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Pre weekend corn trading has prices 1 1/4 to 1 3/4 cents in the black at midday. Yesterday saw big new buying in March, with preliminary OI for all corn contracts up 20,341 contracts for the day (13,634 in March). USDA reported a large export sale of 128,000 MT of corn to Mexico in the daily reporting system this morning. The weekly Export Sales report showed 655k MT of corn bookings in the week ending 10/8. That was down 46% wk/wk and on the low end of expectations, but still 78% above the same week last year. Corn exports were 815k bringing the MYTD total to 4.493 MMT. That is 70% above last year’s pace. There were no milo sales reported on the week ending 10/8, and exports were just 645 MT. South Korea issued an international corn tender, seeking 65k MT. NOAA’s 5-day QPF shows ~1” of showers from E. OH through MO, covering IL and IN as well.

Dec 20 Corn is at $4.05, up 1 1/4 cents,

Mar 21 Corn is at $4.09 1/2, up 1 1/2 cents,

May 21 Corn is at $4.10 1/2, up 1 1/4 cents,

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

--- provided by Brugler Marketing & Management



Friday soybean trading has futures 2 to 9 cents weaker at midday. Soymeal futures are pulling back by $2 to $4.70/ton. BO futures are down 10 to 12 points at midday. The Brazilian Real continues to weaken against the US dollar. USDA’s mandatory reporting system covered two large soybean sales to unknown. The first was for 175k MT, and the other was for 216,150 MT. USDA’s Export Sales report indicated more than expected bean export business with 2.63 MMT sold on the week ending 10/8. China alone purchased 1.593 MMT, but of that 48% was previously announced. Bean shipments of 2.384 MMT brought the MYTD total to 9.018 MMT. That is 81% above last year’s pace and helped push accumulated soybean export commitments to 1.588 bbu. Meal sales were reported at 152k MT. Bean oil bookings were at 1,366 MT, which was on the low end of pre-report expectations. In an official government announcement Brazil has temporarily removed corn and bean tariffs on non-Mercosur nations to facilitate imports. The government began discussing the move in September.

Nov 20 Soybeans are at $10.53 1/4, down 9 cents,

Jan 21 Soybeans are at $10.54, down 8 cents,

Mar 21 Soybeans are at $10.41 1/4, down 4 1/4 cents,

May 21 Soybeans are at $10.36, down 3 1/4 cents,

Dec 20 Soybean Meal is at $367.40, down $4.70

Dec 20 Soybean Oil is at $33.05, down $0.12

--- provided by Brugler Marketing & Management



Wheat futures are extending yesterday’s +20 cent rally with more gains. CBT wheat is the strongest so far with a double digit gain in Dec. The other front month SRW futures are 3 1/2 to 9 cents in the black. HRW futures are up 2 to 6 cents so far. MPLS is trading 3 3/4 to 6 cents higher as well. December milling wheat on the MATIF traded at a 12 month high ($6.58/bushel @ current exchange rate). USDA’s Export Sales report showed wheat bookings were on the high end of estimates with 529k MT sold. Mexico was the largest purchaser of the week ending 10/8 with 43% of the total. The week’s wheat shipments were 507k MT, bringing the accumulated shipments to 9.997 MMT (367 mbu). The top exported variety through the first 19 weeks has been HRW, with 41% of the total. White shipments through the first 19 weeks were 19% of the total. Japan bought 62,140 MT of US wheat in the weekly tender. South Korea purchased 65k MT of U.S. feed grade wheat in a tender for U.S. specific.

Dec 20 CBOT Wheat is at $6.29 3/4, up 11 1/2 cents,

Dec 20 KCBT Wheat is at $5.64, up 6 cents,

Dec 20 MGEX Wheat is at $5.64 1/2, up 5 3/4 cents,

--- provided by Brugler Marketing & Management



Friday live cattle futures are down 40 to 95 cents so far. Feeders are down triple digits on strength in corn. The October 14 Feeder Cattle Index from CME was a penny weaker at $140.91. USDA noted Thursday deals were light, from $105 - $108. The bulk of cash trade for the week has been near $108. Beef export bookings were down 35% wk/wk with just 13,438 MT sold. Japan and Mexico were the top buyers in the weekly update. USDA’s weekly Export Sales report showed 16,169 MT were shipped on the week, pushing YTD exports to 631,838 MT. Wholesale boxed beef prices were mixed on Friday morning. Choice boxes were $0.18 higher to $210.66 cwt. and Select boxes fell back another $1.90. USDA estimates FI cattle slaughter for the week through Thursday at 476k head. That is up 4,000 wk/wk and 14k above last year.

Oct 20 Cattle are at $107.375, down $0.400,

Dec 20 Cattle are at $108.900, down $0.650,

Feb 21 Cattle are at $111.725, down $0.700,

Oct 20 Feeder Cattle are at $138.200, down $0.725

Nov 20 Feeder Cattle are at $135.525, down $0.950

Jan 21 Feeder Cattle are at $130.100, down $2.000

--- provided by Brugler Marketing & Management



So far for Friday, lean hogs are trading triple digits in the red, with April the weakest. The October 14 CME Lean Hog Index was up another 25 cents to $78.49. USDA’s National Average Morning Base Hog price was $62.42 down $1.04. The weekly Export Sales update from USDA showed 26,803 MT of pork booked on the week ending 10/8. That was down from +60k MT LW. Shipments were a consistent 36k MT, bringing YTD exports to 1.484 MMT. 2019’s full year total was just 1.624 MMT. USDA’s National Pork Carcass Cutout value was down $2.94 to $98.48. All of the primal cuts were higher, save for a $15.17 drop in hams. USDA’s estimate for the week’s FI hog slaughter is 1.945 million head. That is 11k lower wk/wk and 14k lower yr/yr.

Dec 20 Hogs are at $68.875, down $1.000,

Feb 21 Hogs are at $70.350, down $1.075

Apr 21 Hogs are at $73.200, down $1.250

--- provided by Brugler Marketing & Management



Front month cotton futures are 54 to 77 points higher at midday. Trade sources indicate that imports of Australian cotton into China are being discouraged by the Chinese government, creating more room for US purchases. USDA reported 98,870 RBs of cotton sold on the week ending 10/8. That was down 45% from last week and was 48% below the same week last year. exports of 192,621 RBs brought the MY total to 2.505m RBs through the first 10 weeks of the MY. That is the second fastest shipment pace on record behind 2.645m RBs shipped through the first 10 weeks in 07/08. The Cotlook A index was firm at 74.50 cents/lb on the 15th. The week’s new AWP for cotton of 53.43 cents/lb, with no more LDP.

Dec 20 Cotton is at 69.9, up 68 points,

Mar 21 Cotton is at 70.54, up 61 points

May 21 Cotton is at 71.27, up 62 points

Jul 21 Cotton is at 71.75, up 54 points

--- provided by Brugler Marketing & Management



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