AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are trading fractionally to 1 1/2 cents lower to start the week. Corn saw 1 to 3 cent gains in most contracts on Friday, boosted by strong export sales data. Dec was up 2.05% on the week. The weekly Export Sales update indicated that 1.177 MMT corn was purchased in the week that ended on 11/29. That was down 7% from the week prior but still 34.35% larger than the same time in 2017. Shipments for that week totaled 1.166 MMT, which was nearly double the same week last year. Traders surveyed by Reuters are expecting Tuesday’s monthly USDA update to show Brazil corn production at 94.41 MMT, with Argentina at 42.43 MMT. The Buenos Aires Grain Exchange estimates the Argentine corn crop is 41.3% planted, lagging the 46.2% average.

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are mostly 1 to 3 cents lower this morning. They closed Friday with 6 to 7 1/4 cent gains in the front months, as Jan was 2.46% higher on the week. Nearby soy meal was down 90 cents/ton, with soy oil 3 points higher. Friday morning’s export sales report showed that 890,932 MT of 18/19 soybeans were sold in the week of 11/29. Old crop sales were 41.7% larger than the week prior but still lagging the same week in 2017 by 54.2%. Bean shipments were 1.252 MMT for the last full week of November, 22.3% larger than the prior week but still behind year ago. Brazilian production is estimated in trade surveys to be updated to 120.88 MMT by the USDA on Tuesday, with Argentina at 55.72 MMT. BAGE put the Argentina soybean planting 54% done, behind the 58.4% normal pace. Official Chinese soybean imports in November were the smallest in two years at 5.4 MMT.

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are 2 to 4 cents lower this morning. The December contracts may not expire until Friday, but none of them traded overnight. Wheat posted sharp 10 to 16 1/2 cent gains on Friday, with bulls running on good export sales data and cash fleeing the stock market. March was 3.01% higher on the week in CBT, with KC up 2.35% and MPLS gaining 1%. All wheat export sales for the week ending Nov 29 were a strong 711,779 MT. That was more than double the same time last year and 88.8% larger wk/wk. HRW sales were the largest of any class in those seven days for the second consecutive week, with SRW sales no slouch at a MY high. Actual wheat shipments were up 92.47% from last week at 480,723 MT, which was 42.43% larger than the same week in 2017.

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle ended the Friday session with nearby contracts lower and back months slightly higher. Feeder cattle futures were on both side of UNCH. The CME feeder cattle index was down 85 cents on December 5 at $145.53. Wholesale beef prices were higher on Friday afternoon. Choice boxes were up $1.62 at $214.29, with the Select cutout value $2.28 higher at $200.50. USDA’s estimated weekly FI cattle slaughter through Saturday at 667,000 head, up 27,000 head from last week and 28,000 head larger than a year ago. Texas reported $119 cash trade late on Friday. NE saw a few dressed sales @ $187. Weekly beef exports hit an 8-week high of 18,373 MT.

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures were mostly 25 cents to $1.05 higher, with Dec held down by cash ahead of next week’s expiration. Dec was down 6.26% on the week, with Feb up 0.48%. The CME Lean Hog Index was down 21 cents from the previous day @ $56.19 on December 5. The USDA pork carcass cutout value was $1.51 higher on Friday afternoon at $73.63. The national base cash hog carcass value was up 48 cents on Friday afternoon to a weighted average of $47.89. USDA’s FI hog slaughter was estimated at 2.558 million head through Saturday. That was 27,000 head above last week and 17,000 head larger than last year. US pork exports during October totaled 501.944 million lbs according to Census data. That was a record for that month and 16.1% larger than last month. Weekly pork export shipments were a marketing year (MY) high 27,884 MT.

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 10 to 29 points higher this morning. They settled on Friday with most contracts 53 to 115 points higher. The new nearby March cotton was up 1.67%. The USDA weekly Export Sales report showed all upland cotton 18/19 sales at 94,866 RB for the week of 11/29, down 46.34% from last week and 49.16% from last year. Vietnam purchased 31,900 RB, with Bangladesh at 28,300 RB. Net reductions of 30,292 RB were reported for China. Sales for the 19/20 crop totaled 80,520 RB, with China purchasing 28,160 RB. These sales took place prior to the Trump/Xi meeting. Upland export shipments were down 35.75% from a year ago, but up 25.69% from last week at 158,554 RB. The Cotlook A index was up 140 points from the previous day on Dec 6 at 89.20 cents/lb. The weekly USDA AWP is 69.34, effective through Thursday.

--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