Ag Market Commentary
BRUG - Tue Nov 26, 12:03PM CST

Corn futures are 1 1/2 to 2 1/4 cents lower since having gained a couple cents on Monday. The US stock market continues to post new all time highs, drawing speculative money away from commodities. South Korea purchased 60,000 MT of optional origin corn from private firms on Monday. Taiwan is tendering for 65,000 MT of corn. The USDA’s weekly Crop Progress Report showed corn harvest now 84% complete for the 18 states the USDA tracks. ND was 30% harvested, as compared to 23% last week and an average of 91%. Wisconsin was reported at 57% with an average of 85%, and MI was also behind their average pace, at 56% as compared to 83%.

DEC 19 Corn is at $3.68 1/4, down 2 1/4 cents,

MAR 19 Corn is at $3.79, down 1 3/4 cents,

MAY 20 Corn is at $3.85, down 1 1/2 cents

JUL 20 Corn is at $3.90, down 2 cents

--provided by Brugler Marketing & Management

Soybeans are dropping by as much as 7 1/4 cents in the front months at midday. Soybean meal is $3.30/ton lower, and bean oil is 13 points lower. Soybean harvest from the USDA’s weekly Crop Progress Report was 94% complete. North Dakota has battled winter weather throughout the harvest. It progressed 5 percentage points over the week, and is now at 89% harvested, with their average being 99% for this date.

JAN 19 Soybeans are at $8.85 1/4, down 7 1/4 cents,

MAR 19 Soybeans are at $8.99 3/4, down 7 1/4 cents,

MAY 20 Soybeans are at $9.14, down 7 cents,

JUL 20 Soybeans are at $9.26 1/2, down 6 3/4 cents,

DEC 19 Soybean Meal is at $295.00, down $3.30,

DEC 19 Soybean Oil is at $30.31, down $0.13

-- provided by Brugler Marketing & Management

Wheat futures are 1 to 5 cents lower this morning on Turnaround Tuesday profit taking. Chicago SRW is down by 3 1/2 to 4 3/4 cents after being the bull leader with a 15 cent gain on Monday. Kansas City wheat futures are down the most with losses of as much as 7 1/4 cents in nearby contracts. MPLS wheat is fractionally mixed at midday. The Chicago wheat premium over KC expanded to 97 3/4 cents, which is the highest premium since 2010. KC and MPLS wheat are deliverable against Chicago wheat futures. Winter wheat emergence is up to 87%, which was 4 percentage points above last week’s Crop Progress Report number. The average for this week in the marketing year is 90%, with last year 85% emerged.

DEC 19 CBOT Wheat is at $5.27 3/4, down 3 1/4 cents,

DEC 19 KCBT Wheat is at $4.29 1/2, down 6 cents,

DEC 19 MGEX Wheat is at $4.96 1/4, down 2 cents

-- provided by Brugler Marketing & Management

Live cattle futures are up by $0.12 to $0.27 at middays in a follow up to Monday gains. Feeder cattle futures are lower, posting midday losses of as much as 45 cents. The 11/22 CME Feeder Cattle index was $0.15 lower to $145.38. Wholesale boxed beef prices were mixed this morning to narrow the Chc/Sel spread. Choice boxes were $1.07 lower, and select boxes gained $1.74. There will not be an FCE online cattle auction this week. Monday FI slaughter was 118,000, which was even with last week, and starts off the holiday week with a 4,000 head lead over last year.

DEC 19 Cattle are at $119.975, up $0.275,

FEB 19 Cattle are at $125.275, up $0.125,

APR 20 Cattle are at $125.425, up $0.200,

JAN 19 Feeder Cattle are at $141.575, down $0.400

MAR 19 Feeder Cattle are at $141.900, down $0.450

APR 19 Feeder Cattle are at $143.650, down $0.100

--provided by Brugler Marketing & Management

Lean hog futures are lower by 25 to 37 cents in the front months. The 11/22 CME Lean Hog Index was $1.58 lower to $58.18. The USDA pork carcass cutout value was $0.87 lower, with hams and belly cuts being the only primals that were higher on the morning. USDA’s national average base hog price for 11/26 was $42.43, for a gain of 64 cents. USDA estimates FI hog slaughter for Monday was 491,000 head.

DEC 19 Hogs are at $60.650, down $0.375,

FEB 19 Hogs are at $67.450, down $0.300

APR 20 Hogs are at $73.625, down $0.250

--provided by Brugler Marketing & Management

Dec cotton futures are lower, by 3 cents at midday, but the rest of the nearby contracts are showing gains of 5 to 17 points to follow up Monday gains. Cotton rallied on Monday with gains tapering off in the back months. USDA cotton ginnings report data showed that as of Nov 15th 9.143 Million bales had been ginned. That was up 32.72% over last November and 48% over the 15 year average; and was the highest ginnings figure for November since 2012/13. Cotton harvest progressed 10 percentage points over last week, per the crop progress report. The 78% completion is 4 percentage points ahead of the average pace, and 10 points above last year’s pace. AL is 8 percentage points above their average pace, and SC is 14 points ahead of their average harvest pace. The 11/25 Cotlook A Index was down 85 points higher at 74.10 cents/lb. The AWP for cotton is 56.36 cents per lb. and effective through Friday.

DEC 19 Cotton is at 64.66, down 3 points,

MAR 19 Cotton is at 65.97, up 17 points

MAY 20 Cotton is at 66.95, up 14 points

JUL 20 Cotton is at 67.63, up 5 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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