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AgriCharts Market CommentaryDo you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily. Corn Market 1 to 3 Cents Lower on Poor Export SalesCorn futures are trading 1 to 3 cents lower this morning. They were 2 to 4 1/2 cents lower in the front months on Tuesday. November Ethanol futures were down 4.2% on the day as China euphoria faded. The delayed export inspections report revealed 470,612 MT of corn inspected for export from the week ending 10/10. That brought the MYTD total of corn exports up to 2.496 MMT (98.26 mbu), which is 63.93% below last year’s pace. NASS later in the day reported that 96% of the corn crop was dented by Sunday (100% normally), with 73% now mature (92% average). They also showed 22% of the crop was harvested, lagging normal by 14%. Condition ratings were down 1% to 55% gd/ex, with the Brugler500 index down the same at 347. There have been reports of test weights running low in places. -- provided by Brugler Marketing & Management Soybeans Fractionally Mixed, Harvest Still LagsSoybeans futures are fractionally mixed this morning. They saw 5 to 6 1/2 cent losses in the front months on Turnaround Tuesday. Soybean meal was down $3.10/ton, while soy oil led the way higher, up 39 points. As of Sunday, the USDA Crop Progress report showed 85% of the US soybean crop had leaves dropping, lagging the 93% average. Harvest was pegged at 26% complete, which is 23% below normal. NASS indicated condition ratings up a surprising 1% to 54% gd/ex, with the Brugler500 index up 3 points to 345 on a collective 1% shift from poor to excellent. Conditions in ND fell 13 points, with MN and WI down 5. Soybean export inspections last week totaled 954,881 MT, with 16.8% destined for China. NOPA’s monthly crush report was 10 mbu below expectations, at 152.57 mbu. That is down 9.24% from August (168 mbu) due to 1 less processing day and some plant downtime ahead of harvest. NOPA soy oil stocks were 1.442 bil lbs at the end of Sep, 2.94% above August. -- provided by Brugler Marketing & Management Wheat Markets Down Despite Harvest IssuesWheat futures are mostly 1/4 to 1 3/4 lower today after settling Tuesday with 4 to 6 1/2 cent losses in the front months. The weekly Crop Progress report showed 94% of the spring wheat crop was harvested by 10/13, a 3% improvement for the week (we are normally complete by now). Heavy snowfall last week likely limited harvest activity and will make it harder for getting the remaining 7% of the crop in ND out. Some may be abandoned due to heavy snow and poor quality to begin with. Winter wheat planting was 65% complete, matching the normal pace, and 41% emerged. USDA indicated 462,651 MT of wheat was inspected for export during the week ending in 10/10, with 29% of the weekly exports HRS. The MY to date total for wheat exports is 8.907 MMT, which is 17% ahead of last year’s 7.366 MMT total for the same period. Egypt’s GASC is tendering for another round of wheat, this time for late November delivery. Results are expected later today. . --provided by Brugler Marketing & Management Cattle Market Higher on Firm Tone to Beef and Cash CattleLive cattle futures were steady to 37.5 cents higher in the front months. Feeder cattle futures were steady to 55 cents lower on Tuesday. The CME Feeder Cattle index was 85 cents higher on 10/14 to $145.09. Wholesale boxed beef prices were higher on Tuesday. Choice boxes were up 80 cents to $217.02, with Select boxes $2.15 higher to $191.47. USDA estimated this week’s FI cattle slaughter through Tuesday at 235,000 head. That is 2,000 head above last week but down 1,000 from the same week last year. A total of 768 head are listed for Wednesday’s FCE online auction. --provided by Brugler Marketing & Management Lean Hogs Has Expanded Limit After Another Limit MoveLean Hog futures saw nearby contracts with triple digit gains, as Dec was up the limit. We will have expanded limits of $4.50 on Wednesday. The CME Lean Hog Index was up an additional $0.93 to $62.11 on Oct 11. Tuesday’s USDA pork carcass cutout value was 12 cents higher at $78.06. The national average base hog value was $1.08 higher at $59.24. USDA estimated WTD hog slaughter at 981,000 head, up 8,000 head form last week and 41,000 larger than last year. Domestic pork prices in China were up 69.3% from last year in September according to China’s National Bureau of Statistics. -- provided by Brugler Marketing & Management Cotton Market Hovers Near UNCHCotton futures are trading within a tick or two of UNCH this morning. They posted 53 to 119 point gains in the front months on Tuesday. The USDA Crop Progress report indicated that 87% of the US cotton crop had bolls open as of 10/13, 4% above normal. Harvest was 32% complete, which is 5% ahead of the average. Condition ratings were down 1% to 38% gd/ex, as the Brugler500 index was down 2 points to 321. Parts of the Southeast are expected to see up to 4-5 inches of precip over the next week according to the 7-day QPF. The TX panhandle is expected to remain dry. The Cotlook A Index was up big on Tuesday, rising 250 points to 72.25 cents/lb for October 14. The AWP is 53.90 cents/lb through Thursday. -- provided by Brugler Marketing & Management Market Commentary provided by: |
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