Ag Market Commentary
BRUG - Thu Nov 14, 12:23PM CST

Corn futures are rebounding after Wednesday’s losses, with fractional midday gains. The EIA posted up to date ethanol production numbers for the week ending 11/8. Ethanol production averaged 1.03 million barrels per day over the week, which was another uptick in daily production, up 16,000 barrels wk/wk. Weekly ethanol production has been rising for the last 7 weeks. While production increased ethanol stocks decreased to 20.985 million barrels. Most of the usage came from the Midwest region, where ethanol stocks fell by 333,000 barrels, the gulf region’s ethanol stocks were 255,000 barrels less wk/wk while the east coast used 178,000 barrels more than their production.

DEC 19 Corn is at $3.76, up 3/4 cent,

MAR 19 Corn is at $3.85, up 1 cent,

MAY 20 Corn is at $3.90 1/2, up 3/4 cent

JUL 20 Corn is at $3.96 1/2, up 3/4 cent

---provided by Brugler Marketing & Management

Soybean futures are lower again at Thursday’s midday, down by as much as 4 1/4 cents in nearby contracts. November Futures expire today. Soybean meal is down $2.10/ton, and so far soybean oil is up by 24 points. There were 214 delivery notices issued overnight against November futures, with an ABN AMRO client stopping 194 of them. Open interest was down to 241 contracts. The USDA reported a private sale of 129,000 MT of soybeans to China for 19/20 delivery. The trade is expecting USDA to show .08-1.4 MMT in soybean export bookings for the week of 11/7. Jan Soybean meal futures on the Dalian commodities exchange were up .42% on the day with 1.454 million in open interest.

NOV 19 Soybeans are at $9.00 3/4, down 1 3/4 cents,

JAN 19 Soybeans are at $9.11 1/2, down 3 3/4 cents,

MAR 20 Soybeans are at $9.25, down 3 1/2 cents,

MAY 20 Soybeans are at $9.36 1/2, down 4 1/4 cents,

DEC 19 Soybean Meal is at $302.00, down $2.10,

DEC 19 Soybean Oil is at $30.77, up $0.24

--- provided by Brugler Marketing & Management

Wheat Dropping More after Yesterdays Losses

Thursday wheat futures are mostly lower, with some firmness in MLPS futures. MLPS are fractionally lower to 1 and 3/4 cents lower at midday. Chicago SRW wheat is down 1 to 2 cents at midday. Kansas City HRW wheat futures are dropping the most, down by as much as 3 1/2 at midday. Egypt purchased a total of 465,000 MT of wheat with 120,000 MT from Ukraine and 345,000 MT from Russia for January 5-15 delivery. Additionally, Rosario Grain Exchange lowered the Argentinean wheat production to 19 MMT. Analysts expect to see 200,000-500,000 MT in US wheat export sales for the week that ended on 11/7.

DEC 19 CBOT Wheat is at $5.08, down 1 cent,

DEC 19 KCBT Wheat is at $4.21, down 3 3/4 cents,

DEC 19 MGEX Wheat is at $5.13 1/2, down 1 3/4 cents

-- provided by Brugler Marketing & Management

Live cattle futures are steady to 37 cents higher. Feeder cattle futures are bouncing back after yesterday’s sharp drops, gaining as much as $1.25 back in the Jan Contracts at midday. The CME Feeder Cattle index gained $0.20 on 11/12 to $147.44. Wholesale boxed beef prices were lower as of this morning. Choice boxes were seen 13 cents lower at $242.21, while select boxes had fallen by $1.67 to $215.86. There will be an additional online auction on the Federal Cattle Exchange Friday, with 1,264 head listed so far. Light cash trade of $115 in the South and $116 in NE has been reported so far this week. As of 11/13, the USDA estimated WTD cattle slaughter under federal inspection was 349,000 head, which is less than last week and the running total through the same Wednesday last year.

DEC 19 Cattle are at $118.475, up $0.375,

FEB 19 Cattle are at $124.325, up $0.225,

APR 20 Cattle are at $125.675, unch,

NOV 19 Feeder Cattle are at $146.525, up $0.950

JAN 19 Feeder Cattle are at $144.075, up $1.250

MAR 19 Feeder Cattle are at $143.925, up $0.600

--provided by Brugler Marketing & Management

Lean hog futures are lower again today, with 17 cent to $1.35 drops at midday. The 11/12 CME Lean Hog Index was up 61 cents to $59.55The USDA pork carcass cutout value was down an additional $0.80 at midday. The national average base hog price was 29 cents higher to $42.53 as of Thursday morning. The USDA estimated weekly FI hog slaughter as of 11/13 was 1.428 million head; that is 48,000 head behind last week’s pace.

DEC 19 Hogs are at $62.950, down $0.175,

FEB 19 Hogs are at $73.500, down $1.050

APR 20 Hogs are at $80.400, down $1.350

--provided by Brugler Marketing & Management

Cotton futures are giving back some of Wednesday’s gains. Nearby contracts are 5 to 13 points lower so far. CONAB issued a 2.73 MMT forecast for the 19/20 Brazilian cotton crop, which is 10,000 above the October estimate. The 11/13 Cotlook A Index regained 40 points to 75.40 cents/lb. Later this Afternoon the USDA FSA will update the AWP for cotton, last week they revised it 70 points lower.

DEC 19 Cotton is at 64.15, down 7 points,

MAR 19 Cotton is at 65.97, down 8 points

MAY 20 Cotton is at 67.19, down 5 points

JUL 20 Cotton is at 68.24, down 13 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

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