Ag Market Commentary
BRUG - Tue Nov 12, 12:09PM CST

Corn futures are gaining back 2 to 3 1/2 cents on Turnaround Tuesday. Corn export inspections released by the USDA outpaced anticipations, with a near double (97.43% increase) over last week. The 560,105 MT for the week ending 11/07 was still remarkably below last year’s 1.158 MMT in weekly exports. MYTD the USDA has inspected 4.321 MMT of corn exports, 61.2% below last marketing year’s pace of 11.138 MMT. US FOB prices are above Argentine and Ukrainian prices, although recently below Brazil. Trade ideas for US corn harvest are running 65-66% completed. USDA will release those numbers later today. December corn options are scheduled to expire a week from Friday.

DEC 19 Corn is at $3.76 3/4, up 3 1/2 cents,

MAR 19 Corn is at $3.84 1/2, up 2 1/2 cents,

MAY 20 Corn is at $3.91, up 2 1/4 cents

JUL 20 Corn is at $3.97, up 2 cents

---provided by Brugler Marketing & Management

Soybean futures are fractionally lower so far this Tuesday, with Nov up a penny ahead of Thursday’s expiration. Soybean meal is $1.30/ton higher on Tuesday, with bean oil 39 points lower. There were 233 deliveries against November bean futures overnight, with 5 different stoppers. Soybean export inspections released this morning from the USDA, showed 48.929 mbu of soybeans for the week ending 11/07. That was just below the same week last year and 5.475 mbu less than last week. The MYTD accumulated export inspections for soybeans are 7.01% above 18/19’s pace, but are still 96.277 mbu below the pre trade war (5 year) average. Trade ideas for US harvest progress are in the 84-85% range for the weekly report.

NOV 19 Soybeans are at $9.06, up 1 cent,

JAN 19 Soybeans are at $9.16 3/4, down 1/4 cent,

MAR 20 Soybeans are at $9.29 3/4, down 3/4 cent,

MAY 20 Soybeans are at $9.42, down 3/4 cent,

DEC 19 Soybean Meal is at $301.90, up $1.30,

DEC 19 Soybean Oil is at $31.03, down $0.39

--- provided by Brugler Marketing & Management

Wheat is regaining most of yesterday’s losses, with Kansas City HRW futures leading the way with double digit gains at midday. Traders had drastically underestimated weekly wheat export inspections, as the 528,875 MT were well above the expected range of 250-350,000 MT. Wheat export inspections are 44.42% higher than the week ending 10/31, and were 33.03% higher than the same week last year. The MY accumulated export inspections for wheat are up to 421.07 mbu, which is 79 mbu above last year’s pace. The Crop Progress report is delayed by the holiday until later this afternoon. Canadian wheat harvest continues to drag on, with Alberta reporting 89.5% complete. They were 95% done a year ago at this time.

DEC 19 CBOT Wheat is at $5.13 3/4, up 8 cents,

DEC 19 KCBT Wheat is at $4.32 3/4, up 10 cents,

DEC 19 MGEX Wheat is at $5.19, up 3 3/4 cents

-- provided by Brugler Marketing & Management

Live cattle futures are lower so far at midday. Feeder cattle futures are mostly lower by 32 to 42 cents, with Nov steady to 2 cents higher. The 11/08 CME Feeder Cattle index gained 68 cents to $146.52. Wholesale boxed beef prices are back up at midday. Choice boxes gained $1.53 to $240.05, in august prices topped $241 for a short time, but the last time choice boxes have been as high as $240 was 6/22/17. Select boxes gained $3.12 for the day to finish at $213.69. HerdX teamed up with UPS logistics to utilize block chain technology in delivering beef to Japan; which was the first successful venture to sell, ship, and deliver beef products with block chain technology. USDA estimated FI cattle slaughter is 112,000 head for this Veterans Day. Last week’s total was estimated at 651,000 head.

DEC 19 Cattle are at $119.450, down $0.425,

FEB 19 Cattle are at $125.225, down $0.450,

APR 20 Cattle are at $126.700, down $0.250,

NOV 19 Feeder Cattle are at $147.600, up $0.025

JAN 19 Feeder Cattle are at $146.700, down $0.425

MAR 19 Feeder Cattle are at $146.375, down $0.325

--provided by Brugler Marketing & Management

Lean hog futures see triple digit rallies for this turnaround Tuesday. The CME Lean Hog Index regained $0.10 yesterday, to $60.29. The pork carcass cutout value up is another $2.73 so far at $89.07; the biggest gainers were hams and picnic shoulders, with ribs down by 69 cents so far at midday. The national average base hog price is 12 cents lower to $42.47. The USDA estimated FI hog slaughter for Monday’s holiday is 444,000 head; the weekly total from last week reached 2.693 million head. Since the National Day festivities, domestic pork prices in China have knowingly skyrocketed, as the shortage has spread to the government reserves of frozen imported pork. Chinese officials are reportedly planning new policies to maintain price levels, one of which is to import American poultry as a substitute to expensive pork, and the other is to mandate private storage firms to release their supplies; watch for the new policies to take effect before the Chinese lunar new year in January.

DEC 19 Hogs are at $65.475, up $2.175,

FEB 19 Hogs are at $75.725, up $2.000

APR 20 Hogs are at $81.900, up $1.250

--provided by Brugler Marketing & Management

Cotton futures are higher so far today, with gains dwindling through the nearby futures contracts. The dollar is up 139 points so far on Tuesday. Online cash sales reported on The Seam for Monday were 5,569 bales, at a monthly high average price of 62.30 cents/ lb. Crop Progress data will be delayed until this afternoon. The Cotlook A Index for 11/11 was 55 points higher to 75.95 cents/lb. The AWP will remain at 56.63 cents/lb through Thursday.

DEC 19 Cotton is at 64.55, up 26 points,

MAR 19 Cotton is at 66.29, up 21 points

MAY 20 Cotton is at 67.55, up 19 points

JUL 20 Cotton is at 68.5, up 1 point

--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

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