Ag Market Commentary
BRUG - Fri Nov 29, 7:26AM CST

Corn was 4 3/4 to 5 1/4 cents lower after Wednesday’s trading. Trading will resume at 8:30 AM CST. Ethanol production was higher wk/wk for the 10th week in a row at 1.059 million barrels per day in the week ending 11/22. Ethanol stocks at the end of that week 20.077 million barrels, which was a 237,000 barrel reduction wk/wk. For 7 of the last 10 weeks stocks have decreased, for a 10-week total reduction of 2.223 million barrels. Trade ideas for this morning’s USDA weekly Export Sales report are running 400,000 to 900,000 MT. There were zero delivery notices against December corn on first notice day. The oldest long is dated 5/17/19.

---provided by Brugler Marketing & Management

Soybean futures were down 2 1/4 to 2 3/4 cents on Wednesday, with the market closed on Thanksgiving and scheduled to re-open at 8:30 AM CST. Soybean meal finished Friday with a 90 cent/ton drop, and bean oil gained 15 points to go into the holiday. Wire service surveys shown expectations for the weekly Export Sales report running 600,000 MT to 1.3 MMT. Meal ideas coming into today were 150,000 to 300,000 MT and soy oil ideas are running 5,000 to 30,000 MT. There were 319 delivery notices against December soybean meal, with most stopped by a JPM client. CFTC Commitment of Traders data is not expected until Monday. The monthly oilseed crush report on Monday is expected to be record large.

--- provided by Brugler Marketing & Management

The US futures markets will re-open at 8:30 AM CST following the Thanksgiving holiday break. Trading will terminate an hour early. The three US wheat futures markets all finished lower before the Turkey Day festivities. KC HRW had led the way down with nearby futures finishing 4 to 5 3/4 cents lower. MPLS also broke the 5 cent mark. The Chicago/KC wheat premium at $1.02 1/2 is the highest since at least 2004. Chicago futures also hold a premium to MPLS wheat futures, of 37 3/4 cents, with the highest spread favoring Chicago $1.48 from September 7th 2007. There were zero delivery notices against December CHI wheat on first notice day. The oldest long is dated 8/30/19. There were 11 contracts put out against KC December and 343 put out in MPLS. Trade ideas for the USDA weekly Export Sales report are in the 300,000 to 600,000 MT range.

-- provided by Brugler Marketing & Management

Live cattle futures gained $0.92 to $1.02 on Wednesday, with Dec futures again setting a new 7-month high. Feeder cattle futures offset Tuesday losses with gains of as much as $1.70 ahead of the holiday. The 11/26 CME Feeder Cattle index was $145.02 after a 33 cent bump. Wholesale boxed beef prices were mixed. Choice boxes were $0.40 higher, and select boxes dropped by $1.65. The USDA has reported minimal cash sales activity, with KS reporting some $118 activity later Wednesday afternoon. USDA estimated the FI cattle slaughter weekly total to be 341,000 head through Wednesday. The shortened week is 12,000 head behind last week’s total as well as 15,000 head behind the same Wednesday last year.

--provided by Brugler Marketing & Management

Lean hog futures finished 15 cents to 72 cents lower on Wednesday. The 11/25 CME Lean Hog Index was $57.88 after a 30 cent decrease. The USDA pork carcass cutout value was again lower, at $79.80 following a $2.28 drop. The pork belly primals were marked at $94.87, after a $14.57 per hundredweight drop. USDA’s national average base hog price for 11/27 was $42.80, for a 35 cent gain. USDA estimates FI hog slaughter for the shortened week to be 1.465 million head through Wednesday.

--provided by Brugler Marketing & Management

Cotton futures were 8 to 20 points lower on Wednesday. The 11/27 Cotlook A Index was up .15 at 75.10 cents/lb. The adjusted world price will be updated today, the last moves were lower, then back higher; it is has been at 56.36 cents per lb. Cert stocks continue to rise, providing liquidity for December futures deliveries. There were 83,666 bales available for delivery on Wednesday. USDA weekly export sales data will be out in a few minutes and provide the market something to chew on in a light holiday session.

--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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