Ag Market Commentary

Election Day corn trading left futures 3 to 4 1/2 cents higher. Corn futures on the Dalian Grains exchange were 2,548 yuan/MT in Nov contracts. With the latest exchange rate that is $10.53/bu. Futures are down from the 2,610 yuan/MT high on 10/19, but otherwise still the highest since 2014. The national average US cash corn price is $3.79 according to cmdtyView. The ECB/WCB premium was 7 cents. CmdtyView raised their national corn yield for November by a half bushel to 180.38/acre. NE corn yields are forecasted the highest at 200.42 with 119.32 bushels/acre as the low in CO. That increased cmdtyView’s production forecast to 15.24 billion. StoneX went the other way, dropping it to 178.9 bpa and a 14.762 billion bushel crop.

Dec 20 Corn closed at $4.01, up 3 1/2 cents,

Mar 21 Corn closed at $4.06, up 4 1/4 cents,

May 21 Corn closed at $4.09, up 4 1/2 cents,

Jul 21 Corn closed at $4.10 1/2, up 4 1/4 cents,

--- provided by Brugler Marketing & Management



Turnaround Tuesday soybean trading left front month futures 8 1/4 to 12 1/2 cents stronger on the board. Soymeal futures closed the day with $2 to $2.80 gains. BO futures closed 57 to 59 points in the black. January No.1 soybean futures on the Dalian Grains Exchange were a life of contract high 5,093 yuan/MT ($22.54/bu). That is below the July highs, of near 6,307 yuan/MT, but otherwise the highest since July of ’08. CmdtyView lowered their national bean yield for November by 4/10 of a bushel to 50.14/acre. NE bean yields are forecasted the highest at 61.67 with 33.10 bushels/acre as the low in ND. That cut cmdtyView’s production forecast to 4.157 billion. Ag Rural said Brazilian soybean planting advanced 19% on the week to 42% complete as of 10/29. That is equivalent to planting 1 million hectares per day. The average was to be 44% planted.

Nov 20 Soybeans closed at $10.59, up 8 1/4 cents,

Jan 21 Soybeans closed at $10.64 1/4, up 12 cents,

Mar 21 Soybeans closed at $10.57 3/4, up 12 1/2 cents,

May 21 Soybeans closed at $10.54 3/4, up 12 cents,

Dec 20 Soybean Meal closed at $377.20, up $2.10

Dec 20 Soybean Oil closed at $33.78, up $0.59

--- provided by Brugler Marketing & Management



The domestic wheat futures market ended the Tuesday session with winter wheat gains and weakness in spring wheat. SRW futures were 2 to 3 cents higher on the day, save for December contracts which gained a half cent/bu. HRW wheat closed 3 1/2 to 4 1/4 cents higher on the day. Spring wheat on the MGE ended the Tuesday session down by 2 1/4 to 3 3/4 cents. The national average SRW spot price from cmdtyView was $5.73 on the 3rd. That was down 2 cents from weakening basis from the 2nd. China announced an import ban for Australian sourced wheat.

Dec 20 CBOT Wheat closed at $6.08, up 1/2 cent,

Dec 20 KCBT Wheat closed at $5.57, up 4 cents,

Dec 20 MGEX Wheat closed at $5.52 1/4, down 3 3/4 cents,

--- provided by Brugler Marketing & Management



Front month live cattle futures ended the Turnaround Tuesday session 12 to 72 cents weaker. Feeder cattle futures closed with 40 to 87 cent losses in the front months. The CME Feeder Cattle Index for 10/30 was 22 cents lower @ $136.48. Cash trade has not been active enough to set a trend, with the only reported activity at $164 for a few Northern dressed deals. The FCE online auction has 634 head of cattle listed for tomorrow. USDA’s wholesale boxed beef prices were higher on Tuesday. Choice was 79 cents higher to $209.44, and the $2.83 increase for Select tightened the spread to $13.99. USDA estimates FI cattle slaughter at 121k head for Tuesday. The week’s kill is 240,000 head, compared to 232k LW and 236k LY.

Dec 20 Cattle closed at $107.825, down $0.725,

Feb 21 Cattle closed at $110.300, down $0.225,

Apr 21 Cattle closed at $113.700, down $0.125,

Nov 20 Feeder Cattle closed at $136.125, down $0.850

Jan 21 Feeder Cattle closed at $133.175, down $0.875

Mar 21 Feeder Cattle closed at $133.150, down $0.675

--- provided by Brugler Marketing & Management



Front month lean hog futures ended the Tuesday session with gains of 20 to 50 cents. Dec hogs, on the other hand closed down by 55 cents to $65.40. The CME Lean Hog Index for 10/30 was down another $1.01 to $73.48. USDA’s National Average Afternoon Base Hog price for Tuesday was up 17 cents to $60.13. The National Pork Carcass Cutout value was $82.99 in the PM update, down by $1.15. The primals were mostly higher, but were offset by a $9.85 cwt drop in hams. USDA estimates the FI hog slaughter for Tuesday at 493,000 head. WTD hog slaughter is running 7,000 head above last week’s pace and 4k above the same week last year with 986,000.

Dec 20 Hogs closed at $65.400, down $0.550,

Feb 21 Hogs closed at $65.525, up $0.225

Apr 21 Hogs closed at $68.175, up $0.200

--- provided by Brugler Marketing & Management




Election Day cotton trading left the board triple digits stronger. Riding a 151 point gain, Dec futures were back above 70 cents. Front month cotton futures in China closed Nov 2nd at 13,790 yuan/MT. That is down from the 10/20 high of 15,245 yuan, but still a 20+ cent premium to U.S. board prices at 93.71 cents/lb. Monday cotton sales on The Seam were 494 bales at an average gross price of 66.65 cents/lb. USDA’s Cotton Spot Quotations update showed 1,686 bales sold 65.67 cents/lb. The Cotlook A index for the 11/02 was 75.75 cents/lb, down another 95 points. The AWP for cotton is 57.37 through Thursday.

Dec 20 Cotton closed at 70.24, up 151 points,

Mar 21 Cotton closed at 71.2, up 148 points

May 21 Cotton closed at 72, up 148 points

Jul 21 Cotton closed at 72.7, up 148 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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QFormat="true" Name="TOC Heading"/> </w:LatentStyles> </xml><![endif]--><!-- [if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} </style> <![endif]--></p> <div class="MsoNormal" align="center"> <p>Did you know Brugler Marketing &amp; Management has more to offer to you than just this free daily commentary?! 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