AgriCharts Market Commentary

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Corn Market Commentary

Corn futures 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. This morning’s delayed weekly Export Sales update indicated that 1.177 MMT corn was purchased in the week that ended on 11/29, surpassing trade estimates. 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 10.7% larger than the week prior and nearly double the same week last year. Traders surveyed by Reuters are expecting Tuesday’s monthly USDA update to show projected 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.

Dec 18 Corn closed at $3.74, up 2 cents,

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

May 19 Corn closed at $3.92 3/4, up 2 3/4 cents

Jul 19 Corn closed at $3.99 1/4, up 3 cents

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures 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 delayed export sales report showed that 890,932 MT of 18/19 soybeans were sold in the week of 11/29, with 4,095 MT for 19/20. Old crop sales (on the top end of estimates) were 41.7% larger than the week prior but still lagging the same week in 2017 by 54.2%. Bean shipments were reported at 1.252 MMT for the last full week of November, 22.3% larger than the prior week but still behind year ago. Soy meal sales were tallied at 287,250 MT, with bean oil at 21,048 MT. 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.

Jan 19 Soybeans closed at $9.16 3/4, up 7 1/4 cents,

Mar 19 Soybeans closed at $9.29, up 7 cents,

May 19 Soybeans closed at $9.41 3/4, up 7 1/4 cents,

Aug 19 Soybeans closed at $9.57, up 6 3/4 cents,

Dec 18 Soybean Meal closed at $309.10, down $0.90,

Dec 18 Soybean Oil closed at $28.50, up $0.03

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures posted sharp 10 to 16 1/2 cent gains on Friday, with bulls running on good export sales data. March was 3.01% higher on the week in CBT, with KC up 2.35% and MPLS gaining 1%. The USDA reported a private export sale of 224,000 MT of HRW wheat for 18/19 delivery to unknown destinations. All wheat export sales for the week that ended on 11/29 totaled 711,779 MT, exceeding the range of estimates. 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 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. The CFTC Commitment of Traders report will be delayed until Monday.

Mar 19 CBOT Wheat closed at $5.31 1/4, up 15 3/4 cents,

Mar 19 KCBT Wheat closed at $5.12, up 16 1/2 cents,

Mar 19 MGEX Wheat closed at $5.81 1/2, up 12 1/4 cents

--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 within 20 cents on either side on UNCH in the front months. 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 this afternoon, up $2 from last week. NE saw a few dressed sales @ $187. October beef exports were once again a monthly record 272.155 million lbs, 4.6% larger than last year’s Oct record number and up 5.1% from September. Weekly beef exports were shown at an 8-week high 18,373 MT.

Dec 18 Cattle closed at $117.900, down $0.050,

Feb 19 Cattle closed at $121.525, down $0.275,

Apr 19 Cattle closed at $123.625, up $0.150,

Jan 19 Feeder Cattle closed at $144.375, up $0.175

Mar 19 Feeder Cattle closed at $141.875, down $0.075

Apr 19 Feeder Cattle closed at $142.525, unch,

--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. Pork exports during October totaled 501.944 million lbs according to Census data converted by USDA. That was a record for that month and 16.1% larger than last month. Weekly sales for pork in the week of 11/29 totaled 19,955 MT. Weekly export were at a MY high 27,884 MT.

Dec 18 Hogs closed at $54.250, down $0.275,

Feb 19 Hogs closed at $67.875, up $0.975

Apr 19 Hogs closed at $72.325, up $1.050

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures settled with most contracts 53 to 115 points higher, with new nearby March cotton 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. Upland export shipments were down 35.75% from a year ago, but up 25.69% from last week at 158,554 RB. Pima sales for 18/19 totaled 22,400 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, up from 67.92 cents/lb the previous week. The new value is effective through next Thursday.

Mar 19 Cotton closed at 80.230, up 115 points,

May 19 Cotton closed at 81.170, up 91 points

Jul 19 Cotton closed at 81.730, up 61 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