Ag Market Commentary

Corn futures reversed direction this week and Wednesday trading added 10 1/4 to 14 1/2 cents to the downside. For Dec, the double digit losses on Wednesday left futures 4.2% below Monday’s open. Increasing coronavirus cases are starting to cause concern about an economic slowdown, potentially hurting fuel use and ethanol. Ethanol futures were 0.20% lower at midday $1.54/gal. EIA data showed 941,000 barrels of ethanol produced per day on the week ending 10/23. That was 28k bpd above the previous week’s production. Ethanol stocks were also reported at 19.601 million barrels, which was a further 120k barrel drop wk/wk. Spot DDG prices were listed from $145 (W. IA) to $210/ton (KS) from the week ending 10/23. Analysts anticipate corn bookings in tomorrow’s Export Sales update to be between 0.7-1.5 MMT. USDA reported the 207,000 MT optional origin corn purchase from South Korea included U.S. as an origin.

Dec 20 Corn closed at $4.01 1/2, down 14 1/2 cents,

Mar 21 Corn closed at $4.04 1/4, down 12 1/4 cents,

May 21 Corn closed at $4.05 1/4, down 11 3/4 cents,

Jul 21 Corn closed at $4.05 3/4, down 11 1/2 cents,

--- provided by Brugler Marketing & Management



At the closing bell for the Wednesday session, front month soybean futures were 15 1/4 to 25 cents weaker. Nov and Jan were down the most, shrinking the Nov/Jan inverse from 5 3/4 cents to 2 1/2 cents. Soymeal futures closed $6.80 to $7.80/ton lower. Soybean oil futures were 59 to 69 points weaker to round out the complex. Ahead of the Export Sales report, traders are expecting 1-2 MMT of soybean sales for the week ending 10/22. Soymeal sales are anticipated between 100-450k MT. BO bookings are expected to be between 5-40k MT. Official EU import data shows 4.47 MMT of beans were brought into the trade bloc (plus Britain) from July 1 to October 25. That is a 4% increase from last year’s import pace. Indonesia’s Trade Ministry extended the 3% palm oil export tax through November of 2020 in an anticipated announcement.

Nov 20 Soybeans closed at $10.57 1/4, down 25 cents,

Jan 21 Soybeans closed at $10.54 3/4, down 21 3/4 cents,

Mar 21 Soybeans closed at $10.41 3/4, down 19 cents,

May 21 Soybeans closed at $10.36 1/2, down 17 1/2 cents,

Dec 20 Soybean Meal closed at $376.70, down $7.30

Dec 20 Soybean Oil closed at $33.42, down $0.69

--- provided by Brugler Marketing & Management



Wheat futures climbed back from double digit losses, but the beneficial weather forecasts left prices in the red. NOAA’s 5-day QPF shows rain accumulation from OH to KS, with as much as 4” along the KS/OK boarder. CBT soft red winter wheat closed the session with 7 to 9 cent losses. Hard red winter wheat prices were down 5 3/4 to 6 1/4 cents on the board. Spring wheat on the MGE closed 8 to 9 1/2 cents lower. Analysts are projecting USDA’s Export Sales report will show 200k to 700k MT of wheat sales last week. South Korea purchased 105,800 MT of wheat today, with 77.9k MT U.S. specific and the remaining 27.9k from Canada.

Dec 20 CBOT Wheat closed at $6.08 3/4, down 7 cents,

Dec 20 KCBT Wheat closed at $5.43 1/4, down 6 cents,

Dec 20 MGEX Wheat closed at $5.52, down 9 1/2 cents,

--- provided by Brugler Marketing & Management



Live cattle futures were 32 to 67 cents higher on the board. October fats ended the day a dollar stronger @ $105.85. Feeder cattle maintained the triple digit gains, closing $1.47 to $1.60 higher in the front months. October feeders were a $1.85 premium to the day lagged index with one trade day before expiration. The 10/27 CME Feeder Cattle Index was $133.32, down by 32 cents. USDA confirmed cash sales for the week are just 3.2% of last week’s activity. The wide range is from $101 to $106.25, but USDA reported the average for the 988 head sold at $101.54. The delayed FCE online auction sold 1,275 of the 2,012 head listed. Those Sales ranged from $105.50 to $106.25 with the wtd av price of $105.95. USDA’s wholesale boxed beef prices were mixed again this afternoon, tightening the Chc/Sel spread to $16.21. Choice boxes were down 91 cents, and Select boxes were 91 cents higher. USDA estimates the week’s cattle slaughter at 350,000 head through Wednesday. That is 10,000 head lower wk/wk but up 3,000 from the same week last year.

Dec 20 Cattle closed at $104.675, up $0.625,

Feb 21 Cattle closed at $107.700, up $0.675,

Apr 21 Cattle closed at $111.375, up $0.650,

Nov 20 Feeder Cattle closed at $133.900, up $1.600

Jan 21 Feeder Cattle closed at $129.950, up $1.525

Mar 21 Feeder Cattle closed at $129.525, up $1.475

--- provided by Brugler Marketing & Management




Lean hog futures closed with losses of $1.15 to $1.85. The 10/26 CME Lean Hog Index fell back another 70 cents to $77.47. USDA’s National Average Base Hog price was $61.76 in the PM update, down by 80 cents. The National Pork Carcass Cutout value fell by $4.13 cwt. in the PM update, @ $84.52. Hams and Picnics were a little stronger, but the other primals fell significantly – led by a $22.31 cwt. drop in bellies. USDA estimates the week’s FI hog slaughter at 1.471 million head through Wednesday. That compares to 1.457 million head last week and 1.459 million from the same week last year.

Dec 20 Hogs closed at $66.375, down $1.275,

Feb 21 Hogs closed at $66.200, down $1.850

Apr 21 Hogs closed at $68.750, down $1.625

--- provided by Brugler Marketing & Management



Wednesday cotton trading pushed futures 140 to 186 points lower. For Dec futures that was the largest move since a 2.49 cent drop on 8/07. Row crop futures were also weaker, as were U.S. equities. The dollar index was stronger by 0.55%. USDA’s Spot Cotton Quotations report showed 3,045 bales sold at an average price of 65.42 cents/lb on 10/28. The week’s sales on The Seam were 5,031 bales at a wtd average price of 67.67 cents/lb through Tuesday. The Cotlook A index for the 27th was 95 points higher at 78.35 cents/lb. The AWP for cotton is 55.71 cents/lb, good through tomorrow.

Dec 20 Cotton closed at 70.17, down 186 points,

Mar 21 Cotton closed at 71.03, down 170 points

May 21 Cotton closed at 71.7, down 158 points

Jul 21 Cotton closed at 72.16, down 149 points

--- provided by Brugler Marketing & Management






<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing &amp; Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p> <p align="center"><!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> 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