Ag Market Commentary

Corn futures are show 1-2 cent losses in limited post-Thanksgiving trade. This morning's USDA Export Sales report indicated 17/18 sales of 1.08 MMT for the week of November 16, within the range of expectations. That was an increase of 13.83% over last year, but still lagged this time last year by 34.93%. Japan was the lead buyer at 289,000 MT, as Peru followed with 207,900 MT in purchases. There was an additional 25,500 MT in 18/19 sales. Analysts with AgroConsult estimate the 17/18 Brazil corn crop at 94.4 MMT, down 0.9 MMT from their September projection. That was mainly down due to a smaller first season crop, down 1.3 MMT at 24.8 MMT.

Dec 17 Corn is at $3.43 1/4, down 2 cents,

Mar 18 Corn is at $3.55 3/4, down 1 1/4 cents,

May 18 Corn is at $3.64 1/4, down 1 cent

Jul 18 Corn is at $3.72 1/4, down 1 cent



Soybean futures are trading 2 cents either side of UNCH here on Friday. December meal is up $2/ton, with nearby bean oil down 20 points. The market will also close early, with full size contracts ending at 12:05 PM CST and minis 15 minutes later. The USDA reported 869,086 MT in 17/18 export sales for last week, falling well shy of analysts' range of expectations. China was the buyer of nearly 407,100 MT, as 326,000 MT was switched from Unknown Destinations. There was also 34,500 MT in 18/19 sales. Soy meal sales of 379,809 MT were indicated, exceeding estimates. Sales of Soy oil totaled 4,177 MT for the week of 11/16. Brazil's soybean production number was left unchanged at 111 MMT for 17/18 according to AgroConsult. China brought in 5.856 MMT in soybeans during October, with 1.325 MMT from the US and 3.376 MMT from Brazil.

Jan 18 Soybeans are at $9.98 3/4, up 1 1/2 cents,

Mar 18 Soybeans are at $10.10, up 1 1/2 cents,

May 18 Soybeans are at $10.19 3/4, up 1 1/2 cents,

Jul 18 Soybeans are at $10.27 1/2, up 1 1/4 cents,

Dec 17 Soybean Meal is at $326.40, up $2.00,

Dec 17 Soybean Oil is at $33.85, down $0.20



Wheat futures are currently 4 to 6 1/2 cents in the red on Friday. All wheat export sales for the week of November 16 fell well below trader expectations at 199,845 MT. That was a drop of 59.2% from the previous week and 71.9% lower than this week in 2016. Japan was purchased 68,300 MT, with Algeria buying 62,000 MT. Weekly shipments were fairly low as well at 189,577 MT. Argentina's ag ministry initially estimates the country's 17/18 wheat production number @18 MMT.

Dec 17 CBOT Wheat is at $4.16 1/2, down 6 1/4 cents,

Dec 17 KCBT Wheat is at $4.16 1/2, down 4 1/2 cents,

Dec 17 MGEX Wheat is at $6.22 1/2, down 4 1/4 cents



Live cattle futures are down 37.5 to 67.5 cents in most nearby contracts, with feeder cattle futures mixed. The CME feeder cattle index on November 21 was down 10 cents to $156.58. USDA indicated FI cattle slaughter at 359,000 head through Wednesday, 6,000 larger than a week ago and 11,000 above the same week in 2016. Cash cattle traded $120-$120.50 in the North on Wednesday. The USDA Cold Storage report indicated frozen beef stocks of 506.931 million pounds, 2.2% larger than September but down 4.9% from last year. Beef export sales for 2017 of 9,276 MT were reported for the week during November 16, with 1,147 MT in 2018 sales.

Dec 17 Cattle are at $118.650, down $0.400,

Feb 18 Cattle are at $124.800, down $0.675,

Apr 18 Cattle are at $125.575, down $0.375,

Jan 18 Feeder Cattle are at $152.925, up $0.200

Mar 18 Feeder Cattle are at $151.125, down $0.025

Apr 18 Feeder Cattle are at $150.950, up $0.025



Lean hog futures are trading 47.5 to 57.5 cents higher at midday. The CME Lean Hog Index for 11/21 was down 43 cents to $63.98. The WCB weighted average cash prices was down 24 cents in the morning report, with the national base up 6 cents at $56.65.The weekly USDA AMS hog slaughter report showed 1,378,000 through Wednesday. That is down 16,000 from the previous week but 60,000 more than the same week in 2016. Nearly all plants were dark on Thursday for the holiday. The new USDA Cold Storage report showed frozen pork stocks at the end of October totaled 597.295 million pounds. That is a drop of 3.45% from September and 0.29% lower that October 2016. Export sales of 2017 pork came in at 16,329 MT, with 7,505 MT in 2018 sales during the week of Nov 16.

Dec 17 Hogs are at $63.300, up $0.475,

Feb 18 Hogs are at $69.675, up $0.575

Apr 18 Hogs are at $73.525, up $0.475



Cotton futures are mostly 46 to 126 points higher on Friday. Support is coming from the US dollar, up 423 points at the moment. Customs data from China shows 78,128 MT in October imports, with 17,049 MT was sourced from the US. The USDA reported 17/18 upland cotton export sales of 357,026 RB, down from the previous week but still 40.1% above this time last year. Pakistan was the lead buyer, purchasing 109,900 RB. Sales for 18/19 picked up to 43,121 RB. Pima sales of 17,500 RB were reported, down from the previous week. The Cotton Ginnings report will be released later this afternoon. The Cotlook A index was down 75 points to 80.75 cents/lb.

Dec 17 Cotton is at 72, up 126 points,

Mar 18 Cotton is at 71.6, up 46 points

May 18 Cotton is at 72.48, up 50 points






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

First you raise it, then you market it!  Check out the full Brugler advisory service with this special Harvest 2Fer offer at  http://bit.ly/Harvest2Fer.


 

Did June and July leave you with painful grain marketing memories?
Contact Brugler TODAY to discover which of our services is the right prescription for you!
Request product samples and a quick tour of our services here.

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.