AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are showing fractional gains on Wednesday. This morning’s weekly EIA report showed ethanol production for the week of 12/7 at 1.046 million barrels per day. That was down 23,000 bpd from the week prior and well below this time last year. Ethanol stocks were down 140,000 barrels to 22.890 million barrels. USDA left the expected cash price midpoint UNCH at $3.60 per bushel. USDA projected EU 18/19 production at 60.4 MMT, up 0.9, with Ukraine up 1.5 to 35 MMT.

Dec 18 Corn is at $3.76 1/2, up 1 1/2 cents,

Mar 19 Corn is at $3.85 1/4, up 1/2 cent,

May 19 Corn is at $3.92 1/2, up 1/4 cent

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

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are 8-9 cents off their highs at midday, with most contracts still 3 to 4 cents higher. Nearby soy meal is up $2.30/ton, with soy oil 19 points higher. USDA reported private export soybeans sales of 130,632 MT to Mexico and 110,000 MT to unknown destinations all for 18/19 delivery this morning. Just prior to midday, there was a report that Chinese state-owned companies purchased at least 500,000 MT of soybeans on Wednesday. The USDA narrowed cash average price range for soybeans by 50 cents to $7.85-9.35 but is still centered at $8.60.

Jan 19 Soybeans are at $9.19, up 4 cents,

Mar 19 Soybeans are at $9.32 1/4, up 4 cents,

May 19 Soybeans are at $9.44 3/4, up 3 3/4 cents,

Jul 19 Soybeans are at $9.56 1/2, up 3 3/4 cents,

Dec 18 Soybean Meal is at $311.20, up $2.30

Dec 18 Soybean Oil is at $28.71, up $0.19

--provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are posting 6 to 8 1/4 cent gains on Wednesday. On Tuesday, USDA narrowed the cash average wheat price by 20 cents to $5.05-$5.25, with the mid-point rising a nickel to $5.15. The same report saw Australian 18/19 production down 0.5 to 17 MMT, with Canadian up 0.3 to 31.8 MMT. Egypt’s GASC purchased 180,000 MT of wheat on Wednesday, split between Russia (180,000) and Romania (60,000). The lone US offer was out of the money. Iraq purchased 50,000 MT of US wheat from their tender back on Dec. 3, with the deal finalized late on Tuesday.

Mar 19 CBOT Wheat is at $5.28 1/2, up 7 1/2 cents,

Mar 19 KCBT Wheat is at $5.13, up 8 1/4 cents,

Mar 19 MGEX Wheat is at $5.82 1/2, up 7 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle are up 30 to 67.5 cents at midday. Feeder cattle futures are trading 32.5 to 42.5 cents higher on Wednesday. The CME feeder cattle index was up 96 cents on December 10 at $144.96. Wholesale beef prices were mixed again on Wednesday morning, with the Ch/Select spread tightening to $9.93. Choice boxes were down $2.83 at $211.63, with the Select cutout value 31 cents higher at $201.70. USDA estimated week to date cattle slaughter at 241,00 head. That is 1,000 above last week and 7,000 head larger than the same week last year. Wednesday’s FCE auction saw 97 of the 156 head sold, with the single lot going for $119.

Dec 18 Cattle are at $119.000, up $0.625,

Feb 19 Cattle are at $122.825, up $0.675,

Apr 19 Cattle are at $124.850, up $0.325,

Jan 19 Feeder Cattle are at $147.725, up $0.425

Mar 19 Feeder Cattle are at $145.325, up $0.425

Apr 19 Feeder Cattle are at $145.600, up $0.325

Lean Hogs Market News and Commentary

Lean Hog futures are steady to 45 cents higher at midday. The CME Lean Hog Index was down 14 cents from the previous day @ $55.98 on December 10. The USDA pork carcass cutout value was down 11 cents at $73.22. The national base cash hog carcass value was down 20 cents to a weighted average of $46.40. USDA estimated FI hog slaughter for Tuesday is 479,000 head, bringing the WTD total to 958,000. That is 13,000 head larger than last week and 28,000 head above a year ago.

Dec 18 Hogs are at $54.750, up $0.300,

Feb 19 Hogs are at $65.650, up $0.450

Apr 19 Hogs are at $71.750, up $0.300

--provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 10 to 22 points lower on Wednesday, despite a sharply lower dollar. Thursday morning’s USDA Export Sales report will show data from the week following a US and China “truce,” where China agreed to buy more US ag goods. USDA did trim China’s 18/19 usage number on Tuesday by 1 million bales to 41.5 million. They also raised Pakistan imports by 300,000 bales on lower production. The Cotlook A index was down 25 points from the previous day on Dec 11 at 88.25 cents/lb. The weekly USDA AWP is 69.34, effective through Thursday.

Mar 19 Cotton is at 79.85, down 17 points,

May 19 Cotton is at 80.94, down 19 points

Jul 19 Cotton is at 81.5, down 22 points

--provided by Brugler Marketing & Management

Market Commentary provided by:

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