AgriCharts Market Commentary

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Corn Market Commentary

September 24, 2018

Corn futures saw 2 to 3 1/4 cent gains in most front months on Monday. This morning’s Export Inspections report from the USDA showed 1.263 MMT in corn shipments during the week of September 20. That was up 21.95% from the week prior and 61.97% larger than the same time last year. NASS indicated that 72% of the US corn crop was mature as of 9/23 (avg. 53%), with harvest listed as 16% complete (avg. 11%). Condition ratings improved 1% in the gd/ex categories to 69%, moving the Brugler500 index 2 points higher to 375.

DEC 18 Corn closed at $3.60 1/2, up 3 1/4 cents,

MAR 19 Corn closed at $3.72 1/2, up 3 1/4 cents,

MAY 19 Corn closed at $3.80 1/4, up 3 cents

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

Soybeans Market Commentary

September 24, 2018

Soybean futures ended the Monday session with most contracts 5 to 6 1/4 cents lower. Nearby soy meal was down $1.20/ton, while soy oil was up 17 points. USDA reported a private export sale of 162,000 MT of soybeans to unknown destinations for 18/19 delivery through their daily reporting system. The 7-day QPF shows rain for most of the Corn Belt over the next week, threatening to slow harvest. Higher amounts are shown as you move Eastward. As of Sunday, USDA reported that 71% of the US soybean crop had leaves dropping (avg. 57%), with harvest 14% complete (avg. 8%). Condition ratings were up 1% to 68% gd/ex, with the Brugler500 two points higher at 374. Export inspections of just 693,890 MT were reported by the USDA for the week ending 9/20 this morning. That was down 11.75% from the previous week and 33.07% lower than this time in 2017.

NOV 18 Soybeans closed at $8.41, down 6 1/4 cents,

JAN 19 Soybeans closed at $8.55 1/4, down 6 cents,

MAR 19 Soybeans closed at $8.68 1/2, down 5 3/4 cents,

MAY 19 Soybeans closed at $8.82, down 5 1/2 cents,

OCT 18 Soybean Meal closed at $304.70, down $1.20,

OCT 18 Soybean Oil closed at $28.26, up $0.17

Wheat Market Commentary

September 24, 2018

Wheat futures closed the day with most MPLS contracts steady to 2 cents higher. CBT and KC contracts were 3 to 5 1/4 cents in the green on the Monday session. The weekly Export Inspections report indicated that 409,592 MT of wheat was shipped in the week that ended 9/20. That was just slightly lower than the previous week but still lagging this week last year by 18.53%. Through the first 3 1/2 months of the 18/19 MY, wheat exports have totaled just 6.525 MT (240 mbu), 29.31% behind last year. As of September 23, NASS showed that 28% of the US winter wheat crop had been planted, creeping past the average of 26%.

DEC 18 CBOT Wheat closed at $5.27, up 5 1/4 cents,

DEC 18 KCBT Wheat closed at $5.29, up 3 3/4 cents,

DEC 18 MGEX Wheat closed at $5.84 1/4, up 1 3/4 cents

Cattle Market Commentary

September 24, 2018

Live cattle futures posted 90 cent to $1.45 losses in the nearby contracts on Monday. Feeder cattle futures were 55 cents to $1.80 lower in the front months. The CME feeder cattle index on September 21 was up $1.05 at $157.34. Wholesale boxed beef values were higher on Monday afternoon. Choice boxes were up $1.36 to $206.16, while Select boxes were 58 cents higher at $195.39. USDA estimated FI cattle slaughter at 119,000 head on Monday. That is up 5,000 from last week and 2,000 head above the same week in 2017. Monday’s Cold Storage report indicated that frozen stocks of beef on August 31 totaled a monthly record 503.449 million pounds. That was 3.99% larger than the end of July and 5.64% above August 2017.

OCT 18 Cattle closed at $112.175, down $0.900,

DEC 18 Cattle closed at $117.000, down $1.450,

FEB 19 Cattle closed at $121.300, down $0.950,

SEP 18 Feeder Cattle closed at $156.400, down $0.550

OCT 18 Feeder Cattle closed at $156.425, down $1.650

NOV 18 Feeder Cattle closed at $156.000, down $1.800

Lean Hogs Market Commentary

September 24, 2018

Lean hog futures settled with mixed trade on Monday, as Dec was down 42.5 cents with most other contracts in the green. The CME Lean Hog Index was up $1.65 on September 20 to $59.09. The USDA pork carcass cutout value was 84 cents higher on Monday afternoon at $80.02. The national base hog carcass value was $1.03 higher in the Monday afternoon report at $60.53. FI hog slaughter on Monday was estimated at 472,000 head. That is up 56,000 head from last week and 13,000 head larger than the same week last year, as NC plants should be back up and running. Frozen pork stocks at the end of August were reported at 582.592 million pounds by the USDA this afternoon. That was 5.99% larger than July and up 1.2% vs. August 2017. Belly stocks were shown at 34.969 million pounds, with 14% from July.

OCT 18 Hogs closed at $61.000, up $0.700,

DEC 18 Hogs closed at $56.975, down $0.425

FEB 19 Hogs closed at $65.450, up $0.525

Cotton Market Commentary

September 24, 2018

Cotton futures were mostly 50 to 62 points in the red on Monday. The Fed is meeting this week, with most expecting a 0.25% increase to interest rates once meetings conclude on Wednesday. The Monday afternoon Crop Progress report showed that 58% of the US cotton crop had bolls open as of Sunday, with 16% harvested. Condition ratings were reported at 39% gd/ex, even with the week prior. The Brugler500 index saw a 5 point jump to 313 on fewer poor/very poor ratings. The Cotlook A index was down 20 points from the previous day at 88.10 cents/lb on September 21. The USDA weekly AWP was updated to 71.59 cents/lb on Thursday, down 2.20 cents from the week prior.

DEC 18 Cotton closed at 78.51, down 62 points

MAR 19 Cotton closed at 78.92, down 59 points

MAY 19 Cotton closed at 79.54, down 59 points


Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
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