AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading 1 to 1 3/4 cents higher at midday, with expiring Dec up 2 3/4. USDA reported a private export sale of 125,000 MT of corn to Japan this morning. Corn export commitments through December 6 were 16.3% larger than last year. Export Commitments are now 44% of the USDA projection, with the normal pace running 49%. Argentina’s corn crop is estimated at 46.7% planted, lagging the 53.8% average pace according to the Buenos Aires Grains Exchange. Trade rumors this morning suggested China may turn to US corn purchases after the first of the year (reports were ~3MMT).

Dec 18 Corn is at $3.78 1/4, up 2 3/4 cents,

Mar 19 Corn is at $3.85 3/4, up 1 1/2 cents,

May 19 Corn is at $3.93 1/2, up 1 3/4 cents

Jul 19 Corn is at $3.99 1/2, up 1 1/4 cents

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are trading 3 to 4 cents lower on Friday. Dec soy meal is down $1.40/ton, with soy oil 16 points lower, as both nearby contracts expire today. Separate soybean export sales of 300,000 MT to China and another 130,000 MT to Unknown both for 18/19 delivery were reported through the USDA’s daily reporting system this morning. Export commitments for soybeans were 33.8% lower than a year ago as of December 6. They were just 48% of USDA’s full year projection prior to the Chinese buys, compared to the 75% average. Analysts estimated Monday’s NOPA report will show 168.444 mbu of soybeans crushed by its members during November. Soy oil stocks are projected to total 1.503 billion pounds. The Buenos Aires Grain Exchange estimated that 68.8% of the Argentine soybean crop is planted, above the 66.9% average pace. They also pegged the initial conditions at 19.1% gd/ex, vs. 49.3% gd/ex last year.

Jan 19 Soybeans are at $9.03 3/4, down 3 1/4 cents,

Mar 19 Soybeans are at $9.17 1/4, down 3 1/4 cents,

May 19 Soybeans are at $9.30 1/4, down 3 cents,

Jul 19 Soybeans are at $9.41 1/2, down 3 1/2 cents,

Dec 18 Soybean Meal is at $309.40, down $1.40

Dec 18 Soybean Oil is at $28.64, down $0.16

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are showing 3 to 4 1/4 cent losses in most CBT contracts, with KC and MPLS mostly steady to a penny higher. Dec futures expire today. Wheat 18/19 export commitments are now just 9.5% behind this time last year. They are now 60% of USDA’s newly updated projection of 1 bbu, with the normal pace at 77%. Russia’s ag ministry estimates that the country’s 18/19 wheat crop totaled 70 MMT. BAGE estimates that Argentina’s wheat crop is now 75.2% mature, with harvest even with average pace at 57.4%. They estimate condition ratings at 35.8% gd/ex, compared to 63.9% gd/ex last year.

Mar 19 CBOT Wheat is at $5.31 3/4, down 4 1/4 cents,

Mar 19 KCBT Wheat is at $5.19 1/2, down 1/2 cent,

Mar 19 MGEX Wheat is at $5.89 1/4, up 1 cent

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are steady to 52.5 cents lower at midday. Feeder cattle futures are down 25 to 55 cents. The CME feeder cattle index was up $1.43 on December 12 at $146.40. Wholesale beef prices were higher, with the Ch/Select spread narrowing to $8.48. Choice boxes were up 25 cents at $212.72, with the Select cutout value $3.24 higher at $201.24. USDA estimated week to date cattle slaughter at 483,00 head through Thursday. That is 2,000 above last week and 11,000 head larger than the same week last year. There have been a few $119 sales across TX and KS so far today.

Dec 18 Cattle are at $119.400, down $0.050,

Feb 19 Cattle are at $122.325, down $0.525,

Apr 19 Cattle are at $124.325, down $0.475,

Jan 19 Feeder Cattle are at $147.475, down $0.500

Mar 19 Feeder Cattle are at $145.600, down $0.325

Apr 19 Feeder Cattle are at $145.950, down $0.550

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mixed at midday, with most front months steady to 52.5 cents higher. The CME Lean Hog Index was down 18 cents from the previous day @ $55.36 on December 12. The USDA pork carcass cutout value was down 97 cents at $72.20. The national base cash hog carcass value was 57 cents higher at a weighted average of $46.99. USDA estimated FI hog slaughter for Wednesday was 476,000 head, bringing the WTD total to 1.911 million head. That is 18,000 head larger than last week and 48,000 head above a year ago.

Dec 18 Hogs are at $54.950, up $0.150,

Feb 19 Hogs are at $65.350, up $0.525

Apr 19 Hogs are at $70.400, up $0.050

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are showing 43 to 50 point gains on Friday. Cotton commitments for export are now lagging a year ago by 2.5%. Compared to the USDA projected 15 million bales, they are 71% of that number vs. the 62% average for early December. The Cotlook A index was down 5 points from the previous day on Dec 13 at 88.25 cents/lb. The weekly USDA AWP was updated to 69.77, good through next Thursday and up 43 points from the previous week.

Mar 19 Cotton is at 79.84, up 43 points,

May 19 Cotton is at 80.9, up 47 points

Jul 19 Cotton is at 81.52, up 50 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