Ag Market Commentary
cmdty Insider - BRUG - Tue Dec 04, 11:59AM CST

Corn futures are trading 1 to 1 3/4 cents higher at midday. The monthly USDA Grain Crushing report showed corn crushed for ethanol in October slipping 1.79% from last year at 461.7 mbu but was still 3.6% larger than September. This was the first-time monthly crush was below a year ago since July 2016. The release for this week’s EIA report is pushed back until Thursday due to Wednesday’s National Day of Mourning for former President George H.W Bush. Brazil’s Trade Ministry data showed November corn exports at 3.997 MMT, up 24.87% from October and 12.7% larger than last year. As the world is shifting focus to the South American growing season, private consultancy Celeres estimates Brazil’s corn exports in 2019 between 25 and 32 MMT.

Dec 18 Corn is at $3.73, up 1 3/4 cents,

Mar 19 Corn is at $3.83 3/4, up 1 3/4 cents,

May 19 Corn is at $3.90 3/4, up 1 1/2 cents

Jul 19 Corn is at $3.97 1/4, up 1 cent

--provided by Brugler Marketing & Management



Soybean futures are adding to Monday’s gains so far on Tuesday, with front months up 3 1/2 cents. Nearby soy meal is down 80 cents/ton, with soy oil 20 points higher. Monday’s USDA Fats and Oils report showed that record 182.95 mbu of soybeans were crushed by US plants during October. That was 4% larger than last year and an 8.1% jump over September. Soybean oil stocks rose 2.6% from the previous month to 2.041 billion pounds at the end of Oct. That was larger than published trade estimates. Brazil’s soybean exports during November totaled 5.072 MMT, according to the country’s Trade Ministry. That was more than double the same month last year but was down 5.27% from October. Celeres estimates Brazil’s 2018/19 soybean crop could hit 130 MMT. That is among the largest projections we have seen so far.

Jan 19 Soybeans are at $9.09 1/4, up 3 1/2 cents,

Mar 19 Soybeans are at $9.21 1/4, up 3 1/2 cents,

May 19 Soybeans are at $9.34 1/4, up 3 1/2 cents,

Jul 19 Soybeans are at $9.46 1/4, up 3 1/2 cents,

Dec 18 Soybean Meal is at $311.30, down $0.80

Dec 18 Soybean Oil is at $28.51, up $0.20

--provided by Brugler Marketing & Management



Wheat futures are steady to 4 cents in the red on Turnaround Tuesday, with Nearby Dec showing low volume. Due to Wednesday’s National Day of Mourning for President George H.W. Bush’s Funeral, the weekly Export Sales report will be delayed until Friday. The grain and livestock markets will remain open. Japan is seeking 143,643 MT of wheat from Australia, Canada, and the US, with the tender due on Thursday and 62,975 MT sought from the US. EU soft wheat production is estimated at 128.6 MMT according to Coceral, down 1.3 MMT from their previous estimate.

Dec 18 CBOT Wheat is at $5.14 3/4, down 1 cent,

Dec 18 KCBT Wheat is at $4.86, up 2 cents,

Dec 18 MGEX Wheat is at $5.88, down 2 1/4 cents

--provided by Brugler Marketing & Management



Live cattle futures are trading 72.5 cents to $1.175 higher at midday. Feeder cattle futures are mostly 22.5 cents to $1 in the green with nearby Jan down 12.5 cents. The CME feeder cattle index was up 72 cents on November 30 at $147.85. Wholesale beef prices were mixed on Tuesday morning, widening the Ch/Se spread to $16.64. Choice boxes were up $1.11 at $214.19, with the Select cutout value $1.63 lower at $197.55. USDA revised last week’s slaughter down 3,000 head to 640,000. For Monday’s estimated slaughter they have 119,000 head, which is up 4,000 from last week but down 1,000 from a year ago. Some plants were closed due to weather and will catch up this week. Wednesday’s FCE online auction is showing 219 head for sale.

Dec 18 Cattle are at $117.600, up $0.725,

Feb 19 Cattle are at $121.350, up $1.175,

Apr 19 Cattle are at $122.650, up $1.025,

Jan 19 Feeder Cattle are at $144.375, down $0.125

Mar 19 Feeder Cattle are at $141.675, up $0.225

Apr 19 Feeder Cattle are at $142.775, up $0.425

--provided by Brugler Marketing & Management



Lean Hog futures are mostly 10 to 87.5 cents lower on Tuesday. The CME Lean Hog Index was down 6 cents from the previous day @ $56.36 on November 30. The USDA pork carcass cutout value was up 19 cents on Tuesday morning at $70.84. A higher belly and loin primal led the way. The national base cash hog carcass value was down 59 cents this morning at an average weighted price of $48.94. USDA revised Saturday’s FI hog slaughter down 17,000 head bringing the weekly total to 2.531 million head. For Monday, they estimated 476,000 head for FI slaughter, up 30,000 head from last week and up 9,000 from a year ago.

Dec 18 Hogs are at $57.150, down $0.875,

Feb 19 Hogs are at $66.125, down $0.775

Apr 19 Hogs are at $70.825, down $0.400

--provided by Brugler Marketing & Management



Cotton futures are showing 8 to 33 point losses in most contracts on Turnaround Tuesday. USDA Secretary Perdue suggested on Monday that China could return to more active US business around Jan 1, though it is not clear if that means reducing tariffs. The Cotlook A index was back up 25 points from the previous day on Nov 30 at 86.80 cents/lb. The weekly USDA AWP was updated to 67.92 cents/lb on Thursday morning, up just 3 points from the week prior. USDA will delay its weekly Export Sales report until Friday, as the government is closed for Wednesday’s National Day of Mourning for former President George H.W. Bush. The CFTC Cotton-on-Call report will be delayed until Friday as well.

Dec 18 Cotton is at 78.69, down 22 points,

Mar 19 Cotton is at 79.62, down 33 points

May 19 Cotton is at 80.85, down 19 points

Jul 19 Cotton is at 81.950, down 8 points

--provided by Brugler Marketing & Management






Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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