AgriCharts Market Commentary

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Corn 2 to 3 Cents Higher in Early Thursday Trade

Corn futures are 2 to 3 cents higher so far on Thursday, after they saw fractional to 1 1/2 cent losses in most contracts on Wednesday. The 7-day QPF shows most of the Corn Belt dry to receiving less than a half inch, which should allow for faster harvest progress this week. As of 10/13 there were ~8.3 million planted acres in MN, NE and the Dakotas yet to mature, with the US total at 24.28 million acres. Some of them experienced a hard freeze, and some were hit by frost. Test weight losses are a given, but the scale won’t be known for a while. Condition ratings in ND and CO were down 15 points last week on the Brugler500 index, with MN 5 points lower. Due to Monday’s Holiday weekly EIA data will be released on Thursday and USDA Export Sales on Friday.

-- provided by Brugler Marketing & Management

Soybean Market 4 to 6 Cents Higher Overnight

Soybeans futures start the Thursday session 4 to 6 cents higher from the overnight. They ended the Wednesday session with most contracts 3 to 6 1/4 cents lower. Soybean meal was down $3/ton, while soy oil was up a point. Weekly Export Sales data will be pushed back until Friday due to Monday’s Holiday. Tuesday’s Crop Progress report showed 11.47 million acres of the USDA planted acreage total still with leaves on 10/13 (not mature). Harvest was 26% complete, the slowest for that week since 1986. Drier weather this week should allow for harvest to progress more rapidly. Conditions in ND fell 13 points on the Brugler500 index, with MN and WI down 5, and NE down 3 points. That was offset by 1 point gains in IN and IA, with SD actually up 8 points and the overall Brugler500 index up 3 to 345. NASS stated on Wednesday it will resurvey producer in ND and MN on corn and soybean harvested acreage, with any updates in the November Crop Production report.

-- provided by Brugler Marketing & Management

Wheat Markets 4 to 8 Cents Higher As Egypt Buys

Wheat futures are 4 to 8 cents higher in the CHI and KC contracts this morning. MPLS spring wheat is 2 to 3 cents higher. The three markets ended Wednesday with most contracts 3 to 7 cents higher, with short covering suspected. Preliminary open interest data showed that it was instead net new buying interest, at least for Chicago, with OI rising 4,859 contracts. Japan is tendering for 115,835 MT of wheat from UA, Canada, and Australia. The MOA tender results will be out later today, with 35,590 MT specified as US origin. Egypt’s GASC purchased 405,000 MT of wheat from Russia (285,000 MT), Ukraine (60,000 MT) and France (60,000 MT). No US wheat was offered. French milling wheat is trading at the highest price since late June.

--provided by Brugler Marketing & Management

Cattle Settle Mostly Higher on Wednesday

Live cattle futures settled Wednesday steady to $1.35 higher in most contracts. Feeder cattle futures were mostly higher, with Nov down 15 cents. The CME Feeder Cattle index was 3 cents higher on 10/15 to $145.12. Wholesale boxed beef prices were mixed on Wednesday afternoon. Choice boxes were up 26 cents to $218.28, with Select boxes 11 cents lower to $191.37. USDA estimated this week’s FI cattle slaughter through Wednesday at 351,000 head. That is 1,000 head above last week but down 4,000 from the same week last year. Wednesday’s FCE online auction saw all 768 head offered go unsold, with asks of $111. They also announced a trial sale set for this Friday. A few $111 sales were reported in the WCB on Tuesday according to USDA.

OCT 19 Cattle closed at $112.350, up $1.350,

DEC 19 Cattle closed at $113.875, up $0.425,

FEB 20 Cattle closed at $119.600, up $0.050,

OCT 19 Feeder Cattle closed at $145.225, up $0.225

NOV 19 Feeder Cattle closed at $145.925, down $0.150

JAN 19 Feeder Cattle closed at $142.375, up $0.200

--provided by Brugler Marketing & Management

Hogs Mixed at Wednesdays Close

Lean Hog futures were mixed on Wednesday, with Dec giving back half of Tuesday’s limit gain and down $1.50. The CME Lean Hog Index was up an additional $0.81 to $62.92 on Oct 14. The USDA pork carcass cutout value was down 34 cents on Wednesday at $77.72. Most primals were higher, with just the butt (-$1.28) and belly (-$5.53) lower. The national average base hog value was 40 cents lower at $58.82 on Wednesday afternoon. USDA estimated WTD hog slaughter at 1.471 million head, up 8,000 head from last week and 53,000 larger than last year.

DEC 19 Hogs closed at $70.625, down $1.500,

FEB 19 Hogs closed at $78.850, down $0.300

APR 20 Hogs closed at $84.875, down $0.025

-- provided by Brugler Marketing & Management

Cotton Posts Strong Gains on Wednesday

Cotton futures were up 90 to 103 points in the front months on Wednesday, following a reduction in crop condition ratings on Tuesday. Condition ratings were down 1% to 38% gd/ex, as the Brugler500 index was down 2 points to 321. An 8 point drop in TX ratings (Brugler500 index) was the main reason, as they are now rated the worst this year at 299. Harvest is moving along ahead of the average pace. The Cotlook A Index was back down 145 points on Oct to 72.80 cents/lb. The AWP is 53.90 cents/lb through Thursday.

DEC 19 Cotton closed at 64.56, up 103 points,

MAR 19 Cotton closed at 65.18, up 92 points

MAY 20 Cotton closed at 65.73, up 90 points

JUL 20 Cotton closed at 66.17, up 91 points

-- provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353