News Source: BRUG

Soybeans Market Commentary

Soybean futures closed Friday with 2 to 3 1/2 cent gains. Soy meal led the way on export sales news as Dec was up $5.50/ton, with soy oil down 32 points. There was a private export sale of 100,000 MT of 18/19 soybeans to unknown reported through the USDA’s daily reporting system this morning. The delayed weekly Export Sales report indicated that 470,362 MT of soybeans were sold during the week of 11/8, on the low side of estimates. There were 488,800 MT in net reductions reported for unknown, with China cancelling 195,000 MT. Shipments in that week totaled 1.358 MMT. Soy meal sales exceeded the rage of estimates at 432,352 MT, with soy oil sales of 14,999 MT reported. Friday’s Commitment of Traders report showed spec traders adding 9,947 contracts to their net short position at -55,025 contracts on 11/13. AgRural estimates that the Brazil soybean crop is 82% planted, well above the 5-year average of 67%.

Jan 19 Soybeans closed at $8.92 1/4, up 3 1/2 cents,

Mar 19 Soybeans closed at $9.05 3/4, up 3 1/2 cents,

May 19 Soybeans closed at $9.18 3/4, up 3 1/4 cents,

Aug 19 Soybeans closed at $9.34 3/4, up 2 1/4 cents,

Dec 18 Soybean Meal closed at $310.90, up $5.50,

Dec 18 Soybean Oil closed at $27.37, down $0.32

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures ended the Friday session with most contracts steady to 2 3/4 cents lower heading into the pre-Thanksgiving weekend. Nearby Dec was down a nickel on the week. Ethanol was slightly lower on the day. This morning’s Export Sales report showed net 18/19 sales on the high side of trade expectations at 892,529 MT. That lagged the same week last year by 6% but was 24.24% larger than the preceding week. Shipments were reported at 1.113 MMT in the week on 11/9, well above last year. Weekly CFTC data showed spec funds backing off their net long position in corn futures and options by 8,648 contracts as of Tuesday to a net position of 17,981 contracts. Two separate South Korean tenders saw a total of 198,000 MT of corn purchased on Friday, with 60,000 MT US origin and 138,000 MT optional origin.

Dec 18 Corn closed at $3.64 3/4, down 2 3/4 cents,

Mar 19 Corn closed at $3.75 3/4, down 2 1/2 cents,

May 19 Corn closed at $3.83 1/2, down 2 1/4 cents

Jul 19 Corn closed at $3.90, down 2 1/2 cents



Soybean futures closed Friday with 2 to 3 1/2 cent gains. Soy meal led the way on export sales news as Dec was up $5.50/ton, with soy oil down 32 points. There was a private export sale of 100,000 MT of 18/19 soybeans to unknown reported through the USDA’s daily reporting system this morning. The delayed weekly Export Sales report indicated that 470,362 MT of soybeans were sold during the week of 11/8, on the low side of estimates. There were 488,800 MT in net reductions reported for unknown, with China cancelling 195,000 MT. Shipments in that week totaled 1.358 MMT. Soy meal sales exceeded the rage of estimates at 432,352 MT, with soy oil sales of 14,999 MT reported. Friday’s Commitment of Traders report showed spec traders adding 9,947 contracts to their net short position at -55,025 contracts on 11/13. AgRural estimates that the Brazil soybean crop is 82% planted, well above the 5-year average of 67%.

Jan 19 Soybeans closed at $8.92 1/4, up 3 1/2 cents,

Mar 19 Soybeans closed at $9.05 3/4, up 3 1/2 cents,

May 19 Soybeans closed at $9.18 3/4, up 3 1/4 cents,

Aug 19 Soybeans closed at $9.34 3/4, up 2 1/4 cents,

Dec 18 Soybean Meal closed at $310.90, up $5.50,

Dec 18 Soybean Oil closed at $27.37, down $0.32

--provided by Brugler Marketing & Management



Wheat futures saw gains of 2 to 3 cents in the KC contracts on Friday, with CBT higher in the front months and MPLS mostly 2 to 3 1/2 cents lower. CBT was the only exchange higher on the week and the others lower, widening the CBT-KC Dec spread to 24 cents. All wheat export sales in the week ending 11/8 totaled 438,256 MT, on the lower side of expectations. That was down 33.7% from the week prior and 10.4% lower than the same week in 2017. Exports were tallied at 263,003 MT for that week. The weekly Commitment of Traders report indicated the managed money net short position in CBT wheat futures and options was trimmed by 14,459 contracts as of Tuesday to -26,684. Spec traders went the other way in KC wheat futures and options, flipping their net position to short -1,271 contracts, a move of -12,414 contracts.

Dec 18 CBOT Wheat closed at $5.06 3/4, up 1 1/4 cents,

Dec 18 KCBT Wheat closed at $4.82 3/4, up 2 3/4 cents,

Dec 18 MGEX Wheat closed at $5.71 1/4, down 3 1/2 cents

--provided by Brugler Marketing & Management



Live cattle futures were mixed on Friday, with front months higher and deferred contracts lower. Feeder cattle futures were down 15 cents to $1.325, with Jan up 1.89% on the week. The CME feeder cattle index was down $1.10 on November 15 at $147.83. Wholesale boxed beef prices were lower on Friday afternoon. Choice boxes were down 64 cents at $212.91, with the Select cutout value a penny lower at $197.57. USDA estimated FI cattle slaughter WTD through Saturday @ 641,000 head. That is 1,000 above the previous week and even with the same week last year. Cash cattle trade wound up around $114 in most regions on Friday, with a few dressed sales of $178 reported in NE. Export sales of beef in the week that ended on 11/8 were tallied at 13,594 MT this morning, with weekly shipments at 17,043 MT. The large spec funds in live cattle futures and options trimmed 8,707 contracts from their CFTC net long position of 54,421 contracts as of Tuesday. In feeder cattle futures and options, they held the largest recorded net short position on record on 11/13 at -4,823 contracts.

Dec 18 Cattle closed at $115.350, up $0.200,

Feb 19 Cattle closed at $119.725, up $0.625,

Apr 19 Cattle closed at $121.550, up $0.600,

Jan 19 Feeder Cattle closed at $146.525, down $1.325

Mar 19 Feeder Cattle closed at $143.975, down $0.575

Apr 19 Feeder Cattle closed at $144.325, down $0.675

--provided by Brugler Marketing & Management



Lean Hog futures posted limit gains in the front months on Friday, with Dec up 7.66% on the week. The CME Lean Hog Index was down another 61 cents from the previous day @ $59.86 on November 14. The USDA pork carcass cutout value was down 49 cents on Friday afternoon at $68.18. The national base cash hog carcass value was 30 cents higher on Friday afternoon at a weighted average of $51.65. USDA’s weekly FI hog slaughter was estimated a record 2.626 million head through Saturday. That was 37,000 larger than a week prior and well above the same week in 2017. Pork muscle cut sales for export totaled 20,521 MT in the week of 11/8, as weekly exports totaled a MY high 26,723. CFTC showed money managers trimming their net long position in lean hog futures and options by 1,467 contracts to 28,048 contracts as of 11/13.

Dec 18 Hogs closed at $60.075, up $3.000,

Feb 19 Hogs closed at $66.750, up $3.000

Apr 19 Hogs closed at $71.750, up $3.000

--provided by Brugler Marketing & Management



Cotton futures settled with the front months 3 points higher to 26 points lower. Dec was down 2.52% on the week. The dollar was weaker. All upland cotton 18/19 export sales were tallied at 67,593 RB for the week of Nov 8 by the USDA this morning. Pakistani importers purchased 24,500 RB, with Vietnam at 23,300 RB and China cancelling a net 6,970 RB. Sales for 19/20 upland cotton totaled 45,945 RB, with China taking up 22,000 RB of that. Shipments of upland cotton in that week totaled 112,973 RB. This week’s Commitment of Traders report showed spec traders in cotton futures and options cutting 3,363 contracts from their net long position at 40,985 contracts. The Cotlook A index was up 75 points from the previous day at 86.30 cents/lb on Nov 15. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior.

Dec 18 Cotton closed at 76.120, down 13 points,

Mar 19 Cotton closed at 78.290, up 1 point

May 19 Cotton closed at 79.550, up 1 point

--provided by Brugler Marketing & Management



Wheat Market Commentary

Wheat futures saw gains of 2 to 3 cents in the KC contracts on Friday, with CBT higher in the front months and MPLS mostly 2 to 3 1/2 cents lower. CBT was the only exchange higher on the week and the others lower, widening the CBT-KC Dec spread to 24 cents. All wheat export sales in the week ending 11/8 totaled 438,256 MT, on the lower side of expectations. That was down 33.7% from the week prior and 10.4% lower than the same week in 2017. Exports were tallied at 263,003 MT for that week. The weekly Commitment of Traders report indicated the managed money net short position in CBT wheat futures and options was trimmed by 14,459 contracts as of Tuesday to -26,684. Spec traders went the other way in KC wheat futures and options, flipping their net position to short -1,271 contracts, a move of -12,414 contracts.

Dec 18 CBOT Wheat closed at $5.06 3/4, up 1 1/4 cents,

Dec 18 KCBT Wheat closed at $4.82 3/4, up 2 3/4 cents,

Dec 18 MGEX Wheat closed at $5.71 1/4, down 3 1/2 cents

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures were mixed on Friday, with front months higher and deferred contracts lower. Feeder cattle futures were down 15 cents to $1.325, with Jan up 1.89% on the week. The CME feeder cattle index was down $1.10 on November 15 at $147.83. Wholesale boxed beef prices were lower on Friday afternoon. Choice boxes were down 64 cents at $212.91, with the Select cutout value a penny lower at $197.57. USDA estimated FI cattle slaughter WTD through Saturday @ 641,000 head. That is 1,000 above the previous week and even with the same week last year. Cash cattle trade wound up around $114 in most regions on Friday, with a few dressed sales of $178 reported in NE. Export sales of beef in the week that ended on 11/8 were tallied at 13,594 MT this morning, with weekly shipments at 17,043 MT. The large spec funds in live cattle futures and options trimmed 8,707 contracts from their CFTC net long position of 54,421 contracts as of Tuesday. In feeder cattle futures and options, they held the largest recorded net short position on record on 11/13 at -4,823 contracts.

Dec 18 Cattle closed at $115.350, up $0.200,

Feb 19 Cattle closed at $119.725, up $0.625,

Apr 19 Cattle closed at $121.550, up $0.600,

Jan 19 Feeder Cattle closed at $146.525, down $1.325

Mar 19 Feeder Cattle closed at $143.975, down $0.575

Apr 19 Feeder Cattle closed at $144.325, down $0.675

--provided by Brugler Marketing & Management

Corn Market Commentary

Corn futures ended the Friday session with most contracts steady to 2 3/4 cents lower heading into the pre-Thanksgiving weekend. Nearby Dec was down a nickel on the week. Ethanol was slightly lower on the day. This morning’s Export Sales report showed net 18/19 sales on the high side of trade expectations at 892,529 MT. That lagged the same week last year by 6% but was 24.24% larger than the preceding week. Shipments were reported at 1.113 MMT in the week on 11/9, well above last year. Weekly CFTC data showed spec funds backing off their net long position in corn futures and options by 8,648 contracts as of Tuesday to a net position of 17,981 contracts. Two separate South Korean tenders saw a total of 198,000 MT of corn purchased on Friday, with 60,000 MT US origin and 138,000 MT optional origin.

Dec 18 Corn closed at $3.64 3/4, down 2 3/4 cents,

Mar 19 Corn closed at $3.75 3/4, down 2 1/2 cents,

May 19 Corn closed at $3.83 1/2, down 2 1/4 cents

Jul 19 Corn closed at $3.90, down 2 1/2 cents

Lean Hogs Market Commentary

Lean Hog futures posted limit gains in the front months on Friday, with Dec up 7.66% on the week. The CME Lean Hog Index was down another 61 cents from the previous day @ $59.86 on November 14. The USDA pork carcass cutout value was down 49 cents on Friday afternoon at $68.18. The national base cash hog carcass value was 30 cents higher on Friday afternoon at a weighted average of $51.65. USDA’s weekly FI hog slaughter was estimated a record 2.626 million head through Saturday. That was 37,000 larger than a week prior and well above the same week in 2017. Pork muscle cut sales for export totaled 20,521 MT in the week of 11/8, as weekly exports totaled a MY high 26,723. CFTC showed money managers trimming their net long position in lean hog futures and options by 1,467 contracts to 28,048 contracts as of 11/13.

Dec 18 Hogs closed at $60.075, up $3.000,

Feb 19 Hogs closed at $66.750, up $3.000

Apr 19 Hogs closed at $71.750, up $3.000

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures settled with the front months 3 points higher to 26 points lower. Dec was down 2.52% on the week. The dollar was weaker. All upland cotton 18/19 export sales were tallied at 67,593 RB for the week of Nov 8 by the USDA this morning. Pakistani importers purchased 24,500 RB, with Vietnam at 23,300 RB and China cancelling a net 6,970 RB. Sales for 19/20 upland cotton totaled 45,945 RB, with China taking up 22,000 RB of that. Shipments of upland cotton in that week totaled 112,973 RB. This week’s Commitment of Traders report showed spec traders in cotton futures and options cutting 3,363 contracts from their net long position at 40,985 contracts. The Cotlook A index was up 75 points from the previous day at 86.30 cents/lb on Nov 15. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior.

Dec 18 Cotton closed at 76.120, down 13 points,

Mar 19 Cotton closed at 78.290, up 1 point

May 19 Cotton closed at 79.550, up 1 point

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are showing 2 to 3 cent gains in the winter wheat contracts at midday, with MPLS down 1 to 2 cents. All wheat export sales in the week ending 11/8 totaled 438.256 MT, on the lower side of expectations. That as down 33.7% from the week prior and 10.4% lower than the same week in 2017. Bangladesh was the lead buyer of 120,000 MT, with Venezuela cancelling 60,000 MT. The French AgriMer estimates that the country’s crop is 92% planted, with gd/ex ratings at 82% vs. 97% a year ago.

Dec 18 CBOT Wheat is at $5.08 1/2, up 3 cents,

Dec 18 KCBT Wheat is at $4.83, up 3 cents,

Dec 18 MGEX Wheat is at $5.73 3/4, down 1 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are mixed at midday with front months 20 to 55 cents higher and back months lower. Feeder cattle futures are 55 to 95 cents lower. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were lower on Friday morning. Choice boxes were down 22 cents at $213.33, with the Select cutout value 2 cents lower at $197.56. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. Cash cattle bids are still being reported around $112, with a few sales of $178 reported in NE. Export sales of beef in the week that ended on 11/8 were tallied at 13,594 MT this morning, with shipments at 17,043 MT.

Dec 18 Cattle are at $115.350, up $0.200,

Feb 19 Cattle are at $119.625, up $0.525,

Apr 19 Cattle are at $121.375, up $0.425,

Jan 19 Feeder Cattle are at $146.925, down $0.925

Mar 19 Feeder Cattle are at $144.000, down $0.550

Apr 19 Feeder Cattle are at $144.325, down $0.675

--provided by Brugler Marketing & Management

Corn Market Commentary

Corn futures are mostly 1 to 2 cents in the red at midday, despite a decent round of export sales data. Ethanol is also lower at the moment. This morning’s Export Sales report showed net 18/19 sales on the high side of trade expectations at 892,529 MT. That lagged the same week last year by 6% but was 24.24% larger than the week prior. Mexico was the lead buyer of 334,800 MT, with Japan purchasing 207,200 MT. Two separate South Korean tenders saw a total of 198,000 MT of corn purchased on Friday, with 60,000 MT US origin and 138,000 MT optional origin.

Dec 18 Corn is at $3.65 3/4, down 1 3/4 cents,

Mar 19 Corn is at $3.76 1/2, down 1 3/4 cents,

May 19 Corn is at $3.84, down 1 3/4 cents

Jul 19 Corn is at $3.90 3/4, down 1 3/4 cents

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are posting triple digit gains in most nearby contracts on Friday, with Feb up the limit. The CME Lean Hog Index was down another 61 cents from the previous day @ $59.86 on November 14. The USDA pork carcass cutout value was up 32 cents on Friday morning at $68.99. The national base cash hog value not reported due to confidentiality reasons, with the 5-day rolling average at $51.55. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017. Pork whole muscle sales for export totaled 20,521 MT in the week of 11/8, as weekly exports totaled a MY high 26,723.

Dec 18 Hogs are at $59.950, up $2.875,

Feb 19 Hogs are at $66.750, up $3.000

Apr 19 Hogs are at $71.600, up $2.850

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 51 to 67 points higher in most contracts at midday. The dollar is weaker. All upland cotton 18/19 export sales were tallied at 67,593 RB for the week of Nov 8 by the USDA this morning. Pakistan importers purchased 24,500 RB, with Vietnam at 23,300 RB and China cancelling a net 6,970 RB. Sales for 19/20 upland cotton totaled 45,945 RB, with China taking up 22,000 RB of that. The Cotlook A index was up 75 points from the previous day at 86.30 cents/lb on Nov 15. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior.

Dec 18 Cotton is at 76.76, up 51 points,

Mar 19 Cotton is at 78.89, up 61 points

May 19 Cotton is at 80.21, up 67 points

Jul 19 Cotton is at 81.290, up 61 points

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are trading 3 to 4 cents higher in the nearby contracts on Friday. Soy meal is leading the way as Dec is up $5.20/ton, with soy oil down 27 points. There was a private export sale of 100,000 MT of 18/19 soybeans to unknown reported through the USDA’s daily reporting system this morning. The delayed weekly Export Sales report indicated that 470,362 MT of soybeans were sold during the week of 11/8, on the low side of estimates. That was 46.8% larger than last year but well below last year. There were 488,800 MT in net reductions reported for unknown, with China cancelling 195,000 MT. Soy meal sales exceeded the rage of estimates at 432,352 MT, with soy oil sales of 14,999 MT reported. AgRural estimates that the Brazil soybean crop is 82% planted, well above the 5-year average of 67%.

Jan 19 Soybeans are at $8.92 1/2, up 3 3/4 cents,

Mar 19 Soybeans are at $9.05 3/4, up 3 1/2 cents,

May 19 Soybeans are at $9.18 3/4, up 3 1/4 cents,

Jul 19 Soybeans are at $9.31 1/4, up 3 1/4 cents,

Dec 18 Soybean Meal is at $310.60, up $5.20

Dec 18 Soybean Oil is at $27.42, down $0.27

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are mostly 1 to 2 cents in the red at midday, despite a decent round of export sales data. Ethanol is also lower at the moment. This morning’s Export Sales report showed net 18/19 sales on the high side of trade expectations at 892,529 MT. That lagged the same week last year by 6% but was 24.24% larger than the week prior. Mexico was the lead buyer of 334,800 MT, with Japan purchasing 207,200 MT. Two separate South Korean tenders saw a total of 198,000 MT of corn purchased on Friday, with 60,000 MT US origin and 138,000 MT optional origin.

Dec 18 Corn is at $3.65 3/4, down 1 3/4 cents,

Mar 19 Corn is at $3.76 1/2, down 1 3/4 cents,

May 19 Corn is at $3.84, down 1 3/4 cents

Jul 19 Corn is at $3.90 3/4, down 1 3/4 cents

--provided by Brugler Marketing & Management



Soybean futures are trading 3 to 4 cents higher in the nearby contracts on Friday. Soy meal is leading the way as Dec is up $5.20/ton, with soy oil down 27 points. There was a private export sale of 100,000 MT of 18/19 soybeans to unknown reported through the USDA’s daily reporting system this morning. The delayed weekly Export Sales report indicated that 470,362 MT of soybeans were sold during the week of 11/8, on the low side of estimates. That was 46.8% larger than last year but well below last year. There were 488,800 MT in net reductions reported for unknown, with China cancelling 195,000 MT. Soy meal sales exceeded the rage of estimates at 432,352 MT, with soy oil sales of 14,999 MT reported. AgRural estimates that the Brazil soybean crop is 82% planted, well above the 5-year average of 67%.

Jan 19 Soybeans are at $8.92 1/2, up 3 3/4 cents,

Mar 19 Soybeans are at $9.05 3/4, up 3 1/2 cents,

May 19 Soybeans are at $9.18 3/4, up 3 1/4 cents,

Jul 19 Soybeans are at $9.31 1/4, up 3 1/4 cents,

Dec 18 Soybean Meal is at $310.60, up $5.20

Dec 18 Soybean Oil is at $27.42, down $0.27

--provided by Brugler Marketing & Management



Wheat futures are showing 2 to 3 cent gains in the winter wheat contracts at midday, with MPLS down 1 to 2 cents. All wheat export sales in the week ending 11/8 totaled 438.256 MT, on the lower side of expectations. That as down 33.7% from the week prior and 10.4% lower than the same week in 2017. Bangladesh was the lead buyer of 120,000 MT, with Venezuela cancelling 60,000 MT. The French AgriMer estimates that the country’s crop is 92% planted, with gd/ex ratings at 82% vs. 97% a year ago.

Dec 18 CBOT Wheat is at $5.08 1/2, up 3 cents,

Dec 18 KCBT Wheat is at $4.83, up 3 cents,

Dec 18 MGEX Wheat is at $5.73 3/4, down 1 cent

--provided by Brugler Marketing & Management



Live cattle futures are mixed at midday with front months 20 to 55 cents higher and back months lower. Feeder cattle futures are 55 to 95 cents lower. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were lower on Friday morning. Choice boxes were down 22 cents at $213.33, with the Select cutout value 2 cents lower at $197.56. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. Cash cattle bids are still being reported around $112, with a few sales of $178 reported in NE. Export sales of beef in the week that ended on 11/8 were tallied at 13,594 MT this morning, with shipments at 17,043 MT.

Dec 18 Cattle are at $115.350, up $0.200,

Feb 19 Cattle are at $119.625, up $0.525,

Apr 19 Cattle are at $121.375, up $0.425,

Jan 19 Feeder Cattle are at $146.925, down $0.925

Mar 19 Feeder Cattle are at $144.000, down $0.550

Apr 19 Feeder Cattle are at $144.325, down $0.675

--provided by Brugler Marketing & Management



Lean Hog futures are posting triple digit gains in most nearby contracts on Friday, with Feb up the limit. The CME Lean Hog Index was down another 61 cents from the previous day @ $59.86 on November 14. The USDA pork carcass cutout value was up 32 cents on Friday morning at $68.99. The national base cash hog value not reported due to confidentiality reasons, with the 5-day rolling average at $51.55. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017. Pork whole muscle sales for export totaled 20,521 MT in the week of 11/8, as weekly exports totaled a MY high 26,723.

Dec 18 Hogs are at $59.950, up $2.875,

Feb 19 Hogs are at $66.750, up $3.000

Apr 19 Hogs are at $71.600, up $2.850

--provided by Brugler Marketing & Management



Cotton futures are trading 51 to 67 points higher in most contracts at midday. The dollar is weaker. All upland cotton 18/19 export sales were tallied at 67,593 RB for the week of Nov 8 by the USDA this morning. Pakistan importers purchased 24,500 RB, with Vietnam at 23,300 RB and China cancelling a net 6,970 RB. Sales for 19/20 upland cotton totaled 45,945 RB, with China taking up 22,000 RB of that. The Cotlook A index was up 75 points from the previous day at 86.30 cents/lb on Nov 15. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior.

Dec 18 Cotton is at 76.76, up 51 points,

Mar 19 Cotton is at 78.89, up 61 points

May 19 Cotton is at 80.21, up 67 points

Jul 19 Cotton is at 81.290, up 61 points

--provided by Brugler Marketing & Management



Cattle Market Commentary

Live cattle futures saw 15 to 55 cent gains in most contracts on Thursday. Feeder cattle futures were 75 cents to $1 higher, as Nov expired down 35 cents at $148.625. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up 39 cents at $213.55, with the Select cutout value 40 cents higher at $197.58. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. A few cash bids of $112-113 have been reported so far, but no trade has developed in the south. Some transactions at $178 have been reported in IA and NE but not enough to establish the trend.

--provided by Brugler Marketing & Management

Corn Market Commentary

Corn futures are hovering close to UNCH this morning. They ended the Thursday session with most contracts steady to fractionally higher. Analysts are expecting 500,000-900,000 MT of corn was sold for export in the week of 11/8 ahead of today’s delayed Export Sales report. The weekly EIA report showed ethanol production for the week of 11/9 at 1.067 million barrels per day, down just 1,000 bpd from last week. Green Plains permanently closed a 60 mgal Virginia plant. Stockpiles of ethanol stood at 23.514 million barrels, up 364,000 barrels from a week ago, with the Gulf and East Coast increasing stocks.

Lean Hogs Market Commentary

Lean Hog futures posted 50 cent to $1.40 gains in most contracts on Thursday, with nearby Dec up 7.5 cents. The CME Lean Hog Index was down another 73 cents from the previous day @ $60.47 on November 12. The USDA pork carcass cutout value was down 35 cents on Thursday afternoon at $68.67. The belly was up $3.95, with the picnic down $8.49 (-16.92%!). The national base cash hog value was up 30 cents yesterday afternoon with a weighted average of $51.65. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017.

Cotton Market Commentary

Cotton futures were mixed in overnight action and are trading 4 lower to 11 higher this morning. They ended Thursday with most contracts 7 to 14 points in the red. A 281 point bounce in the dollar was a negative influence, and the market is already nervous about slowing export sales. The Cotlook A index was down 50 points from the previous day at 85.55 cents/lb on Nov 14. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior. There were 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures, taking the total to 106,083 bales. First notice day for December cotton deliveries is November 26.

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are currently 1 to 2 cents per bushel lower after closing 4 to 5 1/2 cents higher on Thursday. Front month soy meal was down 30 cents/ton, with soy oil up 12 points. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record use was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month despite the larger crush.

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are hovering close to UNCH this morning. They ended the Thursday session with most contracts steady to fractionally higher. Analysts are expecting 500,000-900,000 MT of corn was sold for export in the week of 11/8 ahead of today’s delayed Export Sales report. The weekly EIA report showed ethanol production for the week of 11/9 at 1.067 million barrels per day, down just 1,000 bpd from last week. Green Plains permanently closed a 60 mgal Virginia plant. Stockpiles of ethanol stood at 23.514 million barrels, up 364,000 barrels from a week ago, with the Gulf and East Coast increasing stocks.



Soybean futures are currently 1 to 2 cents per bushel lower after closing 4 to 5 1/2 cents higher on Thursday. Front month soy meal was down 30 cents/ton, with soy oil up 12 points. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record use was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month despite the larger crush.

--provided by Brugler Marketing & Management



Wheat futures are mostly 1 to 2 cents lower in the Chicago and KC contracts this morning. Minneapolis spring wheat is fractionally higher. They settled the Thursday session with most KC and MPLS contracts 1 to 2 cents lower. CBT SRW was the strongest yesterday, steady to 2 3/4 cents higher in the front months. Ahead of today’s delayed Export Sales report, traders are estimating 400,000-650,000 MT of wheat was sold in the week ending on November 8. Japan purchased 120,226 MT of wheat from Australia, Canada and the US in their weekly tender, with 50,327 MT US origin. Saudi Arabia is seeking 475,000 MT of wheat for Jan-Mar 2019.

--provided by Brugler Marketing & Management



Live cattle futures saw 15 to 55 cent gains in most contracts on Thursday. Feeder cattle futures were 75 cents to $1 higher, as Nov expired down 35 cents at $148.625. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up 39 cents at $213.55, with the Select cutout value 40 cents higher at $197.58. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. A few cash bids of $112-113 have been reported so far, but no trade has developed in the south. Some transactions at $178 have been reported in IA and NE but not enough to establish the trend.

--provided by Brugler Marketing & Management



Lean Hog futures posted 50 cent to $1.40 gains in most contracts on Thursday, with nearby Dec up 7.5 cents. The CME Lean Hog Index was down another 73 cents from the previous day @ $60.47 on November 12. The USDA pork carcass cutout value was down 35 cents on Thursday afternoon at $68.67. The belly was up $3.95, with the picnic down $8.49 (-16.92%!). The national base cash hog value was up 30 cents yesterday afternoon with a weighted average of $51.65. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017.



Cotton futures were mixed in overnight action and are trading 4 lower to 11 higher this morning. They ended Thursday with most contracts 7 to 14 points in the red. A 281 point bounce in the dollar was a negative influence, and the market is already nervous about slowing export sales. The Cotlook A index was down 50 points from the previous day at 85.55 cents/lb on Nov 14. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior. There were 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures, taking the total to 106,083 bales. First notice day for December cotton deliveries is November 26.

--provided by Brugler Marketing & Management



Wheat Market Commentary

Wheat futures are mostly 1 to 2 cents lower in the Chicago and KC contracts this morning. Minneapolis spring wheat is fractionally higher. They settled the Thursday session with most KC and MPLS contracts 1 to 2 cents lower. CBT SRW was the strongest yesterday, steady to 2 3/4 cents higher in the front months. Ahead of today’s delayed Export Sales report, traders are estimating 400,000-650,000 MT of wheat was sold in the week ending on November 8. Japan purchased 120,226 MT of wheat from Australia, Canada and the US in their weekly tender, with 50,327 MT US origin. Saudi Arabia is seeking 475,000 MT of wheat for Jan-Mar 2019.

--provided by Brugler Marketing & Management

Corn Market Commentary

Corn futures ended the Thursday session with most contracts steady to fractionally higher. Analysts estimate that 500,000-900,000 MT of corn was sold for export in the week of 11/8 ahead of Friday’s delayed Export Sales report. This morning’s weekly EIA report showed ethanol production in the week of 11/9 at 1.067 million barrels per day, down just 1,000 bpd from last week. Stockpiles of ethanol stood at 23.514 million barrels, up 364,000 barrels from a week ago, with the Gulf and East Coast increasing stocks.

Dec 18 Corn closed at $3.67 1/2, up 1/2 cent,

Mar 19 Corn closed at $3.78 1/4, up 1/4 cent,

May 19 Corn closed at $3.85 3/4, unch,

Jul 19 Corn closed at $3.92 1/2, up 1/4 cent

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures posted 50 cent to $1.40 gains in most contracts on Thursday, with nearby Dec up 7.5 cents. The CME Lean Hog Index was down another 73 cents from the previous day @ $60.47 on November 12. The USDA pork carcass cutout value was down 35 cents on Thursday afternoon at $68.67. The belly was up $3.95, with the picnic down $8.49 (-16.92%!). The national base cash hog value was up 30 cents this afternoon with a weighted average of $51.65. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017.

Dec 18 Hogs closed at $57.075, up $0.075,

Feb 19 Hogs closed at $63.750, up $1.400

Apr 19 Hogs closed at $68.750, up $1.000

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures closed Thursday with most contracts 7 to 14 points in the red. A 281 point bounce in the dollar provided pressure. USDA will release the weekly Export Sales report at 7:30 a.m. CST on Friday. The Cotlook A index was down 50 points from the previous day at 85.55 cents/lb on Nov 14. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior. There were 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures as of 11/14, taking the total to 106,083 bales. First notice day for December cotton deliveries is November 26.

Dec 18 Cotton closed at 76.250, down 14 points,

Mar 19 Cotton closed at 78.280, down 7 points

May 19 Cotton closed at 79.540, down 9 points

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures ended the day with most contracts 4 to 5 1/2 cents in the green. Front month soy meal was down 30 cents/ton, with soy oil up 12 points. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record use was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month despite the larger crush.

Jan 19 Soybeans closed at $8.88 3/4, up 5 1/4 cents,

Mar 19 Soybeans closed at $9.02 1/4, up 5 1/2 cents,

May 19 Soybeans closed at $9.15 1/2, up 5 1/4 cents,

Aug 19 Soybeans closed at $9.32 1/2, up 4 1/2 cents,

Dec 18 Soybean Meal closed at $305.40, down $0.30,

Dec 18 Soybean Oil closed at $27.69, up $0.12

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures ended the Thursday session with most contracts steady to fractionally higher. Analysts estimate that 500,000-900,000 MT of corn was sold for export in the week of 11/8 ahead of Friday’s delayed Export Sales report. This morning’s weekly EIA report showed ethanol production in the week of 11/9 at 1.067 million barrels per day, down just 1,000 bpd from last week. Stockpiles of ethanol stood at 23.514 million barrels, up 364,000 barrels from a week ago, with the Gulf and East Coast increasing stocks.

Dec 18 Corn closed at $3.67 1/2, up 1/2 cent,

Mar 19 Corn closed at $3.78 1/4, up 1/4 cent,

May 19 Corn closed at $3.85 3/4, unch,

Jul 19 Corn closed at $3.92 1/2, up 1/4 cent

--provided by Brugler Marketing & Management



Soybean futures ended the day with most contracts 4 to 5 1/2 cents in the green. Front month soy meal was down 30 cents/ton, with soy oil up 12 points. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record use was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month despite the larger crush.

Jan 19 Soybeans closed at $8.88 3/4, up 5 1/4 cents,

Mar 19 Soybeans closed at $9.02 1/4, up 5 1/2 cents,

May 19 Soybeans closed at $9.15 1/2, up 5 1/4 cents,

Aug 19 Soybeans closed at $9.32 1/2, up 4 1/2 cents,

Dec 18 Soybean Meal closed at $305.40, down $0.30,

Dec 18 Soybean Oil closed at $27.69, up $0.12

--provided by Brugler Marketing & Management



Wheat futures settled the Thursday session with most KC and MPLS contracts 1 to 2 cents lower. CBT SRW was the strongest, steady to 2 3/4 cents higher in the front months. Ahead of Friday’s delayed Export Sales report, traders are estimating 400,000-650,000 MT of wheat was sold in the week ending on November 8. Japan purchased 120,226 MT of wheat from Australia, Canada and the US in their weekly tender, with 50,327 MT US origin. Saudi Arabia is seeking 475,000 MT of wheat for Jan-Mar 2019 delivery in a tender that will close on Friday.

Dec 18 CBOT Wheat closed at $5.05 1/2, up 2 1/2 cents,

Dec 18 KCBT Wheat closed at $4.80, down 1 cent,

Dec 18 MGEX Wheat closed at $5.74 3/4, down 1 1/4 cents

--provided by Brugler Marketing & Management



Live cattle futures saw 15 to 55 cent gains in most contracts on Thursday. Feeder cattle futures were 75 cents to $1 higher, as Nov expired down 35 cents at $148.625. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up 39 cents at $213.55, with the Select cutout value 40 cents higher at $197.58. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. A few cash bids of $112-113 have been reported so far, but no trade has developed in the south. Some transactions at $178 have been reported in IA and NE but not enough to establish the trend.

Dec 18 Cattle closed at $115.150, up $0.550,

Feb 19 Cattle closed at $119.100, up $0.500,

Apr 19 Cattle closed at $120.950, up $0.375,

Nov 18 Feeder Cattle closed at $148.625, down $0.350

Jan 19 Feeder Cattle closed at $147.850, up $0.875

Mar 19 Feeder Cattle closed at $144.550, up $0.750

--provided by Brugler Marketing & Management



Lean Hog futures posted 50 cent to $1.40 gains in most contracts on Thursday, with nearby Dec up 7.5 cents. The CME Lean Hog Index was down another 73 cents from the previous day @ $60.47 on November 12. The USDA pork carcass cutout value was down 35 cents on Thursday afternoon at $68.67. The belly was up $3.95, with the picnic down $8.49 (-16.92%!). The national base cash hog value was up 30 cents this afternoon with a weighted average of $51.65. Thursday’s FI hog slaughter was estimated @ 476,000 head, bringing the weekly total to 1.873 million head. That was 25,000 fewer than a week prior and up 8,000 from the same week in 2017.

Dec 18 Hogs closed at $57.075, up $0.075,

Feb 19 Hogs closed at $63.750, up $1.400

Apr 19 Hogs closed at $68.750, up $1.000

--provided by Brugler Marketing & Management



Cotton futures closed Thursday with most contracts 7 to 14 points in the red. A 281 point bounce in the dollar provided pressure. USDA will release the weekly Export Sales report at 7:30 a.m. CST on Friday. The Cotlook A index was down 50 points from the previous day at 85.55 cents/lb on Nov 14. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior. There were 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures as of 11/14, taking the total to 106,083 bales. First notice day for December cotton deliveries is November 26.

Dec 18 Cotton closed at 76.250, down 14 points,

Mar 19 Cotton closed at 78.280, down 7 points

May 19 Cotton closed at 79.540, down 9 points

--provided by Brugler Marketing & Management



Wheat Market Commentary

Wheat futures settled the Thursday session with most KC and MPLS contracts 1 to 2 cents lower. CBT SRW was the strongest, steady to 2 3/4 cents higher in the front months. Ahead of Friday’s delayed Export Sales report, traders are estimating 400,000-650,000 MT of wheat was sold in the week ending on November 8. Japan purchased 120,226 MT of wheat from Australia, Canada and the US in their weekly tender, with 50,327 MT US origin. Saudi Arabia is seeking 475,000 MT of wheat for Jan-Mar 2019 delivery in a tender that will close on Friday.

Dec 18 CBOT Wheat closed at $5.05 1/2, up 2 1/2 cents,

Dec 18 KCBT Wheat closed at $4.80, down 1 cent,

Dec 18 MGEX Wheat closed at $5.74 3/4, down 1 1/4 cents

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures saw 15 to 55 cent gains in most contracts on Thursday. Feeder cattle futures were 75 cents to $1 higher, as Nov expired down 35 cents at $148.625. The CME feeder cattle index was down 45 cents on November 14 at $148.93. Wholesale boxed beef prices were higher on Thursday afternoon. Choice boxes were up 39 cents at $213.55, with the Select cutout value 40 cents higher at $197.58. USDA estimated FI cattle slaughter for Thursday was at 119,000 head, with the WTD total @ 467,000 head. That is 6,000 below the previous week and 12,000 head fewer than the same day last year. A few cash bids of $112-113 have been reported so far, but no trade has developed in the south. Some transactions at $178 have been reported in IA and NE but not enough to establish the trend.

Dec 18 Cattle closed at $115.150, up $0.550,

Feb 19 Cattle closed at $119.100, up $0.500,

Apr 19 Cattle closed at $120.950, up $0.375,

Nov 18 Feeder Cattle closed at $148.625, down $0.350

Jan 19 Feeder Cattle closed at $147.850, up $0.875

Mar 19 Feeder Cattle closed at $144.550, up $0.750

--provided by Brugler Marketing & Management

Corn Market Commentary

Corn futures are mostly 2 to 3 cents in the green at midday. This morning’s weekly EIA report showed ethanol production in the week of 11/9 at 1.067 million barrels per day, down just 1,000 bpd from last week. Stockpiles of ethanol stood at 23.514 million barrels, up 364,000 barrels from a week ago, with the Gulf and East Coast increasing stocks. Analysts estimate that 500,000-900,000 MT of corn was sold for export in the week of 11/8 ahead of Friday’s delayed Export Sales report.

Dec 18 Corn is at $3.69 1/2, up 2 1/2 cents,

Mar 19 Corn is at $3.80 1/2, up 2 1/2 cents,

May 19 Corn is at $3.88, up 2 1/4 cents

Jul 19 Corn is at $3.95, up 2 3/4 cents

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading marginally higher in the front months at midday. A bounce in the dollar is limiting gains. USDA will release the weekly Export Sales report at 7:30 a.m. CST on Friday. The Cotlook A index was down 50 points from the previous day at 85.55 cents/lb on Nov 14. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior. There was 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures as of 11/14 to 106,083 bales. First notice day for December cotton deliveries is November 26.

Dec 18 Cotton is at 76.46, up 7 points,

Mar 19 Cotton is at 78.51, up 16 points

May 19 Cotton is at 79.71, up 8 points

Jul 19 Cotton is at 80.740, down 1 point

--provided by Brugler Marketing & Management

Ag Market Commentary

Corn futures are mostly 2 to 3 cents in the green at midday. This morning’s weekly EIA report showed ethanol production in the week of 11/9 at 1.067 million barrels per day, down just 1,000 bpd from last week. Stockpiles of ethanol stood at 23.514 million barrels, up 364,000 barrels from a week ago, with the Gulf and East Coast increasing stocks. Analysts estimate that 500,000-900,000 MT of corn was sold for export in the week of 11/8 ahead of Friday’s delayed Export Sales report.

Dec 18 Corn is at $3.69 1/2, up 2 1/2 cents,

Mar 19 Corn is at $3.80 1/2, up 2 1/2 cents,

May 19 Corn is at $3.88, up 2 1/4 cents

Jul 19 Corn is at $3.95, up 2 3/4 cents

--provided by Brugler Marketing & Management



Soybean futures are trading 1 to 2 cents higher on Thursday with most contracts backing off the highs. Front month soy meal is down $1.40/ton, with soy oil up 7 points. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT.

Jan 19 Soybeans are at $8.85, up 1 1/2 cents,

Mar 19 Soybeans are at $8.98 1/2, up 1 3/4 cents,

May 19 Soybeans are at $9.11 3/4, up 1 1/2 cents,

Jul 19 Soybeans are at $9.24 1/2, up 1 1/4 cents,

Dec 18 Soybean Meal is at $304.30, down $1.40

Dec 18 Soybean Oil is at $27.64, up $0.07

--provided by Brugler Marketing & Management



Wheat futures are steady to fractionally lower in KC and fractionally higher in MPLS. CBT is up 2 to 4 cents in most contracts. Ahead of Friday’s delayed Export Sales report, traders are estimating 400,000-650,000 MT of wheat was sold in the week ending on November 8. Japan purchased 120,226 MT of wheat from Australia, Canada and the US in their weekly tender, with 50,327 MT US origin. Saudi Arabia is seeking 475,000 MT of wheat for Jan-Mar 2019 delivery in a tender that will close on Friday.

Dec 18 CBOT Wheat is at $5.06 3/4, up 3 3/4 cents,

Dec 18 KCBT Wheat is at $4.81, unch ,

Dec 18 MGEX Wheat is at $5.76 1/4, up 1/4 cent

--provided by Brugler Marketing & Management



Live cattle futures are up 15 to 55 cents at midday. Feeder cattle futures are mostly higher, with expiring Nov down 27.5 cents. The CME feeder cattle index was down 51 cents on November 13 at $149.38. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 21 cents at $213.37, with the Select cutout value $1.27 higher at $198.45. USDA estimated FI cattle slaughter at 118,000 head for Wednesday, bringing the WTD total to 348,000 head. That was 9,000 below the previous week and 9,000 head fewer than the same day last year. A few bids of $112-113 have been reported so far this morning, but no trade has developed.

Dec 18 Cattle are at $115.125, up $0.525,

Feb 19 Cattle are at $119.025, up $0.425,

Apr 19 Cattle are at $120.975, up $0.400,

Nov 18 Feeder Cattle are at $148.700, down $0.275

Jan 19 Feeder Cattle are at $147.600, up $0.625

Mar 19 Feeder Cattle are at $144.500, up $0.700

--provided by Brugler Marketing & Management



Lean Hog futures are showing triple digit gains in a few front months on Thursday, with Dec up 15 cents. The CME Lean Hog Index was down another 73 cents from the previous day @ $60.47 on November 12. The USDA pork carcass cutout value was up 59 cents on Thursday morning at $69.61. The belly was up $7.99, with the picnic down $9.54. The national base cash hog value was up 76 cents this morning with a weighted average of $52.11. The WCB was up $1.54. FI hog slaughter was estimated @ 478,000 head on Wednesday, with the weekly total at 1.397 million head. That was 28,000 fewer than a week prior and down 1,000 from the same week in 2017.

Dec 18 Hogs are at $57.150, up $0.150,

Feb 19 Hogs are at $63.425, up $1.075

Apr 19 Hogs are at $68.800, up $1.050

--provided by Brugler Marketing & Management



Cotton futures are trading marginally higher in the front months at midday. A bounce in the dollar is limiting gains. USDA will release the weekly Export Sales report at 7:30 a.m. CST on Friday. The Cotlook A index was down 50 points from the previous day at 85.55 cents/lb on Nov 14. The weekly USDA AWP was updated to 68.48 cents/lb, down 138 points from the week prior. There was 8,102 bales in new stocks added to the Cert stocks level for delivery against Dec Futures as of 11/14 to 106,083 bales. First notice day for December cotton deliveries is November 26.

Dec 18 Cotton is at 76.46, up 7 points,

Mar 19 Cotton is at 78.51, up 16 points

May 19 Cotton is at 79.71, up 8 points

Jul 19 Cotton is at 80.740, down 1 point

--provided by Brugler Marketing & Management



Soybeans Market Commentary

Soybean futures are trading 1 to 2 cents higher on Thursday with most contracts backing off the highs. Front month soy meal is down $1.40/ton, with soy oil up 7 points. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT.

Jan 19 Soybeans are at $8.85, up 1 1/2 cents,

Mar 19 Soybeans are at $8.98 1/2, up 1 3/4 cents,

May 19 Soybeans are at $9.11 3/4, up 1 1/2 cents,

Jul 19 Soybeans are at $9.24 1/2, up 1 1/4 cents,

Dec 18 Soybean Meal is at $304.30, down $1.40

Dec 18 Soybean Oil is at $27.64, up $0.07

--provided by Brugler Marketing & Management

Wheat Market Commentary

Wheat futures are steady to fractionally lower in KC and fractionally higher in MPLS. CBT is up 2 to 4 cents in most contracts. Ahead of Friday’s delayed Export Sales report, traders are estimating 400,000-650,000 MT of wheat was sold in the week ending on November 8. Japan purchased 120,226 MT of wheat from Australia, Canada and the US in their weekly tender, with 50,327 MT US origin. Saudi Arabia is seeking 475,000 MT of wheat for Jan-Mar 2019 delivery in a tender that will close on Friday.

Dec 18 CBOT Wheat is at $5.06 3/4, up 3 3/4 cents,

Dec 18 KCBT Wheat is at $4.81, unch ,

Dec 18 MGEX Wheat is at $5.76 1/4, up 1/4 cent

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures are up 15 to 55 cents at midday. Feeder cattle futures are mostly higher, with expiring Nov down 27.5 cents. The CME feeder cattle index was down 51 cents on November 13 at $149.38. Wholesale boxed beef prices were higher on Thursday morning. Choice boxes were up 21 cents at $213.37, with the Select cutout value $1.27 higher at $198.45. USDA estimated FI cattle slaughter at 118,000 head for Wednesday, bringing the WTD total to 348,000 head. That was 9,000 below the previous week and 9,000 head fewer than the same day last year. A few bids of $112-113 have been reported so far this morning, but no trade has developed.

Dec 18 Cattle are at $115.125, up $0.525,

Feb 19 Cattle are at $119.025, up $0.425,

Apr 19 Cattle are at $120.975, up $0.400,

Nov 18 Feeder Cattle are at $148.700, down $0.275

Jan 19 Feeder Cattle are at $147.600, up $0.625

Mar 19 Feeder Cattle are at $144.500, up $0.700

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures are showing triple digit gains in a few front months on Thursday, with Dec up 15 cents. The CME Lean Hog Index was down another 73 cents from the previous day @ $60.47 on November 12. The USDA pork carcass cutout value was up 59 cents on Thursday morning at $69.61. The belly was up $7.99, with the picnic down $9.54. The national base cash hog value was up 76 cents this morning with a weighted average of $52.11. The WCB was up $1.54. FI hog slaughter was estimated @ 478,000 head on Wednesday, with the weekly total at 1.397 million head. That was 28,000 fewer than a week prior and down 1,000 from the same week in 2017.

Dec 18 Hogs are at $57.150, up $0.150,

Feb 19 Hogs are at $63.425, up $1.075

Apr 19 Hogs are at $68.800, up $1.050

--provided by Brugler Marketing & Management

Cattle Market Commentary

Live cattle futures ended Wednesday steady to 80 cents lower. Feeder cattle futures were steady to 95 cents in the red. The CME feeder cattle index was down 51 cents on November 13 at $149.38. November feeder futures expire this Thursday (11/15). Wholesale boxed beef prices were lower on Wednesday afternoon. Choice boxes were down 92 cents at $213.16, with the Select cutout value $1.80 lower at $197.18. USDA estimated FI cattle slaughter at 118,000 head for Wednesday, bringing the WTD total to 348,000 head. That was 9,000 below the previous week and 9,000 head fewer than the same day last year. This morning’s FCE auction saw no sales on the 620 head offered.

--provided by Brugler Marketing & Management

Corn Market Commentary

Corn futures are trading 2 to 3 cents higher this morning. They closed fractionally mixed on Wednesday with the late 2019 contracts the weakest. A private export sale of 212,000 MT of corn to Mexico for 2018/19 delivery was reported on Wednesday morning but failed to move the meter. Weekly EIA data showing ethanol production will be released later this morning. Most ECB states are still above normal harvest progress, with WCB still lagging. DTN reported a national average cash price of $3.35 3/4 on Tuesday evening, 34 cents higher than last year. That put the national basis level at -33 3/4 cents, a nickel stronger than a year ago. Taiwan purchased 62,000 MT of corn in their recent tender with US or Brazil origin.

--provided by Brugler Marketing & Management

Lean Hogs Market Commentary

Lean Hog futures were mixed on Wednesday, with Dec down 30 cents. The CME Lean Hog Index was down another 67 cents from the previous day @ $61.20 on November 12. The USDA pork carcass cutout value was down $1.67 on Wednesday afternoon at $69.02. The butt was the only primal cut reported higher. The national base cash hog value was down 18 cents this afternoon with a weighted average of $51.37. FI hog slaughter was estimated @ 478,000 head on Wednesday, with the weekly total at 1.397 million head. That was 28,000 fewer than a week prior and down 1,000 from the same week in 2017.

--provided by Brugler Marketing & Management

Cotton Market Commentary

Cotton futures are trading 18 to 42 points higher, trying to build on 53 to 69 point gains from Wednesday. The US dollar was sharply higher overnight after a two day sell off. The weekly Crop Progress report indicated that TX had 93% of the bolls open and harvest progress at 42% vs. the 48% average. GA was reported at 61% harvested, compared to the average at 64%. The Cotlook A index was down 135 points from the previous day at 86.05 cents/lb on Nov 13. The Cert stocks level for delivery against Dec Futures has risen to 97,981 bales. First notice day for December cotton deliveries is November 26.

--provided by Brugler Marketing & Management

Soybeans Market Commentary

Soybean futures are currently 9 to 10 cents higher after closing 5 to 5 1/4 cents higher on Wednesday. Nov expired at $8.70 1/2, up 3 1/4 cents. Front month soy meal was up $1.80/ton, with soy oil 2 points higher. USDA reported a private export sale of 148,000 MT of 18/19 soybeans to unknown destinations yesterday morning. That was the second sale in as many days for a combined 424,732 MT. The US dollar index was also weaker. In Tuesday afternoon’s Crop Progress report indicated just 2 (IL & NC) of the 18 reported states above the normal harvest pace. NOPA data for October will be released on Thursday morning.

--provided by Brugler Marketing & Management