AgriCharts Market Commentary

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October 30, 2014

Corn futures are trading steady within a couple cents of even money after posting gains of more than 10 cents on Wednesday.  Trade ideas for weekly export sales were in the 700,000-950,000 MT range. The FAS division of USDA reported net sales last week were 534,500 MT.  Industrial demand is solid, with weekly corn consumption for ethanol over 95 million bushels. Ethanol stocks declined to 17 million barrels, down from 17.9 million barrels a week earlier.  


October 30, 2014

Soybean futures are currently off 6 to 7 cents after posting new highs for the move on Wednesday. USDA export sales numbers were expected to be in the 1.0 MMT to 1.5 MMT range for soybeans, with soybean meal export sales in the 150-300,000 MT area. USDA reported this morning that net soybean sales for the week ending October 23 were 1,326,000 MT.  Soybean meal export bookings were 152,900 MT. The largest buyer was Mexico. 


October 30, 2014

Wheat futures are trading mixed within a few cents of even money. Trade ideas for USDA weekly export sales were in the 300-400,000 MT range. USDA put the actual total for last week at 459,100 MT. IKAR is projecting the 2015 Russian wheat crop will only be 46.5 MMT. SovEcon put it at 50 MMT. It was just recently planted, but is going into the winter with poor stands in several places. 


October 30, 2014

Cattle futures opened mixed from 20 cents lower to 20 cents higher.  Feeders are 35 to 65 cents higher.  Beef export sales reported this morning were 20,100 MT, up 92% from the prior four week average.  Wholesale beef prices were higher on Wednesday. The afternoon report showed the Choice boxes up $2.07 at $253.63 per cwt., and the Select product was reported 67 cents higher at $239.77.  Asking prices for cash cattle appear to be in the $172-173 range.  Estimated week to date FI slaughter at 329K head is 12,000 below last week and 33,000 less than the same point a year ago. 

Lean Hogs

October 30, 2014

Hog futures are trading 30 to 80 cents higher.   The weekly USDA export sales report released this morning show net sales of pork were 12,700 MT for the week ending October 23.  The average pork carcass cutout value was up $1.63 yesterday afternoon, to $99.35.  Loins and bellies were the most supportive.  The CME Lean Hog Index was down $1.81 at $96.59.  Estimated week to date slaughter at 1.286 million head is 7,000 light vs. last week, and 14,000 behind the same point a year ago.  Cash hog prices were reported lower today, down $1.60 in the ECB, $1.10 lower in the WCB, and off $1.30 in the IA/MN marketing area. 


October 30, 2014

Cotton futures are trading 5 to 33 points lower this morning. Cert stocks were reported UNCH again at 15,928 bales. USDA this morning reported that US export sales were 203,900 RB, including 5,100 RB of pima. The largest buyer was Indonesia, in for 32,900 RB; China booked 22,700 RB.  Cotton futures on the Zhengzhou exchange were mostly higher on Thursday, with the thinly traded front month slightly lower.

Market Commentary provided by:

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