Ag Market Commentary

Corn futures are showing fractional gains at midday. This morning’s Export Sales report showed 19/20 Corn bookings for week ending on 9/26 at 562,616 MT. That was a 13.9% jump from the previous week but down 60.68% from the same week last year. Mexico was the lead buyer of 361,100 MT during that week, with 88,000 MT sold to Japanese importers. August US trade data will be released on Friday morning via Census, to round out the 18/19 export MY for corn. Brazil trade data from September indicated 6.501 MMT of corn shipped during the month, nearby double the same month last year.

DEC 19 Corn is at $3.88 1/4, up 1/2 cent,

MAR 19 Corn is at $4.00, up 1/4 cent,

MAY 20 Corn is at $4.05, up 1/4 cent

JUL 20 Corn is at $4.07 3/4, up 1/2 cent

-- provided by Brugler Marketing & Management

Soybeans futures are down 2 to 2 1/2 cents in the front months on Thursday. Soybean meal is down $2.60/ton with soy oil 71 points higher. A private export sale of 252,000 MT of soybeans for 19/20 delivery to China was announced by USDA this morning. USDA’s weekly Export Sales report indicated 2.076 MMT in soybean sales for week ending on 9/26, exceeding trade estimates. China purchased 1.558 MMT of that total, their largest weekly purchased since late March. Soy meal sales in the last full week of September totaled 158,276 MT, with a majority for 19/20 as the 18/19 meal MY is nears a close (Sep 30). Bean oil sales were tallied at 2,495 MT for that week.

NOV 19 Soybeans are at $9.11 1/4, down 2 1/2 cents,

JAN 19 Soybeans are at $9.25 1/4, down 2 1/2 cents,

MAR 20 Soybeans are at $9.36, down 2 1/2 cents,

MAY 20 Soybeans are at $9.46, down 2 1/4 cents,

OCT 19 Soybean Meal is at $297.70, down $2.60,

OCT 19 Soybean Oil is at $29.77, up $0.71

-- provided by Brugler Marketing & Management

Wheat futures are showing fractional to 2 cent gains in the winter wheat contracts on Thursday, with MPLS steady to 2 cents lower. USDA announced a private export sale of 130,000 MT of White Wheat to China for 19/20 delivery. Total wheat sales to China for the 19/20 MY previously were 60,000 MT as of 9/26. All wheat export sales were reported at 328,488 MT during the week that ended on 9/26. That was a 16% increase over the week prior but down 21.04% from the same week in 2018. To date, wheat export commitments by class show 37.8% of the total for HRW and 27.5% for HRS, with White wheat at 18.2% and SRW taking up 13% of the total.

DEC 19 CBOT Wheat is at $4.90 1/4, up 1 1/4 cents,

DEC 19 KCBT Wheat is at $4.06, up 1/4 cent,

DEC 19 MGEX Wheat is at $5.28, down 1 1/2 cents

---provided by Brugler Marketing & Management

Live cattle futures are up 45 cents in nearby Oct, with other contracts slightly lower. October LC options expire on Friday. Feeder cattle futures are steady to 37.5 cents higher in the front months. Beef export data from this morning show 16,423 MT of beef were shipped out in week ending 9/26. Sales during that week totaled 12,491 MT. The CME Feeder Cattle Index was up 14 cents on Oct. 1 at $143.09. Wholesale boxed beef prices are mixed on Thursday. Choice boxes were down 87 cents to $212.10, with Select boxes up a $1.21 to 187.11, narrowing the spread to $24.99. USDA estimated week to date FI slaughter is 350,000 head, which is down 4,000 from this time last year. Cash bids of $105 are being reported across the country at midday.

OCT 19 Cattle are at $106.500, up $0.450,

DEC 19 Cattle are at $110.500, down $0.125,

FEB 20 Cattle are at $116.750, down $0.050,

OCT 19 Feeder Cattle are at $142.250, up $0.175

NOV 19 Feeder Cattle are at $142.050, up $0.375

JAN 19 Feeder Cattle are at $138.025, up $0.025

--provided by Brugler Marketing & Management

Lean Hog futures trading 45 cents higher in the front month, with other nearby contracts lower. The CME Lean Hog Index was up 78 cents to $57.83 on Oct 1. The USDA pork carcass cutout value was up $2.24 to $76.36 on Thursday morning. Primal cuts are Mixed at midday Thursday. The national average base hog value was 94 cents lower at $49.21. FI week to date estimated hog slaughter is 1.468 million head. USDA tallied pork export bookings at 30,974 MT in the week of 9/26, with 10,700 MT for Mexico. Shipments were 23,152 MT in that week. Last week’s exports to China were 6,022 MT of pork with 2019 sales 1,350 MT and 2020 sales of 3,483 MT. African Swine Fever continues to be a problem for Southeastern Asian countries, as South Korea confirmed another 2 cases, with Vietnam and China also experiencing huge herd losses.

OCT 19 Hogs are at $62.650, up $0.450,

DEC 19 Hogs are at $68.550, down $0.550

FEB 20 Hogs are at $75.450, down $0.375

-- provided by Brugler Marketing & Management

Cotton futures are trading 115 to 133 points higher in the front months on Thursday. All upland cotton export sales during the week of September 26 were 177,837 RB for 19/20, the second largest weekly total this MY. That was up 14.56% wk/wk and well above the same week last year. There were just 7,480 RB sold for 20/21. Sales to Pakistan were 62,900 RB, with China buying 9,740 RB of 19/20. Crude is seeing more drops in price for the fifth day in a row, that could make cotton a more expensive option. The Cotlook A Index remains unch at 71.70 cents/lb for October 2. The AWP for this week is 53.19 cents/lb and will be updated on this afternoon.

DEC 19 Cotton is at 62.66, up 133 points

MAR 20 Cotton is at 63.26, up 128 points

MAY 20 Cotton is at 64.01, up 115 points

-- provided by Brugler Marketing & Management

Market Commentary provided by:

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

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