Ag Market Commentary

Corn futures ended Thursday up 1 to 1 1/4 cents in the front months. 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. The Buenos Aires Grain Exchange pegged the Argentina corn crop at 20.6% plated as of 10/2. August US trade data will be released on Friday morning via Census, to round out the 18/19 export MY for corn.

DEC 19 Corn closed at $3.88 3/4, up 1 cent,

MAR 19 Corn closed at $4.00 3/4, up 1 cent,

MAY 20 Corn closed at $4.06, up 1 1/4 cents

JUL 20 Corn closed at $4.08 1/2, up 1 1/4 cents

-- provided by Brugler Marketing & Management



Soybeans futures were down 1 to 2 cents in the front months at Thursday’s close. Soybean meal was down $2.30/ton with soy oil closing up 74 points. 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 closed at $9.11 3/4, down 2 cents,

JAN 19 Soybeans closed at $9.26, down 1 3/4 cents,

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

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

OCT 19 Soybean Meal closed at $298.00, down $2.30,

OCT 19 Soybean Oil closed at $29.80, up $0.74

-- provided by Brugler Marketing & Management



Wheat futures round out Thursday with minimal activity, both Dec HRW and HRS remaining unchanged, but SRW sees a slight drop of 1/4 cent. 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. Export commitments for wheat are now 14.4% larger than this time a year ago at 474 mbu. To date, 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 closed at $4.88 3/4, down 1/4 cent,

DEC 19 KCBT Wheat closed at $4.05 3/4, unch,

DEC 19 MGEX Wheat closed at $5.29 1/2, unch,

---provided by Brugler Marketing & Management



Live cattle futures close up 15 to 75 cents on Thursday. Light Cash trade was reported in the South by USDA at $106. October LC options expire on Friday. Feeder cattle futures ended Thursday 25 to 42 cents higher in the nearby contracts. 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 down 17 cents on Oct. 2 at $142.92. Wholesale boxed beef prices are mixed on Thursday. Choice boxes were down 91 cents to $212.06, with Select boxes up a $1.31 to $187.21, narrowing the spread to $24.85. USDA estimated week to date FI slaughter is 467,000 head, which is down 4,000 from this time last year.

OCT 19 Cattle closed at $106.800, up $0.750,

DEC 19 Cattle closed at $110.825, up $0.200,

FEB 20 Cattle closed at $117.000, up $0.200,

OCT 19 Feeder Cattle closed at $142.350, up $0.275

NOV 19 Feeder Cattle closed at $142.100, up $0.425

JAN 19 Feeder Cattle closed at $138.250, up $0.250

--provided by Brugler Marketing & Management



Lean Hog futures saw gains of 22.5 cents for Oct, but down by as much as a dollar for Dec. The CME Lean Hog Index was up 78 cents to $57.83 on Oct 1. The USDA pork carcass cutout value was up $1.24 to $75.36 on Thursday afternoon. Primal cuts close Thursday mixed, with ham down $2.76 and loin $3.29 higher. The national average base hog value was 68 cents higher at $49.99. FI week to date estimated hog slaughter is ahead of last year’s pace by 5.2% at 1.957 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 closed at $62.425, up $0.225,

DEC 19 Hogs closed at $68.100, down $1.000

FEB 20 Hogs closed at $75.300, down $0.525

-- provided by Brugler Marketing & Management



Cotton futures closed 22 to 43 points higher in front months with nearby Oct showing no trade. They failed to hold triple digit gains from earlier in the session. 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. Weekly exports were reported at 154,745 RB for the week ending in 9/26, which is 12% lower from last week and down 14% from the same time last year. The total accumulation of exports this MY are 1.756 million RB, which is up 25.98% from this time last year. This Cotlook A Index remains unch at 71.70 cents/lb for October 2. The updated AWP for this week saw a slight gain to 53.36 cents/lb.

DEC 19 Cotton closed at 61.55, up 22 points

MAR 20 Cotton closed at 62.3, up 32 points

MAY 20 Cotton closed at 63.29, up 43 points

-- provided by Brugler Marketing & Management






Market Commentary provided by:

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