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Tuesday action in the corn market is starting off a penny per bushel higher after futures closed 2 1/4 cents higher in the December contract yesterday. Other contracts were only fractionally higher on Cyber Monday. The USDA weekly Crop Progress report yesterday showed corn harvest now 89% completed. We would typically be 98% complete by December 1, and USDA would no longer be counting. Weekly corn Export Inspections revealed 428,856 MT shipped for the week ending 11/28. That was down 30.4% vs. last week and is less than half of the same week in 2018. Accumulated MY shipments are now 6.039 MMT vs. 14.230 MMT a year ago. The delayed CFTC report showed that as of Tuesday 11/26, managed money was still net short 116,072 contracts of corn, with the position becoming less short by 7,458 contracts wk/wk. There were again zero deliveries against December futures overnight.

---provided by Brugler Marketing & Management



Soybeans start off Tuesday with overnight gains of 3 to 3 1/2 cents per bushel. Soybean futures were down by as much as 6 1/4 cents on Monday. Soybean meal was $0.40/ton higher, and bean oil was down by 48 points. The CAIR Grain Crushing monthly report showed that October bean usage 187.165 mbu. That was the highest oilseed crush for a single month going back to May of 2015. Crude bean oil on hand was up 71.360 million lbs. from September. The USDA’s weekly update showed soybean harvest had progressed 2 percentage points wk/wk to 96% completed. The USDA’s weekly export inspections totaled 1.548 MMT of beans shipped. Last week was 1.952 MMT, and the same week last year saw 1.046 MMT shipped. China was the destination for 1.090 MMT (70.46%). The accumulated shipments were updated to 15.942 MMT vs. 13.258 MMT at this point last year. The Commitment of Traders report on Monday revealed that managed money spec funds had flipped positions and were net short 42,941 soybean futures and options contracts as of 11/26. That was the first Tuesday in which managed money had been net short since Oct. 1st.

--- provided by Brugler Marketing & Management



This morning the wheat market is mostly 2 to 4 cents higher, with the December KC HRW contract up 6 cents. Wheat futures were lower on Cyber Monday. Nearby CHI wheat was 4 1/4 cents lower out of the weekend, KC wheat futures fell by 1 1/2 cents in nearby Dec, and MPLS wheat was down by 5 after the trades settled. The last trading day for Dec futures is Friday the 13th. Wheat Export Inspections dropped to 246,988 MT for the week ending 11/28, which was 48.8% below the same week last year. HRS wheat accounted for 59,082 (24.14%); HRW share was 126,393 MT (51.63%), SRW exports were only 17,591 metric tonnes (7.19%). The accumulated wheat shipments are up to 12.615, which is 19.21% above last year’s pace. Egypt is tendering tender for wheat, with delivery in late Jan 2020. Results are expected later today. The CFTC report showed that managed money had again reverted back to net long for CBOT wheat futures. This was the 4th consecutive week in which they flipped positions on net. For KC wheat they added another week to the 48 consecutive net short weeks for KC wheat futures. The position did shrink by 9,268 contracts wk/wk. and was down to -16,851. MPLS wheat futures also saw the net short position held by managed money spec funds continue. The Short was strengthened by 6,591 contracts wk/wk and brought the net short streak to 64 consecutive weeks.

--- provided by Brugler Marketing & Management



Live cattle futures were 15 to 45 cents lower yesterday. Feeder cattle futures were mostly steady, with Jan futures showing a 12 cent loss. The 11/29 CME Feeder Cattle index was up 35 cents at $144.97. The USDA’s weekly comprehensive beef cutout value had the carcass cutout at $230.34, which was $3.72 below last week’s, with 5,648 loads, a wk/wk reduction of 1,587. Afternoon boxed beef prices were higher Monday. Choice boxes were $0.49 higher, and select boxes were up by $2.64. Cash cattle activity was light on Monday, with the USDA reporting some 80% choice dressed sales of $187.00. USDA estimated the FI cattle slaughter to start the week with 117,000 head. They revised Saturday’s estimate to 95,000 head.

---provided by Brugler Marketing & Management



Lean hog futures were down by as much as $2.25 on Monday, with all contracts posting triple digit losses. The 11/27 CME Lean Hog Index was $58.35 after a drop of 25 cents. 11/29 CME Fresh Bacon Index was at $139.58, a 14.31% weekly drop. The CFTC showed that funds were net short lean hog futures for the first time since March 3rd. Managed money was 860 contracts net short as of 11/26. The USDA pork carcass cutout value was higher on Cyber Monday, with a $1.01 gain up to $82.86. USDA’s national average base hog price for 12/02 was 77 cents higher at $43.57. USDA estimated FI hog slaughter to start the week with a new record of 497,000 head, beating the previous daily slaughter record set from Tuesday the 19th of Nov (494k head). They also revised the holiday shortened week to 2.333 million head.

---provided by Brugler Marketing & Management



Cotton futures are trading 41 to 53 points lower this morning. They had a 12 point gain in the Dec contract on Monday, however the other front months were lower by 14 to 50 points. The monthly Cotton System utilization report from NASS showed that 1,283 running bales of cotton were consumed through October. That comes as an increase of 1.6% over last month, and a 26.4% drop from October 2018. The yearly average is now 1,636.3 RBs, which would be the lowest yearly average in at least 5 years. Cotton harvest, per the USDA weekly crop progress report, advanced to 83% completed. The four year average for the week ending 12-01 is 81%, and last year harvest was 74% complete through the same point. LA is 100% complete with AR and MS close behind at 97 and 99% respectively. The 11/29 Cotlook A Index was brought to an even 75 cents per pound, after a slight 10 point drop. The AWP is 56.20 cents /lb, and effective through Thursday.

---provided by Brugler Marketing & Management



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