AgriCharts Market Commentary

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.

Corn

Corn futures settled Friday with 2 to 3 1/2 cent gains, as Dec was 1 1/4 cent lower on the week. Rains over the next week could slow corn harvest in most of the WCB. Next Friday at 11:00 a.m. will be the release of the Sept 1 Grain Stocks report. The wire services are accumulating trade estimates today, with release expected over the weekend or on Monday. Friday’s Commitment of Traders report indicated spec traders expanding their net short position another 15,194 contracts in corn futures and options. They had a net position of -134,606 contracts as of September 19. China’s Sinograin sold 1.75 MMT of the 2.1 MMT of corn offered at their auction of state reserves on Friday.

Dec 17 Corn closed at $3.53 1/2, up 3 1/4 cents,

Mar 18 Corn closed at $3.66, up 3 cents,

May 18 Corn closed at $3.74 1/2, up 3 1/4 cents

Jul 18 Corn closed at $3.81 1/2, up 3 1/2 cents

Soybeans

Soybean futures closed the Friday session mostly 9 to 13 1/2 cents higher, as Nov was up for the fifth consecutive week. Oct soy meal was up $6/ton, with nearby bean oil down 11 points. The USDA announced another private export sale of 190,000 MT of soybeans to Mexico for 17/18 delivery through their daily reporting system. The total of all announcements for this week is 1.801 MMT for 17/18 and 120,000 MT for 18/19. CFTC data showed money managers flipping their net position in soybean futures and options by 18,155 contracts. Their position on Tuesday was reported at net long 13,747 contracts.

Nov 17 Soybeans closed at $9.84 1/4, up 13 1/2 cents,

Jan 18 Soybeans closed at $9.94 1/2, up 13 1/2 cents,

Mar 18 Soybeans closed at $10.03 1/2, up 13 1/4 cents,

Jul 18 Soybeans closed at $10.17 3/4, up 12 3/4 cents,

Oct 17 Soybean Meal closed at $315.00, up $6.00,

Oct 17 Soybean Oil closed at $33.99, down $0.11

Wheat

Wheat futures ended the week with 1 to 3 cent losses in most CBT contracts, as KC was fractionally higher. MPLS was the strongest, up 10 1/2 in nearby Dec and 2.27% higher on the week. The USDA will release the Small Grains report a week from today, at 11:00 a.m. CDT. We will get a better idea of 2017 wheat production in that report, particularly spring wheat and harvested acres. Spec funds in Chicago wheat futures and options decreased their net short position by 4,177 contracts to a net position -79,658 as of last Tuesday. In KC wheat futures and options, they lowered their net long position by 616 contracts to 12,415 contracts.

Dec 17 CBOT Wheat closed at $4.49 1/2, down 3 cents,

Dec 17 KCBT Wheat closed at $4.50 1/4, up 3/4 cent,

Dec 17 MGEX Wheat closed at $6.34 3/4, up 10 1/2 cents

Cattle

Live cattle futures saw slight to $1.475 gains on Friday, with Oct 3.55% higher since last Friday. Feeder cattle futures were 22.5 to 80 cents in the green in most contracts on Friday, with Sep up 2.11% on the week. The CME feeder cattle index was up 33 cents from the previous day at $151.44 on September 21.Wholesale beef prices were higher in the Friday afternoon report. Choice was 9 cents higher at $191.60, while select boxes were up 32 cents at $188.73. FI cattle slaughter is estimated at 637,000 head through Saturday, which is 5,000 fewer than last week and 41,000 larger than the same week in 2016. There were cash sales of mostly $108 reported on Friday. This afternoon’s USDA Cattle on Feed report showed Sep 1 cattle on feed 3.64% larger than last year at 10.504 million head. August placements were 2.61% above last year, with August marketings 5.94% bigger than 2016. The Cold storage did not help matters, as August beef stocks were reported at 476.26 million pounds, even with last year and 10.29% larger than July.

Oct 17 Cattle closed at $111.575, up $1.475,

Dec 17 Cattle closed at $117.425, up $1.225,

Feb 18 Cattle closed at $120.050, up $0.800,

Sep 17 Feeder Cattle closed at $153.400, up $0.225

Oct 17 Feeder Cattle closed at $156.100, up $0.225

Nov 17 Feeder Cattle closed at $157.625, up $0.800

Lean Hogs

Lean hog futures finished the Friday session with losses of 50 cents to $1.625. The CME Lean Hog Index for 9/20 was 80 cents lower than the previous day at $61.12. The USDA pork carcass cutout value was 34 cents lower at $72.70 in the Friday afternoon report. The loin and butt primal cuts were reported lower, with the belly down $2.30. The national base hog carcass price was down 15 cents in the PM report at $48.70. Estimated FI hog slaughter is at 2,501,000 head through Saturday, 69,000 head larger than last week and 28,000 larger than the same week in 2016. August 31 stocks were reported at 575.681 million pounds in the cold storage report, released after Friday’s close. That was 3.75% larger than July, in line with the seasonal tendency, and 5.46% lower than last August. Belly stocks were up 8.4% from July at 19.08 million pounds.

Oct 17 Hogs closed at $55.700, down $1.625,

Dec 17 Hogs closed at $56.625, down $1.175

Feb 18 Hogs closed at $61.900, down $0.975

Cotton

Cotton futures saw mixed trade to end the Friday session, with nearby Oct 5 points higher and deferred contracts lower. The CFTC Commitment of Traders report had spec traders lowering their net long position by 6,945 contracts in Cotton futures and options. Their net position now stands at 63,339 contracts as of Tuesday. The USDA updated their AWP to 60.91 cents/lb, down 236 points from the previous week. The Cotlook A index for September 21 was up 15 points from the previous day at 79.50 cents/lb. China sold another 25,900 MT of cotton in Thursday’s auction of state reserves that saw 26,800 MT offered.

Oct 17 Cotton closed at 69.090, up 5 points,

Dec 17 Cotton closed at 68.460, up 21 points

May 18 Cotton closed at 68.160, down 1 point


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com