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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 Prices High FridayCorn futures finished up 8 3/4 to 10 1/4 cents to end the week. Prices were technically oversold following the early week melt down and there is some bottom picking activity being attempted today. Friday afternoon’s Commitment of Traders report indicated spec funds holding a net long position of 44, 513 contracts in corn futures and options, a reduction of 45% from last week. Thursday’s USDA Export Sales report showed continued softness in export sales. New crop sales totaled 307,591 MT, up 56% from the previous week but down 71% from the same week last year. Total export commitments for old crop corn are now 17% behind a year ago. South Korea purchased 63,000 MT in an international tender for corn to be delivered in January 2020. Areas of dryness and moderate drought are expanding in Indiana, Illinois and Iowa.
--- provided by Brugler Marketing & Management Soybeans end the week HigherSoybeans were stronger at the close, 9 to 9 1/4 higher. September soybean meal was up $3.10/ton, with soy oil 6 points higher. Money Managers reduced their CFTC net short positions this week to 66,450, a decline of 9%. This morning to the U.S. Department of Agriculture said private exporters reported export sales of 296,500 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year. Weekly new Crop sales on Thursday showed strong increases to 817,359 MT, 1.5 times larger than last week and 43% above the same week last year. Basis is sloppy, from -.80 to -1.09 across Iowa, with basis weaker farther West and stronger to the East.
-- provided by Brugler Marketing & Management Wheat Prices UpWheat futures contracts close the week on a positive with Minneapolis wheat 3 1/2 cents higher, CBOT wheat up 1 3/4 cents and Kansas City HRW leading the group with a 4 1/2 cents gain. The Commitment of Traders report showed specs further reducing their Chicago net long positions to 4,088 contracts, down 35% for the week ending August 13. In KC wheat they boosted their net short position to 33,272 contracts as of Tuesday. They also added to a record net short position in MPLS wheat on that date of -18903 contracts. Ukraine completed its wheat harvest with an estimated production of 38.5 MMT.
--- provided by Brugler Marketing & Management Cattle Weaker on FridayCattle Weaker on Friday Live cattle futures lost ground in afternoon trading, finishing down $.275 to $.750 on the day. Feeder cattle futures declined $.90 to $1.20. The CME Feeder Cattle Index $1.55 cents on August 15 at $137.15 . Wholesale boxed beef prices continued their sharp rise on Labor Day wholesale buying and tight supplies. Choice boxes finished higher again Friday by $ 2.57 to $238.69, with Select boxes $2.59 higher @ $213.26. The USDA estimated the weekly FI cattle slaughter at 651,000 head, 9,000 head more than the previous week, and 8000 head below the same week last year. There were a few live purchases reported in the North, with prices reported at $105-106 live or $172-178 in the meat. Money managers in Live Cattle futures and options trimmed their CFTC net long position by 4355 contracts as of Tuesday at 18, 830 contracts.
-- provided by Brugler Marketing & Management Hogs Decline Returns on FridayHogs Decline Returns on Friday
--- provided by Brugler Marketing & Management Cotton Up at Friday MiddayCotton futures prices were higher on Friday, rising 29 to 50 points. Commitment of Traders data for Tuesday showed spec traders in cotton futures and options reduced their net short position to 44,642 contracts. The Cotlook A Index was unchanged on August 15 at 70.90 cents/lb. The weekly AWP is 52.22 cents/lb, a slight decline from last week but still above loan rate. The “costs to market” adjustment for the 2019/20 crop year is 15.20 cents/lb and is included in the calculation of the AWP. It became effective August 9, 2019. Dry conditions continue in Texas, with very limited precipitation seen in the next 5 days.
--- provided by Brugler Marketing & Management Market Commentary provided by: |
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