stocks/use ratio is tightening, so USDA analysts are sticking to their guns on exports.

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

Cattle Market Commentary

Live cattle futures closed 30 to 85 cents lower in the nearby contracts. Feeder cattle futures were down $1.27 to $2.12 on rising feed costs. The CME feeder cattle index was down a penny on October 10 at $158.37. 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.

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

Lean Hogs Market Commentary

Lean hog futures were 57 cents higher to $1.07 lower on Friday, with contracts past December in the minus column. The CME Lean Hog Index was down 6 on October 10 @ $69.28. The USDA pork carcass cutout value was $1.43 higher in the afternoon report at $80.04. The national base hog carcass value was 24 cents lower at a weighted average of $61.45. 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. US pork shipments counted by USDA last week were the largest since May at 24,813 MT.

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

Cotton Market Commentary

Cotton futures are trading 34 to 48 points higher as the trade tries to price in crop losses from Hurricane Michael. They posted triple digit gains on Friday. The USDA Export Sales report listed 97,997 RB in 18/19 upland cotton sales during the week of 10/4. That was well above the week prior but down 36.54% from the same time last year. Vietnam purchased 70,000 RB, with 73,967 RB reported as a net reduction for China. Sales for 19/20 were tallied at 142,912 RB, with 136,400 RB sold to China. The Cotton Ginnings report showed that 1.287 million bales had been ginned as of 10/1, 3% larger than the same time last year. The Cotlook A index was down 20 points from the previous day at 86.15 cents/lb on October 11. The USDA weekly AWP is 67.73 cents/lb. and effective through Thursday.

--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