AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are showing most contracts steady to fractionally mixed, with Dec up 1 3/4 cents ahead of Friday’s expiration. USDA reported a very large private export sale of 1,645,920 MT of corn to Mexico this morning. That was the fourth largest daily sale on record for corn, with 1.105 MT for 18/19 and the balance for 19/20. The weekly Export Inspections report indicated that 876,305 MT of corn was shipped in the week that ended on 12/6. The weekly export total was down 17.62% from last week but 22.06% larger than the same week in 2017. Accumulated exports are now 75.57% above year ago at 594.71 mbu.

Dec 18 Corn is at $3.75 3/4, up 1 3/4 cents,

Mar 19 Corn is at $3.85 1/2, unch ,

May 19 Corn is at $3.92 3/4, unch ,

Jul 19 Corn is at $3.99, down 1/4 cent

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are trading 1 to 4 cents lower on Monday, ahead of Tuesday’s WASDE report. Nearby soy meal is up 20 cents/ton, with soy oil 9 points higher, improving the crush spread. A private export sale of 125,000 MT of soybeans to unknown was reported by the USDA this morning. Their weekly updated to the Export Inspections report indicated that 922,094 MT of soybeans were exported in the week that ended on December 6. That was down 11.84% from the prior week and 25.83% lower than last year. MY to date, the inspections report has shown 521.04 mbu of soybeans shipped, down 41.17% from last year. A report from Bloomberg quoting anonymous surfaced and suggested China may buy 5-8 MMT of soybeans for state reserves and allow commercial users to purchase another 2 MMT with the tariff reimbursed. Official Chinese soybean imports in November were the smallest in two years at 5.4 MMT.

Jan 19 Soybeans are at $9.12 3/4, down 4 cents,

Mar 19 Soybeans are at $9.25 1/4, down 3 3/4 cents,

May 19 Soybeans are at $9.37 3/4, down 4 cents,

Jul 19 Soybeans are at $9.50, down 3 1/4 cents,

Dec 18 Soybean Meal is at $309.30, up $0.20

Dec 18 Soybean Oil is at $28.59, up $0.09

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are mostly 2 to 5 1/4 cents lower in the CBT and MPLS contracts at midday, with KC the firmest yet fractionally lower. USDA’s weekly Export Inspections report showed that exporters shipped 418,460 MT of wheat in the week that ended on 12/6. That was down 11.81% from last week but up 18% from this week in 2017. Total shipments marketed YTD (404.17 mbu) are 16.24% lower than a year ago but have been gaining over the past several weeks. Analysts are expecting USDA to peg 18/19 world ending stocks at 266.5 MMT ahead of Tuesday’s monthly update, slightly lower than November.

Mar 19 CBOT Wheat is at $5.26, down 5 1/4 cents,

Mar 19 KCBT Wheat is at $5.11 1/4, down 3/4 cent,

Mar 19 MGEX Wheat is at $5.77 1/2, down 4 cents

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle are steady to 42.5 cents lower in the front months, with back months higher. Feeder cattle futures are up 454 to 95 cents in most contracts on Monday. The CME feeder cattle index was down 46 cents on December 6 at $145.07. Wholesale beef prices were higher on Monday morning. Choice boxes were up 83 cents at $215.12, with the Select cutout value 30 cents higher at $200.80. USDA estimated weekly FI cattle slaughter at 667,000 head for last week, up 27,000 head from last week and 28,000 head larger than a year ago. That would be the largest weekly kill since 2010, but is still subject to revision over the next two weeks. Most cash cattle trade on Friday was $119.

Dec 18 Cattle are at $117.575, down $0.325,

Feb 19 Cattle are at $121.100, down $0.425,

Apr 19 Cattle are at $123.400, down $0.225,

Jan 19 Feeder Cattle are at $145.250, up $0.875

Mar 19 Feeder Cattle are at $142.825, up $0.950

Apr 19 Feeder Cattle are at $143.225, up $0.700

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are mixed, with front month Dec up 70 cents and deferred contracts lower. The CME Lean Hog Index was down 23 cents from the previous day @ $55.96 on December 6. The USDA pork carcass cutout value was down 64 cents on Monday morning at $72.99. The national base cash hog carcass value was up 5 cents this morning to a weighted average of $47.89. Last week’s USDA’s FI hog slaughter was estimated at 2.558 million head. That was 27,000 head above last week and 17,000 head larger than last year.

Dec 18 Hogs are at $54.950, up $0.700,

Feb 19 Hogs are at $67.050, down $0.825

Apr 19 Hogs are at $71.750, down $0.575

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are down 20 to 51 points in the front months on Monday. The US dollar index is showing strength at midday. The Cotlook A index was down 195 points from the previous day on Dec 7 at 87.25 cents/lb. The weekly USDA AWP is 69.34, effective through Thursday. The CFTC Commitment of Traders report will be released this afternoon. Export commitments for upland cotton now lag a year ago by 0.5% but are 70% of USDA’s projected total vs. the 60% average. Ahead of the USDA report on Tuesday, traders are estimating US cotton carryout will be trimmed.

Mar 19 Cotton is at 79.72, down 51 points,

May 19 Cotton is at 80.84, down 33 points

Jul 19 Cotton is at 81.53, down 20 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