Ag Market Commentary

Corn is trading a penny higher this Tuesday morning. Corn futures were down as much as 3 3/4 cents in the front months yesterday. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. The USDA’s weekly crop progress report showed that corn harvest is still behind schedule, with the 76% completed 16 percentage points behind the average pace. Harvest gained 10% over the week, which was a slowdown in weekly progress as last week gained 14%.

---provided by Brugler Marketing & Management

Soybean futures are 2 to 3 cents higher in early Tuesday trading. Nearby bean futures finished 6 3/4 to 8 cents lower on Monday. Soybean meal ended $5.90/ton lower, while soybean oil posted a 21 point gain on the day. Bean harvest was in line with trader expectations, listed at 91% complete in USDA’s weekly Crop Progress report from the afternoon. Harvest progressed 6% over the previous week, a slowdown as last week had progressed 10% wk/wk. USDA’s export inspections were still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. The accumulated soybean exports as of 11/14 are 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. AgRural updated Brazilian bean planting to 67% complete, on average the country is at 70% for this time, and last year they were 82%.

--- provided by Brugler Marketing & Management

This morning, wheat futures are fractionally mixed in the Chicago and KC contracts and as much as a penny per bushel lower in Minneapolis. Yesterday futures finished mostly in the black. Chicago wheat led the way posting a daily gain of 4 1/2 cents, with KC wheat futures closely behind gaining 1 1/2 cents on the day. Minneapolis HRS wheat futures saw some fractional losses at the close. Export inspections for the week ending 11/14 hit 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. Year to date exports are now 11.920 MMT, which is 21.39% above last year’s pace. Soft white exports totaled 144,548 MT and made up 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections. Winter wheat planting was 95% completed, matching the average pace. Emergence had progressed 5% to 83% emerged. Conditions for winter wheat were 345 on the Brugler500 index, which was a 4 point drop from the previous week.

-- provided by Brugler Marketing & Management

Live cattle futures ended Monday with 40 cent losses in the Dec futures, while other futures gained as much as 55 cents on the day. Feeder cattle futures bounced back on Monday, up 12 to 50 cents by the closing bell. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Afternoon boxed beef tightened the Chc/Sel spread to $23.53 via strength in Select. Choice boxes were lower by $1.68, to $239.12. On the other hand, select boxes rose $1.26 higher to $215.59. The USDA estimated FI cattle slaughter to be 118,000 head on the day.

--provided by Brugler Marketing & Management

Lean hog futures finished Monday with losses. The nearby Dec gave up a small midday gain and finished with a $0.45 drop, whereas Feb and Apr contracts stayed negative triple digits all day. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s afternoon pork carcass cutout value was $1.01 higher, with most of the primal cuts making gains on the day, save for loins which were down by $1.44. The national average base hog price is down by 10 cents out of the weekend, shown at $42.15. The USDA estimated FI hog slaughter to be 493,000 head to start the week.

--provided by Brugler Marketing & Management

Cotton futures are 24 to 36 points lower this morning. Monday they were 55 to 94 points lower. The USDA Weekly Crop Progress Report stated that cotton harvest is still ahead of schedule, showing 68% complete as compared to 58% for the same week last year and a 66% average. Cotton harvest progressed 6% on week, compared to last week’s 9% progress. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

--provided by Brugler Marketing & Management

Market Commentary provided by:

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