News Source: BRUG

Corn Closes Lower on Friday

Corn futures saw 2 to 3 cent losses in the front months on Friday, with some pressure from losses in soybeans. December was still 2 cents higher for the week. Friday’s Commitment of Traders report indicated that money managers in corn futures and options held a net short position of 170,626 contracts on Sept 17. That was an increase of 34,227 contracts from the week prior. Total corn export commitments as of 9/12 were just 17% of the USDA projection vs. the normal 27% pace for this time of year. The total 8.65 MMT in shipped and unshipped sales is the lowest since 2005/06 for the second week in the MY.

DEC 19 Corn closed at $3.70 3/4, down 2 cents,

MAR 19 Corn closed at $3.81 3/4, down 2 1/4 cents,

MAY 20 Corn closed at $3.89 1/2, down 2 1/4 cents

JUL 20 Corn closed at $3.95 1/4, down 2 1/4 cents

-- provided by Brugler Marketing & Management

Hogs Close Lower on Friday

Lean Hog futures closed 32.5 cents to $1.70 lower on Friday, with Oct down 9.21% this week. Weakness came on news that the Chinese delegation will be heading home early, skipping the planned farm visits in NE and MT. The CME Lean Hog Index was down another 44 cents at $56.32 on September 18. The USDA pork carcass cutout value FOB plant was up 13 cents on Friday afternoon at $69.15. Most of the strength came from the belly primal, up $4.89. The national average base hog value was down 22 cents at $44.14 on Friday. Estimated week to date FI hog slaughter was 2.587 million head through Saturday. That was well above the same week in 2018 and 24,000 head below last week.

OCT 19 Hogs closed at $60.350, down $1.050,

DEC 19 Hogs closed at $66.250, down $1.700

FEB 20 Hogs closed at $73.900, down $1.150

-- provided by Brugler Marketing & Management

Cotton Close Marginally Mixed on Friday

Cotton futures closed 3 to 24 points higher on Friday, with deferred contracts lower. Dec was down 2.75% on the week. Commitment of Traders data shows spec funds backing off their net short position in cotton futures and options by 9,674 contracts to -24,890 contracts on Tuesday. Export commitments of shipped and unshipped upland cotton sales are now 55% of USDA’s projected 19/20 total. That is above the 54% average pace but down from 68% for the same time last year. Thursday’s Cotton On-Call report showed mills with unfixed call sales of 23,888 contracts as of 9/13, with unfixed call purchases at 38,610 MT. The Cotlook A Index was down 90 points on September 19 at 71.50 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

OCT 19 Cotton closed at 59.02, up 3 points,

DEC 19 Cotton closed at 60.57, up 24 points

MAR 20 Cotton closed at 61.17, up 11 points

MAY 20 Cotton closed at 62.03, down 5 points

-- provided by Brugler Marketing & Management

Wheat Mixed at Fridays Close

Wheat futures closed Friday with winter wheat contracts 2 to 4 cents lower, as MPLS was up 2 to 4 cents. Commitment of Traders data showed spec traders expanding their record net short position in MPLS wheat futures and options as of 9/17 at -23,071 contracts. Export commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. They are 46% of the USDA projected total, with the normal pace showing 52% complete at this point in the year. Russia’s IKAR left their 2019 wheat production estimate at 75 MMT, which compares to the USDA at 72.5 MMT. EU wheat production is seen at 143.3 MMT for 2019 according to Coceral, a 3 MMT jump from their prior number.

DEC 19 CBOT Wheat closed at $4.84 1/4, down 3 3/4 cents,

DEC 19 KCBT Wheat closed at $4.07 1/2, down 2 cents,

DEC 19 MGEX Wheat closed at $5.24 1/4, up 4 cents

Source: Brugler Marketing & Management

Soybeans Post Losses on Chinese Farm Visit Cancellation

Soybeans futures posted 9 to 10 1/4 cent losses in the front months on Friday. On the week, Nov was down 1.78%. Soybean meal was down $1.10/ton, with soy oil 53 points lower. On Friday, President Trump indicated that Chinese purchases of US ag goods alone would not be enough in order to get a deal done. Chinese delegates cancelled previously scheduled farm visits for next week in MT and NE. Spec funds trimmed their net short position in soybean futures and options by 43,556 contracts to -48,181 contracts as of Tuesday. In soy meal futures and options, they were within 500 contracts of their previous record net short position on Tuesday at 54,751 contracts. The total of combined shipped and unshipped soybean export sales is now 23% of the full year USDA export projection vs. the 40% average for this date. At 11.18 MMT, they are the smallest for week 2 of the new MY since 08/09.

NOV 19 Soybeans closed at $8.82 3/4, down 10 1/4 cents,

JAN 19 Soybeans closed at $8.96 1/2, down 9 1/2 cents,

MAR 20 Soybeans closed at $9.08 3/4, down 9 1/2 cents,

MAY 20 Soybeans closed at $9.19 1/4, down 9 1/2 cents,

OCT 19 Soybean Meal closed at $291.10, down $1.10,

OCT 19 Soybean Oil closed at $29.28, down $0.53

-- provided by Brugler Marketing & Management

Cattle Close Mostly Lower on Friday

Live cattle futures were down 22.5 to 67.5 cents on Friday. October was up 1.30% from last Friday. Feeder cattle futures were higher in the front months, with deferred contracts lower. Sep was 2.8% higher this week. Friday’s Cattle on Feed report showed August placements down 8.99% from last year at 1.884 million head and below estimates. Marketings were at 1.953 million head, down just 1.51% from last year on 1 less marketing day. September 1 on feed inventory was the smallest in 23 months at 10.982 million head, down 1.29% from last year. The CME Feeder Cattle Index was up $1.24 on September 19 at $138.53. Wholesale boxed beef prices were lower on Friday afternoon. Choice boxes were down $1.20 at $216.97, with Select boxes 44 cents lower at $191.72. USDA estimated weekly FI cattle slaughter @ 658,000 head including the Saturday estimate. That is up 5,000 head from the same week last year and a 29,000 jump from the previous week. USDA reported a few $102 sales in KS on Friday, up $1 from Thursday’s trade action, with NE at $102 as well.

OCT 19 Cattle closed at $99.350, down $0.450,

DEC 19 Cattle closed at $105.150, down $0.675,

FEB 20 Cattle closed at $112.075, down $0.450,

SEP 19 Feeder Cattle closed at $140.325, up $0.375

OCT 19 Feeder Cattle closed at $139.200, up $0.275

NOV 19 Feeder Cattle closed at $137.025, down $0.225

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures saw 2 to 3 cent losses in the front months on Friday, with some pressure from losses in soybeans. December was still 2 cents higher for the week. Friday’s Commitment of Traders report indicated that money managers in corn futures and options held a net short position of 170,626 contracts on Sept 17. That was an increase of 34,227 contracts from the week prior. Total corn export commitments as of 9/12 were just 17% of the USDA projection vs. the normal 27% pace for this time of year. The total 8.65 MMT in shipped and unshipped sales is the lowest since 2005/06 for the second week in the MY.

DEC 19 Corn closed at $3.70 3/4, down 2 cents,

MAR 19 Corn closed at $3.81 3/4, down 2 1/4 cents,

MAY 20 Corn closed at $3.89 1/2, down 2 1/4 cents

JUL 20 Corn closed at $3.95 1/4, down 2 1/4 cents

-- provided by Brugler Marketing & Management



Soybeans futures posted 9 to 10 1/4 cent losses in the front months on Friday. On the week, Nov was down 1.78%. Soybean meal was down $1.10/ton, with soy oil 53 points lower. On Friday, President Trump indicated that Chinese purchases of US ag goods alone would not be enough in order to get a deal done. Chinese delegates cancelled previously scheduled farm visits for next week in MT and NE. Spec funds trimmed their net short position in soybean futures and options by 43,556 contracts to -48,181 contracts as of Tuesday. In soy meal futures and options, they were within 500 contracts of their previous record net short position on Tuesday at 54,751 contracts. The total of combined shipped and unshipped soybean export sales is now 23% of the full year USDA export projection vs. the 40% average for this date. At 11.18 MMT, they are the smallest for week 2 of the new MY since 08/09.

NOV 19 Soybeans closed at $8.82 3/4, down 10 1/4 cents,

JAN 19 Soybeans closed at $8.96 1/2, down 9 1/2 cents,

MAR 20 Soybeans closed at $9.08 3/4, down 9 1/2 cents,

MAY 20 Soybeans closed at $9.19 1/4, down 9 1/2 cents,

OCT 19 Soybean Meal closed at $291.10, down $1.10,

OCT 19 Soybean Oil closed at $29.28, down $0.53

-- provided by Brugler Marketing & Management



Wheat futures closed Friday with winter wheat contracts 2 to 4 cents lower, as MPLS was up 2 to 4 cents. Commitment of Traders data showed spec traders expanding their record net short position in MPLS wheat futures and options as of 9/17 at -23,071 contracts. Export commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. They are 46% of the USDA projected total, with the normal pace showing 52% complete at this point in the year. Russia’s IKAR left their 2019 wheat production estimate at 75 MMT, which compares to the USDA at 72.5 MMT. EU wheat production is seen at 143.3 MMT for 2019 according to Coceral, a 3 MMT jump from their prior number.

DEC 19 CBOT Wheat closed at $4.84 1/4, down 3 3/4 cents,

DEC 19 KCBT Wheat closed at $4.07 1/2, down 2 cents,

DEC 19 MGEX Wheat closed at $5.24 1/4, up 4 cents

Source: Brugler Marketing & Management



Live cattle futures were down 22.5 to 67.5 cents on Friday. October was up 1.30% from last Friday. Feeder cattle futures were higher in the front months, with deferred contracts lower. Sep was 2.8% higher this week. Friday’s Cattle on Feed report showed August placements down 8.99% from last year at 1.884 million head and below estimates. Marketings were at 1.953 million head, down just 1.51% from last year on 1 less marketing day. September 1 on feed inventory was the smallest in 23 months at 10.982 million head, down 1.29% from last year. The CME Feeder Cattle Index was up $1.24 on September 19 at $138.53. Wholesale boxed beef prices were lower on Friday afternoon. Choice boxes were down $1.20 at $216.97, with Select boxes 44 cents lower at $191.72. USDA estimated weekly FI cattle slaughter @ 658,000 head including the Saturday estimate. That is up 5,000 head from the same week last year and a 29,000 jump from the previous week. USDA reported a few $102 sales in KS on Friday, up $1 from Thursday’s trade action, with NE at $102 as well.

OCT 19 Cattle closed at $99.350, down $0.450,

DEC 19 Cattle closed at $105.150, down $0.675,

FEB 20 Cattle closed at $112.075, down $0.450,

SEP 19 Feeder Cattle closed at $140.325, up $0.375

OCT 19 Feeder Cattle closed at $139.200, up $0.275

NOV 19 Feeder Cattle closed at $137.025, down $0.225

-- provided by Brugler Marketing & Management



Lean Hog futures closed 32.5 cents to $1.70 lower on Friday, with Oct down 9.21% this week. Weakness came on news that the Chinese delegation will be heading home early, skipping the planned farm visits in NE and MT. The CME Lean Hog Index was down another 44 cents at $56.32 on September 18. The USDA pork carcass cutout value FOB plant was up 13 cents on Friday afternoon at $69.15. Most of the strength came from the belly primal, up $4.89. The national average base hog value was down 22 cents at $44.14 on Friday. Estimated week to date FI hog slaughter was 2.587 million head through Saturday. That was well above the same week in 2018 and 24,000 head below last week.

OCT 19 Hogs closed at $60.350, down $1.050,

DEC 19 Hogs closed at $66.250, down $1.700

FEB 20 Hogs closed at $73.900, down $1.150

-- provided by Brugler Marketing & Management



Cotton futures closed 3 to 24 points higher on Friday, with deferred contracts lower. Dec was down 2.75% on the week. Commitment of Traders data shows spec funds backing off their net short position in cotton futures and options by 9,674 contracts to -24,890 contracts on Tuesday. Export commitments of shipped and unshipped upland cotton sales are now 55% of USDA’s projected 19/20 total. That is above the 54% average pace but down from 68% for the same time last year. Thursday’s Cotton On-Call report showed mills with unfixed call sales of 23,888 contracts as of 9/13, with unfixed call purchases at 38,610 MT. The Cotlook A Index was down 90 points on September 19 at 71.50 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

OCT 19 Cotton closed at 59.02, up 3 points,

DEC 19 Cotton closed at 60.57, up 24 points

MAR 20 Cotton closed at 61.17, up 11 points

MAY 20 Cotton closed at 62.03, down 5 points

-- provided by Brugler Marketing & Management



Cattle Mostly Lower on Friday

Live cattle futures are down 20 to 65 cents in the front months at midday. Feeder cattle futures are 27.5 to 40 cents higher in the nearby contracts, with back months lower. The CME Feeder Cattle Index was down 4 cents on September 17 at $137.29. Wholesale boxed beef prices were mixed on Friday morning, with the Chc/Sel spread tightening to $24.58. Choice boxes were down 90 cents at $217.27, with Select boxes 53 cents higher at $192.69. USDA estimated week to date FI cattle slaughter through Wednesday @ 467,000 head. That is down 3,000 head from the same week last year but a 5,000 rise from the previous week. Cash trade was mostly $101 in the South on Thursday, with a few bids of $102 in the North appearing at midday. NASS will release the monthly Cattle on Feed report this afternoon, with September 1 on feed numbers seen at 11.05 million head, down 0.7% from last year.

OCT 19 Cattle are at $99.600, down $0.200,

DEC 19 Cattle are at $105.175, down $0.650,

FEB 20 Cattle are at $112.075, down $0.450,

SEP 19 Feeder Cattle are at $140.400, up $0.450

OCT 19 Feeder Cattle are at $139.200, up $0.275

NOV 19 Feeder Cattle are at $136.950, down $0.300

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are fractionally lower in most nearby contracts on Friday. Total corn export commitments as of 9/12 were just 17% of the USDA projection vs. the normal 27% pace for this time of year. The total 8.65 MMT in shipped and unshipped sales is the lowest since 2005/06 for the second week in the MY. A trade delegation from Taiwan signed a Memorandum of Understanding with purchase commitments of 5 MMT of corn and 500,000 MT of DDGs over the next 2 years. That is on the high side of their historical annual MY range of purchases from the US.

DEC 19 Corn is at $3.72, down 3/4 cent,

MAR 19 Corn is at $3.83 1/2, down 1/2 cent,

MAY 20 Corn is at $3.91 1/4, down 1/2 cent

JUL 20 Corn is at $3.96 3/4, down 3/4 cent

-- provided by Brugler Marketing & Management



Soybeans futures are down 8 to 9 cents in the front months at midday. Soybean meal is down 70 cents/ton, with soy oil 46 points lower. Chinese trade negotiators were in DC on Thursday to lay groundwork for the higher-level talks in October. On Friday, President Trump indicated that Chinese purchases of US ag goods alone would not be enough in order to get a deal done. The total of combined shipped and unshipped soybean export sales is now 23% of the full year USDA export projection vs. the 40% average. At 11.18 MMT, they are the smallest for week 2 of the new MY since 08/09.

NOV 19 Soybeans are at $8.84 1/4, down 8 3/4 cents,

JAN 19 Soybeans are at $8.97 3/4, down 8 1/4 cents,

MAR 20 Soybeans are at $9.10, down 8 1/4 cents,

MAY 20 Soybeans are at $9.20 1/2, down 8 1/4 cents,

OCT 19 Soybean Meal is at $291.50, down $0.70,

OCT 19 Soybean Oil is at $29.35, down $0.46

-- provided by Brugler Marketing & Management



Wheat futures are steady to 3 cents lower in the winter wheat contracts, with MPLS 5 to 8 cents higher. You will recall that the managed money spec funds have held a record large short position in MPLS wheat for the past several weeks. Export commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. They are 46% of the USDA projected total, with the normal pace showing 52% complete at this point in the year. Russia’s IKAR left their 2019 wheat production estimate at 75 MMT, which compares to the USDA at 72.5 MMT. EU wheat production is seen at 143.3 MMT for 2019 according to Coceral, a 3 MMT jump from their prior number.

DEC 19 CBOT Wheat is at $4.84 3/4, down 3 1/4 cents,

DEC 19 KCBT Wheat is at $4.09 1/2, unch,

DEC 19 MGEX Wheat is at $5.28, up 7 3/4 cents

Source: Brugler Marketing & Management



Live cattle futures are down 20 to 65 cents in the front months at midday. Feeder cattle futures are 27.5 to 40 cents higher in the nearby contracts, with back months lower. The CME Feeder Cattle Index was down 4 cents on September 17 at $137.29. Wholesale boxed beef prices were mixed on Friday morning, with the Chc/Sel spread tightening to $24.58. Choice boxes were down 90 cents at $217.27, with Select boxes 53 cents higher at $192.69. USDA estimated week to date FI cattle slaughter through Wednesday @ 467,000 head. That is down 3,000 head from the same week last year but a 5,000 rise from the previous week. Cash trade was mostly $101 in the South on Thursday, with a few bids of $102 in the North appearing at midday. NASS will release the monthly Cattle on Feed report this afternoon, with September 1 on feed numbers seen at 11.05 million head, down 0.7% from last year.

OCT 19 Cattle are at $99.600, down $0.200,

DEC 19 Cattle are at $105.175, down $0.650,

FEB 20 Cattle are at $112.075, down $0.450,

SEP 19 Feeder Cattle are at $140.400, up $0.450

OCT 19 Feeder Cattle are at $139.200, up $0.275

NOV 19 Feeder Cattle are at $136.950, down $0.300

-- provided by Brugler Marketing & Management



Lean Hog futures are down 30 to 80 cents in most contracts, with Oct up 22.5 cents. The exodus ahead of expiration has begun in earnest, with October OI dropping. The CME Lean Hog Index was down another 44 cents at $56.32 on September 18. The USDA pork carcass cutout value FOB plant was up $1.44 on Friday morning at $70.46. Most of the strength came from the belly primal, up $11.30. The national average base hog value was down 37 cents at $43.99 on Friday. Estimated week to date FI hog slaughter was 1.951 million head through Thursday. That was well above the same week in 2018 and 8,000 head above last week.

OCT 19 Hogs are at $61.625, up $0.225,

DEC 19 Hogs are at $67.150, down $0.800

FEB 20 Hogs are at $74.350, down $0.700

-- provided by Brugler Marketing & Management



Cotton futures are 3 to 8 points higher in the front months, with deferred contracts slightly lower. Export commitments of shipped and unshipped upland cotton sales are now 55% of USDA’s projected 19/20 total. That is above the 54% average pace but down from 68% for the same time last year. Thursday’s Cotton On-Call report showed mills with unfixed call sales of 23,888 contracts as of 9/13, with unfixed call purchases at 38,610 MT. The Cotlook A Index was down 90 points on September 19 at 71.50 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

OCT 19 Cotton is at 59.02, up 3 points,

DEC 19 Cotton is at 60.4, up 7 points

MAR 20 Cotton is at 61.14, up 8 points

MAY 20 Cotton is at 61.96, down 12 points

-- provided by Brugler Marketing & Management



Hogs Mixed at Midday

Lean Hog futures are down 30 to 80 cents in most contracts, with Oct up 22.5 cents. The exodus ahead of expiration has begun in earnest, with October OI dropping. The CME Lean Hog Index was down another 44 cents at $56.32 on September 18. The USDA pork carcass cutout value FOB plant was up $1.44 on Friday morning at $70.46. Most of the strength came from the belly primal, up $11.30. The national average base hog value was down 37 cents at $43.99 on Friday. Estimated week to date FI hog slaughter was 1.951 million head through Thursday. That was well above the same week in 2018 and 8,000 head above last week.

OCT 19 Hogs are at $61.625, up $0.225,

DEC 19 Hogs are at $67.150, down $0.800

FEB 20 Hogs are at $74.350, down $0.700

-- provided by Brugler Marketing & Management

Cotton Marginally Mixed on Friday

Cotton futures are 3 to 8 points higher in the front months, with deferred contracts slightly lower. Export commitments of shipped and unshipped upland cotton sales are now 55% of USDA’s projected 19/20 total. That is above the 54% average pace but down from 68% for the same time last year. Thursday’s Cotton On-Call report showed mills with unfixed call sales of 23,888 contracts as of 9/13, with unfixed call purchases at 38,610 MT. The Cotlook A Index was down 90 points on September 19 at 71.50 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

OCT 19 Cotton is at 59.02, up 3 points,

DEC 19 Cotton is at 60.4, up 7 points

MAR 20 Cotton is at 61.14, up 8 points

MAY 20 Cotton is at 61.96, down 12 points

-- provided by Brugler Marketing & Management

Wheat Mixed at Midday

Wheat futures are steady to 3 cents lower in the winter wheat contracts, with MPLS 5 to 8 cents higher. You will recall that the managed money spec funds have held a record large short position in MPLS wheat for the past several weeks. Export commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. They are 46% of the USDA projected total, with the normal pace showing 52% complete at this point in the year. Russia’s IKAR left their 2019 wheat production estimate at 75 MMT, which compares to the USDA at 72.5 MMT. EU wheat production is seen at 143.3 MMT for 2019 according to Coceral, a 3 MMT jump from their prior number.

DEC 19 CBOT Wheat is at $4.84 3/4, down 3 1/4 cents,

DEC 19 KCBT Wheat is at $4.09 1/2, unch,

DEC 19 MGEX Wheat is at $5.28, up 7 3/4 cents

Source: Brugler Marketing & Management

Corn Showing Slight Losses at Midday

Corn futures are fractionally lower in most nearby contracts on Friday. Total corn export commitments as of 9/12 were just 17% of the USDA projection vs. the normal 27% pace for this time of year. The total 8.65 MMT in shipped and unshipped sales is the lowest since 2005/06 for the second week in the MY. A trade delegation from Taiwan signed a Memorandum of Understanding with purchase commitments of 5 MMT of corn and 500,000 MT of DDGs over the next 2 years. That is on the high side of their historical annual MY range of purchases from the US.

DEC 19 Corn is at $3.72, down 3/4 cent,

MAR 19 Corn is at $3.83 1/2, down 1/2 cent,

MAY 20 Corn is at $3.91 1/4, down 1/2 cent

JUL 20 Corn is at $3.96 3/4, down 3/4 cent

-- provided by Brugler Marketing & Management

Soybeans Lower on Friday

Soybeans futures are down 8 to 9 cents in the front months at midday. Soybean meal is down 70 cents/ton, with soy oil 46 points lower. Chinese trade negotiators were in DC on Thursday to lay groundwork for the higher-level talks in October. On Friday, President Trump indicated that Chinese purchases of US ag goods alone would not be enough in order to get a deal done. The total of combined shipped and unshipped soybean export sales is now 23% of the full year USDA export projection vs. the 40% average. At 11.18 MMT, they are the smallest for week 2 of the new MY since 08/09.

NOV 19 Soybeans are at $8.84 1/4, down 8 3/4 cents,

JAN 19 Soybeans are at $8.97 3/4, down 8 1/4 cents,

MAR 20 Soybeans are at $9.10, down 8 1/4 cents,

MAY 20 Soybeans are at $9.20 1/2, down 8 1/4 cents,

OCT 19 Soybean Meal is at $291.50, down $0.70,

OCT 19 Soybean Oil is at $29.35, down $0.46

-- provided by Brugler Marketing & Management

Lean Hogs Mostly Up, But October the Exception

Lean Hog futures were steady to $1.325 higher in most contracts on Thursday, with Oct down $1.525. The exodus ahead of expiration has begun in earnest, with October OI dropping. Cash is still falling and showing a ~$5 discount. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 91 cents from yesterday at $69.02. The national average base hog value was down 25 cents at $44.48 on Thursday. Estimated week to date FI hog slaughter was 1.951 million head through Thursday. That was well above the same week in 2018 and 8,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week. Total shipments were at 24,278 MT.

-- provided by Brugler Marketing & Management

Corn Market Fractionally Lower

Corn futures are trading fractionally lower this morning. They saw 1 to 1 1/2 cent gains in the front months on Thursday, boosted by export sales data. Some short covering was noted, with preliminary open interest dropping 3,463 contracts. USDA reported weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12. That was the largest week 2 sales figure since 2007/08. Much of the business was to Mexico (1.158 MMT). A total of 64,914 MT was sold for 20/21. A trade delegation from Taiwan signed a Memorandum of Understanding with purchase commitments of 5 MMT of corn and 500,000 MT of DDGs over the next 2 years. That is on the high side of their historical annual MY range of purchases from the US.

-- provided by Brugler Marketing & Management

Cotton Market Bounce 33 to 49 Points

Cotton futures are trading 33 to 49 points higher to begin your Friday. They were down 14 points in several nearby contracts on Thursday, with nearby Oct up 2 points. USDA reported cotton export sales for the week ending September 12 totaled 84,999 running bales for upland, with another 19,300 RB booked for 2020/21. China cancelled another 39,317 RB of old crop purchases. Shipments totaled 166,602 RB in that week, slightly below the previous week. A total of 11,862 MT of cotton was sold from Chinese state reserves on Thursday, totaling 99.08% of the amount offered. The Cotlook A Index was down 130 points on September 18 at 72.40 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are trading fractionally lower this morning. They saw 1 to 1 1/2 cent gains in the front months on Thursday, boosted by export sales data. Some short covering was noted, with preliminary open interest dropping 3,463 contracts. USDA reported weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12. That was the largest week 2 sales figure since 2007/08. Much of the business was to Mexico (1.158 MMT). A total of 64,914 MT was sold for 20/21. A trade delegation from Taiwan signed a Memorandum of Understanding with purchase commitments of 5 MMT of corn and 500,000 MT of DDGs over the next 2 years. That is on the high side of their historical annual MY range of purchases from the US.

-- provided by Brugler Marketing & Management



Soybeans futures are 2 to 2 1/4 lower this morning after ending the Thursday session with most contracts 2 to 4 1/4 cents higher. Soybean meal was up 60 cents/ton, with soy oil 6 points lower. The US dollar is firmer this morning. Chinese trade negotiators were in DC on Thursday to lay groundwork for the higher-level talks in October. The Export Sales report showed 19/20 bookings of 1.728 MMT (63.48 million bushels) in the week that ended on 9/12, well above expectations. China bought 593,221 MT, with another 427,400 MT labeled unknown destinations. USDA indicated 435,800 MT for weekly bean meal sales, with soy oil totaling 20,600 MT.

-- provided by Brugler Marketing & Management



Wheat futures are steady to 4 cents higher this morning, led by MPLS spring wheat. They were mostly steady to 2 cents lower in the winter wheat contracts, with MPLS up 4 to 7 cents on Thursday. You will recall that the managed money spec funds have held a record large short position in MPLS wheat for the past several weeks. USDA Export Sales data showed bookings of just 286,600 MT, a 53% decline from the previous week. Commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. French consulting firm Strategie Grains raised its estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

Source: Brugler Marketing & Management



Live cattle futures settled 32.5 to 57.5 cents lower in the nearby contracts yesterday, with other contracts higher. Cash trade after the close was mostly $101 in the South. Feeder cattle futures were steady to 95 cents higher in the front months. The CME Feeder Cattle Index was down 4 cents on September 17 at $137.29. Wholesale boxed beef prices were mixed on Thursday afternoon, with the Chc/Sel spread at $26.01. Choice boxes were down 7 cents at $218.17, with Select boxes 19 cents higher at $192.16. USDA estimated week to date FI cattle slaughter through Wednesday @ 467,000 head. That is down 3,000 head from the same week last year but a 5,000 rise from the previous week. USDA reported weekly beef export sales of 16,575 MT, down 8% from the previous week. Shipments were at a 6-week high of 17,132 MT.

-- provided by Brugler Marketing & Management



Lean Hog futures were steady to $1.325 higher in most contracts on Thursday, with Oct down $1.525. The exodus ahead of expiration has begun in earnest, with October OI dropping. Cash is still falling and showing a ~$5 discount. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 91 cents from yesterday at $69.02. The national average base hog value was down 25 cents at $44.48 on Thursday. Estimated week to date FI hog slaughter was 1.951 million head through Thursday. That was well above the same week in 2018 and 8,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week. Total shipments were at 24,278 MT.

-- provided by Brugler Marketing & Management



Cotton futures are trading 33 to 49 points higher to begin your Friday. They were down 14 points in several nearby contracts on Thursday, with nearby Oct up 2 points. USDA reported cotton export sales for the week ending September 12 totaled 84,999 running bales for upland, with another 19,300 RB booked for 2020/21. China cancelled another 39,317 RB of old crop purchases. Shipments totaled 166,602 RB in that week, slightly below the previous week. A total of 11,862 MT of cotton was sold from Chinese state reserves on Thursday, totaling 99.08% of the amount offered. The Cotlook A Index was down 130 points on September 18 at 72.40 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

-- provided by Brugler Marketing & Management



Soybean Market Down 1 to 2 on Stronger Dollar

Soybeans futures are 2 to 2 1/4 lower this morning after ending the Thursday session with most contracts 2 to 4 1/4 cents higher. Soybean meal was up 60 cents/ton, with soy oil 6 points lower. The US dollar is firmer this morning. Chinese trade negotiators were in DC on Thursday to lay groundwork for the higher-level talks in October. The Export Sales report showed 19/20 bookings of 1.728 MMT (63.48 million bushels) in the week that ended on 9/12, well above expectations. China bought 593,221 MT, with another 427,400 MT labeled unknown destinations. USDA indicated 435,800 MT for weekly bean meal sales, with soy oil totaling 20,600 MT.

-- provided by Brugler Marketing & Management

Cattle Market Supported by Cash Trade

Live cattle futures settled 32.5 to 57.5 cents lower in the nearby contracts yesterday, with other contracts higher. Cash trade after the close was mostly $101 in the South. Feeder cattle futures were steady to 95 cents higher in the front months. The CME Feeder Cattle Index was down 4 cents on September 17 at $137.29. Wholesale boxed beef prices were mixed on Thursday afternoon, with the Chc/Sel spread at $26.01. Choice boxes were down 7 cents at $218.17, with Select boxes 19 cents higher at $192.16. USDA estimated week to date FI cattle slaughter through Wednesday @ 467,000 head. That is down 3,000 head from the same week last year but a 5,000 rise from the previous week. USDA reported weekly beef export sales of 16,575 MT, down 8% from the previous week. Shipments were at a 6-week high of 17,132 MT.

-- provided by Brugler Marketing & Management

Wheat Markets Steady to 4 Cents Per Bushel Higher

Wheat futures are steady to 4 cents higher this morning, led by MPLS spring wheat. They were mostly steady to 2 cents lower in the winter wheat contracts, with MPLS up 4 to 7 cents on Thursday. You will recall that the managed money spec funds have held a record large short position in MPLS wheat for the past several weeks. USDA Export Sales data showed bookings of just 286,600 MT, a 53% decline from the previous week. Commitments for 2019/20 wheat are still 20.4% larger than they were at this time last year. French consulting firm Strategie Grains raised its estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

Source: Brugler Marketing & Management

Wheat Closes Mixed on Thursday

Wheat futures were mostly steady to 2 cents lower in the winter wheat contracts, with MPLS up 4 to 7 cents on Thursday. USDA Export Sales data showed bookings of just 286,600 MT, a 53% decline from the previous week. That was below the range of estimates and near a MY low. Commitments of 19/20 wheat are still 20.4% larger than they were at this time last year. French consulting firm Strategie Grains raised its estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

DEC 19 CBOT Wheat closed at $4.88, down 1 1/2 cents,

DEC 19 KCBT Wheat closed at $4.09 1/2, down 1/4 cent,

DEC 19 MGEX Wheat closed at $5.20 1/4, up 7 cents

Source: Brugler Marketing & Management

Corn Slightly Higher on Thursday

Corn futures saw 1 to 1 1/2 cent gains in the front months on Thursday, boosted by export sales data. USDA reported weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12, stronger than what traders were expecting heading into today. That was the largest week 2 sales total since 07/08. Much of the business was sales to Mexico (1.158 MMT), most of which had been previously reported. A total of 64,914 MT was sold for 20/21. A trade delegation from Taiwan signed a Memorandum of Understanding with purchase commitments of 5 MMT of corn and 500,000 MT of DDGs over the next 2 years. That is on the high side of their historical annual MY range of purchases from the US.

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

MAR 19 Corn closed at $3.84, up 1 1/2 cents,

MAY 20 Corn closed at $3.91 3/4, up 1 1/2 cents

JUL 20 Corn closed at $3.97 1/2, up 1 cent

-- provided by Brugler Marketing & Management

Cotton Modestly Lower on Thursday

Cotton futures were down 14 points in several nearby contracts on Thursday, with nearby Oct up 2 points. USDA reported cotton export sales for the week ending September 12 totaled 84,999 running bales for upland, with another 19,300 RB booked for 2020/21. China cancelled another 39,317 RB of old crop purchases. Shipments totaled 166,602 RB in that week, slightly below the previous week. A total of 11,862 MT of cotton was sold from Chinese state reserves on Thursday, totaling 99.08% of the amount offered. The Cotlook A Index was down 130 points on September 18 at 72.40 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

OCT 19 Cotton closed at 59.38, up 2 points,

DEC 19 Cotton closed at 60.36, down 14 points

MAR 20 Cotton closed at 61.08, down 14 points

MAY 20 Cotton closed at 62.11, down 14 points

-- provided by Brugler Marketing & Management

Soybeans Post Gains on Positive Export Sales

Soybeans futures closed the Thursday session with most contracts 2 to 4 1/4 cents higher. Soybean meal was up 60 cents/ton, with soy oil 6 points lower. Chinese trade negotiators were in DC on Thursday to lay groundwork for the higher-level talks in October. This morning’s Export Sales report showed 19/20 bookings of 1.728 MMT (63.48 million bushels) in the week that ended on 9/12, beating out the top end of estimates of 1.1 MMT. Of that total, China was nominated for 593,221 MT, with another 427,400 MT labeled unknown destinations. USDA indicated 435,800 MT for bean meal sales, with soy oil totaling 20,600 MT.

NOV 19 Soybeans closed at $8.93, up 4 1/4 cents,

JAN 19 Soybeans closed at $9.06, up 3 3/4 cents,

MAR 20 Soybeans closed at $9.18 1/4, up 3 cents,

MAY 20 Soybeans closed at $9.28 3/4, up 2 1/2 cents,

OCT 19 Soybean Meal closed at $292.20, up $0.60,

OCT 19 Soybean Oil closed at $29.81, down $0.06

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures saw 1 to 1 1/2 cent gains in the front months on Thursday, boosted by export sales data. USDA reported weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12, stronger than what traders were expecting heading into today. That was the largest week 2 sales total since 07/08. Much of the business was sales to Mexico (1.158 MMT), most of which had been previously reported. A total of 64,914 MT was sold for 20/21. A trade delegation from Taiwan signed a Memorandum of Understanding with purchase commitments of 5 MMT of corn and 500,000 MT of DDGs over the next 2 years. That is on the high side of their historical annual MY range of purchases from the US.

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

MAR 19 Corn closed at $3.84, up 1 1/2 cents,

MAY 20 Corn closed at $3.91 3/4, up 1 1/2 cents

JUL 20 Corn closed at $3.97 1/2, up 1 cent

-- provided by Brugler Marketing & Management



Soybeans futures closed the Thursday session with most contracts 2 to 4 1/4 cents higher. Soybean meal was up 60 cents/ton, with soy oil 6 points lower. Chinese trade negotiators were in DC on Thursday to lay groundwork for the higher-level talks in October. This morning’s Export Sales report showed 19/20 bookings of 1.728 MMT (63.48 million bushels) in the week that ended on 9/12, beating out the top end of estimates of 1.1 MMT. Of that total, China was nominated for 593,221 MT, with another 427,400 MT labeled unknown destinations. USDA indicated 435,800 MT for bean meal sales, with soy oil totaling 20,600 MT.

NOV 19 Soybeans closed at $8.93, up 4 1/4 cents,

JAN 19 Soybeans closed at $9.06, up 3 3/4 cents,

MAR 20 Soybeans closed at $9.18 1/4, up 3 cents,

MAY 20 Soybeans closed at $9.28 3/4, up 2 1/2 cents,

OCT 19 Soybean Meal closed at $292.20, up $0.60,

OCT 19 Soybean Oil closed at $29.81, down $0.06

-- provided by Brugler Marketing & Management



Wheat futures were mostly steady to 2 cents lower in the winter wheat contracts, with MPLS up 4 to 7 cents on Thursday. USDA Export Sales data showed bookings of just 286,600 MT, a 53% decline from the previous week. That was below the range of estimates and near a MY low. Commitments of 19/20 wheat are still 20.4% larger than they were at this time last year. French consulting firm Strategie Grains raised its estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

DEC 19 CBOT Wheat closed at $4.88, down 1 1/2 cents,

DEC 19 KCBT Wheat closed at $4.09 1/2, down 1/4 cent,

DEC 19 MGEX Wheat closed at $5.20 1/4, up 7 cents

Source: Brugler Marketing & Management



Live cattle futures settled 32.5 to 57.5 cents lower in the nearby contracts, with other contracts higher. Cash trade after the close was mostly $101 in the South. Feeder cattle futures were steady to 95 cents higher in the front months. The CME Feeder Cattle Index was down 4 cents on September 17 at $137.29. Wholesale boxed beef prices were mixed on Thursday afternoon, with the Chc/Sel spread at $26.01. Choice boxes were down 7 cents at $218.17, with Select boxes 19 cents higher at $192.16. USDA estimated week to date FI cattle slaughter through Wednesday @ 467,000 head. That is down 3,000 head from the same week last year and a 5,000 rise from the previous week. USDA reported weekly beef export sales of 16,575 MT, down 8% from the previous week. South Korea was the largest buyer at 4000 MT. Shipments were at a 6-week high of 17,132 MT.

OCT 19 Cattle closed at $99.800, down $0.575,

DEC 19 Cattle closed at $105.825, down $0.325,

FEB 20 Cattle closed at $112.525, up $0.150,

SEP 19 Feeder Cattle closed at $139.950, up $0.075

OCT 19 Feeder Cattle closed at $138.925, up $0.525

NOV 19 Feeder Cattle closed at $137.250, up $0.950

-- provided by Brugler Marketing & Management



Lean Hog futures were steady to $1.325 higher in most contracts on Thursday, with Oct down $1.525. Cash is still falling and showing a ~$5 discount. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 91 cents from yesterday at $69.02. The national average base hog value was down 25 cents at $44.48 on Thursday. Estimated week to date FI hog slaughter was 1.951 million head through Thursday. That was well above the same week in 2018 and 8,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. Traders had been hoping to see Chinese business, given their activity in soybeans, but nothing showed up. South Korea was the largest buyer at 3,000 MT. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week. Total shipments were at 24,278 MT.

OCT 19 Hogs closed at $61.400, down $1.525,

DEC 19 Hogs closed at $67.950, up $0.150

FEB 20 Hogs closed at $75.050, up $0.225

-- provided by Brugler Marketing & Management



Cotton futures were down 14 points in several nearby contracts on Thursday, with nearby Oct up 2 points. USDA reported cotton export sales for the week ending September 12 totaled 84,999 running bales for upland, with another 19,300 RB booked for 2020/21. China cancelled another 39,317 RB of old crop purchases. Shipments totaled 166,602 RB in that week, slightly below the previous week. A total of 11,862 MT of cotton was sold from Chinese state reserves on Thursday, totaling 99.08% of the amount offered. The Cotlook A Index was down 130 points on September 18 at 72.40 cents/lb. The weekly AWP is 54.62, effective through next Thursday. That is up 2.34 cents from the previous week.

OCT 19 Cotton closed at 59.38, up 2 points,

DEC 19 Cotton closed at 60.36, down 14 points

MAR 20 Cotton closed at 61.08, down 14 points

MAY 20 Cotton closed at 62.11, down 14 points

-- provided by Brugler Marketing & Management



Hogs Mostly Higher on Thursday

Lean Hog futures were steady to $1.325 higher in most contracts on Thursday, with Oct down $1.525. Cash is still falling and showing a ~$5 discount. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 91 cents from yesterday at $69.02. The national average base hog value was down 25 cents at $44.48 on Thursday. Estimated week to date FI hog slaughter was 1.951 million head through Thursday. That was well above the same week in 2018 and 8,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. Traders had been hoping to see Chinese business, given their activity in soybeans, but nothing showed up. South Korea was the largest buyer at 3,000 MT. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week. Total shipments were at 24,278 MT.

OCT 19 Hogs closed at $61.400, down $1.525,

DEC 19 Hogs closed at $67.950, up $0.150

FEB 20 Hogs closed at $75.050, up $0.225

-- provided by Brugler Marketing & Management

Cattle Show Mixed Trade on Thursday

Live cattle futures settled 32.5 to 57.5 cents lower in the nearby contracts, with other contracts higher. Cash trade after the close was mostly $101 in the South. Feeder cattle futures were steady to 95 cents higher in the front months. The CME Feeder Cattle Index was down 4 cents on September 17 at $137.29. Wholesale boxed beef prices were mixed on Thursday afternoon, with the Chc/Sel spread at $26.01. Choice boxes were down 7 cents at $218.17, with Select boxes 19 cents higher at $192.16. USDA estimated week to date FI cattle slaughter through Wednesday @ 467,000 head. That is down 3,000 head from the same week last year and a 5,000 rise from the previous week. USDA reported weekly beef export sales of 16,575 MT, down 8% from the previous week. South Korea was the largest buyer at 4000 MT. Shipments were at a 6-week high of 17,132 MT.

OCT 19 Cattle closed at $99.800, down $0.575,

DEC 19 Cattle closed at $105.825, down $0.325,

FEB 20 Cattle closed at $112.525, up $0.150,

SEP 19 Feeder Cattle closed at $139.950, up $0.075

OCT 19 Feeder Cattle closed at $138.925, up $0.525

NOV 19 Feeder Cattle closed at $137.250, up $0.950

-- provided by Brugler Marketing & Management

Cattle Market News and Commentary

Live cattle futures are mixed with front months lower. Feeder cattle futures are up a dime to 80 cents on Thursday. The CME Feeder Cattle Index was up 21 cents on September 17 at $137.33. Wholesale boxed beef prices were higher on Thursday morning, with the Chc/Sel spread at $25.88. Choice boxes were up 17 cents at $218.41, with Select boxes 56 cents higher at $192.53. USDA estimated week to date FI cattle slaughter through Wednesday @ 351,000 head. That is down 1,000 head from the same week last year and a 3,000 rise from the previous week. USDA reported weekly beef export sales of 16,600 MT, down 8% from the previous week. South Korea was the largest buyer at 4000 MT.

OCT 19 Cattle are at $99.750, down $0.625,

DEC 19 Cattle are at $105.800, down $0.350,

FEB 20 Cattle are at $112.375, unch,

SEP 19 Feeder Cattle are at $139.975, up $0.100

OCT 19 Feeder Cattle are at $138.925, up $0.525

NOV 19 Feeder Cattle are at $137.100, up $0.800

-- provided by Brugler Marketing & Management

Wheat Market News and Commentary

Wheat futures are trading 2 to 5 ¾ higher in MPLS spring wheat this morning. The other two markets are in minus territory, with KC HRW down 3 ½ o 5 ¼ and Chicago SRW off 4 ½ to 5 cents. USDA had been expected by trade sources to show US export bookings during the week of September 12 in a range of 300,000-600,000 MT. The actual figure was only 286,600 MT, a 53% decline from the previous week. French consulting firm Strategie Grains raised it’s estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

DEC 19 CBOT Wheat is at $4.85, down 4 1/2 cents,

DEC 19 KCBT Wheat is at $4.06 1/4, down 3 1/2 cents,

DEC 19 MGEX Wheat is at $5.18 3/4, up 5 1/2 cents

Source: Brugler Marketing & Management

Lean Hogs Market News and Commentary

Lean Hog futures are mostly 5 to 62.5 cents higher, with Oct down 77.5 cents. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 2 cents from yesterday at $68.13. The national average base hog value was down 71 cents at $44.02 on Thursday. Estimated week to date FI hog slaughter was 1.463 million head through Wednesday. That was well above the same week in 2018 and 6,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. Traders had been hoping to see Chinese business, given their activity in soybeans, but nothing showed up. South Korea was the largest buyer at 3,000 MT. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week.

OCT 19 Hogs are at $62.150, down $0.775,

DEC 19 Hogs are at $67.975, up $0.175

FEB 20 Hogs are at $74.875, up $0.050

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are trading 1/4 lower to 1/2 cent higher. USDA reported strong weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12. Traders had expected that USDA would show sales in a range of 0.9-1.3 MMT in this morning’s Export Sales report, so this was a stronger than expected figure. However, much of the business was sales to Mexico that had been previously reported (982,056 MT), limiting the surprise factor. Previous week sales have been only 498,090 MT.

DEC 19 Corn is at $3.70 1/2, down 3/4 cent,

MAR 19 Corn is at $3.82 1/2, unch,

MAY 20 Corn is at $3.90, down 1/4 cent

JUL 20 Corn is at $3.96 1/4, down 1/4 cent

-- provided by Brugler Marketing & Management



Soybeans futures are trading 1 to 4 cents higher at midday. Soybean meal is up 90 cents/ton, with soy oil steady to 5 points lower. Trade estimates for the USDA Export Sales report had been running 700,000 to 1.1 MMT in 2019/20 soybean sales for the week that ended on 9/12. The actual figure was larger than expected, at 1.728 MMT (63.48 million bushels). Of that total, China was nominated for 593,200 MT, with another 427,400 MT labeled unknown destinations.

Meal export sales had been expected to be 50,000-450,000 MT, with soybean oil at 0-35,000 MT. USDA indicated 435,800 MT for bean meal and 20,600 MT.

NOV 19 Soybeans are at $8.91 3/4, up 3 cents,

JAN 19 Soybeans are at $9.05, up 2 3/4 cents,

MAR 20 Soybeans are at $9.17, up 1 3/4 cents,

MAY 20 Soybeans are at $9.27, up 3/4 cent,

OCT 19 Soybean Meal is at $292.30, up $0.70,

OCT 19 Soybean Oil is at $29.74, down $0.13

-- provided by Brugler Marketing & Management



Wheat futures are trading 2 to 5 ¾ higher in MPLS spring wheat this morning. The other two markets are in minus territory, with KC HRW down 3 ½ o 5 ¼ and Chicago SRW off 4 ½ to 5 cents. USDA had been expected by trade sources to show US export bookings during the week of September 12 in a range of 300,000-600,000 MT. The actual figure was only 286,600 MT, a 53% decline from the previous week. French consulting firm Strategie Grains raised it’s estimate for EU wheat production by 1.6 MMT to 144.5 MMT.

DEC 19 CBOT Wheat is at $4.85, down 4 1/2 cents,

DEC 19 KCBT Wheat is at $4.06 1/4, down 3 1/2 cents,

DEC 19 MGEX Wheat is at $5.18 3/4, up 5 1/2 cents

Source: Brugler Marketing & Management



Live cattle futures are mixed with front months lower. Feeder cattle futures are up a dime to 80 cents on Thursday. The CME Feeder Cattle Index was up 21 cents on September 17 at $137.33. Wholesale boxed beef prices were higher on Thursday morning, with the Chc/Sel spread at $25.88. Choice boxes were up 17 cents at $218.41, with Select boxes 56 cents higher at $192.53. USDA estimated week to date FI cattle slaughter through Wednesday @ 351,000 head. That is down 1,000 head from the same week last year and a 3,000 rise from the previous week. USDA reported weekly beef export sales of 16,600 MT, down 8% from the previous week. South Korea was the largest buyer at 4000 MT.

OCT 19 Cattle are at $99.750, down $0.625,

DEC 19 Cattle are at $105.800, down $0.350,

FEB 20 Cattle are at $112.375, unch,

SEP 19 Feeder Cattle are at $139.975, up $0.100

OCT 19 Feeder Cattle are at $138.925, up $0.525

NOV 19 Feeder Cattle are at $137.100, up $0.800

-- provided by Brugler Marketing & Management



Lean Hog futures are mostly 5 to 62.5 cents higher, with Oct down 77.5 cents. The CME Lean Hog Index was down another 73 cents at $56.76 on September 17. The USDA pork carcass cutout value FOB plant was up 2 cents from yesterday at $68.13. The national average base hog value was down 71 cents at $44.02 on Thursday. Estimated week to date FI hog slaughter was 1.463 million head through Wednesday. That was well above the same week in 2018 and 6,000 head above last week. USDA reported weekly pork export sales for the week ending September 12 totaled 14,200 MT, down 35% from the previous week. Traders had been hoping to see Chinese business, given their activity in soybeans, but nothing showed up. South Korea was the largest buyer at 3,000 MT. China did continue to ship previously purchased pork, with 5,900 MT loaded out for the week.

OCT 19 Hogs are at $62.150, down $0.775,

DEC 19 Hogs are at $67.975, up $0.175

FEB 20 Hogs are at $74.875, up $0.050

-- provided by Brugler Marketing & Management



Cotton futures are trading 21 to 22 points lower in the front months, with Oct up 2 points. USDA reported cotton export sales for the week ending September 12 totaled 85,000 running bales for upland, with another 19,300 RB booked for 2020. China cancelled another 39,317 RB of old crop purchases. A total of 11,862 MT of cotton was sold from Chinese state reserves on Thursday, totaling 99.08% of the amount offered. The Cotlook A Index was down 130 points on September 18 at 72.40 cents/lb. The weekly AWP is 52.28, effective through Thursday. That will be updated later today.

OCT 19 Cotton is at 59.38, up 2 points,

DEC 19 Cotton is at 60.28, down 22 points

MAR 20 Cotton is at 61.01, down 21 points

MAY 20 Cotton is at 62.04, down 21 points

-- provided by Brugler Marketing & Management



Corn Market News and Commentary

Corn futures are trading 1/4 lower to 1/2 cent higher. USDA reported strong weekly export sales of 1.464 MMT (57.6 million bushels) for the week ending September 12. Traders had expected that USDA would show sales in a range of 0.9-1.3 MMT in this morning’s Export Sales report, so this was a stronger than expected figure. However, much of the business was sales to Mexico that had been previously reported (982,056 MT), limiting the surprise factor. Previous week sales have been only 498,090 MT.

DEC 19 Corn is at $3.70 1/2, down 3/4 cent,

MAR 19 Corn is at $3.82 1/2, unch,

MAY 20 Corn is at $3.90, down 1/4 cent

JUL 20 Corn is at $3.96 1/4, down 1/4 cent

-- provided by Brugler Marketing & Management

Soybean Market News and Commentary

Soybeans futures are trading 1 to 4 cents higher at midday. Soybean meal is up 90 cents/ton, with soy oil steady to 5 points lower. Trade estimates for the USDA Export Sales report had been running 700,000 to 1.1 MMT in 2019/20 soybean sales for the week that ended on 9/12. The actual figure was larger than expected, at 1.728 MMT (63.48 million bushels). Of that total, China was nominated for 593,200 MT, with another 427,400 MT labeled unknown destinations.

Meal export sales had been expected to be 50,000-450,000 MT, with soybean oil at 0-35,000 MT. USDA indicated 435,800 MT for bean meal and 20,600 MT.

NOV 19 Soybeans are at $8.91 3/4, up 3 cents,

JAN 19 Soybeans are at $9.05, up 2 3/4 cents,

MAR 20 Soybeans are at $9.17, up 1 3/4 cents,

MAY 20 Soybeans are at $9.27, up 3/4 cent,

OCT 19 Soybean Meal is at $292.30, up $0.70,

OCT 19 Soybean Oil is at $29.74, down $0.13

-- provided by Brugler Marketing & Management

Cotton Market News and Commentary

Cotton futures are trading 21 to 22 points lower in the front months, with Oct up 2 points. USDA reported cotton export sales for the week ending September 12 totaled 85,000 running bales for upland, with another 19,300 RB booked for 2020. China cancelled another 39,317 RB of old crop purchases. A total of 11,862 MT of cotton was sold from Chinese state reserves on Thursday, totaling 99.08% of the amount offered. The Cotlook A Index was down 130 points on September 18 at 72.40 cents/lb. The weekly AWP is 52.28, effective through Thursday. That will be updated later today.

OCT 19 Cotton is at 59.38, up 2 points,

DEC 19 Cotton is at 60.28, down 22 points

MAR 20 Cotton is at 61.01, down 21 points

MAY 20 Cotton is at 62.04, down 21 points

-- provided by Brugler Marketing & Management

Cattle Higher But Awaiting Cash Trade Development

Live cattle futures posted 35 cent to $1.025 gains in most contracts on Wednesday. Feeder cattle futures were up a quarter to $1.25 on the day. The CME Feeder Cattle Index was up 21 cents on September 17 at $137.33. Wholesale boxed beef prices were lower on Wednesday afternoon, with the Chc/Sel spread widening out to $26.27. Choice boxes were down $1.53 at $218.24, with Select boxes $1.94 lower @ $191.97. USDA estimated week to date FI cattle slaughter @ 351,000 head. That is down 1,000 head from the same week last year and a 3,000 rise from the previous week. Wednesday morning’s FCE saw 281 head of the 1,229 offered in sales at $101 in KS and $101.25. Trade estimates for Friday’s COF report are for August placements to be down 6.3% from last year at 1.94 million head. Marketings are seen 1.7% lower at 1.95 million head.

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are trading mostly a penny per bushel lower this morning. They closed the Wednesday session with most contracts firm to 3 1/4 cents higher. Average daily ethanol production dropped to 1.003 million barrels per day last week. That was down 20,000 bpd from the week prior and the slowest since early April. EIA ethanol stocks rose 739,000 barrels to 23.238 million barrels despite the lower production. USDA is expected to show new crop corn sales in a range of 0.9-1.3 MMT in this morning’s Export Sales report. That would be better than the 498,090 MT reported last week, with US FOB prices still relatively high (vs. South America) on the world market. USDA did report private daily export sales announcements of ~982,056 MT to Mexico during the week of 9/12.

-- provided by Brugler Marketing & Management



Soybeans futures are 1 to 2 cents lower ahead of the weekly Export Sales data. They ended Wednesday with 4 to 5 cent losses in the front months. Soybean meal was down $2.50/ton, with soy oil 2 points higher. Forecasts call for above normal temps and slightly higher than average precip for much of the Midwest via the 6-10-day forecast. Trade estimates for the USDA Export Sales report are running 700,000 to 1.1 MMT in 2019/20 soybean sales for the week that ended on 9/12. There was 138,000 MT reported for sales to Mexico, though it is unclear if the sales of ~720,000 MT to China (reported by news media last Thursday but not confirmed until later in the daily reporting system) will be reported for that week or the week ending 9/19. The US still has the cheapest FOB prices vs. the South American countries. Meal sales are seen at 50,000-450,000 MT, with soybean oil at 0-35,000 MT.

-- provided by Brugler Marketing & Management



Wheat futures are fractionally mixed in the CHI and MPLS contracts, with KC HRW as much as 2 cents lower. Wheat saw 4 to 7 1/2 cent gains in most contracts on Wednesday. Preliminary open interest rose 2,286 contracts in Chicago, described as net new buying interest. Egypt’s GASC purchased 180,000 MT of Russian wheat in their tender on Wednesday for late October delivery. No US offers were reported. USDA is expected to show US export bookings during the week of September 12 in a range of 300,000-600,000 MT. Algeria purchased a reported 600,000 MT of optional origin wheat on Wednesday, most likely French origin. Another purchase of 250,000 MT optional origin wheat by Turkey was also reported on Wednesday.

Source: Brugler Marketing & Management



Live cattle futures posted 35 cent to $1.025 gains in most contracts on Wednesday. Feeder cattle futures were up a quarter to $1.25 on the day. The CME Feeder Cattle Index was up 21 cents on September 17 at $137.33. Wholesale boxed beef prices were lower on Wednesday afternoon, with the Chc/Sel spread widening out to $26.27. Choice boxes were down $1.53 at $218.24, with Select boxes $1.94 lower @ $191.97. USDA estimated week to date FI cattle slaughter @ 351,000 head. That is down 1,000 head from the same week last year and a 3,000 rise from the previous week. Wednesday morning’s FCE saw 281 head of the 1,229 offered in sales at $101 in KS and $101.25. Trade estimates for Friday’s COF report are for August placements to be down 6.3% from last year at 1.94 million head. Marketings are seen 1.7% lower at 1.95 million head.

-- provided by Brugler Marketing & Management



Lean Hog futures settled 12.5 cents to $1.275 higher in most contracts on Wednesday. The cash side of the business is still weak. The CME Lean Hog Index was down another 99 cents at $57.49 on September 16. The USDA pork carcass cutout value FOB plant was down a dime on Wednesday afternoon at $68.11. The national average base hog value was down 29 cents at $44.80 on Wednesday. Estimated week to date FI hog slaughter was 1.463 million head through Wednesday. That was well above the same week in 2018 and 6,000 head above last week.

-- provided by Brugler Marketing & Management



Cotton futures are 3 points lower in nearby October, but up as much as 28 points in the other months ahead of the weekly USDA export sales numbers. They were down 62 to 97 points in most contracts on Wednesday. As expected, the Fed cut interest rates by 0.25% (target range 1.75-2.0%) following their two-day meeting. The dollar rallied 320 points after the announcement in “sell the rumor, buy the fact” action. Crude oil was down another 1.9% on Wednesday, after the Saudis indicated that they would fill in missing crude oil production from reserves. The Cotlook A Index was up 5 points on September 17 at 73.70 cents/lb. The weekly AWP is 52.28, effective through Thursday.

-- provided by Brugler Marketing & Management



Wheat Market Mixed on Thursday Morning

Wheat futures are fractionally mixed in the CHI and MPLS contracts, with KC HRW as much as 2 cents lower. Wheat saw 4 to 7 1/2 cent gains in most contracts on Wednesday. Preliminary open interest rose 2,286 contracts in Chicago, described as net new buying interest. Egypt’s GASC purchased 180,000 MT of Russian wheat in their tender on Wednesday for late October delivery. No US offers were reported. USDA is expected to show US export bookings during the week of September 12 in a range of 300,000-600,000 MT. Algeria purchased a reported 600,000 MT of optional origin wheat on Wednesday, most likely French origin. Another purchase of 250,000 MT optional origin wheat by Turkey was also reported on Wednesday.

Source: Brugler Marketing & Management

Corn Futures Mostly 1 Cent Lower

Corn futures are trading mostly a penny per bushel lower this morning. They closed the Wednesday session with most contracts firm to 3 1/4 cents higher. Average daily ethanol production dropped to 1.003 million barrels per day last week. That was down 20,000 bpd from the week prior and the slowest since early April. EIA ethanol stocks rose 739,000 barrels to 23.238 million barrels despite the lower production. USDA is expected to show new crop corn sales in a range of 0.9-1.3 MMT in this morning’s Export Sales report. That would be better than the 498,090 MT reported last week, with US FOB prices still relatively high (vs. South America) on the world market. USDA did report private daily export sales announcements of ~982,056 MT to Mexico during the week of 9/12.

-- provided by Brugler Marketing & Management

Soybean Market 1 to 2 Lower, Awaiting Export Data

Soybeans futures are 1 to 2 cents lower ahead of the weekly Export Sales data. They ended Wednesday with 4 to 5 cent losses in the front months. Soybean meal was down $2.50/ton, with soy oil 2 points higher. Forecasts call for above normal temps and slightly higher than average precip for much of the Midwest via the 6-10-day forecast. Trade estimates for the USDA Export Sales report are running 700,000 to 1.1 MMT in 2019/20 soybean sales for the week that ended on 9/12. There was 138,000 MT reported for sales to Mexico, though it is unclear if the sales of ~720,000 MT to China (reported by news media last Thursday but not confirmed until later in the daily reporting system) will be reported for that week or the week ending 9/19. The US still has the cheapest FOB prices vs. the South American countries. Meal sales are seen at 50,000-450,000 MT, with soybean oil at 0-35,000 MT.

-- provided by Brugler Marketing & Management