News Source: BRUG

Corn Market 1 to 2 Cents Lower

Corn are 1 to 2 cents lower this morning. They were up by 2 1/4 to 3 3/4 cents for the nearby contracts on Turnaround Tuesday. The CZ/CH spread was 10.75, as compared to last Tuesday when the spread was at 8.75. This time last year the CZ/CH premium was 11 cents. Corn basis was -0.1478 from Tuesday, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. USDA reported some export business under the daily system for the second day in a row on Tuesday. There was also a 60,000 MT sale reported to South Korea but trade sources suggest that it was not US origin corn. Propane prices are starting to back off a little in the upper Midwest, which should be welcome given the slow drying being seen in the crop. The CN rail strike contributes uncertainty about grain movement in parts of the upper Midwest.

--provided by Brugler Marketing & Management

Cotton Market Grinds Lower Overnight

Cotton futures are 4 to 11 points lower this morning. Futures followed Monday’s decreases with more of the same on Tuesday. Nearby futures posted losses of 63 to 82 points. The dollar index is firmer this morning, with the US stock market a touch weaker. The Seam reported 3,583 bales sold at an average price of 55.07 cents/lb for 11/18. Egyptian cotton has retained profitability, with the Nile Cotton Ginning Report showing a profit of 467,172 Egyptian pounds (28,964.664 U$D) on the year through 9/30. Last year at this point, they reported a net loss of 2,408,783 pounds ($149.344.546). The Cotlook A Index was boosted on 11/18 to 75.50 cents/lb, up 60 points. The AWP for cotton will be 57.06 cents/lb through Thursday.

--provided by Brugler Marketing & Management

Lean Hogs Seek A Home For More Pork

Lean hog futures recovered from triple digit losses, but still finished 60 cents lower. The 11/15 CME Lean Hog Index was lower by $0.27, at $59.24. USDA’s pork carcass cutout value came back down by $4.47 the afternoon, to $84.67, after being up by 30.141% (29.545% over 11/19 last year) over the same time last year. The ham cuts reached the highest they’d ever been for a November 18th, but gave back $11.81 yesterday afternoon, posted at $83.72. The belly also dropped big, down by $10.54 in the afternoon. USDA’s national average base hog price for 11/19 was 17 cents higher to $42.31. The USDA estimated FI hog slaughter to be a daily record of 494,000 head for Tuesday, following Monday’s near record daily slaughter. The week is on pace to be a record setting weekly slaughter, currently at 987,000 head through Tuesday.

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn are 1 to 2 cents lower this morning. They were up by 2 1/4 to 3 3/4 cents for the nearby contracts on Turnaround Tuesday. The CZ/CH spread was 10.75, as compared to last Tuesday when the spread was at 8.75. This time last year the CZ/CH premium was 11 cents. Corn basis was -0.1478 from Tuesday, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. USDA reported some export business under the daily system for the second day in a row on Tuesday. There was also a 60,000 MT sale reported to South Korea but trade sources suggest that it was not US origin corn. Propane prices are starting to back off a little in the upper Midwest, which should be welcome given the slow drying being seen in the crop. The CN rail strike contributes uncertainty about grain movement in parts of the upper Midwest.

--provided by Brugler Marketing & Management



Soybean futures start off Wednesday 2 to 3 cents higher. Yesterday they rallied by 1 1/4 to 2 cents. Soybean meal was up $0.80/ton, and soybean oil gained 32 points to also add product value on Tuesday. The national average soybean basis was -0.6265 per cmdtyView, bringing the monthly average to -0.6638 Dec so far. The 13 day running trend is tightening, starting at the beginning of the month when the basis was -0.7292. Last year the basis for November 19 was -0.8881, and the Nov average up till then had been -0.9827. So we’re about 22 cents firmer than year ago for the month to date. US Soybean FOB prices were reported to be between Brazil and Argentina, @$359.00/MT (~$9.77/bushel).

--- provided by Brugler Marketing & Management



Wheat is trading 1 to 2 1/2 cents lower in the Chicago and KC futures this morning, a fade of Tuesday gains. MPLS spring wheat is fractionally mixed. Wheat futures were mostly higher Tuesday with Kansas City HRW futures leading the way. Chicago wheat futures were up 3 1/4 to 4 3/4 cents, and KC wheat made gains by as much as 7 1/4 cents in nearby contracts. MPLS HRS ended Tuesday steady to 1 cent lower. The lower winter wheat crop condition ratings from USDA this week were in HRW country, with winter white ratings higher. TX was rated 30% good/ex, OK 46, KS 47 and CO 64%. Nebraska got a 70 pct good/ex, while WA was 74 and 73.Japan’s lower house has passed the trade deal signed by President Trump and Prime Minister Shinzo Abe on October 7th, and it should cut tariffs on wheat, beef, pork, among other US ag goods by an estimated $7 billion. Japan’s upper house has yet to sign off, but is expected to before December 9th. Japan has tendered for 119,998 MT of wheat.

-- provided by Brugler Marketing & Management



Live cattle futures finished mostly in the red yesterday. Apr was down the most, dropping 20 cents after Tuesday’s trading. Feeder cattle futures also made afternoon recoveries. The last trading day for Nov FC futures is Thursday. They gained 22 cents, while Jan and Mar closed 25 to 45 cents lower on the day. The 11/18 CME Feeder Cattle index was lower by 15 cents to $146.54. Afternoon boxed beef prices were modestly lower. Choice boxes gave back 11 cents, at $239.01. Select boxes were 12 cents lower, to $215.47. The USDA reported minimal cash trading activity through the day with a handful of steers sold between $114-$116. The Fed Cattle Exchange online auction will feature 1398 head, 63% NE, 28% KS. The trade deal with Japan has been ratified by the lower house of the Japanese parliament; the upper house is expected to also sign off on the deal to ratify it into law by December 9th. The trade deal is set to reduce tariffs on beef, pork, wheat and wine to levels similar to those given TPP signatories. The USDA’s weekly estimated FI cattle slaughter is up to 236,000 head through Tuesday, that’s 6,000 head below the same time last year.

--provided by Brugler Marketing & Management



Lean hog futures recovered from triple digit losses, but still finished 60 cents lower. The 11/15 CME Lean Hog Index was lower by $0.27, at $59.24. USDA’s pork carcass cutout value came back down by $4.47 the afternoon, to $84.67, after being up by 30.141% (29.545% over 11/19 last year) over the same time last year. The ham cuts reached the highest they’d ever been for a November 18th, but gave back $11.81 yesterday afternoon, posted at $83.72. The belly also dropped big, down by $10.54 in the afternoon. USDA’s national average base hog price for 11/19 was 17 cents higher to $42.31. The USDA estimated FI hog slaughter to be a daily record of 494,000 head for Tuesday, following Monday’s near record daily slaughter. The week is on pace to be a record setting weekly slaughter, currently at 987,000 head through Tuesday.

--provided by Brugler Marketing & Management



Cotton futures are 4 to 11 points lower this morning. Futures followed Monday’s decreases with more of the same on Tuesday. Nearby futures posted losses of 63 to 82 points. The dollar index is firmer this morning, with the US stock market a touch weaker. The Seam reported 3,583 bales sold at an average price of 55.07 cents/lb for 11/18. Egyptian cotton has retained profitability, with the Nile Cotton Ginning Report showing a profit of 467,172 Egyptian pounds (28,964.664 U$D) on the year through 9/30. Last year at this point, they reported a net loss of 2,408,783 pounds ($149.344.546). The Cotlook A Index was boosted on 11/18 to 75.50 cents/lb, up 60 points. The AWP for cotton will be 57.06 cents/lb through Thursday.

--provided by Brugler Marketing & Management



Soybean Market Higher Overnight

Soybean futures start off Wednesday 2 to 3 cents higher. Yesterday they rallied by 1 1/4 to 2 cents. Soybean meal was up $0.80/ton, and soybean oil gained 32 points to also add product value on Tuesday. The national average soybean basis was -0.6265 per cmdtyView, bringing the monthly average to -0.6638 Dec so far. The 13 day running trend is tightening, starting at the beginning of the month when the basis was -0.7292. Last year the basis for November 19 was -0.8881, and the Nov average up till then had been -0.9827. So we’re about 22 cents firmer than year ago for the month to date. US Soybean FOB prices were reported to be between Brazil and Argentina, @$359.00/MT (~$9.77/bushel).

--- provided by Brugler Marketing & Management

Cattle Market Momentum Slipping, Awaiting Cash Direction

Live cattle futures finished mostly in the red yesterday. Apr was down the most, dropping 20 cents after Tuesday’s trading. Feeder cattle futures also made afternoon recoveries. The last trading day for Nov FC futures is Thursday. They gained 22 cents, while Jan and Mar closed 25 to 45 cents lower on the day. The 11/18 CME Feeder Cattle index was lower by 15 cents to $146.54. Afternoon boxed beef prices were modestly lower. Choice boxes gave back 11 cents, at $239.01. Select boxes were 12 cents lower, to $215.47. The USDA reported minimal cash trading activity through the day with a handful of steers sold between $114-$116. The Fed Cattle Exchange online auction will feature 1398 head, 63% NE, 28% KS. The trade deal with Japan has been ratified by the lower house of the Japanese parliament; the upper house is expected to also sign off on the deal to ratify it into law by December 9th. The trade deal is set to reduce tariffs on beef, pork, wheat and wine to levels similar to those given TPP signatories. The USDA’s weekly estimated FI cattle slaughter is up to 236,000 head through Tuesday, that’s 6,000 head below the same time last year.

--provided by Brugler Marketing & Management

Wheat Markets Fade Tuesday Trade

Wheat is trading 1 to 2 1/2 cents lower in the Chicago and KC futures this morning, a fade of Tuesday gains. MPLS spring wheat is fractionally mixed. Wheat futures were mostly higher Tuesday with Kansas City HRW futures leading the way. Chicago wheat futures were up 3 1/4 to 4 3/4 cents, and KC wheat made gains by as much as 7 1/4 cents in nearby contracts. MPLS HRS ended Tuesday steady to 1 cent lower. The lower winter wheat crop condition ratings from USDA this week were in HRW country, with winter white ratings higher. TX was rated 30% good/ex, OK 46, KS 47 and CO 64%. Nebraska got a 70 pct good/ex, while WA was 74 and 73.Japan’s lower house has passed the trade deal signed by President Trump and Prime Minister Shinzo Abe on October 7th, and it should cut tariffs on wheat, beef, pork, among other US ag goods by an estimated $7 billion. Japan’s upper house has yet to sign off, but is expected to before December 9th. Japan has tendered for 119,998 MT of wheat.

-- provided by Brugler Marketing & Management

Wheat Gaining Again

Tuesday wheat futures were mostly higher with Kansas City HRW futures leading the way. Chicago wheat futures were up 3 1/4 to 4 3/4 cents higher at closing, KC wheat made gains by as much as 7 1/4 cents in nearby contracts. MPLS HRS ended Tuesday steady to 1 cent lower. Japan’s lower house has passed the trade deal signed by President Trump and Prime Minister Shinzo Abe on October 7th, and it should cut tariffs on wheat, beef, pork, among other US ag goods by an estimated $7 billion. Japan’s upper house has yet to sign off, but is expected to before December 9th. Japan has tendered for 119,998 MT of wheat.

DEC 19 CBOT Wheat closed at $5.12, up 4 3/4 cents,

DEC 19 KCBT Wheat closed at $4.25 3/4, up 7 1/4 cents,

DEC 19 MGEX Wheat closed at $5.03 1/4, unch,

-- provided by Brugler Marketing & Management

Cattle Lower on Tuesday

Live cattle futures made some recoveries from midday lows, but still finished mostly in the red. Apr was down the most, dropping 20 cents after Tuesday’s trading. Feeder cattle futures also made afternoon recoveries. The last trading day for Nov FC futures is Thursday. They gained 22 cents, while Jan and Mar closed 25 to 45 cents lower on the day. The 11/18 CME Feeder Cattle index was lower by 15 cents to $146.54. Afternoon boxed beef prices came back down since being higher for the morning. Choice boxes gave back 11 cents, at $239.01. Select boxes were 12 cents lower, to $215.47. The USDA reported minimal cash trading activity through the day with a handful of steers sold between $114-$116. The Fed Cattle Exchange online auction tomorrow will feature 1398 head, 63% NE, 28% KS. The trade deal with Japan has been ratified by the lower house of the Japanese parliament; the upper house is expected to also sign off on the deal to ratify it into law by December 9th. The trade deal is set to reduce tariffs on beef, pork, wheat and wine to levels similar to those given TPP signatories. The USDA’s weekly estimated FI cattle slaughter is up to 236,000 head through Tuesday, that’s 6,000 head below the time last year.

DEC 19 Cattle closed at $118.775, up $0.075,

FEB 19 Cattle closed at $125.050, down $0.050,

APR 20 Cattle closed at $126.200, down $0.200,

NOV 19 Feeder Cattle closed at $146.600, up $0.225

JAN 19 Feeder Cattle closed at $144.025, down $0.450

MAR 19 Feeder Cattle closed at $144.475, down $0.250

--provided by Brugler Marketing & Management

Soybeans Rebound On Turnaround Tuesday

Soybean futures found support on Monday helping to bounce the front months upwards by 1 1/4 to 2 cents higher. Soybean meal was up $0.80/ton, and soybean oil gained 32 points to also add product value on Tuesday. The national average soybean basis is -0.6265 per cmdtyView, bringing the monthly average to -0.6638 so far. The trend is 13 consecutive days of tightening dating back to the start of the month when the basis was -0.7292. Last year the basis for 11/19 was -0.8881, and the Nov average up till then had been -0.9827. US Soybean FOB prices were reported to be between Brazil and Argentina, @$359.00/MT (~$9.77/bushel).

JAN 19 Soybeans closed at $9.11 1/2, up 1 1/4 cents,

MAR 19 Soybeans closed at $9.24 1/2, up 1 1/2 cents,

MAY 20 Soybeans closed at $9.36 3/4, up 1 3/4 cents,

JUL 20 Soybeans closed at $9.47 3/4, up 2 cents,

DEC 19 Soybean Meal closed at $302.00, up $0.80,

DEC 19 Soybean Oil closed at $30.96, up $0.32

--- provided by Brugler Marketing & Management

Cotton Futures Lower Again

Cotton futures followed Monday’s decreases with more of the same on Tuesday. Nearby futures posted losses of 63 to 82 points at midday. The Seam reported 3,583 bales sold at an average price of 55.07 cents/lb for 11/18. Egyptian cotton has retained profitability, with the Nile Cotton Ginning Report showing a profit of 467,172 Egyptian pounds (28,964.664 U$D) on the year through 9/30. Last year at this point they reported a net loss of 2,408,783 pounds ($149.344.546). The USDA Weekly Crop Progress Report stated that cotton harvest is 68% complete. The Cotlook A Index was boosted on 11/18 to 75.50 cents/lb, up 60 points. The AWP for cotton will be 57.06 cents/lb through Thursday.

DEC 19 Cotton closed at 63.39, down 82 points,

MAR 19 Cotton closed at 65.32, down 65 points

MAY 20 Cotton closed at 66.61, down 63 points

JUL 20 Cotton closed at 67.62, down 70 points

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn rebounded on Turnaround Tuesday, the futures were back up by 2 1/4 to 3 3/4 cents for the nearby contracts. The CZ/CH spread has widened to 10.75, as compared to last Tuesday when the spread was at 8.75. This time last year the CZ/CH premium was 11 cents. The USDA announced a private export sale of 191,000 MT of corn to an unknown destination with a 19/20 MY delivery. Corn basis was -0.1478 this morning, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. The propane shortage for grain drying has led to 8 state governors declaring a state of emergency; IA, IL, IN, MN, NE, ND, SD, and WI. The USDA’s weekly crop progress report showed that corn harvest was 76% completed. The Buenos Aires Grain Exchange reported Argentinean corn planting is 44.3% complete, as of 11/13.

DEC 19 Corn closed at $3.70, up 2 1/4 cents,

MAR 19 Corn closed at $3.80 3/4, up 3 1/2 cents,

MAY 20 Corn closed at $3.86 3/4, up 3 3/4 cents

JUL 20 Corn closed at $3.92 1/2, up 3 3/4 cents

--provided by Brugler Marketing & Management



Soybean futures found support on Monday helping to bounce the front months upwards by 1 1/4 to 2 cents higher. Soybean meal was up $0.80/ton, and soybean oil gained 32 points to also add product value on Tuesday. The national average soybean basis is -0.6265 per cmdtyView, bringing the monthly average to -0.6638 so far. The trend is 13 consecutive days of tightening dating back to the start of the month when the basis was -0.7292. Last year the basis for 11/19 was -0.8881, and the Nov average up till then had been -0.9827. US Soybean FOB prices were reported to be between Brazil and Argentina, @$359.00/MT (~$9.77/bushel).

JAN 19 Soybeans closed at $9.11 1/2, up 1 1/4 cents,

MAR 19 Soybeans closed at $9.24 1/2, up 1 1/2 cents,

MAY 20 Soybeans closed at $9.36 3/4, up 1 3/4 cents,

JUL 20 Soybeans closed at $9.47 3/4, up 2 cents,

DEC 19 Soybean Meal closed at $302.00, up $0.80,

DEC 19 Soybean Oil closed at $30.96, up $0.32

--- provided by Brugler Marketing & Management



Tuesday wheat futures were mostly higher with Kansas City HRW futures leading the way. Chicago wheat futures were up 3 1/4 to 4 3/4 cents higher at closing, KC wheat made gains by as much as 7 1/4 cents in nearby contracts. MPLS HRS ended Tuesday steady to 1 cent lower. Japan’s lower house has passed the trade deal signed by President Trump and Prime Minister Shinzo Abe on October 7th, and it should cut tariffs on wheat, beef, pork, among other US ag goods by an estimated $7 billion. Japan’s upper house has yet to sign off, but is expected to before December 9th. Japan has tendered for 119,998 MT of wheat.

DEC 19 CBOT Wheat closed at $5.12, up 4 3/4 cents,

DEC 19 KCBT Wheat closed at $4.25 3/4, up 7 1/4 cents,

DEC 19 MGEX Wheat closed at $5.03 1/4, unch,

-- provided by Brugler Marketing & Management



Live cattle futures made some recoveries from midday lows, but still finished mostly in the red. Apr was down the most, dropping 20 cents after Tuesday’s trading. Feeder cattle futures also made afternoon recoveries. The last trading day for Nov FC futures is Thursday. They gained 22 cents, while Jan and Mar closed 25 to 45 cents lower on the day. The 11/18 CME Feeder Cattle index was lower by 15 cents to $146.54. Afternoon boxed beef prices came back down since being higher for the morning. Choice boxes gave back 11 cents, at $239.01. Select boxes were 12 cents lower, to $215.47. The USDA reported minimal cash trading activity through the day with a handful of steers sold between $114-$116. The Fed Cattle Exchange online auction tomorrow will feature 1398 head, 63% NE, 28% KS. The trade deal with Japan has been ratified by the lower house of the Japanese parliament; the upper house is expected to also sign off on the deal to ratify it into law by December 9th. The trade deal is set to reduce tariffs on beef, pork, wheat and wine to levels similar to those given TPP signatories. The USDA’s weekly estimated FI cattle slaughter is up to 236,000 head through Tuesday, that’s 6,000 head below the time last year.

DEC 19 Cattle closed at $118.775, up $0.075,

FEB 19 Cattle closed at $125.050, down $0.050,

APR 20 Cattle closed at $126.200, down $0.200,

NOV 19 Feeder Cattle closed at $146.600, up $0.225

JAN 19 Feeder Cattle closed at $144.025, down $0.450

MAR 19 Feeder Cattle closed at $144.475, down $0.250

--provided by Brugler Marketing & Management



Lean hog futures recovered from triple digit losses at midday, but still finished 60 cents lower. The 11/15 CME Lean Hog Index was lower by $0.27, at $59.24. USDA’s pork carcass cutout value came back down by $4.47 this afternoon, to $84.67, after being up by 30.141% (29.545% over 11/19 last year) over the same time last year. Yesterday the ham cuts reached the highest they’d ever been for November 18, but gave back 11.81 today at $83.72. The belly also dropped big, down by $10.54 in the afternoon. USDA’s national average base hog price for 11/19 was 17 cents higher to $42.31. The USDA estimated FI hog slaughter to be a daily record of 494,000 head for Tuesday, following yesterday’s near record daily slaughter the week is on pace to be a record setting weekly slaughter, currently at 987,000 head.

DEC 19 Hogs closed at $62.150, down $0.600,

FEB 19 Hogs closed at $69.625, down $0.600

APR 20 Hogs closed at $75.750, down $0.600

--provided by Brugler Marketing & Management



Cotton futures followed Monday’s decreases with more of the same on Tuesday. Nearby futures posted losses of 63 to 82 points at midday. The Seam reported 3,583 bales sold at an average price of 55.07 cents/lb for 11/18. Egyptian cotton has retained profitability, with the Nile Cotton Ginning Report showing a profit of 467,172 Egyptian pounds (28,964.664 U$D) on the year through 9/30. Last year at this point they reported a net loss of 2,408,783 pounds ($149.344.546). The USDA Weekly Crop Progress Report stated that cotton harvest is 68% complete. The Cotlook A Index was boosted on 11/18 to 75.50 cents/lb, up 60 points. The AWP for cotton will be 57.06 cents/lb through Thursday.

DEC 19 Cotton closed at 63.39, down 82 points,

MAR 19 Cotton closed at 65.32, down 65 points

MAY 20 Cotton closed at 66.61, down 63 points

JUL 20 Cotton closed at 67.62, down 70 points

--provided by Brugler Marketing & Management



Hogs Finish 60 cents Lower.

Lean hog futures recovered from triple digit losses at midday, but still finished 60 cents lower. The 11/15 CME Lean Hog Index was lower by $0.27, at $59.24. USDA’s pork carcass cutout value came back down by $4.47 this afternoon, to $84.67, after being up by 30.141% (29.545% over 11/19 last year) over the same time last year. Yesterday the ham cuts reached the highest they’d ever been for November 18, but gave back 11.81 today at $83.72. The belly also dropped big, down by $10.54 in the afternoon. USDA’s national average base hog price for 11/19 was 17 cents higher to $42.31. The USDA estimated FI hog slaughter to be a daily record of 494,000 head for Tuesday, following yesterday’s near record daily slaughter the week is on pace to be a record setting weekly slaughter, currently at 987,000 head.

DEC 19 Hogs closed at $62.150, down $0.600,

FEB 19 Hogs closed at $69.625, down $0.600

APR 20 Hogs closed at $75.750, down $0.600

--provided by Brugler Marketing & Management

Corn Rebounds on Turnaround Tuesday

Corn rebounded on Turnaround Tuesday, the futures were back up by 2 1/4 to 3 3/4 cents for the nearby contracts. The CZ/CH spread has widened to 10.75, as compared to last Tuesday when the spread was at 8.75. This time last year the CZ/CH premium was 11 cents. The USDA announced a private export sale of 191,000 MT of corn to an unknown destination with a 19/20 MY delivery. Corn basis was -0.1478 this morning, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. The propane shortage for grain drying has led to 8 state governors declaring a state of emergency; IA, IL, IN, MN, NE, ND, SD, and WI. The USDA’s weekly crop progress report showed that corn harvest was 76% completed. The Buenos Aires Grain Exchange reported Argentinean corn planting is 44.3% complete, as of 11/13.

DEC 19 Corn closed at $3.70, up 2 1/4 cents,

MAR 19 Corn closed at $3.80 3/4, up 3 1/2 cents,

MAY 20 Corn closed at $3.86 3/4, up 3 3/4 cents

JUL 20 Corn closed at $3.92 1/2, up 3 3/4 cents

--provided by Brugler Marketing & Management

Beans Making Midday Gains

Soybean futures are trying to mitigate some of yesterday’s losses with nearby futures gaining 3 to 3 1/4 cents at midday. Soybean meal is up $1.70/ton, and soybean oil shows 31 point gains for midday. Soybean basis is -0.6265, bringing the monthly average to -0.6638 so far, the trend is 13 consecutive days of tightening dating back to the start of the month when the basis was -0.7292. last year the basis for 11/19 was -0.8881, and the Nov average up till then had been -0.9827. Bean harvest was 91% complete in USDA’s weekly Crop Progress report.

JAN 19 Soybeans are at $9.13 1/2, up 3 1/4 cents,

MAR 19 Soybeans are at $9.26 1/4, up 3 1/4 cents,

MAY 20 Soybeans are at $9.38 1/4, up 3 1/4 cents,

JUL 20 Soybeans are at $9.48 3/4, up 3 cents,

DEC 19 Soybean Meal is at $302.90, up $1.70,

DEC 19 Soybean Oil is at $30.95, up $0.31

--- provided by Brugler Marketing & Management

Wheat Gaining Again

Wheat Gaining Again

Tuesday wheat futures are back on the rise, with Kansas City HRW futures leading the way. Chicago wheat futures are 4 to 6 cents higher at midday, KC wheat is making gains by as much as 8 cents in nearby contracts. MPLS HRS is fractionallay mixed showing 1/4 cent losses to 3/4 cent gains at midday. Japan’s lower house has passed the trade deal signed by President Trump and Prime Minister Shinzo Abe on October 7th, and should cut tariffs on wheat, beef, pork, among other US ag goods by 7 billion U$D. Japan’s upper house has yet to sign off, but is expected to before December 9th. Japan has tendered for 119,998 MT of wheat. US winter wheat planting was 95% completed, with 83% emerged as of Sunday. Conditions from the report showed a score of 345 on the Brugler500 index for winter wheat.

DEC 19 CBOT Wheat is at $5.13, up 5 3/4 cents,

DEC 19 KCBT Wheat is at $4.27, up 8 1/2 cents,

DEC 19 MGEX Wheat is at $5.04, up 3/4 cent

-- provided by Brugler Marketing & Management

Cattle Lower on Tuesday

Live cattle futures are down so far this Tuesday, posting midday losses of 35 to 77 cents. Feeder cattle futures are mixed with the soon to expire Nov contract showing a 2 cent gain., Jan and Mar contracts are lower by 60 to 80 cents. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Wholesale boxed beef prices were higher this morning, and widened the Chc/Sel spread to $24.25. Choice boxes were up by $0.83, to $239.95. Select boxes also rose, up by 11 cents to $215.70. The Federal Cattle Exchange online auction tomorrow will feature 1398 head, 63% NE, 28% KS. The Trade deal with Japan has been Signed by the lower house of the Japanese parliament, the upper house is expected to also sign off on the deal to ratify it into law by December 9th. The trade deal with the country is set to reduce tariffs on beef, pork,wheat and wine to levels similar to those given TPP signatories.

DEC 19 Cattle are at $118.300, down $0.400,

FEB 19 Cattle are at $124.750, down $0.350,

APR 20 Cattle are at $125.625, down $0.775,

NOV 19 Feeder Cattle are at $146.400, up $0.025

JAN 19 Feeder Cattle are at $143.675, down $0.800

MAR 19 Feeder Cattle are at $144.125, down $0.600

--provided by Brugler Marketing & Management

Turnaround Tuesday for Corn

Corn is back up for a Turnaround Tuesday, gaining as much as 4 1/2 in nearby contracts. The USDA announced a private export sale of 191,000 MT of corn to an unknown destination with a 19/20 MY delivery. Corn basis was -0.1478 this morning, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. The propane shortage for grain drying has led to 8 state governors declaring a state of emergency, they being: IA, IL, IN, MN, NE, ND, SD, and WI. The USDA’s weekly crop progress report showed that corn harvest was 76% completed. Export inspections for the week ending 11/15 were up to 637,397 MT. The MYTD inspections were 4.980 MMT. The Buenos Aires Grain Exchange reported Argentinean corn planting is 44.3% complete, as of 11/13.

DEC 19 Corn is at $3.71 1/2, up 3 3/4 cents,

MAR 19 Corn is at $3.81 3/4, up 4 1/2 cents,

MAY 20 Corn is at $3.87, up 4 cents

JUL 20 Corn is at $3.92 3/4, up 4 cents

---provided by Brugler Marketing & Management

Cotton Lower at Tuesdays Midday

Cotton futures are lower again on Tuesday, with nearby futures showing losses of 43 to 49 points at midday. Cargill Cotton Headquarters is moving deeper into Memphis TN according to a press release. The headquarters office was previously in the Memphis suburb of Cordova. The USDA Weekly Crop Progress Report stated that cotton harvest is 68% complete. The Cotlook A Index was boosted on 11/18 to 75.50 cents/lb, up 60 points. The AWP for cotton will be 57.06 cents/lb through Thursday.

DEC 19 Cotton is at 63.72, down 49 points,

MAR 19 Cotton is at 65.54, down 43 points

MAY 20 Cotton is at 66.8, down 44 points

JUL 20 Cotton is at 67.87, down 45 points

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn is back up for a Turnaround Tuesday, gaining as much as 4 1/2 in nearby contracts. The USDA announced a private export sale of 191,000 MT of corn to an unknown destination with a 19/20 MY delivery. Corn basis was -0.1478 this morning, bringing the monthly average basis to -0.1501 so far. Last year the basis was -.3529. The propane shortage for grain drying has led to 8 state governors declaring a state of emergency, they being: IA, IL, IN, MN, NE, ND, SD, and WI. The USDA’s weekly crop progress report showed that corn harvest was 76% completed. Export inspections for the week ending 11/15 were up to 637,397 MT. The MYTD inspections were 4.980 MMT. The Buenos Aires Grain Exchange reported Argentinean corn planting is 44.3% complete, as of 11/13.

DEC 19 Corn is at $3.71 1/2, up 3 3/4 cents,

MAR 19 Corn is at $3.81 3/4, up 4 1/2 cents,

MAY 20 Corn is at $3.87, up 4 cents

JUL 20 Corn is at $3.92 3/4, up 4 cents

---provided by Brugler Marketing & Management



Soybean futures are trying to mitigate some of yesterday’s losses with nearby futures gaining 3 to 3 1/4 cents at midday. Soybean meal is up $1.70/ton, and soybean oil shows 31 point gains for midday. Soybean basis is -0.6265, bringing the monthly average to -0.6638 so far, the trend is 13 consecutive days of tightening dating back to the start of the month when the basis was -0.7292. last year the basis for 11/19 was -0.8881, and the Nov average up till then had been -0.9827. Bean harvest was 91% complete in USDA’s weekly Crop Progress report.

JAN 19 Soybeans are at $9.13 1/2, up 3 1/4 cents,

MAR 19 Soybeans are at $9.26 1/4, up 3 1/4 cents,

MAY 20 Soybeans are at $9.38 1/4, up 3 1/4 cents,

JUL 20 Soybeans are at $9.48 3/4, up 3 cents,

DEC 19 Soybean Meal is at $302.90, up $1.70,

DEC 19 Soybean Oil is at $30.95, up $0.31

--- provided by Brugler Marketing & Management



Wheat Gaining Again

Tuesday wheat futures are back on the rise, with Kansas City HRW futures leading the way. Chicago wheat futures are 4 to 6 cents higher at midday, KC wheat is making gains by as much as 8 cents in nearby contracts. MPLS HRS is fractionallay mixed showing 1/4 cent losses to 3/4 cent gains at midday. Japan’s lower house has passed the trade deal signed by President Trump and Prime Minister Shinzo Abe on October 7th, and should cut tariffs on wheat, beef, pork, among other US ag goods by 7 billion U$D. Japan’s upper house has yet to sign off, but is expected to before December 9th. Japan has tendered for 119,998 MT of wheat. US winter wheat planting was 95% completed, with 83% emerged as of Sunday. Conditions from the report showed a score of 345 on the Brugler500 index for winter wheat.

DEC 19 CBOT Wheat is at $5.13, up 5 3/4 cents,

DEC 19 KCBT Wheat is at $4.27, up 8 1/2 cents,

DEC 19 MGEX Wheat is at $5.04, up 3/4 cent

-- provided by Brugler Marketing & Management



Live cattle futures are down so far this Tuesday, posting midday losses of 35 to 77 cents. Feeder cattle futures are mixed with the soon to expire Nov contract showing a 2 cent gain., Jan and Mar contracts are lower by 60 to 80 cents. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Wholesale boxed beef prices were higher this morning, and widened the Chc/Sel spread to $24.25. Choice boxes were up by $0.83, to $239.95. Select boxes also rose, up by 11 cents to $215.70. The Federal Cattle Exchange online auction tomorrow will feature 1398 head, 63% NE, 28% KS. The Trade deal with Japan has been Signed by the lower house of the Japanese parliament, the upper house is expected to also sign off on the deal to ratify it into law by December 9th. The trade deal with the country is set to reduce tariffs on beef, pork,wheat and wine to levels similar to those given TPP signatories.

DEC 19 Cattle are at $118.300, down $0.400,

FEB 19 Cattle are at $124.750, down $0.350,

APR 20 Cattle are at $125.625, down $0.775,

NOV 19 Feeder Cattle are at $146.400, up $0.025

JAN 19 Feeder Cattle are at $143.675, down $0.800

MAR 19 Feeder Cattle are at $144.125, down $0.600

--provided by Brugler Marketing & Management



Lean hog futures continue to drop, down by as much as $1.45 to follow yesterday’s triple digit losses. The cash market isn’t reading the same memos! The 11/15 CME Lean Hog Index was lower by $0.27, at $59.24. USDA’s pork carcass cutout value was up by 85 cents this morning, to $89.99. Most of the primal cuts were also higher, save for picnic and rib down 40 cents and $1.31 respectively. USDA’s national average base hog price gained 9 cents on 11/19, up to $42.23. The USDA estimated FI hog slaughter to be 493,000 head to start the week, near the daily slaughter record, from October 23rd, which was 493,189 head.

DEC 19 Hogs are at $62.375, down $0.375,

FEB 19 Hogs are at $68.800, down $1.425

APR 20 Hogs are at $74.900, down $1.450

--provided by Brugler Marketing & Management



Cotton futures are lower again on Tuesday, with nearby futures showing losses of 43 to 49 points at midday. Cargill Cotton Headquarters is moving deeper into Memphis TN according to a press release. The headquarters office was previously in the Memphis suburb of Cordova. The USDA Weekly Crop Progress Report stated that cotton harvest is 68% complete. The Cotlook A Index was boosted on 11/18 to 75.50 cents/lb, up 60 points. The AWP for cotton will be 57.06 cents/lb through Thursday.

DEC 19 Cotton is at 63.72, down 49 points,

MAR 19 Cotton is at 65.54, down 43 points

MAY 20 Cotton is at 66.8, down 44 points

JUL 20 Cotton is at 67.87, down 45 points

--provided by Brugler Marketing & Management



Hogs Drop another Triple Digits.

Lean hog futures continue to drop, down by as much as $1.45 to follow yesterday’s triple digit losses. The cash market isn’t reading the same memos! The 11/15 CME Lean Hog Index was lower by $0.27, at $59.24. USDA’s pork carcass cutout value was up by 85 cents this morning, to $89.99. Most of the primal cuts were also higher, save for picnic and rib down 40 cents and $1.31 respectively. USDA’s national average base hog price gained 9 cents on 11/19, up to $42.23. The USDA estimated FI hog slaughter to be 493,000 head to start the week, near the daily slaughter record, from October 23rd, which was 493,189 head.

DEC 19 Hogs are at $62.375, down $0.375,

FEB 19 Hogs are at $68.800, down $1.425

APR 20 Hogs are at $74.900, down $1.450

--provided by Brugler Marketing & Management

Wheat Market Hovers Near UNCH

This morning, wheat futures are fractionally mixed in the Chicago and KC contracts and as much as a penny per bushel lower in Minneapolis. Yesterday futures finished mostly in the black. Chicago wheat led the way posting a daily gain of 4 1/2 cents, with KC wheat futures closely behind gaining 1 1/2 cents on the day. Minneapolis HRS wheat futures saw some fractional losses at the close. Export inspections for the week ending 11/14 hit 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. Year to date exports are now 11.920 MMT, which is 21.39% above last year’s pace. Soft white exports totaled 144,548 MT and made up 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections. Winter wheat planting was 95% completed, matching the average pace. Emergence had progressed 5% to 83% emerged. Conditions for winter wheat were 345 on the Brugler500 index, which was a 4 point drop from the previous week.

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn is trading a penny higher this Tuesday morning. Corn futures were down as much as 3 3/4 cents in the front months yesterday. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. The USDA’s weekly crop progress report showed that corn harvest is still behind schedule, with the 76% completed 16 percentage points behind the average pace. Harvest gained 10% over the week, which was a slowdown in weekly progress as last week gained 14%.

---provided by Brugler Marketing & Management



Soybean futures are 2 to 3 cents higher in early Tuesday trading. Nearby bean futures finished 6 3/4 to 8 cents lower on Monday. Soybean meal ended $5.90/ton lower, while soybean oil posted a 21 point gain on the day. Bean harvest was in line with trader expectations, listed at 91% complete in USDA’s weekly Crop Progress report from the afternoon. Harvest progressed 6% over the previous week, a slowdown as last week had progressed 10% wk/wk. USDA’s export inspections were still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. The accumulated soybean exports as of 11/14 are 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. AgRural updated Brazilian bean planting to 67% complete, on average the country is at 70% for this time, and last year they were 82%.

--- provided by Brugler Marketing & Management



This morning, wheat futures are fractionally mixed in the Chicago and KC contracts and as much as a penny per bushel lower in Minneapolis. Yesterday futures finished mostly in the black. Chicago wheat led the way posting a daily gain of 4 1/2 cents, with KC wheat futures closely behind gaining 1 1/2 cents on the day. Minneapolis HRS wheat futures saw some fractional losses at the close. Export inspections for the week ending 11/14 hit 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. Year to date exports are now 11.920 MMT, which is 21.39% above last year’s pace. Soft white exports totaled 144,548 MT and made up 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections. Winter wheat planting was 95% completed, matching the average pace. Emergence had progressed 5% to 83% emerged. Conditions for winter wheat were 345 on the Brugler500 index, which was a 4 point drop from the previous week.

-- provided by Brugler Marketing & Management



Live cattle futures ended Monday with 40 cent losses in the Dec futures, while other futures gained as much as 55 cents on the day. Feeder cattle futures bounced back on Monday, up 12 to 50 cents by the closing bell. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Afternoon boxed beef tightened the Chc/Sel spread to $23.53 via strength in Select. Choice boxes were lower by $1.68, to $239.12. On the other hand, select boxes rose $1.26 higher to $215.59. The USDA estimated FI cattle slaughter to be 118,000 head on the day.

--provided by Brugler Marketing & Management



Lean hog futures finished Monday with losses. The nearby Dec gave up a small midday gain and finished with a $0.45 drop, whereas Feb and Apr contracts stayed negative triple digits all day. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s afternoon pork carcass cutout value was $1.01 higher, with most of the primal cuts making gains on the day, save for loins which were down by $1.44. The national average base hog price is down by 10 cents out of the weekend, shown at $42.15. The USDA estimated FI hog slaughter to be 493,000 head to start the week.

--provided by Brugler Marketing & Management



Cotton futures are 24 to 36 points lower this morning. Monday they were 55 to 94 points lower. The USDA Weekly Crop Progress Report stated that cotton harvest is still ahead of schedule, showing 68% complete as compared to 58% for the same week last year and a 66% average. Cotton harvest progressed 6% on week, compared to last week’s 9% progress. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

--provided by Brugler Marketing & Management



Soybeans 2 to 3 Cents Higher in Turnaround Tuesday Attempt

Soybean futures are 2 to 3 cents higher in early Tuesday trading. Nearby bean futures finished 6 3/4 to 8 cents lower on Monday. Soybean meal ended $5.90/ton lower, while soybean oil posted a 21 point gain on the day. Bean harvest was in line with trader expectations, listed at 91% complete in USDA’s weekly Crop Progress report from the afternoon. Harvest progressed 6% over the previous week, a slowdown as last week had progressed 10% wk/wk. USDA’s export inspections were still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. The accumulated soybean exports as of 11/14 are 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. AgRural updated Brazilian bean planting to 67% complete, on average the country is at 70% for this time, and last year they were 82%.

--- provided by Brugler Marketing & Management

Corn Market A Penny Higher This Morning

Corn is trading a penny higher this Tuesday morning. Corn futures were down as much as 3 3/4 cents in the front months yesterday. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. The USDA’s weekly crop progress report showed that corn harvest is still behind schedule, with the 76% completed 16 percentage points behind the average pace. Harvest gained 10% over the week, which was a slowdown in weekly progress as last week gained 14%.

---provided by Brugler Marketing & Management

Cattle Market Mostly Higher But Awaits Cash Direction

Live cattle futures ended Monday with 40 cent losses in the Dec futures, while other futures gained as much as 55 cents on the day. Feeder cattle futures bounced back on Monday, up 12 to 50 cents by the closing bell. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Afternoon boxed beef tightened the Chc/Sel spread to $23.53 via strength in Select. Choice boxes were lower by $1.68, to $239.12. On the other hand, select boxes rose $1.26 higher to $215.59. The USDA estimated FI cattle slaughter to be 118,000 head on the day.

--provided by Brugler Marketing & Management

Lean Hogs Struggle With Record Production

Lean hog futures finished Monday with losses. The nearby Dec gave up a small midday gain and finished with a $0.45 drop, whereas Feb and Apr contracts stayed negative triple digits all day. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s afternoon pork carcass cutout value was $1.01 higher, with most of the primal cuts making gains on the day, save for loins which were down by $1.44. The national average base hog price is down by 10 cents out of the weekend, shown at $42.15. The USDA estimated FI hog slaughter to be 493,000 head to start the week.

--provided by Brugler Marketing & Management

Cotton Market Down Again Overnight

Cotton futures are 24 to 36 points lower this morning. Monday they were 55 to 94 points lower. The USDA Weekly Crop Progress Report stated that cotton harvest is still ahead of schedule, showing 68% complete as compared to 58% for the same week last year and a 66% average. Cotton harvest progressed 6% on week, compared to last week’s 9% progress. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

--provided by Brugler Marketing & Management

Hog Futures See Triple Digit Losses

Lean hog futures finished Monday with losses, the nearby Dec gave up a small midday gain and finished with a $0.45 drop, whereas Feb and Apr contracts stayed negative triple digits all day. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s afternoon pork carcass cutout value was $1.01 higher, with most of the primal cuts making gains on the day, save for loins which were down by $1.44. The national average base hog price is down by 10 cents out of the weekend, shown at $42.15. The USDA estimated FI hog slaughter to be 493,000 head to start the week, last week’s estimated slaughter was 2.749 million .

DEC 19 Hogs closed at $62.750, down $0.450,

FEB 19 Hogs closed at $70.225, down $1.775

APR 20 Hogs closed at $76.350, down $2.625

--provided by Brugler Marketing & Management

Cattle Futures Finished Monday Mixed

Live cattle futures closed on Monday with 40 cent losses in the Dec futures, while other nearby futures gained as much as 30 cents on the day. Feeder cattle futures made bounce back on Monday, up 12 to 50 cents after the closing bell. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Afternoon boxed beef tightened the Chc/Sel spread to 23.53. Choice boxes were lower by $1.68, to $239.12. On the other hand, select boxes rose $1.26 higher to $215.59. The USDA estimated FI cattle slaughter to be 118,000 head on the day. Last week’s total was estimated at 657,000 head.

DEC 19 Cattle closed at $118.700, down $0.400,

FEB 19 Cattle closed at $125.100, up $0.125,

APR 20 Cattle closed at $126.375, up $0.300,

NOV 19 Feeder Cattle closed at $146.375, up $0.125

JAN 19 Feeder Cattle closed at $144.475, up $0.200

MAR 19 Feeder Cattle closed at $144.725, up $0.500

--provided by Brugler Marketing & Management

Monday Wheat Futures Posted Gains

Wheat futures came back down from midday gains, but still managed to finish mostly in the black. Chicago wheat lead the way posting a daily gain of 4 1/2 cents, with KC wheat futures closely behind gaining 1 1/2 cents on the day. Minneapolis HRS wheat futures saw some fractional losses at the close. Export inspections for all wheat, were updated by the USDA this morning. The weekly update for the week ending 11/14 showed 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. The updated accumulated wheat exports are now 11.920 MMT, which is 21.39% above last year’s pace. The weekly exports were mostly soft white, which was 144,548 MT. White wheat composed 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections. Winter wheat planting was 95% completed, matching the average pace.

DEC 19 CBOT Wheat closed at $5.07 1/4, up 4 1/2 cents,

DEC 19 KCBT Wheat closed at $4.18 1/2, up 1 1/2 cents,

DEC 19 MGEX Wheat closed at $5.03 1/4, down 1/2 cent

-- provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures did finish lower on Monday, dropping by as much as 3 3/4 cents in the front months. Harvest gained 10% over the week, which was a slowdown in weekly progress as last week gained 14%. The USDA reported a private export sale of 132,000 MT of corn to unknown destination for a 19/20 MY delivery under the daily reporting system. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. Colombia and Mexico were the main destinations for the shipments, with 16.38% and 58.32% respectively. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. Conversely, sorghum exports are exceeding last year’s pace. The MYTD accumulated export inspections for the substitute are 445,663 MT as of 11/14, which is nearly double (94.98%) this point last year. The USDA’s weekly crop progress report showed that corn harvest is still behind schedule, with the 76% completed 16 percentage points behind the average pace.

DEC 19 Corn closed at $3.67 3/4, down 3 1/2 cents,

MAR 19 Corn closed at $3.77 1/4, down 3 1/2 cents,

MAY 20 Corn closed at $3.83, down 3 1/2 cents

JUL 20 Corn closed at $3.88 3/4, down 3 3/4 cents

---provided by Brugler Marketing & Management



Bean futures dropped after Monday’s round of trades. Nearby contracts finished 6 3/4 to 8 cents lower on the day. Soybean meal ended on Monday $5.90/ton lower, while soybean oil posted a 21 point gain on the day. Bean harvest was in line with trader expectations, listed at 91% complete in USDA’s weekly Crop Progress report from the afternoon. Harvest progressed 6% over the previous week, a slowdown as last week had progressed 10% wk/wk. USDA’s updated weekly export inspections showed that soybeans exports are still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. China was the main destination on the week with the PRC receiving 942,299 MT (61.15%). The accumulated soybean exports as of 11/14 were updated to 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. Brazilian bean planting has been updated by AgRural to be 67% complete as compared to the 70% average rate. This time last year the country was 82% planted.

JAN 19 Soybeans closed at $9.10 1/4, down 8 cents,

MAR 19 Soybeans closed at $9.23, down 7 3/4 cents,

MAY 20 Soybeans closed at $9.35, down 7 1/4 cents,

JUL 20 Soybeans closed at $9.45 3/4, down 6 3/4 cents,

DEC 19 Soybean Meal closed at $301.20, down $5.90,

DEC 19 Soybean Oil closed at $30.64, up $0.21

--- provided by Brugler Marketing & Management



Wheat futures came back down from midday gains, but still managed to finish mostly in the black. Chicago wheat lead the way posting a daily gain of 4 1/2 cents, with KC wheat futures closely behind gaining 1 1/2 cents on the day. Minneapolis HRS wheat futures saw some fractional losses at the close. Export inspections for all wheat, were updated by the USDA this morning. The weekly update for the week ending 11/14 showed 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. The updated accumulated wheat exports are now 11.920 MMT, which is 21.39% above last year’s pace. The weekly exports were mostly soft white, which was 144,548 MT. White wheat composed 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections. Winter wheat planting was 95% completed, matching the average pace.

DEC 19 CBOT Wheat closed at $5.07 1/4, up 4 1/2 cents,

DEC 19 KCBT Wheat closed at $4.18 1/2, up 1 1/2 cents,

DEC 19 MGEX Wheat closed at $5.03 1/4, down 1/2 cent

-- provided by Brugler Marketing & Management



Live cattle futures closed on Monday with 40 cent losses in the Dec futures, while other nearby futures gained as much as 30 cents on the day. Feeder cattle futures made bounce back on Monday, up 12 to 50 cents after the closing bell. The 11/15 CME Feeder Cattle index was lower by 43 cents to 146.69. Afternoon boxed beef tightened the Chc/Sel spread to 23.53. Choice boxes were lower by $1.68, to $239.12. On the other hand, select boxes rose $1.26 higher to $215.59. The USDA estimated FI cattle slaughter to be 118,000 head on the day. Last week’s total was estimated at 657,000 head.

DEC 19 Cattle closed at $118.700, down $0.400,

FEB 19 Cattle closed at $125.100, up $0.125,

APR 20 Cattle closed at $126.375, up $0.300,

NOV 19 Feeder Cattle closed at $146.375, up $0.125

JAN 19 Feeder Cattle closed at $144.475, up $0.200

MAR 19 Feeder Cattle closed at $144.725, up $0.500

--provided by Brugler Marketing & Management



Lean hog futures finished Monday with losses, the nearby Dec gave up a small midday gain and finished with a $0.45 drop, whereas Feb and Apr contracts stayed negative triple digits all day. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s afternoon pork carcass cutout value was $1.01 higher, with most of the primal cuts making gains on the day, save for loins which were down by $1.44. The national average base hog price is down by 10 cents out of the weekend, shown at $42.15. The USDA estimated FI hog slaughter to be 493,000 head to start the week, last week’s estimated slaughter was 2.749 million .

DEC 19 Hogs closed at $62.750, down $0.450,

FEB 19 Hogs closed at $70.225, down $1.775

APR 20 Hogs closed at $76.350, down $2.625

--provided by Brugler Marketing & Management



Cotton futures are 55 to 94 points lower after Monday’s round of trading. Weekly Crop Progress Report stated that cotton harvest is still ahead of schedule, listed at 68% complete as compared to 58% for the same week last year and a 66% average. Cotton harvest progressed 6% on week, compared to last week’s 9% progress. The 7 day forecast from the national weather service is indicating another wet week, the map indicates that most of the cotton region will get precipitation, showing as much as 2 1/4 inches accumulated, and parts of Northeast Georgia even expected to get more than 3 inches accumulated. Big online sales on Friday pushed the weekly total sales up to 30,460 bales on The Seam. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

DEC 19 Cotton closed at 64.18, down 68 points,

MAR 19 Cotton closed at 65.75, down 94 points

MAY 20 Cotton closed at 67.03, down 84 points

JUL 20 Cotton closed at 68.29, down 55 points

--provided by Brugler Marketing & Management



Cotton Harvest ahead of Normal, but Slowing

Cotton futures are 55 to 94 points lower after Monday’s round of trading. Weekly Crop Progress Report stated that cotton harvest is still ahead of schedule, listed at 68% complete as compared to 58% for the same week last year and a 66% average. Cotton harvest progressed 6% on week, compared to last week’s 9% progress. The 7 day forecast from the national weather service is indicating another wet week, the map indicates that most of the cotton region will get precipitation, showing as much as 2 1/4 inches accumulated, and parts of Northeast Georgia even expected to get more than 3 inches accumulated. Big online sales on Friday pushed the weekly total sales up to 30,460 bales on The Seam. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

DEC 19 Cotton closed at 64.18, down 68 points,

MAR 19 Cotton closed at 65.75, down 94 points

MAY 20 Cotton closed at 67.03, down 84 points

JUL 20 Cotton closed at 68.29, down 55 points

--provided by Brugler Marketing & Management

Corn Stumbled Out of Weekend.

Corn futures did finish lower on Monday, dropping by as much as 3 3/4 cents in the front months. Harvest gained 10% over the week, which was a slowdown in weekly progress as last week gained 14%. The USDA reported a private export sale of 132,000 MT of corn to unknown destination for a 19/20 MY delivery under the daily reporting system. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. Colombia and Mexico were the main destinations for the shipments, with 16.38% and 58.32% respectively. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. Conversely, sorghum exports are exceeding last year’s pace. The MYTD accumulated export inspections for the substitute are 445,663 MT as of 11/14, which is nearly double (94.98%) this point last year. The USDA’s weekly crop progress report showed that corn harvest is still behind schedule, with the 76% completed 16 percentage points behind the average pace.

DEC 19 Corn closed at $3.67 3/4, down 3 1/2 cents,

MAR 19 Corn closed at $3.77 1/4, down 3 1/2 cents,

MAY 20 Corn closed at $3.83, down 3 1/2 cents

JUL 20 Corn closed at $3.88 3/4, down 3 3/4 cents

---provided by Brugler Marketing & Management

Soybean Futures Fell despite Good Export Inspections

Bean futures dropped after Monday’s round of trades. Nearby contracts finished 6 3/4 to 8 cents lower on the day. Soybean meal ended on Monday $5.90/ton lower, while soybean oil posted a 21 point gain on the day. Bean harvest was in line with trader expectations, listed at 91% complete in USDA’s weekly Crop Progress report from the afternoon. Harvest progressed 6% over the previous week, a slowdown as last week had progressed 10% wk/wk. USDA’s updated weekly export inspections showed that soybeans exports are still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. China was the main destination on the week with the PRC receiving 942,299 MT (61.15%). The accumulated soybean exports as of 11/14 were updated to 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. Brazilian bean planting has been updated by AgRural to be 67% complete as compared to the 70% average rate. This time last year the country was 82% planted.

JAN 19 Soybeans closed at $9.10 1/4, down 8 cents,

MAR 19 Soybeans closed at $9.23, down 7 3/4 cents,

MAY 20 Soybeans closed at $9.35, down 7 1/4 cents,

JUL 20 Soybeans closed at $9.45 3/4, down 6 3/4 cents,

DEC 19 Soybean Meal closed at $301.20, down $5.90,

DEC 19 Soybean Oil closed at $30.64, up $0.21

--- provided by Brugler Marketing & Management

Corn Stumbles out of Weekend

Corn futures come out of the weekend with losses of 2 1/4 to 2 3/4 cents. The USDA reported a private export sale of corn to unknown destination for a 19/20 MY delivery under the daily reporting system. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. Colombia and Mexico were the main destinations for the shipments, with 16.38% and 58.32% respectively. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. Conversely, sorghum exports are exceeding last year’s pace. The MYTD accumulated export inspections for the substitute are 445,663 MT as of 11/14, which is nearly double (94.98%) this point last year. Corn harvest is likely still dragging behind the average pace of 92%, with trade ideas closer to 78% for tonight’s report.

DEC 19 Corn is at $3.69, down 2 1/4 cents,

MAR 19 Corn is at $3.78 1/4, down 2 1/2 cents,

MAY 20 Corn is at $3.84, down 2 1/2 cents

JUL 20 Corn is at $3.89 3/4, down 2 3/4 cents

---provided by Brugler Marketing & Management

Cotton Lower after Weekend

Cotton futures are down by triple digits to start the week, with losses as much as 113 points in nearby contracts. The 7 day forecast from the national weather service is indicating another wet week, the map indicates that most of the cotton region will get precipitation, showing as much as 2 1/4 inches accumulated, and parts of Northeast Georgia even expected to get more than 3 inches accumulated. However, cotton harvest is running ahead of normal pace overall. Big online sales on Friday pushed the weekly total sales up to 30,460 bales on The Seam. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

DEC 19 Cotton is at 63.82, down 104 points,

MAR 19 Cotton is at 65.51, down 118 points

MAY 20 Cotton is at 66.74, down 113 points

JUL 20 Cotton is at 67.88, down 96 points

--provided by Brugler Marketing & Management

Soybean Futures Falling on Monday

Bean futures start off Monday’s round of trading lower, with nearby contracts losing as much as 6 1/2 cents at midday. Soybean meal is down by $5.50/ton so far, with Soybean oil gaining 30 points. USDA’s updated weekly export inspections showed that soybeans exports are still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. China was the main destination on the week with the PRC receiving 942,299 MT (61.15%). The accumulated soybean exports as of 11/14 were updated to 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. Brazilian bean planting has been updated by AgRural to be 67% complete as compared to the 70% average rate, this time last year the country was 82% planted. Trade ideas for US harvest progress are running 91-92%, with 95% being average for this date.

JAN 19 Soybeans are at $9.11 3/4, down 6 1/2 cents,

MAR 19 Soybeans are at $9.24 3/4, down 6 cents,

MAY 20 Soybeans are at $9.36 3/4, down 5 1/2 cents,

JUL 20 Soybeans are at $9.47 1/4, down 5 1/4 cents,

DEC 19 Soybean Meal is at $301.60, down $5.50,

DEC 19 Soybean Oil is at $30.73, up $0.30

--- provided by Brugler Marketing & Management


Ag Market Commentary

Corn futures come out of the weekend with losses of 2 1/4 to 2 3/4 cents. The USDA reported a private export sale of corn to unknown destination for a 19/20 MY delivery under the daily reporting system. Export inspections for the week ending 11/15 were up 9.55% to 637,397 MT. export inspections for the same week last year were 845,957 MT. Colombia and Mexico were the main destinations for the shipments, with 16.38% and 58.32% respectively. The MYTD inspections are now 4.980 MMT (196.052 mbu). Corn exports remain considerably lower than last year’s pace, the accumulated export inspections 58.44% behind, or are 275.735 mbu less. Conversely, sorghum exports are exceeding last year’s pace. The MYTD accumulated export inspections for the substitute are 445,663 MT as of 11/14, which is nearly double (94.98%) this point last year. Corn harvest is likely still dragging behind the average pace of 92%, with trade ideas closer to 78% for tonight’s report.

DEC 19 Corn is at $3.69, down 2 1/4 cents,

MAR 19 Corn is at $3.78 1/4, down 2 1/2 cents,

MAY 20 Corn is at $3.84, down 2 1/2 cents

JUL 20 Corn is at $3.89 3/4, down 2 3/4 cents

---provided by Brugler Marketing & Management



Bean futures start off Monday’s round of trading lower, with nearby contracts losing as much as 6 1/2 cents at midday. Soybean meal is down by $5.50/ton so far, with Soybean oil gaining 30 points. USDA’s updated weekly export inspections showed that soybeans exports are still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. China was the main destination on the week with the PRC receiving 942,299 MT (61.15%). The accumulated soybean exports as of 11/14 were updated to 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. Brazilian bean planting has been updated by AgRural to be 67% complete as compared to the 70% average rate, this time last year the country was 82% planted. Trade ideas for US harvest progress are running 91-92%, with 95% being average for this date.

JAN 19 Soybeans are at $9.11 3/4, down 6 1/2 cents,

MAR 19 Soybeans are at $9.24 3/4, down 6 cents,

MAY 20 Soybeans are at $9.36 3/4, down 5 1/2 cents,

JUL 20 Soybeans are at $9.47 1/4, down 5 1/4 cents,

DEC 19 Soybean Meal is at $301.60, down $5.50,

DEC 19 Soybean Oil is at $30.73, up $0.30

--- provided by Brugler Marketing & Management




Wheat futures are making a Monday Recovery at midday. Leading the way for wheat futures is Chicago, with futures as much as 7 cents higher. Kansas City wheat futures are 4 3/4 to 6 1/4 cents higher through the nearby contracts, with MPLS wheat futures seeing a 1 1/4 to 2 cent Monday rally., Export inspections for all wheat, were updated by the USDA this morning. The weekly update for the week ending 11/14 showed 449,304 MT, which was lower than last week’s 539,724 MT. The same week last year saw 509,900 MT. The updated accumulated wheat exports are now 11.920 MMT, which is 21.39% above last year’s pace. The weekly exports were mostly soft white, which was 144,548 MT. White wheat composed 34.62% of the weekly inspections. HRS’s share was 21.74%, HRW held a 20.77% share, and SRW wheat encompassed 18.51% of the weekly export inspections.

DEC 19 CBOT Wheat is at $5.09 1/2, up 6 3/4 cents,

DEC 19 KCBT Wheat is at $4.22 1/2, up 5 1/2 cents,

DEC 19 MGEX Wheat is at $5.05 1/2, up 1 3/4 cents

-- provided by Brugler Marketing & Management



Live cattle futures are mixed at midday. Dec futures are down by 30 cents so far, while the other nearbys are seeing gains of 22 to 33 cents. Feeder cattle futures start off the week with gains, nearby contracts are $0.05 to $0.87 cents higher at midday. The 11/14 CME Feeder Cattle index was 27 cents lower at $147.12. Wholesale boxed beef was mixed in the morning report. Choice boxes were lower by $1.81, and select boxes were $2.02 higher to $216.35. The USDA estimated FI cattle slaughter total last week was 657,000 head. That was 6,000 head above the previous week’s total, and was 9,000 head more yr/yr.

DEC 19 Cattle are at $118.800, down $0.300,

FEB 19 Cattle are at $125.200, up $0.225,

APR 20 Cattle are at $126.375, up $0.300,

NOV 19 Feeder Cattle are at $146.300, up $0.050

JAN 19 Feeder Cattle are at $145.050, up $0.775

MAR 19 Feeder Cattle are at $145.100, up $0.875

--provided by Brugler Marketing & Management



Lean hog futures are mixed so far, with Dec futures making a small 7 cent gain, and Feb and Apr contracts drop triple digits. The 11/14 CME Lean Hog Index was one cent higher to $59.51. USDA’s early pork carcass cutout value was $1.88 higher. The Belly primal, again, showed us it’s volatility, up by 16.90 cents. The national average base hog price is down by 27 cents out of the weekend, shown at $41.98. The USDA estimated FI hog slaughter through Saturday was 2.749 million head on the week, which was 56,000 head more than last week’s total. The YTD hog slaughter is estimated at 112.762 million head as of 11/16, up 3.7% from 2018.

DEC 19 Hogs are at $63.275, up $0.075,

FEB 19 Hogs are at $70.700, down $1.300

APR 20 Hogs are at $76.925, down $2.050

--provided by Brugler Marketing & Management



Cotton futures are down by triple digits to start the week, with losses as much as 113 points in nearby contracts. The 7 day forecast from the national weather service is indicating another wet week, the map indicates that most of the cotton region will get precipitation, showing as much as 2 1/4 inches accumulated, and parts of Northeast Georgia even expected to get more than 3 inches accumulated. However, cotton harvest is running ahead of normal pace overall. Big online sales on Friday pushed the weekly total sales up to 30,460 bales on The Seam. The Cotlook A Index remained unchanged at 74.90 cents/lb for 11/15. The AWP for cotton was 46 points higher at 57.06 cents/lb.

DEC 19 Cotton is at 63.82, down 104 points,

MAR 19 Cotton is at 65.51, down 118 points

MAY 20 Cotton is at 66.74, down 113 points

JUL 20 Cotton is at 67.88, down 96 points

--provided by Brugler Marketing & Management



Cattle Futures Mixed Monday Midday

Live cattle futures are mixed at midday. Dec futures are down by 30 cents so far, while the other nearbys are seeing gains of 22 to 33 cents. Feeder cattle futures start off the week with gains, nearby contracts are $0.05 to $0.87 cents higher at midday. The 11/14 CME Feeder Cattle index was 27 cents lower at $147.12. Wholesale boxed beef was mixed in the morning report. Choice boxes were lower by $1.81, and select boxes were $2.02 higher to $216.35. The USDA estimated FI cattle slaughter total last week was 657,000 head. That was 6,000 head above the previous week’s total, and was 9,000 head more yr/yr.

DEC 19 Cattle are at $118.800, down $0.300,

FEB 19 Cattle are at $125.200, up $0.225,

APR 20 Cattle are at $126.375, up $0.300,

NOV 19 Feeder Cattle are at $146.300, up $0.050

JAN 19 Feeder Cattle are at $145.050, up $0.775

MAR 19 Feeder Cattle are at $145.100, up $0.875

--provided by Brugler Marketing & Management