AgriCharts Market Commentary

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Corn Market 2 to 4 Cents Lower

Corn futures are trading 2 to 4 cents lower this morning. They closed Monday with minor to fractional losses in nearby contracts. The usual Monday reports (USDA Export Inspections, Crop Progress) are going to be released today, as the USDA was closed Monday for Columbus Day. Trade estimates for corn harvest are around 22-23% complete as of Sunday, which would be behind the 35% average. Drier weather expected for this week should allow harvest to progress in some areas not hit by recent precip events. Another round of moisture is expected this weekend along the Corn Belt.

-- provided by Brugler Marketing & Management

Soybean Market Mostly 3 to 4 Cents Lower

Soybeans futures are mostly 3 to 4 cents lower to begin your Tuesday morning. They charged out of the weekend to finish Monday 4 to 4 1/2 cents higher, riding the winter weather rally. Parts of the Dakotas saw up to 2 feet of snow in last week’s storm. Soybean meal lost $0.90/ton, while soy oil closed Monday up 7 points. Traders are expecting the Crop Progress report to show soybean harvest as of 10/14 at 25-26%, which would be 11% behind last year and 23% behind the average. A Reuters survey suggests September NOPA crush will be around 162 million bushels. It should be down from August (168 mbu) due to 1 less processing day and some plant downtime ahead of harvest. Trade ideas on NOPA soy oil stocks averaged only 1.32 billion pounds in that survey. They were 1.401 billion in August.

-- provided by Brugler Marketing & Management

Wheat Markets Give Back 3 to 4 Cents Overnight

Wheat futures are 3 to 4 cents lower this morning across all three US markets. They ended Monday higher, with Kansas City HRW leading the way with a gain of 6 1/4 cents. Chicago SRW closed Monday with 3 cent gains in Dec, and Minneapolis HRS 4 cents higher. Export Inspections data will be delayed until this morning due to the Columbus Day Holiday. Delayed Crop Progress data will also be released this afternoon, with what’s left of the Spring wheat harvest expected to be slowed by last week’s storm. Winter wheat planting progress will also be of interest.

--provided by Brugler Marketing & Management

Cattle Market Following Cash Seasonal Higher

Live cattle futures gained triple digits, ending Monday $1.175 to $1.30 higher. Feeder cattle futures were also higher at Monday’s close, ending the day up $1.45 to $1.825 in the nearbys. The CME Feeder Cattle index was 63 cents higher on 10/11 to $144.26. Wholesale boxed beef prices were higher on Monday. Choice boxes were up $1.56 to $217.22, with Select boxes 65 cents higher to $189.33, which widened the spread to $27.89. USDA estimated FI cattle slaughter for the start of the week was 117,000 head. That is 1,000 head above last week and 2,000 larger than the same week last year.

--provided by Brugler Marketing & Management

Lean Hogs Market Still Seeking Chinese Shipments

Lean Hog futures were mixed in the nearby contracts; DEC lost 47 1/2 cents while FEB contracts saw $0.20 gains. October futures expired on Monday. The Chinese ag ministry mentioned the national hog herd was down 41% yr/yr in September, with the sow herd down 38.9% from a year ago. According to China’s Customs bureau, pork imports in September were 76% larger than in September 2018 at 166,000 MT. The CME Lean Hog Index was up an additional $0.53 to $61.18 on Oct 10. The USDA pork carcass cutout value was 42 cents higher at $77.94. The national average base hog value was 89 cents higher at $57.50. Estimated FI hog slaughter for last week was revised down 30,000 head to 2.695 million. USDA estimated Monday’s slaughter at 491,000 head, up 7,000 head form last week and up 30,000 from last year.

-- provided by Brugler Marketing & Management

Cotton Market 20 to 70 Higher to Begin Turnaround Tuesday Effort

Cotton futures are trading 20 to 70 points higher this morning in a Turnaround Tuesday attempt. They saw triple digit losses at Monday’s close, with Dec down 169 points and March off 131 points. Optimism from last week’s trade sessions with China gave cotton a boost in the Sunday overnight, but now the market is shifting into “show me the money” mode. USDA Crop Progress data will be released this afternoon due to the Columbus Day holiday. The Cotlook A Index was down 75 points to 71.75 cents/lb for October 11. The AWP is 53.90 cents/lb through Thursday.

-- 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