AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are fractionally mixed @ Tuesday’s midday. USDA updated their monthly S&D table this morning showing no change to the production side for US as expected. They did cut corn usage for ethanol by 50 mbu, and trimmed imports by 5 mbu for a net ending stocks change of +45 mbu to 1.781 bbu. On the world side, carryout was increased 1.29 MMT to 308.8 MMT, with most of that from the US. The USDA left their Brazil 18/19 production number UNCH at 94.5 MMT, CONAB updated their estimate to 91.1 MMT.

Dec 18 Corn is at $3.74 1/2, up 1/4 cent,

Mar 19 Corn is at $3.83 1/2, down 1/2 cent,

May 19 Corn is at $3.91, down 1/4 cent

Jul 19 Corn is at $3.97 1/4, down 1/2 cent

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are showing 3 to 3 1/2 cent gains on Tuesday. Nearby soy meal is up 30 cent/ton, with soy oil 13 points higher. This morning’s monthly WASDE update from the USDA showed no changes to the US supply and demand table, with 18/19 US carryout at 955 mbu. World ending stocks are now projected at 115.33 MMT by WOAB, up 3.25 MMT from their prior estimate. Revisions were made to 17/18 numbers, as Brazil’s production was raised 0.5 to 120.3 MMT and carryout was 1.6 MMT higher. For 18/19 USDA increased their Brazilian soybean production number to 122 MMT, vs. the new CONAB update at 120.066 MMT.

Jan 19 Soybeans are at $9.13, up 3 1/4 cents,

Mar 19 Soybeans are at $9.26 1/4, up 3 1/2 cents,

May 19 Soybeans are at $9.38 3/4, up 3 1/4 cents,

Jul 19 Soybeans are at $9.50 3/4, up 3 1/2 cents,

Dec 18 Soybean Meal is at $308.20, up $0.30

Dec 18 Soybean Oil is at $28.65, up $0.13

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are currently 4 to 6 1/2 cents lower in most winter wheat contracts on Tuesday, with MPLS steady to 2 cents higher. The USDA 18/19 US ending stocks projection was pegged at 974 mbu this morning, 25 mbu higher than last month. They made a long-awaited cut to exports (25 mbu) to 1 bbu. A majority of the export reduction was in the form of HRW (down 40 mbu), with HRS and SRW higher. World ending stocks were up 1.39 MMT to 268.1 MMT, mainly on the larger US and EU carryouts. Russia exports are now projected at 36.5 MMT. Japan is tendering (due Thursday) for 137,657 MT of wheat, with 60,248 MT from the US and the balance from Canada and Australia. SovEcon estimates Russia’s wheat crop at 70.9 MMT, up 0.2 from their previous number.

Mar 19 CBOT Wheat is at $5.19 3/4, down 5 1/2 cents,

Mar 19 KCBT Wheat is at $5.03 3/4, down 6 1/2 cents,

Mar 19 MGEX Wheat is at $5.75 1/4, unch ,

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle are up 40 to 95 cents at midday. Feeder cattle futures are posting sharp $1 to $2.35 gains on Tuesday. The CME feeder cattle index was down $1.07 on December 7 at $144.00. Wholesale beef prices were mixed on Tuesday morning, with the Ch/Se spread tightening to $12.62. Choice boxes were down 92 cents at $214.50, with the Select cutout value 94 cents higher at $201.88. USDA estimated Monday’s FI cattle slaughter at 119,000 head, even with last week and 2,000 head larger than the same Monday last year. A total of 156 head are listed for Wednesday’s FCE online auction, with both lots from KS. USDA’s quarterly meat production table showed beef production for 2018 up 25 million lbs from November to 26.939 billion, with 2019 production down the same amount to 27.785 billion lbs.

Dec 18 Cattle are at $118.400, up $0.825,

Feb 19 Cattle are at $122.150, up $0.950,

Apr 19 Cattle are at $124.450, up $0.850,

Jan 19 Feeder Cattle are at $147.375, up $2.350

Mar 19 Feeder Cattle are at $144.750, up $2.000

Apr 19 Feeder Cattle are at $145.100, up $1.825

--provided by Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mostly a dime to $1.10 lower at midday. The CME Lean Hog Index was up 16 cents from the previous day @ $56.12 on December 7. The USDA pork carcass cutout value was up $1.17 at $73.82. The national base cash hog carcass value was down 50 cents to a weighted average of $46.66. Monday’s USDA estimated FI hog slaughter totaled 479,000 head, 12,000 head larger than last week and 15,000 head above a year ago. USDA projected 2018 US pork production at 26.310 billion lbs, down 10 million from last month, with 2019 UNCH estimated at 27.715 billion lbs.

Dec 18 Hogs are at $54.325, down $0.400,

Feb 19 Hogs are at $65.725, down $1.100

Apr 19 Hogs are at $71.675, down $0.400

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are down 12 to 29 points on Tuesday, pressured by a slightly bearish USDA report and a higher US dollar index. This morning’s monthly USDA report showed increased US production, up 180,000 bales to 18.559 million bales. TX production was up 300,000 bales to 7.032 million. That helped to raise projected carryout 100,000 bales to 4.4 million bales. World ending stocks were up 580,000 bales to 73.19 million bales. Larger Chinese and Brazil carryout helped to push it higher. The Cotlook A index was up 125 points from the previous day on Dec 10 at 88.5 cents/lb. The weekly USDA AWP is 69.34, effective through Thursday.

Mar 19 Cotton is at 79.59, down 29 points,

May 19 Cotton is at 80.75, down 14 points

Jul 19 Cotton is at 81.34, down 12 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