Ag Market Commentary
BRUG - Tue Nov 26, 4:43PM CST

Corn futures gave back 2 1/4 to 3 cents 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. Taiwan is tendering for 65,000 MT of corn. North Dakota was 30% harvested as of Sunday, compared to 23% last week and an average of 91%. The Crop Progress report had Wisconsin at 57% vs. an average of 85% done by now, and MI was also behind their average pace, at 56% as compared to 83%. The Brazilian Real touched an all-time low against the dollar this afternoon closing at the record of .2364 dollars to Real. The country’s competitiveness has helped to limit American corn exports, and boost their own, with the latest trader estimates for full year exports at 36.7 MMT of corn through Nov 23.

Dec 19 Corn closed at $3.67 1/2, down 3 cents,

Mar 20 Corn closed at $3.78 1/4, down 2 1/2 cents,

May 20 Corn closed at $3.84 1/4, down 2 1/4 cents,

Jul 20 Corn closed at $3.89 1/2, down 2 1/2 cents,

--provided by Brugler Marketing & Management

Soybeans futures fell after another round of trading, finishing Tuesday’s session with 7 1/4 to 8 1/4 cent losses in the nearby contracts. Soybean meal was $3.60/ton lower at the closing bell, and bean oil finished with a 22 point loss. USDA’s weekly Crop Progress Report showed harvest 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. The Brazilian Real touched an all-time low against the dollar this afternoon closing at the record of .2364 dollars to Real. The weak currency has helped push their FOB prices down to $365.90/tonne. The latest trader estimates (grains exporters associations) projected Brazilian exports at 68.7 MMT of beans through Nov 23.

Jan 20 Soybeans closed at $8.84 1/4, down 8 1/4 cents,

Mar 20 Soybeans closed at $8.98 3/4, down 8 1/4 cents,

May 20 Soybeans closed at $9.13 1/4, down 7 3/4 cents,

Jul 20 Soybeans closed at $9.26, down 7 1/4 cents,

Dec 19 Soybean Meal closed at $294.70, down $3.60

Dec 19 Soybean Oil closed at $30.22, down $0.22

-- provided by Brugler Marketing & Management

Wheat futures were 3/4 to 4 1/4 cents lower after Turnaround Tuesday profit taking. Chicago SRW followed a 15 cent gain on Monday with losses of 3/4 to 1 3/4 cents. Kansas City wheat futures were also down after the session, with losses of as much as 3 3/4 cents in nearby contracts. MPLS wheat was mixed at the close as the front months saw losses of 4 1/4 cents and May-Dec 2020 showed positive moves. 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. There are currently zero stocks in deliverable position that are registered for delivery against Chicago Dec futures. First notice day is Friday. Winter wheat emergence is up to 87%. The average for this week in the marketing year is 90%, with last year 85% emerged.

Dec 19 CBOT Wheat closed at $5.30 1/4, down 3/4 cent,

Dec 19 KCBT Wheat closed at $4.32 1/2, down 3 cents,

Dec 19 MGEX Wheat closed at $4.94, down 4 1/4 cents,

-- provided by Brugler Marketing & Management

Live cattle futures were up by $0.52 to $0.87 at the close, Dec futures have hit a new 7-month high. Feeder cattle futures, however, finished mostly lower, with the closing board showing losses of 35 cents and gains in the April contracts. The 11/25 CME Feeder Cattle index was lower by 54 cents to $144.79. Wholesale boxed beef prices were mixed this afternoon to narrow the Chc/Sel spread to 19.55. Choice boxes were $1.40 lower, and select boxes gained $0.38. There will not be an FCE online cattle auction this week. USDA estimated the Tuesday cattle slaughter under Federal inspection at 110,000, to bring the weekly total to 228,000 head. Last year’s running total through Tuesday was 234,000.

Dec 19 Cattle closed at $120.400, up $0.700,

Feb 20 Cattle closed at $125.675, up $0.525,

Apr 20 Cattle closed at $126.100, up $0.875,

Jan 20 Feeder Cattle closed at $141.625, down $0.350

Mar 20 Feeder Cattle closed at $142.225, down $0.125

Apr 20 Feeder Cattle closed at $144.050, up $0.300

--provided by Brugler Marketing & Management

Lean hog futures made a recovery from midday lows, for the nearby Dec contracts it wasn’t enough as they closed with a 20 cent loss. The Feb and April made gains of 7 to 47 cents, and all other months were also higher. The 11/22 CME Lean Hog Index was $1.58 lower to $58.18. The USDA pork carcass cutout value was $1.75 lower, with belly being the only primal cut that was higher, having gained $1.35 on the day. USDA’s national average base hog price for 11/26 was $42.47, for a gain of 68 cents. USDA estimates FI hog slaughter for Tuesday at 495,000 head, to bring the weekly total up to 986,000 just 1,000 head below last week’s record setting pace.

Dec 19 Hogs closed at $60.825, down $0.200,

Feb 20 Hogs closed at $67.825, up $0.075

Apr 20 Hogs closed at $74.350, up $0.475

--provided by Brugler Marketing & Management

Cotton continued Monday’s rally with May futures leading the way showing gains of 25 points after the close. Monday started off strong with the Seam posting 12,620 bales sold on 11/25. 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 was 78% completed by Sunday and was 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 closed at 64.9, up 21 points,

Mar 20 Cotton closed at 65.95, up 15 points

May 20 Cotton closed at 67.06, up 25 points

Jul 20 Cotton closed at 67.88, up 30 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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