AgriCharts Market Commentary

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Corn Market Commentary

Corn futures are trading fractionally on either side of UNCH at midday. The weekly EIA report indicated that ethanol production for the week of 10/12 was running 1.011 million barrels per day. That was down 29,000 bpd from the week prior and the lowest output total since mid-April. Ethanol stocks were up another 109,000 barrels to 24.130 million barrels despite the reduced production, with the Rockies and Gulf the only regions to show reductions to stocks. Thursday’s Export Sales report is expected to show 0.8-1.3 MMT in 18/19 corn sales for the week of 10/11 according to wire surveys.

Dec 18 Corn is at $3.75, down 1/4 cent,

Mar 19 Corn is at $3.87 1/4, unch ,

May 19 Corn is at $3.94 1/2, up 1/4 cent

Jul 19 Corn is at $3.99 1/2, up 1/4 cent

--provided by Brugler Marketing & Management (402) 289-2330

Soybeans Market Commentary

Soybean futures are mostly 4 to 4 1/4 cents higher on Wednesday. Front month soy meal is up $3.20/ton to support product value, with soy oil steady. Palm oil futures hit a multi-week high on ideas of increased biodiesel use. Analysts are estimating tomorrow’s USDA report to show 0.6-1 MMT in 18/19 soybean export sales during the week of 10/11. Soy meal sales are seen at 150,000-450,000 MT, with soy oil at 5,000-25,000 MT in the first full week of the new MY. An auction of Chinese state reserves saw 97,292 MT of 2013 soybeans sold on Wednesday, totaling 96.05% of the amount offered.

Nov 18 Soybeans are at $8.89, up 4 1/4 cents,

Jan 19 Soybeans are at $9.03 1/4, up 4 cents,

Mar 19 Soybeans are at $9.15 3/4, up 4 1/4 cents,

May 19 Soybeans are at $9.28 1/2, up 4 1/4 cents,

Dec 18 Soybean Meal is at $325.50, up $3.20

Dec 18 Soybean Oil is at $29.66, unch,

--provided by Brugler Marketing & Management (402) 289-2330

Wheat Market Commentary

Wheat futures are trading 5 to 7 cents in the red across the three exchanges on Wednesday. Drier weather allowing planting to progress and a stronger US dollar are suppressive at midday. Trade estimates ahead of Thursday’s Export Sales report are running 300,000-600,000 MT for 18/19 all wheat sales. Last week’s sales totaled just 339,022 MT. A couple optional origin tenders saw South Korea purchase 60,000 MT and Jordan buy 60,000 MT, while the Philippines bought 55,000 MT of Australian wheat on Wednesday.

Dec 18 CBOT Wheat is at $5.17, down 6 1/2 cents,

Dec 18 KCBT Wheat is at $5.21 1/4, down 6 3/4 cents,

Dec 18 MGEX Wheat is at $5.91, down 5 1/4 cents

Cattle Market Commentary

Live cattle futures are mixed at midday, with nearby contracts steady to 47.5 cents higher and back months lower. Feeder cattle futures are up 50 cents in front month Oct, but lower in the deferred contracts. The CME feeder cattle index was down 90 cents on October 15 at $155.36. Wholesale boxed beef prices were mixed on Wednesday morning. Choice boxes were up 22 cents @ $204.83, with Select up $1.02 to $191.53. FI cattle slaughter through Tuesday was estimated at 234,000 head by USDA. That is 2,000 above the previous week and 5,000 head larger than last year. This morning’s FCE auction saw no sales on the 1,103 head. A few cash sales of $174 showed up on Tuesday afternoon, with a few bids of $111 in NE so far on Wednesday. Friday’s Cattle on Feed report is expected to show 11.501 million head of cattle on feed as of October 1, 6.4% larger than last year if realized.

Oct 18 Cattle are at $113.125, up $0.475,

Dec 18 Cattle are at $117.875, up $0.100,

Feb 19 Cattle are at $121.775, down $0.050,

Oct 18 Feeder Cattle are at $154.525, up $0.500

Nov 18 Feeder Cattle are at $154.100, down $0.125

Jan 19 Feeder Cattle are at $149.550, down $0.400

Lean Hogs Market Commentary

Lean hog futures are mostly steady in the back months to $1.80 lower in nearby Dec. The CME Lean Hog Index was down 26 cents from the previous day @ $68.59 on October 15. The USDA pork carcass cutout value was $1.37 lower in the Wednesday morning report at $79.50. The belly primal led the way, down $6.27. The national base hog carcass value was 52 cents lower at a weighted average of $59.40 this morning. FI hog slaughter was estimated at 936,000 head through Tuesday. That was up 12,000 head from last week and 38,000 head more than the same week last year.

Dec 18 Hogs are at $55.075, down $1.800,

Feb 19 Hogs are at $62.825, down $1.425

Apr 19 Hogs are at $68.675, down $0.800

Cotton Market Commentary

Cotton futures are trading 31 to 45 points lower in the front months on Wednesday. Crude oil is down $1.70/barrel at the moment, with the US dollar index up 300 points. The weekly Export Sales report will be back on schedule this week with the Thursday morning 7:30 a.m. CDT release. The Cotlook A index was up 40 points from the previous day at 88.05 cents/lb on October 16. The USDA weekly AWP is 67.73 cents/lb, and will be updated on Thursday.

Dec 18 Cotton is at 77.89, down 44 points,

Mar 19 Cotton is at 79.33, down 45 points

May 19 Cotton is at 80.2, down 45 points

Jul 19 Cotton is at 80.890, down 31 points

--provided by Brugler Marketing & Management. Call (402) 289-2330 with questions or news tips.

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353