Ag Market Commentary
BRUG - Wed Nov 13, 12:00PM CST

Corn futures are lower at midday, down by as much as 2 1/2 cents. Brazil’s CONAB slightly lowered their 19/20 corn production forecast, down 30,000 MT to 98.37 MMT. The Nov WASDE projects 101 MMT of Brazilian corn. CONAB corn exports for the 19/20 MY remained UNCH at 34 MMT, which was down from the 18/19 record of 39 MMT corn exports. The weekly EIA report will come out tomorrow, following the Veteran’s Day break. USDA stated US corn harvest was 66% complete as of 11/10, which is well behind the 85% average for this time of year. USDA Corn export inspections outpaced anticipations, at 560,105 MT for the week ending 11/07. That brought the MYTD to 4.321 MMT.

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

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

MAY 20 Corn is at $3.90 1/4, down 2 1/2 cents

JUL 20 Corn is at $3.96 1/4, down 2 1/2 cents

---provided by Brugler Marketing & Management

Soybean futures are again remaining firmer than the grains, as some contracts only drop 1 1/4 cents at midday. Soybean meal was $2.00/ton higher at midday, while soybean oil is 46 points lower. The USDA reported a private export sale of 106,000 MT of soybeans overnight to unknown. CONAB updated the projected Brazilian output this morning; they revised up the soybean production for 19/20 to 120.86 MMT, that is 2.14 MMT below the Nov WASDE number. CONAB’s Soybean exports were UNCH at 72 MMT. The USDA Crop Progress Report on Tuesday afternoon reported that national soybean harvest was 85% complete. USDA’s weekly export inspections for soybeans was at 48.929 mbu for the week ending 11/07. The MYTD accumulated export inspections for soybeans are 7.01% above 18/19’s pace.

NOV 19 Soybeans are at $9.05 3/4, unch,

JAN 19 Soybeans are at $9.16, down 1 cent,

MAR 20 Soybeans are at $9.29, down 1 1/4 cents,

MAY 20 Soybeans are at $9.41 1/2, down 1 1/4 cents,

DEC 19 Soybean Meal is at $304.30, up $2.00,

DEC 19 Soybean Oil is at $30.57, down $0.46

--- provided by Brugler Marketing & Management

Wednesday Wheat Giving back Gains

Profit taking is the story for wheat, as futures are giving back yesterday gains. Chicago wheat futures are giving back 9 3/4 to 10 cents of yesterday’s double digit run. Kansas City wheat is 6 1/2 to 9 cents lower at midday, and MLPS wheat is down by 4 1/2 to 6 3/4 cents in nearby contracts.. French AgriMer lowered their ending wheat stocks projection to 2.5 MMT, riding an increase in anticipated exports, which were updated to 12 MMT. Jordan released an international tender for 120,000 MT of wheat. US weekly wheat export inspections, were above trade expectations, at 528,875 MT. The MY accumulated export inspections for wheat are now 421.07 mbu.

DEC 19 CBOT Wheat is at $5.06 3/4, down 10 1/4 cents,

DEC 19 KCBT Wheat is at $4.30, down 8 3/4 cents,

DEC 19 MGEX Wheat is at $5.16 3/4, down 5 cents

-- provided by Brugler Marketing & Management

Live cattle futures are lower on Wednesday, with nearby contracts down triple digits at midday. Feeder cattle futures are sharply lower at midday, with Jan futures flirting with limit losses. The CME Feeder Cattle index gained $0.72 on 11/11 to $147.24. Wholesale boxed beef prices gained on the day to widen the Chc/Sel spread to 24.76. Choice boxes are $1.75 higher to $242.25. Select boxes have gained $1.26 so far, at $217.26. Today’s FCE auction didn’t accrue any sales; there were offers of $115 in Texas and $15.50 in KS, which were both passed on. USDA estimated WTD cattle slaughter under federal inspection from Tuesday was 231,000 head, which matches the same week last year’s pace.

DEC 19 Cattle are at $118.175, down $1.575,

FEB 19 Cattle are at $123.950, down $1.625,

APR 20 Cattle are at $125.525, down $1.525,

NOV 19 Feeder Cattle are at $145.775, down $2.025

JAN 19 Feeder Cattle are at $143.200, down $3.925

MAR 19 Feeder Cattle are at $143.400, down $3.425

--provided by Brugler Marketing & Management

Lean hog futures are 25 to 90 cents lower at Wednesday’s midday. The 11/08 CME Lean Hog Index fell by $0.85, to $59.44. Wednesday’s pork carcass cutout value is down $1.32 at midday, with picnic the only primal cut making a gain. The national average base hog price was 2 cents lower to $42.71. The USDA estimated FI hog slaughter through Tuesday was 936,000 head; that is 48,000 head behind last Tuesday’s estimation.

DEC 19 Hogs are at $64.075, down $0.650,

FEB 19 Hogs are at $74.650, down $0.900

APR 20 Hogs are at $81.775, down $0.250

--provided by Brugler Marketing & Management

Cotton futures are 31 to 37 points lower at midday. CONAB reported a 2.73 MMT forecast of 19/20 Brazilian cotton crop, which is 10,000 above the October estimate. The USDA crop progress report indicated 62% of the US 2019/20 cotton crop has been harvested. The Nov 12th Cotlook A Index dropped 95 points, down to 75.00 cents/lb. The AWP of 56.63 cents/lb will be updated tomorrow.

DEC 19 Cotton is at 64.37, down 37 points,

MAR 19 Cotton is at 66.15, down 35 points

MAY 20 Cotton is at 67.33, down 35 points

JUL 20 Cotton is at 68.35, down 31 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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

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.